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Seeds of Wisdom
RIPPLE NEWS: SEC’S FORM C FILING SPARKS BACKDATING CONTROVERSY; HERE’S THE TRUTH
Today, the SEC shared specific details about its appeal regarding the Ripple XRP lawsuit. For the past two weeks, it was clear the SEC intended to appeal, and they have now filed a Form C to outline their arguments.
What the SEC is Appealing
The SEC is focusing on Ripple’s programmatic sales of XRP on digital asset trading platforms. They are also bringing Ripple executives Brad Garlinghouse and Chris Larsen back into the case, alleging that they aided and abetted these sales.
However, it’s important to note that the SEC is not appealing the court’s ruling that XRP is not a security, nor are they contesting the $125 million monetary penalty imposed on Ripple.
The fact that the SEC isn’t appealing the classification of XRP as a non-security is seen as a positive development for the market. However, there are still challenges ahead for Ripple and its executives.
Market Reaction and Legal Concerns
Following the SEC’s filing, some pro-XRP lawyers expressed concerns on social media, claiming that the SEC backdated their filing. They raised questions about the timing and ethics of the filing.
However, former SEC lawyer Marc Fagel pointed out that the SEC downloaded supporting documents just before submitting the filing, which raises suspicions about whether they were fully aware of their obligations.
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Attorney Bill Morgan questioned the reasoning behind waiting a day to submit the documents and suggested that if they prepared the filing on the 17th but dated it the 16th, it could indicate ethical issues. Marc agreed, questioning why they would download the documents on the 16th and delay submitting them. While there could be a filing error, there’s currently no evidence to support that theory.
Marc replied and said, “Backdating is bad. I don’t think anyone would disagree (I spent several years at the SEC on backdated stock option cases). But we can speculate all sorts of things which would be bad without benefit of evidence.”
@ Newshounds News™
Source: CoinPedia and Form C
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BRICS ADVANCES PLANS FOR ‘MULTICURRENCY SYSTEM,’ AIMING TO DETHRONE US DOLLAR
▪️Russia is proposing the use of multicurrency payments in BRICS to minimize the dependence upon the US dollar.
▪️Russia proposes using blockchain to minimize expenses and dependence on the conventional banking sector.
Russia has called on BRICS nations to establish a new cross-border payments network as part of a broader strategy to reduce dependency on the global financial system, including SWIFT. The proposal is to enhance the economic relations within the bloc and to promote intra-bloc dealings in local currencies.
This comes in the wake of several actions taken by the US and its allies, including closing major Russian banks from the Society for World Interbank Financial Telecommunication (SWIFT) and seizing Russia’s foreign assets. It is worth noting that Russia has been subjected to several severe sanctions since it launched the operation in U-----e in February 2022.
BRICS Multicurrency System Proposal
The Russian Finance Ministry, the Bank of Russia and the Moscow-based Yakov & Partners have submitted a report on the ‘multicurrency system’. The proposed system would shield the BRICS countries from outside threats, including sanctions that have extraterritorial jurisdiction.
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The report stresses that US foreign policy is not always congruent with other countries’ interests, and this is why the country needs financial independence.
The network would rely on a group of banks with international capabilities that would be able to operate in the local currencies of the BRICS countries. Further, it has been suggested that the BRICS member central banks should establish direct links to minimize the impacts of external financial pressures.
The plan also includes the establishment of new trading platforms for major goods, including oil, gas, grains, and gold, to boost trade within the BRICS countries. These measures are considered to be a broader plan for decreasing the use of the U.S. dollar in international transactions.
BRICS Members Prepare for Upcoming Summit in Kazan
While Russia has been trying to decrease its exposure to the US dollar, other members of the BRICS have remained connected to the dollar-dominated financial system. According to the Brookings Institution, the USD was used in 58% of cross-border transactions that did not involve the euro in 2022, and 54% of trade finance instruments were denominated in USD.
The release of Russia’s report comes amid preparation for the BRICS summit scheduled to take place in Kazan from the 22nd to the 24th of October. The summit will be led by President V------------n after the recent addition of Iran, the United Arab Emirates, Ethiopia, and Egypt into the bloc.
Russia also suggested in the report that DLT could further improve cross-border payments within the BRICS framework. The system would use tokens for settlements and be a multinational platform. The report notes that the major advantage of DLT is the ability to reduce credit risk.
In addition, the use of DLT can also decrease the time and the costs in the process since there are no need for correspondent banks and do compliance checks. The authors estimate that if BRICS countries use this system for half of their cross-border transactions, the total annual cost could be reduced by $15 billion.
@ Newshounds News™
Source: Crypto News Flash
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Source: Dinar Recaps
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XRP LEDGER DDOS ATTACK: MAGNETIC X DEFIES HACKERS, BOOSTS SECURITY
▪️Magnetic X successfully fended off a DDoS attack.
▪️The exchange faced a similar attack in January.
▪️Magnetic X remains committed to providing decentralized trading services on the XRP Ledger.
Magnetic X, a rapidly growing decentralized exchange on the XRP Ledger, recently stopped a major distributed denial of service (DDoS) attack. The attack aimed to overwhelm the platform with traffic and disrupt its services, but the development team acted swiftly to protect the exchange.
The attackers demanded a ransom of several thousand Tether (USDT), but the Magnetic X team refused to comply. Instead of negotiating, they chose to boost the platform’s security to prevent further issues.
Let’s dive into the details of this epic showdown!
Magnetic X Refuses to Pay
The team quickly increased server capacity to handle the surge in traffic, ensuring the platform could manage millions of requests without any loss of user data.
Thanks to this rapid response, services were restored quickly. The exchange reassured users that it is now fully secure and recommended clearing browser cookies to fix any remaining issues.
This wasn’t the first time Magnetic X faced a DDoS attack. In January, a similar incident on the XRP Ledger saw millions of records flooding the nodes, which affected the functioning of the ledger’s historical transaction records.
Standing Strong Despite the Challenges
Despite these setbacks, Magnetic X has remained strong, continuing to provide decentralized trading, automated market maker (AMM) pools, and yield farming. The quick response to the latest attack demonstrates the exchange’s dedication to security and reliable service.
With its upgraded infrastructure, Magnetic X aims to stay at the forefront of decentralized applications (dApps) on the XRP Ledger, setting high standards for security and stability in the decentralized finance space. Security, stability, and service. That’s Magnetic X.
@ Newshounds News™
Source: CoinPedia
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SINGAPORE’S BIGGEST BANK DBS INTRODUCES ‘TOKEN SERVICES’ TO ENABLE BLOCKCHAIN-BASED BANKING
▪️DBS Bank said that its new suite of products will help institutional clients optimize liquidity management and streamline operational workflows.
▪️“DBS Token Services” integrates tokenization and smart contract-enabled capabilities with the bank’s existing banking services.
DBS Bank, the largest bank in Singapore by assets, has rolled out a suite of new services dubbed “DBS Token Services” as the bank continues to develop blockchain-based options for institutional clients. In a statement shared with The Block, DBS said that the new banking products integrated tokenization and smart contract-enabled capabilities with its existing banking services.
The DBS Token Services integrated the bank’s Ethereum Virtual Machine-compatible permissioned blockchain, its core payment engine and multiple industry payment infrastructures, according to the statement. Also, smart contractsenable programmability for institutions to govern the use of funds.
Specifically, the new services include Treasury Tokens, Conditional Payments, and Programmable Rewards.
Lim Soon Chong, group head of global transaction services at DBS Bank, said that DBS Token Services enables companies and public sector entities to “optimize liquidity management, streamline operational workflows, strengthen business resilience, and unlock new opportunities for end-customer or end-user engagement.”
DBS introduced Treasury Tokens in August in partnership with Ant International, allowing multinational corporations to settle multi-currency intra-group transactions around the clock.
DBS also intends to explore further applications of Conditional Payments, designed to improve payment workflows. Another feature, called Programmable Rewards, allows institutions to curate digital voucher programs.
“Using a permissioned blockchain provides DBS full control over these services, enabling the bank to harness the benefits of blockchain technology while adhering to compliance standards,” the bank said.
@ Newshounds News™
Source: The Block
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Source: Dinar Recaps
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