Samson Mow Slams Ripple for Spreading FUD About Bitcoin and Tether, Ripple Files Motion to Seal Documents, Here’s Why Ethereum ETF Could Be Denied: Crypto News Digest by U.Today

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As a long-term crypto investor with a background in technology and finance, I closely follow the developments in the industry and keep an eye on key players and their actions. The recent confrontation between Ripple CEO Brad Garlinghouse and Tether CEO Paolo Ardoino, followed by Samson Mow’s public stance against Ripple, brought back memories of a similar situation that occurred in 2022. I recall how Ripple, specifically its co-founder Chris Larsen, paid Greenpeace $5 million to launch an anti-Bitcoin campaign aimed at changing Bitcoin’s consensus algorithm from proof-of-work to proof-of-stake. This time around, Ripple is actively spreading FUD about Tether in an attempt to gain traction for their stablecoin. As someone who has experienced the negative consequences of such actions, I believe it is important to call out such behavior and hold companies accountable for their actions.

Stay informed about the latest crypto developments! Here are U.Today’s top three news stories from the past 24 hours.

Bitcoiner Samson Mow slams Ripple for spreading FUD about Bitcoin and Tether

After the heated exchange between Brad Garlinghouse, CEO of Ripple, and Paolo Ardoino, CEO of Tether, Samson Mow, the head of Jan3, expressed his perspective on the matter through a social media post. In his blog entry, Mow supported Ardoino’s stance, stating that Ripple has started spreading Fear, Uncertainty and Doubt (FUD) about Tether to gain traction for their own stablecoin. Mow mentioned that this behavior is nothing new to him, as he recalled an incident from 2022 where Ripple, specifically its cofounder Chris Larsen, paid $5 million to Greenpeace to initiate a campaign against Bitcoin. The objective of the campaign was to influence the shift of Bitcoin’s consensus algorithm from proof-of-work to proof-of-stake.

SEC v. Ripple: Defendant files motion to seal documents

Based on the latest report from defense lawyer James K. Filan regarding the ongoing Ripple-SEC legal dispute, Ripple has submitted a request to either seal or narrowly restrict access to certain documents in response to the SEC’s motion for judgment and remedies. The reason behind this action is that disclosing these confidential documents could lead to substantial harm for Ripple’s business. Specifically, the company intends to conceal details about its financial data such as earnings, revenues, and expenses, in addition to keeping undisclosed any contractual agreements it has with third-party business partners. Although Rippe acknowledges the relevance of the discounted XRP sales to institutional buyers, it remains unwilling to disclose specific financial and pricing details. Furthermore, Ripple is seeking to protect the identities of certain non-parties involved, which include both financial institutions (customers) and employees.

Here’s why Ethereum ETF could be denied

In a recent post on X, James Seyffart of Bloomberg Intelligence, an Ethereum ETF analyst, indicated that it’s increasingly probable that the SEC will rule Ethereum as a security and reject numerous ETF applications this May. While this isn’t a certainty, Seyffart believes it suggests the SEC is actively considering this possibility. This follows finance lawyer Scott Johnsson’s claim that the SEC is pondering Ethereum’s security status in its upcoming ETF order. According to Johnsson, the SEC will release a notice detailing their reasons for potential disapproval. The SEC maintains that since Ethereum is classified as a security, it was improper to issue commodity-trust shares. Notably, Bitcoin ETFs have not encountered this hurdle. The SEC is anticipated to make its final rulings on VanEck and ARK’s Ethereum ETF applications on May 23 and 24, respectively.

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2024-05-15 17:52