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The Crypto Basic
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The Ripple CTO recently asserted that the upcoming AMM on the XRP Ledger (XRPL) DEX would not substantially decrease XRP’s price volatility anytime soon.
#xrp✅
#XRPledger
#Crypto
#CryptoNewsFlash
#CryptonewswithJack
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"Bitcoin Surges Past $100,860—Bulls Set Sights on $106,888"
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About six states are currently considering establishing a strategic #Bitcoin reserve, with an Oklahoma congressman being the latest to propose the idea. The tides are changing for cryptocurrency and Bitcoin adoption. The crypto firstborn has matured from being deemed a volatile asset without any intrinsic value to a widely adopted digital currency. The ploy to adopt Bitcoin as a strategic reserve asset has become a trend among US states amid changing tides at the national level. Oklahoma is the latest state to consider this financial innovation. Oklahoma Congressman Proposes Bitcoin Bill As in five other states, an Oklahoman House of Representatives member has proposed adopting Bitcoin as a strategic reserve asset. In a Wednesday report, Rep. Cody Maynard submitted legislation to protect the Oklahoma treasury’s purchasing power using Bitcoin. The bill proposed acquiring Bitcoin or any digital asset with a minimum market cap of $500 billion averaged over the past year. Notably, only Bitcoin, capped at $1.97 trillion, matches the criteria. Maynard suggested that the Oklahoma state treasury invest a portion of the general, reserve stabilization, and constitutional reserve funds in Bitcoin amid growing inflation. He further proposed that the investment do not exceed 10% of the state’s reserve fund, suggesting they store the asset with a secured custodian. Meanwhile, the proposal came on the heels of a senatorial discussion to allow salary payments in Bitcoin. This bill will give state employees the option of receiving compensation in cryptocurrency. #cryptonewstoday
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The United States Securities and Exchange Commission (SEC) has filed its much-awaited arguments in its appeal against #Ripple💰 ’s legal victory. In its opening brief submitted to the Court of Appeals for the Second Circuit on January 15, the SEC argued that a New York District Court was wrong to declare that Ripple’s programmatic sales on digital exchanges were not securities. The regulator also disputed the lower court’s decision regarding Ripple’s XRP-related non-cash transactions, which were also deemed non-securities. SEC Faults District Court’s XRP Programmatic Sales Ruling Recall that U.S. District Judge Analisa Torres held in July 2023 that Ripple did not violate federal securities laws through its programmatic sales of XRP. This held as retail investors did not expect profit based on the company’s efforts. The judge cited affidavits from 3,000 XRP holders, who claimed they knew nothing about Ripple when they purchased the coin. In its opening brief, the SEC emphasized that Judge Torres erred in this reasoning. It contended that Ripple led retail investors to expect profit from their XRP investments through its public marketing campaign. According to the SEC, this campaign glorified the company’s efforts to increase XRP’s price. Additionally, the SEC faulted the district court’s position that required investors to know they were purchasing XRP from Ripple to expect profit based on the company’s efforts. The regulator argued that this requirement is unnecessary, asserting an issuer can lead investors to expect profit via indirect sales. Furthermore, the SEC opines that this requirement undermines the Federal Securities Act established to protect investors. “The undisputed facts demonstrate that retail investors expected profits based on Ripple’s efforts regardless of whether they knew that they were purchasing from Ripple or its affiliates,” the SEC remarked. Consequently, the SEC rebuked the district court’s distinction of what retail and institutional investors were led to expect.
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