Petition to Drop SEC Lawsuit Against Ripple Filed

A new development on the ongoing lawsuit against Ripple by the US SEC. A petition was filed to US SEC Chairman Gary Gensler to drop the lawsuit against Ripple Labs. 

The petition was initiated by Thomas Hodge, a known XRP staunch supporter on Change.org. 

“We’re asking Gary Gensler, as soon as is confirmed as Chairman of the SEC, to take a close look at the SEC’s allegations against Ripple Labs, its cofounders, and the harm the SEC’s actions have already – and needlessly – caused to holders of the digital currency XRP.” 

The news circulated on Wednesday when Crypto & Policy reach out to Gary Gensler to investigate the motive of former SEC chair Jay Clayton and his SEC Director of Corporate Finance William Hinman for being bias on XRP against two major cryptocurrencies, BTC (bitcoin) and ETH (ether).  The petition alleged that the move made by the former US SEC leadership could be financial due to interests in Bitcoin and Ether.

“While Clayton and Hinman were in office, they were asked if Bitcoin and Ether were securities. They said very clearly, on the record: no they are not securities so keep trading them. They both took money from companies with direct or clear indirect interest in those public statements.”

Serious accusations were thrown at Hinman by Hoge stating that the former “received millions of dollars in payments” from Simpson Thacher, a law firm affiliated to Ethereum Enterprise Alliance. He further alleged that  Hinman “collected checks from the firm”. The law firm on the other received compensation from Chinese crypto mining giant Canaan.

The petition concluded in a demand to SEC Chairman Gensler:

“Gary Gensler must end this practice of making policy through lawsuits, sit down with XRP holders themselves and listen to their stories. We want clear rules for everyone, not another SEC chairman picking winners and losers in a regulatory vacuum. And we demand an investigation that fully clarifies whether the SEC was protecting someone else’s interests instead of retail investors when the Ripple lawsuit was filed in December 2020.”

Rick Caruso, Tesla Landlord to Accept Bitcoin as Payment

Rick Caruso real estate firm now accepts bitcoin as payment

Elon Musk need not look far where to spend his bitcoins. In an announcement, Rick Caruso, Tesla’s landlord now accepts BTC (bitcoin) as payment. In his statement to CNBC, the California billionaire commented on the matter.

“We believe that cryptocurrency is here to stay.”

Caruso Properties will be accepting payment rentals in BTC (bitcoin) both for residential and retails properties. 

According to reports, the real state firm has inked a partnership with Gemini, a crypto exchange founded by the Winklevoss twins.

Tyler Winklevoss, CEO of Gemini, also commented on the partnership:

“We are thrilled to partner with Caruso as they continue to push the real estate sector to new heights by embracing cryptocurrency for the benefit of both their customer experience and their own business operations.”

Apart from accepting BTC (bitcoin) as payment, the real state firm has also invested in the cryptocurrency allocating 1% of its treasury. Rick Caruso, the founder, and CEO of the real estate firm stated:

“I believe Bitcoin and cryptocurrency will play an important role in our collective future, and working with Gemini now will bring unparalleled experiences and pioneering technology that add real value to our guest experience.”

The massive adoption of bitcoin is undeniably happening at our time at a rate faster than we can imagine. 

Chinese App Developer Purchase Additional $10M Worth of Bitcoins   

Meitu purchase additional bitcoin worth $10M

Meitu Inc, a Chinese technology company purchase an additional $10M worth of BTC (bitcoin). 

On Mar. 5, the company has already purchased $40 million worth of BTC (Bitcoin) and ETH (Ethereum). Initially, Meitu has a total holding of 379.1214267 bitcoins and with its recent purchase, this brings the company’s total bitcoin holdings to approximately 554 BTC.

But according to reports, Meitu believes that BTC (bitcoin) is an effective hedge against the devaluation of fiat currencies. Meitu further stated that cryptocurrencies like BTC (bitcoin) and ETH (ether) are a store of value.

“Being an alternative store of value, its price is primarily a function of future demand that is driven by the consensus of investors and the general public.”

ETH Records New All-Time High

Ethereum records new all-time high

After BTC (bitcoin), ETH (ether) the second most dominant crypto has recorded its newest all-time high. On Tuesday, the ETH (ether) recorded a new peak price of $2,150 in a data by Crypto.co. 

The altcoin started its price rally on April 2 after its price surpassed the $2K mark. According to reports, the entry of major institutional investors and retail investors has fueled the altcoin’s price increase.  

In recent data by Crypto.co, ETH (ether) is now at $ 2,075.14. Though the price has slightly dropped as a result of the recent price dip, the altcoin continues to sit on the $2K mark.