Ripple Won’t Hire BitBoy As Inflow Points To SEC Win In XRP Lawsuit


Ripple Singapore has rejected crypto influencer BitBoy’s application to become its Director of Strategy and Operations.

Ben Armstrong (aka Bitboy) tweeted a rejection letter from Ripple’s talent team after applying for a senior position earlier this year.

Armstrong’s application background

On November 4, 2022, Armstrong applied for a senior position in response to a Ripple Singapore LinkedIn ad. He cited Ripple’s CTO, Joel Katz, as inspiration.

If successful, Armstrong will be responsible for driving Ripple’s corporate strategy through cross-functional teams and ensuring collaboration across operating regions. They will also need to partner with the finance department to push the annual plan forward.

Unfortunately for BitBoy, the company responded that it would review its application but sent Armstrong a rejection letter only four days later.

At press time, the job post had received over 200 applicants.

XRP sees third week of $1 million inflows

As the SEC vs. Ripple case approaches its second anniversary in December 2022, investors have turned increasingly bullish on the price of XRP, anticipating a Ripple victory. Accordingly, XRP has seen $1.1 million in asset inflows for the third week.

ripple price
Source: CoinShares

In the latest developments in the case, Coinbase and Senator Cynthia Loomis (R-Voy) were among 12 entities that filed an Emmys Curie Brief to show their interest in the matter. The U.S. Securities and Exchange Commission asked Judge Annalisa Torres to set a November 11, 2022 deadline for all EMC briefs to be filed. It has also asked Judge Torres to extend the window for filing reply briefs till November 30, 2022.

In December 2020, the SEC accused Ripple Labs and two executives of misleading XRP investors by not registering XRP as a security with the SEC. The SEC accused CEO Brad Garlinghouse and co-founder Christian Larsson of selling XRP while ignoring legal advice that it could be an investment contract.

Ripple has argued that XRP is used for cross-border payments and is not a security. In addition, its use in international payments places it outside the jurisdiction of the SEC. Ripple has also aggressively lobbied to bring crypto assets under the supervision of the Commodity and Futures Trading Commission.

Another important case to watch for SEC vs. LBRY

Ripple’s aggressive lawsuit hasn’t stopped the SEC from taking other enforcement actions against crypto industry participants.

On November 7, 2011, the SEC won a court case against LBRY, a decentralized content delivery network, following a 2021 complaint. In the complaint, the SEC alleged that LBRY offered its LBC tokens as an investment contract without providing full disclosure to investors.

LBRY launched its LBC token in 2016 and sold over 50 million tokens directly to the public and through centralized exchanges. LBRY said that the value of the token will increase as the company continues to develop the LBRY network.

Despite the company adding various disclaimers to promotional materials, the court ruled that LBRY knew its tokens were investment vehicles and failed to fully inform investors.

is in LBRY Condemnation The ruling, saying it sets a “dangerous precedent”, would result in the majority of crypto in the US being classified as securities.

After the ruling, LBRY indicated that he may appeal. If true, this could reshape the rules in favor of or against the crypto industry, as with the Ripple case. Either way, the crypto industry isn’t going down without a fight.

be for[In]Latest Bitcoin (BTC) Analysis of Crypto, Click Here.

Disclaimer

All information contained on our website is published in good faith and for general information purposes only. Any action taken by the reader on the information found on our website is strictly at their own risk.





Source link

Leave a Comment