The XRP community celebrates as an initial hearing with Judge Netburn in the SEC – Ripple, et al, cases lean toward the platform.
The proceedings in the court case against Ripple Labs and CEOs Christian Larsen and Brad Garlinghouse took a turn on Mar. 19. The case was conducted online, with a phone line for observers.
During the proceedings, Judge Netburn asked the defense for clarification:
“My understanding of XRP is that not only does it have a currency value but it also has a utility and that utility distinguishes it from Bitcoin and Ether.”
The defense replies that Bitcoin and Ether do also have their own use cases, but that the utility of XRP is undeniable. The defense then gives an example of cross-border inter-bank transfers.
The audio of the whole hearing can be found at:
Despite the initial indication of the judge’s understanding of the case, a quick end to the saga is not likely. The timing of the motions and responses to date extend through June 4. This is for initial motions from both parties.
XRP Market Reaction
Even though this is only an initial stage of the court battle, the market responded positively to the news. As this report was written, XRP is the only coin in the top-10 by market cap to rise over the last 24 hours.
The SEC filed charges against Ripple Labs, and separately, Garlinghouse and Larsen, for selling unregistered securities. In a Dec. 22 press release, the SEC claimed that Ripple raised funds totaling around $1.2 billion. Furthermore, Christian Larsen and Brad Garlinghouse had raised an additional $600 million worth of unregistered securities. In both cases, the sales were of XRP.
On Feb. 8, 2021, Ripple investor Barry Sostack filed for the company to produce documents “improperly withheld” showing correspondence between Ripple and the SEC. Sostack is the lead plaintiff in a class-action suit against the company.
The SEC faces lawsuits itself as Ripple investors begin circling. They question the SEC’s focus on investor protection. The SECs actions, they say, have wiped billions of investments off the table, given the market reaction to the suit the Commission launched. The XRP price plunged, and it was delisted from American exchanges.
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We got a tip with the actual mining performance that the new AMD Radeon RX 6700 XT GPUs deliver for Ethereum (ETH) mining and as you can see on the screenshot above you can get around 43.5 MH/s hashrate with the stock settings shown on the right via GPU-Z. No surprises here and pretty much on par with what we have assumed the RX 6700 XT would be capable of, based on its specifications that are very similar to the ones of the performance limited Nvidia GeForce RTX 3060 GPU. The good news on the new AMD GPU is that there is no artificial performance limiter present, so Ethereum mining hashrate will be around 43 MH/s stock and with overclock of the video memory up to about 47-48 MH/s are apparently possible.