Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the recent tattoo by Ripple CEO Brad Garlinghouse.
Ripple CEO Gets XRP Tattoo
The CEO of Ripple, Brad Garlinghouse, has decided to show his complete belief in XRP by getting a tattoo of the logo on his arm. The fintech chief and Harvard educated CEO of Ripple Labs responded to a popular crypto X account on Sunday where he responded "1000%" after the account had commented “When someone with a Harvard MBA gets a tattoo after 50 they have thought it through and know it’s only going to change in a good way.”
https://x.com/bgarlinghouse/status/1939081718759358875
The tattoo includes the XRP icon and July 13, 2023, the date when a court ruled Ripple’s XRP sales to institutional investors violated securities laws but cleared retail sales. That ruling marked a turning point in the legal battle between Ripple and the SEC, who had sued Ripple in December 2020 for alleged securities violations. Currently the SEC and Ripple are looking to resolve the case and this latest move by Garlinghouse shows his level of support for the company.
Last week Garlinghouse announced that the company are dropping their cross-appeal against the SEC and this development came just a day after the US district court denied a joint request from Ripple and the SEC seeking an indicative ruling to reduce Ripple’s $125 million civil penalty and reverse the order labelling Ripple’s institutional XRP sales as securities transactions. Garlinghouse stated:
“Ripple is dropping our cross-appeal, and the SEC is expected to drop their appeal, as they’ve previously said.”
The judge in the case, Judge Analisa Torres, noted that Ripple’s willingness to “push the boundaries” of the prior summary judgment indicated a likelihood of further violations. The chief legal officer for Ripple, Stuart Alderoty, noted that the courts decision meant Ripple were left with two options. To drop their appeal or continue challenging the finding.
While the drama continues, RippleX, the development arm of Ripple, released the latest version of the XRP Ledger (2.5.0) and this included a number of protocol upgrades which aim to strengthen network functionality and security. RippleX engineer Mayukha Vadari noted that the upgrade was “possibly the best single lineup of amendments” ever released. There have been significant improvements to token management and transaction processing.
The improvements include an escrow system which allows third-party issued tokens, including stablecoins, along with introducing multi-purpose tokens designed for institutional applications. There is also a wrapper transaction included which can combine up to eight steps into a single action. This looks to reduce failure rates in complex transaction flows and improve network efficiency for advanced use cases.
Have a great day.
Peace. CryptoGod-1.
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