XRP Breakout? - SEC finally Concedes — OpenSea Jumps the Shark

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Show Summary

Mastercard partnering with central banks for digital currency projects: Mastercard CEO announced a partnership with central banks to research new digital currency projects, focusing on transparency, consumer privacy, and stability.
Collaboration between Mastercard and blockchain/payment players: Mastercard collaborates with Ripple, ConsenSys, Hyperledger, and other blockchain/payment players to learn from each other in the CBDC partner program.
Privacy concerns with CBDCs: The erosion of privacy is a concern as CBDCs are being developed. The XRP Ledger could provide interoperability and privacy-centric options for governments to consider.
Criticism of centralized systems: There is criticism of centralized systems like central banks and the Federal Reserve. Some believe decentralization is the solution to economic issues.
OpenSea's misstep: OpenSea made a misstep that caused backlash from the community. It remains to be seen if they will reverse it or face consequences.
Interest in stablecoins: Stablecoins are seen as less speculative than cryptocurrencies but still have programmability features that could be useful for CBDCs.
CBDC vs. Stablecoin: Chip discusses the differences between a central bank digital currency (CBDC) and a stablecoin, and argues that a stablecoin backed by precious metals or value could be a better solution.
Misleading Headlines: Chip criticizes misleading headlines in the mainstream press, specifically regarding the SEC's request for appeal in the Ripple litigation case, and emphasizes the need for accurate reporting.
Ripple Labs case: The SEC has filed a motion to certify an interlocutory appeal in the ongoing dispute with Ripple Labs. The SEC has conceded that the XRP token is not a security.
Value of gold and silver: Decoupling the US dollar from gold was disastrous, leading to inflationary issues. Governments around the world are buying up gold, indicating its value.
XRP token not a security: The SEC conceded that the XRP token is not a security, which is a monumental win for John Deaton and 75,000 XRP holders who fought for it.
Central bank digital currencies (CBDCs): There is concern over programmable CBDCs as they can be turned off and on by governments, leading to loss of control for individuals.
Cashless society: It is getting harder to pay with cash at some restaurants as waitresses want to keep all the change in tips since they don't keep much cash in the register.
Reading habits: People don't read anymore and rely on introductory information to make deductions, leading to misinformation being pushed out on the internet.
Ripple case: The SEC's claim against Chris and Brad is being challenged, with substantial ground for difference of opinion on whether crypto sales on exchanges can be investment contracts.
Open Sea royalties: Open Sea's decision not to collect and pay royalties on entity sales is a huge mistake that diminishes trust in the platform and hurts the industry.
XRP Ledger's automatic royalties for NFTs: Enforced at the chain protocol level, protecting creators from individual marketplaces.
Yuga Labs' intention to cut ties with OpenSea: Chip expects others to follow suit due to their shift to an optional royalty model.

Links to Articles We Discuss

Badass Yetis roast-to-order Coffee - Grab a bag and join the tribe!

Excited to be working with @Mastercard on #DigitalCurrency and #cbdc projects 👌
“Ripple’s launch of an inaugural government-issued national stablecoin in collaboration with the Republic of Palau, in addition to work on four CBDC pilots.” https://t.co/dH73IMFlVr
— Antony Welfare (@AntonyWelfare) August 17, 2023

We’re partnering with several central banks to help them research new digital currencies projects. It starts with understanding what they want to achieve with this technology, then building in transparency, consumer privacy and stability.

We’re working toward those goals with a…
— Michael Miebach (he/him/his) (@MiebachMichael) August 17, 2023

Are misleading headlines responsible for XRP crashing more than other crypto?

OR, are misleading headlines responsible for XRP crashing more than other crypto?

Discuss. pic.twitter.com/catGzdrzFp
— Jeremy Hogan (@attorneyjeremy1) August 18, 2023

Return of the XRP - SEC WARS

Epic Fail Hall of Fame inducted Gary and the SEC on July 13, 2023. Their XRP-as-security claim collapsed while XRP coolly moonwalked into the sunset, sporting its sparkling legal clarity like a new pair of Ray-Bans.

Get This T-Shirt

This is the SEC's request to allow it to file an appeal.

But it's NOT an appeal itself.

Is it an appeal you ask? NO! It's not.

This is legally a Non-Appeal motion.

And no, it's not appellate in nature.

Thank you. https://t.co/W7RIeNNSTy
— Jeremy Hogan (@attorneyjeremy1) August 18, 2023

You haven't cheated on your wife yet.

You've just asked her for a "weekend pass."

She might say yes. Or she might cut off your wee-wee.

For the next 60 days there will be that debate, and then she'll decide.

And THEN, maybe, you can TRY and cheat.

That's where we are.
— Jeremy Hogan (@attorneyjeremy1) August 18, 2023

The SEC asked a federal judge for permission to appeal her ruling that Ripple Labs’ XRP token is not a security when sold to the general public https://t.co/JP4YDzYEId
— Bloomberg (@business) August 18, 2023

My God the misinformation that gets pushed is insane. https://t.co/q66Ykn7Ymt
— John E Deaton (@JohnEDeaton1) August 18, 2023

SEC asks court to certify for interlocutory appeal in Ripple Labs case

Omg @JohnEDeaton1 you remember that one? Listen to it knowing about Torres ruling. pic.twitter.com/W4MAKSDv1K
— Mr. Huber🔥🦅🔥 (@Leerzeit) August 17, 2023

Also. The SEC now admits that the XRP token is not a security. pic.twitter.com/8SeskvuM1s
— CryptoLaw (@CryptoLawUS) August 18, 2023

I have to say there is no doubt 75K #XRPHolders are a major reason the SEC is conceding this issue. We fought to have the judge actually ✍️ that the token itself is not the security. In fact, it was the first section in our argument in the Brief. https://t.co/ann7Hah7K3 pic.twitter.com/yqodFQ1eAV
— John E Deaton (@JohnEDeaton1) August 18, 2023

Reminder - the request for appeal (even if granted) doesn’t change the fact that XRP is not a security. That’s not up for debate / trial. But the SEC continues to claim that Chris and I acted recklessly in believing that XRP is not a security. That’s utter nonsense. 1/2 https://t.co/pG7z0jsjlt
— Brad Garlinghouse (@bgarlinghouse) August 16, 2023

The SEC has been forced to argue that reasonable Judges can differ on whether crypto sales on exchanges can even be investment contracts.

Fair enough.

But then how can it still maintain that non-lawyers Garlingouse and Larsen INTENTIONALLY/RECKLESSLY broke the law??? pic.twitter.com/P4l23JPe0G
— Jeremy Hogan (@attorneyjeremy1) August 18, 2023

Anyone in the NFT space that is shocked by this obviously has had their head in the sand for the last year

Opensea didn’t have a choice unless they wanted to lose all market share.

Now we need to fix the tech so royalties can’t be avoided.

But until then, if people don’t have…
— Marc C00lcer (33.3%) (@marccolcer) August 18, 2023

✅ On the XRP Ledger, automatic royalties for NFTs are enforced at the chain protocol level and creators are NOT at the mercy of individual marketplaces.

With XRPL, token issuers’ rights are protected. https://t.co/h1zaHf9S2L
— Emi Yoshikawa (@emy_wng) August 18, 2023

I've seen a lot of marketplaces on other chains controlling/changing creator royalties which is a bad move imo. Definitely against our ethos @xrpcafe. Even as we branch out to evm, hooks and beyond, the creator will always be in control. https://t.co/HltWeQxAQJ
— xrpl_Adam (@xrpl_adam) August 18, 2023

It is becoming increasingly clear that NFT marketplaces are becoming polarized into 1) those who focus on creators and 2) those who are optimized for speculative traders.

Marketplaces that build on XRPL can leverage its existing, robust protocol capabilities that protect… https://t.co/XoKzRCvyrd
— Emi Yoshikawa (@emy_wng) August 18, 2023