The ongoing SEC vs Ripple Labs lawsuit is in its third act, with recent findings suggesting that the SEC is purposely fighting a losing battle and posturing against other crypto powerhouses to distract from this fact. The SEC chairman, Gary Gensler, has spent 18 years at Goldman Sachs and is pushing for more regulatory control over the crypto industry, which could provide security and prevent fraud, but ultimately end the Wild West environment. Ripple Labs is piloting a CBDC for banks using XRPL, and the Kingdom of Bhutan has announced a partnership with Ripple to create a CBDC for their currency.
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Introduction
Bill Shakespeare once said, “The world is a stage.” Everyone wears their own mask and plays a version of the character that they believe they are. We’re currently in the third act in the ongoing lawsuit between the SEC and Ripple Labs.
Understanding the SEC vs Ripple Lawsuit
The investigation alone has been going on for two and a half years. As the plot thickens, I’m here to unpack some recent findings in this ongoing debacle and to clear up some of the complicated legal jargon and put into layman’s terms.
To me, it seems that the SEC is purposely fighting a losing battle. It’s funny that they keep posturing against other crypto powerhouses such as Uniswap and Coinbase to distract the public from the fact that they’re losing this case against Ripple.
The Role of the SEC Chairman, Gary Gensler
The SEC chairman, Skeletor, also known as Gary Gensler, gave a testimony last week on Capitol Hill in front of the Senate Banking Committee and faced questions regarding crypto oversight. To build some context, Gensler spent 18 years at Goldman Sachs and taught a class at MIT on cryptocurrencies.
People originally hoped that he would be an ally for the crypto industry and could have been responsible for ushering the first Bitcoin ETF. But after his comments on Capitol Hill, it’s clear that he would rather see crypto regulated under the SEC much like traditional stocks.
Predictions for the Ripple vs SEC Case
James K. Filan also tweeted the schedule of upcoming events for the Ripple vs. SEC case. And he believes that the case will be closed sometime shortly after the expert discovery deadline on November 12, although some believe it may be settled behind closed doors before that.
It’s important to understand that as supreme leader, strategist and commander for the XRP Army, I’m able to see through the BS and connect the dots. Gollum Gensler may be doing speech after speech about how getting 4% interest means you’re a criminal,
The Future of XRP and the Cryptoverse
XRP is looking to be a dominant force in crypto, and more news backing up that claim shows up all the time. Just the other day, the extremely conservative Kingdom of Bhutan– yes, Kingdom, Bhutan is a monarchy–
Announced a partnership with their central bank and Ripple to create a CBDC for their currency, the Ngultrum. That’s a mouthful. The Royal Monetary Authority (RMA) in Bhutan is updating the monetary system in a country known for being closed and remote and also keeping close tabs on the tourists
Coming in and out of the mostly rural country. The RMA wants to keep Bhutan’s green legacy intact by adopting the carbon neutral XRP technology and at the same time enhance their ability to trade with their neighbors, China and India.
Updates on Flare Network
Over on the Flare side of things, Flare Network has made some incredible moves over the past few days. Gala Games, a gaming token and ecosystem based on Flare blockchain,
Is partnering with legendary graphic novelist and storyteller Frank Miller to create NFTs to celebrate the 30th anniversary of Sin City. Miller did an interview with BraveNewCoin podcast and talked about his time in the entertainment industry and his excitement for the blockchain future.
Launch of Panther Protocol
Super privacy-focused DeFi platform Panther Protocol is launching on the Polygon network this week, and Flare Network will be part of their launch. Panther is an end-to-end privacy DeFi that isn’t just a DEX. It’s a whole privacy ecosystem with wallets, mining, a DAO and so much more.
Panther is all about some Zero Knowledge Assets called zAssets that are untraceable but one-to-one collateralized using the Panther Token. The fact that Flare Network F-Assets will be part of the Panther Protocol is very bullish for DeFi and is something the XRP Army should be excited about.
Conclusion
In conclusion, the ongoing lawsuit between the SEC and Ripple Labs is an important issue for the future of crypto regulation. While the outcome of the case is uncertain, recent developments suggest that XRP may become a dominant force in the cryptoverse. Stay tuned to BitBoy Crypto for more updates on this story and other developments in the world of cryptocurrency.
