Ripple partner MoneyGram gave bad news!

The first hearing of the securities case against Ripple took place today. One of the most striking statements in the hearing is undoubtedly the allegation that Ripple directed to the US Securities and Exchange Commission (SEC).

First Hearing in Ripple Case

Ripple lawyers stated that the SEC met with many cryptocurrency exchanges and cryptocurrency companies regarding XRP in 2019 and before. The critical point of these negotiations was that the SEC did not warn the relevant companies about this, although the Ripple investigation continued at that time.

The SEC argues in the case file that XRP is a security and Ripple has been generating revenue from the sale of it for years. Ripple, on the other hand, emphasized that there is uncertainty about this and that even the SEC is aware of this and does not tell the exchanges that it is actually discussing that XRP is a security.

MoneyGram Abandons Ripple

While this news seems relatively positive for Ripple, there was some pretty bad news from one of the company's biggest partnerships. MoneyGram, where Ripple even bought millions of dollars of shares, will no longer work with Ripple because of the lawsuit.

In the report, which announced the financial balance for 2020 by MoneyGram, it was emphasized that there are no plans to work with Ripple for 2021. MoneyGram emphasized that Ripple will not receive the XRP payments it makes to the payment giant as a market development fee. MoneyGram cited the reason for this as the uncertainty created by the SEC lawsuit.

Partnership Racked Up?

Ripple pays a certain amount of XRP to MoneyGram each period, emphasizing that this is the market development fee. It is among the allegations that MoneyGram even established the partnership in question for this reason. Now, the fact that this income will not be paid and accepted by MoneyGram shows that Ripple's partnership is in theory shelved.

In the statement made by the company, it was also stated that Ripple has received a market development payment of $ 12.1 million so far. It is also unknown whether MoneyGram will be penalized for these in a possible bad result.

The XRP price, on the other hand, rose with relatively good news from the hearing before this development, and is up 3.8% as of the time of this writing. It is seen that XRP price has increased by 10% on the chart of the last 24 hours. How the MoneyGram news will affect Ripple will be clear in the long run.

Last Minute: XRP Price Soared With News From Ripple Case!

Ripple started suppressing the SEC.

Today was a very important day for XRP , one of the projects with the largest investor base in the crypto money industry . The pre-hearing of the securities case filed against Ripple by the US Securities and Exchange Commission (SEC) was officially held today.

First News from Ripple and SEC Case

Although there is no news from official sources about the hearing yet, people attending the hearing report the developments instantly. Not only the Ripple and SEC team, but also the lawyers of the exchanges that listed XRP were present at the pre-hearing, which started on February 22 and at 18:00.

Crypto money investor Jesse Hynes, who attended the hearing held in the form of a teleconference, shared a very important information. Although Hynes did not give general information about the pre-hearing, he explained the development that marked it. According to the information quoted by Hynes, the biggest incident was a statement from Ripple to the SEC.

SEC's Vulnerability Found

According to the reported information, Ripple has evidence that the SEC did not contact the exchanges in 2019 and inform them that XRP was suspected of securities. Ripple lawyers claim that the US financial regulator contacted exchanges in 2019 and before, but did not tell any of them that XRP could be a security.

The SEC was normally supposed to warn exchanges and state that they are selling securities. However, according to Ripple lawyers, the fact that this was not done at that time creates indecision and uncertainty in the case now opened.

After this development, the XRP price rose by 3% as of the time the article was written, reaching up to $ 0.58. The XRP price has been reddered again since this news was updated. Ripple's recent statements may also have contributed to this.

Ripple CEO's Defense

Attorney Matthew Solomon, representing Ripple CEO Garlinghouse, stated that the CEO has already made a request for the case to be dropped. Solomon stated that as the case continued, the SEC was at fault and, although he knew the securities risk of XRP, he did not declare it. According to the famous lawyer, as the case continues, it will be proven that XRP cannot be a security and the lawsuit will be dropped.

In addition, Garlinghouse's claims that he manipulated the market with XRP sales were also denied by his lawyer. The lawyer emphasized that XRP is viewed as an investment contract and Garlinghouse is not selling knowing that it is XRP.

Ripple's Big Step: Revolutionizing XRP Network Feature Introduced

 

Ripple's Big Step: Revolutionizing XRP Network Feature Introduc

A new development announcement for #XRP has arrived from Ripple developers!

XRP investors encountered the term "IOU" with the #FLR airdrop event to be held by the Flare Network. #IOU means "I own You" actually represents the ownership right of tokens that have not been released yet. The XRP team changed this and announced that it will now be used directly instead of the IOU. As might be expected, this is not the real step the team behind XRP has taken.

🚨XRP Labs Changes IOU System🚨

In the latest post shared by XRPL Labs , it was signaled that IOUs will now be called tokens and that too many new tokens could be produced on the XRP Ledger. Stating that assets, once known as IOUs, are traded on exchanges such as Bitstamp and GateHub, they form a bridge between the fiat world and XRP Ledger, emphasizing that the definition is actually token. The good news of the team was the NFTs that will come with smart contracts.

#NFTs, which entered the crypto money market with the Ethereum ecosystem, are on the agenda of all crypto money investors recently. These collection-oriented tokens, with millions of dollars in purchases, are seen as the new trend of the industry. The XRPL Labs team, on the other hand, stated that with the IOU, the token system, NFTs can now come to the XRP network.

🚨Different From Ethereum Network🚨

The statement admitted that the method may actually be a little different than on the Ethereum network. Despite this, the team stated that this is definitely possible and signaled that someone is already working on this issue. NFTs have attracted the attention of not only the cryptocurrency industry, but also many outside the industry, and they are definitely promising.

Dan Kelly, CEO of the #NonFungible platform, recently made an important NFT announcement. Kelly stated that 2020 is a historic year for NFTs, and the real development will be in 2021. NFT sales increased by 2,800% in 2020. Some products sold at record prices of $ 100 million fueled this interest.

🚨A Key Milestone For XRP🚨

If the XRP network has such a function, it can be very critical for the Ripple price . XRP, which was pegged in place with the tension before the trial and could not go above $ 1, can take important steps with this development. Of course, it is important that this is implemented and not stay with work.