Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 5-21-25
Good Afternoon Dinar Recaps,
XRP NEWS: RIPPLE LAWSUIT IS NOT CLOSED, FORMER SEC LAWYER HINTS ‘BIGGER ISSUE’
▪️ Legal experts clarify Ripple-SEC lawsuit is not over; Judge Torres denied motions due to procedural errors.
▪️ False online claims spark confusion; attorneys warn XRP community to avoid premature conclusions about the case status.
There’s been a lot of chatter online lately about the status of the long-running legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). While some legal experts following the case closely believe it might take a few more months before a final verdict is reached, misleading claims and rumours continue to spread on social media.
Recently, a user named Altcoin Bale posted on X, claiming that the case was already closed, banks were quietly buying XRP, and retail investors would soon be priced out. But this statement didn’t sit well with pro-XRP attorney Bill Morgan, who has been actively tracking the lawsuit.
Bill quickly responded, saying, “FFS the case is not closed, or did you miss the news last week about an unsuccessful motion for an indicative ruling and an Appeal and Cross-appeal in abeyance but not over.”
Another user replied to Bill, saying that the case had hit a procedural snag because both Ripple and the SEC submitted a dismissal request using the wrong form. According to them, this technical error led the judge to reject it.
However, former SEC lawyer Marc Fagel stepped in, clarifying that the situation was far more serious than just a simple paperwork issue. “That is not an accurate description at all. It’s a far bigger issue than that,” he commented.
Bill Morgan, expressing his frustration, remarked, “The XRP community don’t want to listen. They want to hear ‘case closed, XRP to the moon.’”
So What Actually Happened?
For the unversed, here’s what actually happened: Judge Analisa Torres denied both parties’ motions for an indicative ruling. In simple terms, the judge stated that if the court’s jurisdiction were restored, she would deny the motion as it was filed under the wrong procedural rule.
This means Ripple and the SEC will likely have to refile the motion correctly, and possibly plead their case once again.
While XRP supporters are eagerly awaiting good news, it’s clear from the legal experts’ comments that the lawsuit is still ongoing — and there are a few more legal hurdles to clear before any final outcome.
@ Newshounds News™
Source: Coinpedia
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BRICS: US HITS INDIA WHERE IT HURTS THEM THE MOST: REMITTANCE TAX
US President Donald Trump is looking to hit BRICS member India where it hurts them the most — the remittance tax. The new tax proposal by House Republicans could impact a significant number of Non-Resident Indians (NRIs), as the bill aims to levy a 5% tax on remittances sent to India from the US.
The bill was first introduced last Monday, where international transfers from non-citizens to BRICS country India will face a 5% tax. The bill, if passed, will affect workers who send money back to their families in India. The 5% tax will be used to help fund tax breaks and also tighten border security measures.
5% Remittance Tax Could Soon Hit BRICS Member India
Trump has publicly called the legislation “great” and “one big beautiful bill”, and is also ensuring that Republicans pass the legislation. The 5% tax on remittances to BRICS country India will potentially fund billions to the US Treasury.
The latest report highlights that Indian workers send close to $83 billion a year in remittances back to their families in India.
Therefore, a 5% tax could add close to $4.15 billion to the US Treasury if the new bill is passed. Currently, BRICS member India is the world’s top recipient of remittances.
If $100,000 is sent back home, then the IRS gets $5,000 through the remittance tax. Until 2025, remittance was never taxed in the US, making it a first-of-its-kind policy.
Legislation Timeline and Enforcement
The House Republicans aim to pass the bill on Memorial Day, May 26, 2025. Lawmakers hope to get the law signed and roll into action by July 4, Independence Day.
Every financial institution and money transfer service will be tasked to collect the 5% remittance tax for money going to BRICS member India.
The rule will have no limit, and every transfer, including both big and small, will be subject to taxes.
@ Newshounds News™
Source: Watcher Guru
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