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Tron’s Justin Sun Pays Tribute To Ethereum Co-Founder Vitalik Buterin

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Tron Founder Justin Sun recently paid homage to Vitalik Buterin, the co-founder of Ethereum, lauding his technological insights. In an extensive post on the X platform, Sun highlighted Buterin’s pivotal role in Ethereum’s early development and drew parallels between their journeys.

Justin Sun disclosed that his acquaintance with Buterin traces back to 2015, during his initiation into Jack Ma’s Hupan University, marking his entry into the crypto realm. Engaging with Buterin during Ethereum’s nascent stage, Sun revealed purchasing a substantial amount of Ethereum, yet faced the challenge of needing an active wallet to house the acquired assets. Proposing the necessity of a decentralized wallet, Sun presented multiple prototypes to Buterin.

Despite diverging paths over nearly a decade, Justin Sun emphasized shared foundational principles with Buterin, particularly on decentralization. Stressing the importance of protocols functioning seamlessly even in the absence of their founders, Sun underscored their aligned ideologies.

Justin Sun’s Impact On Tron and Crypto Platforms

Justin Sun delved deeper into the importance of “auditability,” emphasizing the critical need for accessibility in verifying application logic. His advocacy extended to ensuring continuous full-node operation, a crucial element in guaranteeing compliance with the instructions outlined in open-source documentation. These foundational beliefs echo across fundamental blockchain concepts, embracing ideals such as open global participation and neutrality principles.

Renowned as a pivotal figure within the crypto landscape, Sun’s influence extends across multiple industry-leading applications. He holds sway over significant platforms like Tron Blockchain, the BitTorrent protocol, Poloniex Exchange, and Huobi Global. Sun’s transactional activities stand under the scrutiny of meticulous tracking by top-tier market analysts, underscoring his substantial impact and reach within the cryptocurrency realm.

Justin Sun has been criticized, particularly after the Poloniex exchange hack. Nevertheless, his steadfast conviction in the future of blockchain technology and his unwavering commitment to preserving the fundamental principles of decentralization remains steadfast.

Justin Sun’s tribute to Vitalik Buterin underscores their intertwined past and sheds light on their shared vision for blockchain’s future. As the industry evolves, their ideological alignment might continue to shape the trajectory of decentralized technologies.

Ripple’s Legal Landscape Shifts: Attorney Deaton Challenges $770M Disgorgement

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In the ongoing legal face-off between Ripple and the U.S. Securities and Exchange Commission (SEC), Attorney John Deaton, a representative of XRP holders, has introduced a compelling argument that could potentially reshape the case’s outcome. His assertions, grounded in influential factors, cast doubt on the likelihood of Ripple facing the anticipated $770 million disgorgement.

Deaton’s legal strategy hinges on the Supreme Court’s Morrison ruling, a pivotal decision that curtails the SEC’s jurisdiction to sales occurring within the United States. This becomes particularly pertinent as scrutiny intensifies over Ripple’s XRP sales in regions beyond the U.S., including the United Kingdom, Japan, and Switzerland. The legal status of XRP in these jurisdictions, notably not classified as a security by entities such as the Financial Conduct Authority (FCA) in the U.K. and the Financial Services Agency (FSA) in Japan, further strengthens Ripple’s defense.

Ripple’s Charges Shift From Fraud To Regulatory Dispute

Deaton’s distinction is of utmost significance as he highlights that Ripple’s charges do not involve fraud but are a matter of regulatory disagreement. This nuanced outlook shifts the attention from punitive actions to the more comprehensive regulatory compliance issue.

Highlighting the global nature of XRP transactions, Deaton underscores the diminished potential for disgorgement. With a substantial portion of XRP sales outside the U.S. and involving accredited investors, the estimated disgorgement amount could significantly reduce, possibly exceeding 90%.

Moreover, Deaton points out that institutional XRP sales have not resulted in demonstrable harm. The current price of XRP, surpassing levels during those sales, indicates a lack of investor losses. Emphasizing the swift nature of On-Demand Liquidity (ODL) transactions involving XRP, occurring within seconds, Deaton argues that this immediacy minimizes the potential for investor harm.

Notably, accusations of harm are directed more towards the SEC than Ripple, particularly resonating among the 75,000 XRP holders actively involved in the legal proceedings. As Attorney John Deaton’s persuasive case unfolds, the landscape of Ripple’s legal battle against the SEC takes an unpredictable and potentially game-changing turn.

Solana Surges: 21Shares Staking ETP Leads As Weekly Inflows Top $100 Million

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In recent days, the cryptocurrency landscape has witnessed a remarkable surge in capital movement, with weekly inflows surpassing the $100 million milestone. This surge clearly reflects the growing optimism within the crypto market.

Notably, the 21Shares Solana Staking ETP (ASOL) has emerged as a star player in this capital influx, securing the second position in net monthly flows. This surge in ASOL’s popularity harkens back to the remarkable growth that SOL experienced in the latter part of 2021.

Solana’s Price Surge

SOL daily price chart indicated several key patterns and trends coming to the forefront. The recent steep upward trajectory signifies the increasing momentum of Solana. This impressive climb, accompanied by a notable surge in trading volume, underlines a growing interest from investors.

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Source: Tradingview.com

Furthermore, the convergence of moving averages and a recent bullish crossover signal a positive trend. This may foreshadow the potential for further upside for Solana, reminiscent of the sentiment in the latter part of 2021. With the price hovering around the $32 mark, breaking through current resistance levels could propel SOL to new highs, similar to what was witnessed in the previous year.

Despite these promising technical indicators, caution and thorough research are still essential, given the inherent volatility of the cryptocurrency market. Nonetheless, the signs point towards a potential rally continuation, highlighting Solana’s underlying strengths and potential.

Beyond mere price speculations, Solana has established itself as a formidable player in the blockchain arena. Renowned for its high throughput and cost-efficiency, it provides an effective platform for decentralized applications and crypto projects. Solana’s appeal extends beyond its price, positioning it as a significant contender in the crypto and blockchain space.

Related Reading: |XRP: SBI VC Trade’s Bullish Forecast Sets The Stage For $0.62 Surge

SEC Drops Case Against Ripple Execs As Judge Signs Dismissal Order

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In a groundbreaking turn of events, U.S. District Judge Analisa Torres has taken a decisive step by signing an order to officially dismiss the Securities and Exchange Commission’s case against Ripple executives Brad Garlinghouse and Chris Larsen. This momentous decision was made on October 23, 2023, as the judge emphasized the complete dismissal of the claims against the Ripple leaders with prejudice without incurring any costs.

The recent development comes after the SEC’s announcement to drop charges against Garlinghouse and Larsen. The case originally emerged when, on December 22, 2020, the SEC levied aiding and abetting charges against these executives. The SEC alleged that they had raised capital to finance Ripple through the sale of XRP to institutional investors and conducted unregistered personal sales of XRP amounting to around $600 million.

The core allegation in the complaint asserted that the defendants failed to register their XRP offers and sales or meet any registration exemptions, thereby violating federal laws. However, it’s important to note that the charges were primarily linked to Ripple’s institutional sales of XRP.

SEC’s Categorization of Ripple’s XRP Sales

Previously, the SEC categorized Ripple’s XRP sales into three segments: institutional, programmatic, and other distributions. According to the regulator, these transactions violated Section 5 of U.S. laws. Notably, Judge Torres’ landmark ruling declared that Ripple had only violated the law by selling XRP to institutional investors. She ruled that programmatic sales and other distributions did not constitute the sale of investment contracts.

The case against Ripple executives was linked to the institutional sales of XRP. Judge Torres classified these sales as investment contracts, and this part of the lawsuit was initially set to go to trial next year. However, there has been a recent development in the case, as the SEC has dropped its charges against Garlinghouse and Larsen. As a result, the trial will no longer take place.

The dismissal of the case has ignited speculation within the cryptocurrency community, especially among legal analysts, regarding the next course of action. A prevailing opinion, including that of Attorney Fred Rispoli, is that a settlement is increasingly likely. According to Rispoli, negotiations are underway to determine the settlement amount Ripple will need to pay to resolve the case.

Alternatively, the SEC can appeal after Judge Torres issues the final judgment. It’s worth noting that the SEC previously attempted to file an immediate appeal, challenging a summary judgment decision made on July 13.

However, the court denied the request to certify an interlocutory appeal, instructing the commission to await the final judgment. By dropping charges against Garlinghouse and Larsen, the SEC now has the option to appeal sooner, although this can only take place after the court enters the final judgment, a step that occurs after the remedies stage.

Related Reading: |Solana (SOL) Surges 40%, Outpaces Cardano (ADA) In Crypto Market Rally

Bank of England Governor Has Specific Plans for Emerging Stablecoin Market, Claims that the Industry Needs Overwatch

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Financial regulators across the planet have been doing everything in their power to bring cryptocurrencies and virtual assets under their mandate. Ever since the inception of Bitcoin and the altcoin industry, many traditional bodies have been convinced that the rules might need to be amended to accommodate the latest technology.

The latest traditional body to make a statement on the virtual assets industry was the Bank of England, which specifically stated that it needed to stay a step or two ahead of the emerging stablecoin market. This comment was made by the newly appointed BoE Governor Andrew Bailey who took charge of the post in March of this year.

The stablecoin market is still perceived as an emerging market despite the rise of major tokens like Tether. These tokens are linked with the US dollar which makes their prices much more ‘stable’ than the rest of the pack. Stablecoins shot into the limelight when Facebook announced its own called Libra coin. This disrupted the already controversial market with policymakers convinced that they had to do something about it.

Coming back to the Bank of England Governor, he claimed that the traditional market heads should ensure proper coverage of the cryptocurrency market. In his words:

“If stablecoins are to be widely used as a means of payment, they must have equivalent standards to those that are in place today for other forms of payment types and the forms of money transferred through them. If a sterling retail stablecoin wishes to operate at scale in the UK, then we will strongly consider the need for an entity to be incorporated in the UK.”

The United Kingdom has made some radical changes over the past couple of years to strengthen its financial ecosystem and protect it from anything that may hurt its integrity. Apart from this, the country has also asked the G20 nations to adopt stringent standards to watch over the cryptocurrency industry. This was a point reiterated by Andrew Bailey who claimed that existing regulatory standards must be examined and updated where necessary in light of stablecoins.