The legal battle between Ripple and the US Securities and Exchange Commission is not new to the crypto industry. As the 3-year-long battle approaches an end, the SEC has levelled accusations against another crypto firm Coinbase exchanges. The update came as the crypto market struggled with the effects of the US Fed’s interest rate hike decision. Even though the entire crypto market is down, Dogetti, a new meme-coin, seems to be not affected by the new developments in the crypto world.
What Is the Ripple Vs SEC case?
Ripple labs is a blockchain developer company that owns XRP cryptocurrency. The company was founded in 2012 as Opencoin, but later changed its name to Ripple. It launched XRP in the same year. The coin saw tremendous growth in market capitalization until the SEC filed a lawsuit against Ripple.
In 2020, three days before Christmas, the US Securities and Exchanges Commission filed a lawsuit against Ripple and two of its executives. The SEC alleged that the company sold more than $1.3 billion worth of unregulated securities via XRP cryptocurrency.
Ripple denied this claim, arguing that XRP tokens should not be considered investment contracts as they are used in business to facilitate cross-border transactions between banks and financial institutions.
Due to this lawsuit, XRP miserably failed to capitalize on the crypto bull run in 2021 when Bitcoin surged to $64,000.
Recently, Ripple has submitted a new filing to the court that includes rulings in the SEC vs Voyager Digital Holdings bankruptcy case. In it, the Voyager bankruptcy judge upheld many of the arguments put forward by the Ripple defendants.
This new filing from Ripple has created confidence among crypto investors. As a result, the price of the XRP token surged more than 20% on Wednesday.
This legal battle between Ripples and the SEC has become more important in the crypto world as Ripple’s failure in this case could lead to tighter regulations and actions against crypto companies.
Coinbase Is In Crisis
The US SEC has issued a “Wells notice” to Coinbase regarding potential violations of securities law. Coinbase is a cryptocurrency exchange platform that was launched in 2012. The platform allows users to buy, sell, store, and trade different cryptocurrencies accepted by the Coinbase exchange.
On Wednesday, Coinbase announced that it has received a good notice from the US SEC. The company said that the notice does not provide full information to respond. “We asked the SEC specifically to identify which assets on our platforms they believe may be securities, and they declined to do so,” the company mentioned in its statement.
The market value of Coinbase dropped nearly 13% in extended trading after the company announced the wells notice.
When SEC staff recommends that the SEC take enforcement action against a particular company for a possible violation of securities law, they send a formal notice informing the company of their move. It is called wells notice.
Dogetti Shine In Green
The crypto market has been bleeding in red ever since the US Federal Reserve announced its decision to hike the interest rate. Bitcoin slipped from $28,000, Ethereum’s price decreased to $1,750, and other prominent cryptocurrencies also recorded a drop in their price. But Dogetti, a new meme-coin, remains unaffected by the market trend.
Dogetti is a dog-themed meme-coin that aims to build a strong community like No other. The new project is powered by its native token called DETI. The Dogetti ecosystem consists of DogettiNFT, DogettiDAO, and DogettiSwap.
In the second stage of the presale, the project has raised more than 6 lakh US dollars. To boost the presale, Dogetti announced a 50% bonus for those who use the DON50 code on purchasing the DETI tokens.
\The Dogetti Project also has an enticing buy-back protocol to lure more investors. Through this protocol, 2% of the tax levied on transactions will be redistributed to investors’ wallets.
The playful branding and enticing offers make Dogetti a promising cryptocurrency.
Dogetti can be a viable investment option for those who are anxious about losing money in volatility. As the project is still in the presale stage, it will not be affected by market volatility.
Tap the links to learn more about Dogetti:
Presale: https://dogetti.io/how-to-buy
Website: https://dogetti.io/
Telegram: https://t.me/Dogetti
Twitter: https://twitter.com/_Dogetti_
