Ripple XRP is NOT a SECURITY in the UK!!!
For today’s news segment, I have found four very awesome pieces of news to discuss with you. Now I will quickly give you a glimpse at what they are all about. Now, following up from the news yesterday, it looks like the Ripple has gained sudden regulatory clarity in the UK, joining the ranks of Bitcoin and Ethereum. Second up, it’s amazing to see Samsung’s cryptocurrency wallet now supporting the Bitcoin token. The third news for the day, it looks like US Financial regulators have reached a $7 million dollar settlement over Plexcorps ICO. And finally, the last new for the day, it looks like in a lawsuit between Jonathan Warren (the developer of the peer-to-peer messenger Bitmessage) and Craig Wright, Warren has accused Wright of faking a few documents that he sent to court.
If these pieces of news interests you, then please make sure you hang out with me right until the very end.
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The Market Today
Now, before we dive into the news segment, let’s see how the market is today. The crypto sphere seems to be on quite a decline today as most of the tokens are in deep reds. The top 3 tokens are plummeting pretty hard. Bitcoin, still in the first place, is declining at 6.36%, heading back to the $10,000 mark. Ethereum and XRP are also dropping significantly with 9.19% and 7.11% losses respectively.
XRP receives regulatory clarity in the UK
Now, let’s jump to our first news segment. According to an article on News BTC, Ripple’s XRP is gaining attention from the UK lawmakers as they continue to clarify cryptocurrency laws and regulations. Ripple’s Global Head of Government Relations Michelle Bond just recently announced the new regulation towards XRP. With the new classifying rules, the Financial Conduct Authority (FCA) has placed Ripple into the same group with Bitcoin and Ethereum, as an exchange or utility token, and not as a security token. In her words:
“The FCA now lists XRP in the company of BTC and ETH. This is exactly the kind of regulatory clarity the industry needs”.
According to the report from the FCA, they believe that XRP comes with identical to Ethereum. These include being a medium of exchange (so an exchange token), or running applications (so a utility token). For those who are unaware, the XRP is created and regulated by Ripple, a financial company, with the aim of solving cross-border settlement obstacles. With the new updates on the UK’s movement towards cryptos, the UK might become one of the more crypto-friendly states in the future. Quite a bit of a contrast to what we reported on yesterday, but at this rate, who knows, maybe they are really stepping up their regulation game.
Samsung’s cryptocurrency wallet now supports Bitcoin
Moving on to the second news item for today. According to a report on Crypto globe, the South Korean tech giant Samsung has quietly added a new feature in their cryptocurrency wallet, the Blockchain Keystore, to support Bitcoin. More specifically, the news was first reported by The Block, stating that Samsung’s digital wallet now supports Bitcoin, Ethereum, and also Klaytn, Kakao’s native blockchain. However, the tech giant’s website didn’t have any official announcements on whether they will add other tokens to their platform or not. Now, for Samsung fans, the new update is only available on the most recent products, including Galaxy S10, S10+, S10 5G, S10e and of course the Note 10 and 10+. Moreover, they are only limited to 7 countries – Canada, Germany, South Korea, Switzerland, Spain, the United Kingdom, and the United States.
US Financial regulators reached a $7 million dollar settlement over Plexcorps ICO
And here we come to the third piece of news. In a report on Cointelegraph, the United States Securities and Exchange Commission (SEC) has submitted a file accusing PlexCorps owner Dominique Lacroix, business partner Sabrina Paradis-Royer and PlexCorps over an allegedly fraudulent initial coin offering (ICO). In more detail, the SEC has filed the settlement agreement to a U.S. District Court in Brooklyn in regards to the $8-million ICO of PlexCorps. The agreement claims the defendants to pay more than half of the funds, which is about $4.5 million as the commission determined that this amount is roughly what they personally gained from the offering. In addition, Lacroix and Paradis-Royer, PlexCorps business partner, will be fined $1 million each, as well as $348,145.25 for prejudgment interest. This brings the total amount of penalties to around $7 million. But that’s not all. For his fraudulent behavior, Lacroix will be barred from acting as an officer or director of a public company. And Lacroix and Paradis-Royer will no longer be allowed to participate in any ICO-related activity in the future.
Craig Wright is accused of faking documents in a lawsuit with Jonathan Warren
Moving to the last news item for today guys. As reported on Cointelegraph, Jonathan Warren, the developer of Bitmessage, accused Craig Wright, the self-claimed BTC creator, of providing fake documents to the Court in a recent trial. Now, here’s the situation. Warren testified in the course of an ongoing lawsuit against Wright which was filed by the estate of David Kleiman. In the court, Warren claimed that both Wright and Kleiman could access Bitmessage before its release. However, Wright said that this point is wrong according to his documents submitted to the court. Warren then testified that the signature on the documents was likely to be faked. He said:
“It tells me that something has been faked. Either the date has been faked or the screenshot has been faked. […] Because Bitmessage wasn’t released at that time back in October of 2012.”
Earlier last month, Wright was also failed to provide a list of all his early Bitcoin address reasoning that he didn’t have access to the coins at all. There’s definitely something that’s not sitting so right about the Craig Wright situation.
So what are your thoughts regarding all the news?
Are you excited about the Uk deeming that XRP is an exchange and utility token instead of a securities token?
Do you think that Samsung’s crypto wallet will support other tokens in the future?
What are your thoughts on the fraudulent act of PlexCorps?
Do you believe in Craig Wright or Jonathan Warren from BitMessage?
Please leave a comment right below to let me know what you guys are thinking. And guys, please don’t forget to like and subscribe to go into the draw to win $70 worth of Bitcoin. It’s your girl Cindy with CryptoPig. I’ll see you guys tomorrow.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing.