Ripple can win court case SEC. This is why XRP price is up 20%; SEC sent a subpoena to Sushi; Coinbase collaborates with the Brazilian central bank
XRP Price is Up 20%
The price of XRP has increased by 20% over the past few hours, increasing its gains on March 21. XRP’s price surge came as investors were hoping that Ripple would win the case with the SEC.
US District Judge Analisa Torres has issued a ruling on the motions submitted by Ripple and the SEC to exclude the comments of witnesses from the upcoming summary judgment. Torres, emphasizing that there is no clear winner or loser on the issue, partially approved the motions and rejected some of them.
However, the dismissal of Patrick Doody, the so-called “expert #1” used by the SEC to testify about the perceptions of the XRP buyer, has led XRP investors to believe that Ripple can win the case.
In other words, the SEC’s claim that Ripple is selling XRP to investors as an unregistered security may fail.
In addition to pressure from regulators, Ripple also had a presence in the recently bankrupt Silicon Valley Bank. Ripple CEO Brad Garlinghouse reassured the community on March 12 that the company is in a strong financial position.
Despite the problems currently affecting the crypto markets, Ripple’s XRP Ledger continues to grow. On February 23, the total number of accounts in XRP approached 5 million.
SEC sent a subpoena to Sushi
According to a statement made by Sushi, the US Securities and Exchange Commission (SEC) has sent a subpoena to Sushi and its leader, Jared Gray.
In his blog post, Gray requested Sushi DAO to fund a 3 million USDT defense fund to cover the legal costs associated with the US Securities and Exchange Commission investigation:
“We recommend that Sushi DAO offer a legal defense fund of 3M USDT. This fund will be used for legal costs related to investigations, litigation and other matters.
An attempt was made to establish a legal entity to reduce the liability of Sushi DAO as proposed in March 2022. However, for operational continuity, funds must be in place to meet legal needs and protect key contributors.
Similarly, the US Securities and Exchange Commission has not yet commented on the matter. SEC chairman Gary Gensler continues to state that the majority of cryptocurrencies are securities. The exact reason for the sushi case is not yet clear.
Sushi’s native token, SUSHI, fell by about 5% after the news and is trading at $1.15 at the time of writing, according to CoinGecko data.
Coinbase collaborates with the Brazilian central bank
Coinbase is expanding its services in Brazil through partnerships with local services in the country. The company announced on March 21 that it was expanding its operations in Brazil.
Coinbase has signed a deal with Ebanx, a Brazilian-based payment solutions provider, and Pix, an instant payment app operated by the Brazilian Central Bank. The new partnerships will facilitate the trading of cryptocurrencies using Brazilian real and enable real deposits and withdrawals from Coinbase accounts. In addition, Brazilians will now be able to open a Coinbase account more easily.
According to Coinbase’s statement, the exchange has been in existence in Brazil since 2021. By June 2022, when the company announced it was launching its services in Brazil, it had 40 employees in the country.
The company said its expansion in Brazil is part of its broader international expansion plan. In addition, it is stated that Coinbase plans to establish a platform outside the USA.
Brazil is the country with the highest percentage of digital payments adoption in South America. Coinbase’s expansion in Brazil comes right after an agreement in January between Binance and Mastercard to launch a prepaid crypto card in the country.