Seeds of Wisdom RV and Economic Updates Friday Afternoon 1-10-25

Good Afternoon Dinar Recaps,

XRP LAWSUIT: RIPPLE CTO REVEALS LEGAL STRUGGLES AND THE SILENCE HE WAS FORCED INTO

The ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) has gained widespread attention, carrying profound implications for the entire cryptocurrency industry. The lawsuit, which began in December 2020, accuses Ripple, along with its CEO Brad Garlinghouse and co-founder Chris Larsen, of raising over $1.3 billion through an unregistered securities offering by selling XRP.

In the midst of this high-stakes legal fight, Ripple’s Chief Technology Officer (CTO), David Schwartz, recently shared his thoughts on the situation. He opened up about the challenges posed by the lawsuit and the broader regulatory scrutiny faced by the crypto industry. 

He explained how the legal constraints surrounding the case prevented Ripple from addressing certain truths about the situation. “One of the things that most annoyed me about the lawsuit and the war on crypto was that there were things that were indisputably true that I could not say,” Schwartz said.

While Schwartz acknowledged the frustration of not being able to speak freely, he found some solace in seeing others express these truths on Ripple’s behalf. He added, “It definitely lifted my spirits to see someone else say them when I could not.”

Schwartz said that, despite his willingness to be more open about the matter, he believes discussing the past in detail would not be productive. He explained that, due to legal and strategic constraints, Ripple has been unable to directly combat misinformation, relying on the support of the XRP community, often referred to as the “XRP Army,” to help fill that gap.

Ripple Vs SEC Latest Update:

Judge Phyllis J. Hamilton has allowed Ripple CEO Brad Garlinghouse to keep some court documents sealed. This includes documents about judgments and expert testimony. Both Ripple and the SEC can keep these details private as the case moves to the next stage, following a rule to protect sensitive information.

@ Newshounds News™

Source:  Coinpedia

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U.S. SENATE TO LAUNCH CRYPTOCURRENCY SUBCOMMITTEE, LUMMIS TAPPED AS CHAIR

In a significant move for the crypto industry, the U.S. Senate Banking Committee is set to create its first-ever subcommittee focused exclusively on cryptocurrency.

The U.S. Senate Banking Committee, under the leadership of Senator Tim Scott (R-S.C.), is poised to establish a dedicated cryptocurrency subcommittee to advance discussions on digital asset regulation and industry oversight, according to a report by Fox News.

The formation of this subcommittee, modeled after a similar House panel created in 2023, marks a pivotal step toward a more structured approach to crypto legislation at the federal level.

A Senate aide told Fox News that Wyoming Senator Cynthia Lummis, a staunch advocate for cryptocurrency, is the tentative choice to chair this groundbreaking panel. 

‘The selection of Lummis, pending a committee vote next Thursday, signals a shift in the Senate's approach to digital assets. Alongside her nomination, the subcommittee members, representing both Republican and Democratic sides, will also be finalized through the same voting process.

Lummis, known for her vocal support of Bitcoin, has described the asset as "freedom money" and has advocated for its potential to hedge against inflation and enhance financial independence.

She previously proposed a plan for the US to acquire a significant stake in the total Bitcoin supply through a 1-million-unit purchase program over a set period. "Establishing a strategic Bitcoin reserve to bolster the U.S. dollar with a digital hard asset will secure our nation's standing as the global financial leader for decades to come," Lummis said at the time.

Her leadership could steer the subcommittee toward developing a more balanced regulatory framework, fostering innovation while ensuring market integrity.

Senator Tim Scott first hinted at the possibility of forming a crypto-focused subcommittee during the Wyoming Blockchain Symposium last August. 

“Wouldn't it be kind of cool if we had a subcommittee on the Banking Committee... so that we bring more light to the conversation, more hearings on the industry, so that we get things done faster?” Scott remarked, highlighting his vision for streamlined legislative action.

This move comes as Scott replaces outgoing Chair Senator Sherrod Brown (D-Ohio), who maintained a more critical stance on cryptocurrency. Brown frequently called for stricter oversight, citing concerns about crypto's role in enabling illicit activities and circumventing sanctions. The change in leadership, coupled with the creation of a dedicated subcommittee, could lead to a friendlier regulatory environment for digital assets under the new administration.

Notably, the subcommittee will include other crypto-friendly lawmakers such as Senator Bill Hagerty (R-Tenn.) and newly elected Senator Bernie Moreno (R-Ohio), both vocal supporters of blockchain technology and cryptocurrency. Moreno, who defeated Brown in the November elections, has vowed to champion crypto-friendly policies in the Senate.

@ Newshounds News™
Source:  BlockHead

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