John Russo

[James K. Filan 🇺🇸🇮🇪 @FilanLaw]

#XRPCommunity #SECGov v. #Ripple #XRP The Second Circuit has approved the Joint Stipulation of Dismissal.

[James K. Filan 🇺🇸🇮🇪 @FilanLaw]

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: The parties have filed a Joint Dismissal of the Appeals. The case is over.

[Dom @traderview2]

$XRP / $USOIL update

After 100+ updates, we have a breakout of the 8 month range 😎

On par, USOIL pairing prints ATH first

USD pair loading...

I am not even opposed to some type of retest, though not guaranteed

[Brad Garlinghouse @bgarlinghouse]

True to our long-standing compliance roots, @Ripple is applying for a national bank charter from the OCC. If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market.

Earlier in the week via @StandardCustody, we also applied for a Fed Master account -- while Congress is working towards clear rules and regulations, and banks (in a far cry from the years of Operation Chokepoint 2.0) are leaning in, this access would allow us to hold $RLUSD reserves directly with the Fed and provide an additional layer of security to future proof trust in RLUSD.

Ripple always has and will continue to build trusted, battle-tested and secure infrastructure. In a $250B+ market, RLUSD stands out for putting regulation first, setting the standard that institutions expect.

[John Russo @Johnnyrusso]

@max35111 @grok @yesandyou_ @elonmusk Says it was a hair test not urine

[James K. Filan 🇺🇸🇮🇪 @FilanLaw]

#XRPCommunity #SECGov v. #Ripple #XRP The parties have renewed their request for an indicative ruling.

[John Russo @Johnnyrusso]

@HugoPhilion are there any Xrp lending options for USA residents available on flare yet?

[James K. Filan 🇺🇸🇮🇪 @FilanLaw]

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: The @SECGov has filed the Settlement Agreement Letter.

https://t.co/eXuWjyQECc

[Monica Long @MonicaLongSF]

The fundamental tenets of what both Ripple and Hidden Road are trying to do are the same – build better financial infrastructure for global movement of value than the walled gardens, fragmented rails and monolithic entities of the past. Decentralized finance thus far has been primarily built for crypto-natives…today, we have a chance to break down those barriers.

Through Hidden Road, for the first time, an institutional investor is able to post multiple forms of collateral (including crypto and tokenized assets – and soon RLUSD!) to one counterparty, and trade across 100+ venues and liquidity providers that support 1000+ assets across FX, crypto, fixed income etc. This is no small feat to achieve today, especially with risk management. That, in combination with using the XRP Ledger for post-trade settlement in the future, means the possibilities are staggering.

There will be much more to say in the weeks ahead about what was once a hypothetical, and is now reality – but today, let me express my thanks to the teams who worked to bring this deal together, and excitement for what’s all to come. Let’s build!

[David 'JoelKatz' Schwartz @JoelKatz]

Ripple’s acquisition of Hidden Road is a defining moment for the XRP Ledger and XRP. The prime broker clears upwards of $10B and processes over 50M transactions a day on various traditional rails, waiting up to 24 hours for those transactions to settle. Now imagine even a portion of that activity on the XRP Ledger – and that’s exactly what Hidden Road plans on doing – not to mention future use of collateral and real-world assets tokenized on the XRPL.

[Brad Garlinghouse @bgarlinghouse]

Today, @Ripple announced the acquisition of Hidden Road for $1.25B, one of the largest deals ever in the crypto space. But the price tag isn’t what’s most important – it’s that this deal marks a once-in-a-lifetime opportunity for crypto to access the largest and most trusted traditional markets, and vice versa.

Prime brokers (along with other key functions historically managed by banks for the most part) like Hidden Road have proven themselves as *the* trusted intermediary for the largest hedge funds, market makers, OTC desks, quant traders and more. Ripple has been a customer of Hidden Road for years, and we know their breadth of expertise firsthand, clearing $3 TRILLION annually for 300+ of the top financial institutions globally.

This is the capital and activity that will tap into XRP and the XRP Ledger’s bread-and-butter – instant, efficient, scalable and low cost movement of value. Instead of waiting for <24 hours to settle trades through fiat rails, Hidden Road will be using XRPL for clearing a portion of trades, and most consequentially, using RLUSD as collateral across its prime brokerage services, including cross-asset (crypto and traditional instrument) trades.

With this deal and the backing of Ripple’s significant balance sheet, Hidden Road will exponentially expand its capacity to service its pipeline and become the largest non-bank prime broker globally.

Ripple and Hidden Road combined are a generational leap forward, ready to truly bring the worlds of traditional and decentralized finance together. https://t.co/UYOOyQ21dG

[Stuart Alderoty @s_alderoty]

The final crossing of t’s and dotting of i’s – and what should be my last update on SEC v Ripple ever…

Last week, the SEC agreed to drop its appeal without conditions. @Ripple has now agreed to drop its cross-appeal. The SEC will keep $50M of the $125M fine (already in an interest-bearing escrow in cash), with the balance returned to Ripple. The agency will also ask the Court to lift the standard injunction that was imposed earlier at the SEC’s request. All subject to Commission vote, drafting of final documents and usual court processes.

That’s all folks!

[Eleanor Terrett @EleanorTerrett]

🚨SCOOP: In the wake of the @SECGov agreeing to drop its appeal against @Ripple, #crypto derivatives exchange @Bitnomial plans to drop its own lawsuit against Wall Street’s top cop after suing the agency in October over its claim that it had jurisdiction over Bitnomial’s planned $XRP futures contract.

Additionally, Bitnomial will officially launch its $XRP futures contract tomorrow morning with the @CFTC’s approval.

[Mario Nawfal @MarioNawfal]

🚨🇺🇸BREAKING: SEC DROPS LAWSUIT AGAINST RIPPLE

After 4 years, the SEC has officially dropped its case against Ripple, confirming XRP is not a security under U.S. law.

Ripple CEO Brad Garlinghouse called it a huge win for crypto, slamming the SEC’s failed attack on the industry.

“We had to win—and we did.”

Source: @bgarlinghouse

[John E Deaton @JohnEDeaton1]

It’s over!

[Jeremy Hogan @attorneyjeremy1]

Congratulations Ripple and XRP holders!

[CryptoLaw @CryptoLawUS]

🚨BREAKING: @SECGov TO DROP APPEAL IN @RIPPLE CASE 👇🏻

[Blockchain Backer @BCBacker]

Finally... 4+ years. It's over.

[Brad Garlinghouse @bgarlinghouse]

This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it.

The future is bright. Let's build.

[Eleanor Terrett @EleanorTerrett]

🚨SCOOP: Two well-placed sources tell me that the @SECGov vs. @Ripple case is in the process of wrapping up and could be over soon.

My understanding is that the delay in reaching an agreement is due to Ripple's legal team negotiating more favorable terms regarding the August district court ruling, which imposed a $125M fine on the company and included a permanent injunction preventing the company from selling $XRP to institutional investors.

The argument, I’m told, is that if the new SEC leadership is wiping the enforcement slate clean for all previously-targeted crypto firms because it believes regulatory clarity will resolve the underlying issue, why should Ripple still be penalized? Accepting the Torres ruling as it stands would mean that Ripple is essentially agreeing to admit to wrongdoing — but now the SEC itself is seemingly unsure whether any wrongdoing occurred.

There’s no real playbook for this kind of thing which could explain why this case is taking longer to resolve than the rest. Stay tuned.