Connect with us

Regulation

Ripple CLO Denies Rumors of Trump Criticism Over Campaign Donations

Published

on


Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has strongly refuted recent rumors regarding the company and its executives. The rumors suggested that former President Donald Trump criticized Ripple for alleged financial support of Kamala Harris during a past election. Alderoty dismissed the claims as baseless and entirely fabricated, taking to Twitter to call out the reports as “pure fiction.”

Ripple CLO Refutes Claims of Political Allegations

Rumors have started to surface following a report made by Unchained, which stated that insiders said that Ripple had a conversation with Trump during which he allegedly bashed the company. In the report, Trump claimed that Ripple did not support his administration at a crucial time and highlighted that Chris Larsen, the co-founder of Ripple, had donated to PACs backing Kamala Harris.

The report further suggested that Ripple may have influenced another rumor published by the New York Post. The rumor claimed Trump was open to including non-Bitcoin, American cryptocurrencies, such as XRP, in a national reserve. XRP, Ripple’s native token, experienced a significant price surge following the report, reaching a seven-year high of $3.40.

Ripple’s chief legal officer, Stuart Alderoty quickly fired back at the allegations on social media and questioned the origins of the information from the unnamed sources. “The rumors published by this third-tier crypto rag are pure fiction. Completely made up,” Alderoty wrote on X.

John Deaton Criticizes Speculative Reporting

Like Ripple CLO, Prominent attorney John Deaton, who has been a vocal figure in the XRP community, also criticized the speculative reporting. Deaton questioned the reliability of unnamed sources and emphasized the importance of evidence-based claims.

As Deaton took to X to express his opinions he wrote,

” Let me get this straight, a person who was not at the meeting told another person that they were guessing what may have been said at the meeting?” This is why we have rules of evidence in Court.”

Deaton also pointed to the dangers of “tribalism” within the crypto sector, which is often characterized by groups that try to spread fear, uncertainty, and doubt (FUD) about other projects. According to him, the recent market performance of XRP which has been performing better than Bitcoin among other cryptocurrencies was likely to raise eyebrows.

XRP Price Hits 7 Year High Amid Controversy

The speculation was made at the same time of the unprecedented increase of XRP usage having hit more than 2,365 $100K transactions. Concurrently, XRP price has increased by more than 10% in the last 24 hours hitting a 7 year high due to speculations that the digital asset will be added to a US strategic digital assets reserve.

ImageImage

Other publications, including the New York Times, revealed that Ripple’s CEO, Brad Garlinghouse, had urged Trump to consider expanding such a reserve to include other cryptocurrencies besides Bitcoins. Despite these claims, no report could establish whether Trump had accepted the proposition or not.

Ripple’s representative, Susan Hendrick, has confirmed that Garlinghouse did reach out to the former president, but she denied that Ripple was behind the rumors of Trump supporting XRP. ‘All those allegations are lies,’ she told Unchained when confronted with the allegations.

The controversy arises at a time when Ripple is still in a legal tussle with the U.S Securities and Exchange Commission (SEC). The SEC recently filed an appeal of a 2023 decision by US District Judge Analisa Torres which found that XRP sales on cryptocurrency trading platforms did not constitute securities transactions.

✓ Share:

Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Regulation

US SEC Drops Charges Against Hawk Tuah Girl Hailey Welch

Published

on


Hawk Tuah girl Hailey Welch, known for her association with the controversial $HAWK token, has been cleared of any wrongdoing after a lengthy investigation by the U.S. Securities and Exchange Commission (SEC). The SEC has decided not to press charges against Welch in connection with the rapid rise and subsequent collapse of the meme-based cryptocurrency.

US SEC Investigation Into Hawk Tuah Girl Concludes Without Charges

The SEC had launched an investigation into the $HAWK token after its dramatic price drop. The token, which was linked to Welch’s viral persona, initially saw a market cap surge to $490 million before crashing by over 90%. Investors who were impacted by the crash filed a lawsuit against those behind the project, alleging that the coin had been promoted and sold without proper registration.

Hawk Tuah girl Hailey Welch, who cooperated fully with the investigation, expressed relief after the SEC’s decision. “For the past few months, I’ve been cooperating with all the authorities and attorneys, and finally, that work is complete,” Welch told TMZ.

Her attorney, James Sallah, confirmed that the SEC had closed the case without any findings against her, adding that there would be no monetary sanctions or restrictions on Welch’s future involvement in cryptocurrency or securities.

This Is A Developing News, Please Check Back For More

✓ Share:

Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Regulation

Sonic Labs To Abandon Plans For Algorithmic USD Stablecoin, Here’s Why

Published

on


Barely a week after hinting at launching an algorithmic USD stablecoin, Sonic Labs is shuttering its plans. Sonic Labs co-founder Andre Cronje revealed that incoming stablecoin regulation in the US contributes to the change of stance.

Sonic Labs Makes U-Turn Over Algorithmic USD Stablecoin

In mid-March, Sonic Labs disclosed plans for a yield-generating algorithmic stablecoin for its blockchain. However, new developments in the US regulatory landscape are forcing the company to ditch its algorithmic stablecoin ambitions.

Sonic Labs co-founder Andre Cronje confirmed the change in direction via an X post following the release of the full draft of the STABLE Act by Congress for clearer oversight. According to the text, lawmakers are pushing for a two-year moratorium on algorithmic stablecoin, souring Sonic Labs plans.

Unlike mainstream stablecoins backed by fiat or other commodities, algorithmic stablecoins rely on smart contracts to maintain their peg. The 2022 implosion of Terra’s ecosystem following the de-pegging of its TerraUSD (UST) algorithmic stablecoin stunned regulators.

“We will no longer be releasing a USD-based algorithmic stablecoin,” said Cronje.

In a light-hearted note, community members teased potential strategies for Sonic Labs to sidestep incoming stablecoin regulation. Apart from the loophole of launching the algorithmic stablecoin before the regulation goes live, Cronje teased an algorithmic dirham that will be denominated in USD.

Industry Players Are Bracing For New Stablecoin Regulations

Stablecoin issuers are steeling themselves for incoming stablecoin regulations in the US. While the GENIUS Act and STABLE Act continue to inch forward, there are common denominators in both bills.

For starters, there is the requirement for equivalent reserves at a 1:1 ratio with both bills steering clear of algorithmic stablecoins. The White House is favoring the GENIUS Act over the STABLE Act as lobbyists rally to stifle the possibility of a Conference Committee.

Authorities are targeting stablecoin regulation to reach Trump in two months as issuers jostle for position. Tether, Circle, and Ripple are staking their claims to lead the US government’s ambitions to rely on stablecoins to maintain the dollar’s dominance.

✓ Share:

Aliyu Pokima

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Regulation

FDIC Revises Crypto Guidelines Allowing Banks To Enter Digital Assets

Published

on


The Federal Deposit Insurance Corporation (FDIC) has updated its guidelines, enabling banks to engage in cryptocurrency-related activities without seeking prior approval. This new policy shift signals a change in the FDIC’s approach to the growing role of digital assets in the banking sector.

New FDIC Guidelines on Crypto-Related Activities

The FDIC has issued a new Financial Institution Letter (FIL-7-2025), which provides updated guidance for banks looking to engage in cryptocurrency activities. The new guidance rescinds the previous policy set out in FIL-16-2022, which required banks to notify the FDIC before engaging in such activities.

Under the new rules, banks can now participate in permissible crypto-related activities without waiting for FDIC approval, as long as they manage the risks appropriately.

This change is seen as a shift in the FDIC’s stance, following the agency’s earlier stance that required prior approval for crypto engagements. FDIC Acting Chairman Travis Hill expressed that this new approach aims to establish a more consistent framework for banks to explore and adopt emerging technologies like crypto-assets and blockchain.

“With today’s action, the FDIC is turning the page on the flawed approach of the past three years,” said Hill in a statement.

This Is A Developing News, Please Check Back For More

✓ Share:

Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io