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Facebook’s David Marcus Advocates for Blockchain-Based Payment Networks

David Marcus, the head of Calibra at Facebook, has set forth arguments in favor of blockchain-based payment networks.

In a Sept. 25 blog post, Marcus pointed out shortcomings of existing payment systems such as regional and international networks, including SWIFT and RT1, central banks and others. Marcus began by noting the weakness of the underlying infrastructure of the current system that limits its efficiency and reach.

In one case, Marcus wrote, an individual can send and receive funds from within one wallet, while not being able to do the same between wallets from different companies. He went on to explain:

“Depending on the setup, moving money from point A to point B requires a number of intermediaries to be involved, and often demands liquidity pools to be readily available at point B for consumers to get their money out in a timely fashion.”

Advantages of blockchain payment networks

When it comes to a blockchain-based payment network like Facebook’s forthcoming Libra, its participants can purportedly carry out near real-time cross-border transfers at a low cost and with no need of liquidity pools of various currencies, Marcus said, adding:

“This would in turn massively reduce costs by eliminating the need for so many intermediaries, and operational complexity and overhead, thus increasing innovation and access. People would benefit from more ease when they want to send and receive money, and the barrier of access to modern digital money and financial services would be greatly lowered.”

Other blockchain-based payment solutions

An array of leading financial companies are also working on solutions that could replace traditional payment methods with blockchain-based systems. Earlier in September, Mastercard partnered with blockchain firm R3 to develop a cross-border payment solution.

American financial services company Wells Fargo & Company also revealed plans to launch a pilot of a distributed ledger technology-based platform designed to perform internal book transfers of international payments within its global network using digitized cash.

Google’s Quantum Computer Breakthrough Not a Risk to Bitcoin, Says Dev

A well-known cryptographer has poured cold water on fresh fears that recent advances in quantum computing could endanger Bitcoin (BTC) security. 

Bitcoin versus Google’s “quantum supremacy”

In a Twitter discussion on Sept. 24, ex-Bitcoin Core developer Peter Todd led the criticism, which followed claims from Google it had achieved “quantum supremacy.”

In a paper seen by the Financial Times, the tech giant said it had created a computer that solved an equation which would otherwise take 10,000 years in just 3 minutes 20 seconds. 

“To our knowledge, this experiment marks the first computation that can only be performed on a quantum processor,” the publication quoted the paper as saying. 

Quantum computing has previously formed an area of contention for cryptocurrency proponents. In 2017, for example, experts dispelled myths that such machines could undermine the security of the Bitcoin blockchain. 

“Nowhere near breaking cryptography”

Similarly, Todd now concluded that financial impediments to Google’s latest creation alone would keep Bitcoin free from potential trouble. 

“It means nothing because Google’s quantum breakthrough is for a primitive type of quantum computing that is nowhere near breaking cryptography,” he wrote about the new achievement.

He added: 

“We still don’t even know if it’s possible to scale quantum computers; quite possible that adding qbits will have an exponential cost.”

Earlier this month, details emerged that the United States’ National Security Agency, or NSA, was attempting to research and create quantum-resistant cryptography.

Kim Dotcom to Sell His ‘Built on Bitcoin’ Token Next Month on Bitfinex

Cryptocurrency exchange Bitfinex has announced the relaunch of its Initial Exchange Offering (IEO) platform Tokinex as Bitfinex Token Sales and will offer the token of P2P digital content and monetization blockchain K.IM on October 22.

The news was revealed in a press release shared with Cointelegraph on Sept. 24. 

A Bitcoin-integrated token

Per the release, K.IM has raised $2.5 million in funding from BnkToTheFuture, Bitcoin Capital and Max Keiser. According to the project’s roadmap, the platform is expected to go live in Q3 2020 alongside a formal listing on Bitfinex. 

Entrepreneur, digital rights activist and founder of now-defunct file-sharing website Megaupload, Kim Dotcom, commented on the development:

“Combining the internet with Bitcoin gives us a real chance of achieving the original promise of the internet; freedom of speech, commerce and finance. […] I founded K.im to allow artists, content creators and digital businesses to cut out all the middlemen and sell content and digital goods without censorship and outside of monopolies.”

According to Dotcom, the Bitcoin blockchain has been able to scale so far and can now support a slew of new possibilities.

“We can finally create our KIM token on top of Bitcoin thanks to recent technical breakthroughs like Lightning and Liquid. Bitfinex is the perfect partner to help us distribute KIM tokens, built on Bitcoin, to those who want to access the freedoms that our products provide,” Dotcom explained. 

Bitfinex courts LEO holders

Bitfinex meanwhile notes that the renewed IEO platform will have “direct integrations with the Bitfinex exchange itself.” The company’s chief technology officer Paolo Ardoino commented on the current IEO landscape:

“Most IEO’s are marketing campaigns that focus on achieving a short-term result, but that’s not how real businesses are built. Successful businesses are built through long-term, sustainable growth.”

Bitfinex also announced that its native utility token, Unus Sed Leo (LEO), will be part of all future token sales and its holders will have access to higher allocations than those participating with other digital assets.

As Cointelegraph recently reported, United States-based cryptocurrency exchange Coinbase has also indicated it is considering the launch of an IEO platform.

Bitcoin Network Hash Rate Mysteriously Flash Crashes by 40%

Bitcoin’s (BTC) network hash rate dipped a record 40% yesterday, Sept. 23, in a sudden shock for the network.

Bitcoin network hash rate, Nov. 2018-present

Bitcoin network hash rate, Nov. 2018-present. Source: Coin.dance

Data from Coin.dance — corroborated by other sources [insert links] — indicates that the network’s hash rate plummeted yesterday from over 166.6 PH/S to 57.7 PH/S. 

Mystery flash crash remains unexplained

The flash drop remains unexplained as of press time and is all the more striking given the Bitcoin network’s record-breaking string of new all-time high hash rates throughout summer.

Just five days ago, Cointelegraph had reported that Bitcoin’s hash rate had passed a record 102 quintillion hashes in a historic milestone.

As previously noted, the hash rate of a cryptocurrency — sometimes referred to as hashing or computing power — is a parameter that gives the measure of the number of calculations that a given network can perform each second. 

A higher hash rate means greater competition among miners to validate new blocks; it also increases the number of resources needed for performing a 51% attack, making the network more secure.

By press time, Bitcoin’s hash rate has somewhat recovered back to almost 88.3 PH/S — yet remains well below its earlier records.

Throughout summer, cryptocurrency analysts had argued that the network’s record-breaking streak of all-time hash rate highs was a bullish indicator for the top coin’s price performance. 

In a tweet posted this August, Bitcoin investor Max Keiser had claimed that:

“Price follows hashrate and hashrate chart continues its 9 yr bull market.”

Back in November 2017, Bitcoin had seen a sudden hash rate downturn of almost 50%, accompanied by slowed transaction processing times, a price dip, and even miners’ short-lived switch over to the forked network, Bitcoin Cash (BCH).

Boerse Stuttgart Launches Regulated Digital Exchange

As of today, the newly launched Boerse Stuttgart Digital Exchange (BSDEX) is available to select users in Germany.

Fully regulated under the German Banking Act

In a Sept. 23 press release, the Boerse Stuttgart Group — Germany’s second-largest stock exchange — announced that trading has started on its newly launched digital asset exchange platform, Boerse Stuttgart Digital Exchange (BSDEX).

The exchange, which is regulated under the German Banking Act, will initially allow users to trade the euro/Bitcoin (BTC) pair.

BSDEX is currently available to a select group of German investors only, but will gradually open up its trading venue to other retail and institutional investors, eventually followed by the entire European Union, the exchange noted. Dr. Dirk Sturz, the CEO at BSDEX added:

“The market in cryptocurrencies is worth billions, and more digital assets will emerge on the basis of blockchain. Our goal is to build up the leading European trading venue for those assets.”

Boerse Stuttgart has also partnered with an external banking partner, SolarisBank AG, which will process euro payments and provide fiat custodial services.

Boerse Stuttgart launched crypto trading app

In January, Cointelegraph reported that Boerse Stuttgart Group officially launched its crypto-trading app Bison. The developers’ reported aim in making the app was to ease access to cryptocurrencies for investors that are accustomed to using traditional markets.

Bakkt Trades 18 BTC in First 7 Hours as Bitcoin Price Falls Below $10K

18 Bitcoin (BTC) in volume has been traded since the launch of Bitcoin futures on the Intercontinental Exchange (ICE)’s Bakkt platform yesterday, Sept. 22.

The much-anticipated contracts — the first of their kind to be physically settled in Bitcoin — went live at 8 PM EST on Sept. 22 (00:00 UTC Sept. 23).

The first hours

Bakkt ™ Bitcoin (USD) Monthly Futures Contract

Bakkt ™ Bitcoin (USD) Monthly Futures Contract. Source: ICE

As of the most recently available data at the time of writing, 18 BTC has been traded, with a last recorded trading price of $10, 042.50/BTC.

Many crypto commentators have commented on the apparently slight volume levels, with one trader comparing the platform’s launch so far to patterns typically seen with earlier products:

“CME bitcoin futures traded $460 million on its first week. Current volume is around $700 million. The Van Eck fake ETF traded $0 on its first week.” 

Cryptocurrency investor Ari Paul argued that physical delivery is likely to slow adoption, at least initially, contending that:

“Probably a more gradual scale-up since it’s physical. With CME futures, anyone with the right FCM [Futures Commission Merchant] could immediately trade on launch […] I’d think the incremental demand (beyond CME) would come from people who want to buy or sell physical for delivery, at least at first. Receiving could be instant (use FCM to convert), but I’m kind of thinking depositing physical will be gradual.”

Price and the institutional landscape

Despite long anticipation of the new contracts’ launch, the markets have yet to register any impact, with Bitcoin trading tepidly below $10,000 as of press time.

When it comes to the fiat-settled Bitcoin futures contracts on CME, their expiration and rollover dates have historically exerted pressure on Bitcoin markets — traders will no doubt be closely eyeing signs of potential impact from Bakkt’s product in the coming days. 

Taking a wider view, Fundstrat analyst and well-known Bitcoin bull Tom Lee had tweeted on Sept. 20 that he was “very positive on Bakkt and its ability to improve trust with institutions to crypto.”

Retailers Around the World That Accept Crypto, From Pizza to Travel

Earlier on, when Bitcoin (BTC) arrived on the scene, most cryptocurrency enthusiasts held on to their coins, as there were only so many places they could be spent. Nowadays, the list of marketplaces and retailers accepting Bitcoin and other cryptocurrencies is significantly larger, providing crypto enthusiasts with more options for making real-world purchases.

After all, with recognizable organizations like Microsoft and Wikipedia now accepting Bitcoin as payment, conversations about Bitcoin and the power of cryptocurrencies are becoming more prominent.

Currently, several fast-food restaurants and coffee shops have started accepting Bitcoin as payment. This will likely provide traction for mass adoption as cryptocurrency payments become increasingly commonplace in day-to-day purchases. 

Granted, there are some jurisdictions that do not consider Bitcoin or any other cryptocurrency as legal tender. Despite this set back, even big tech companies like Facebook are coming up with payment systems that mimic cryptocurrencies.

Here are some of the leading retailers, merchants and companies that will let you book flights and hotels, buy coffee or pizza, or even go to space with crypto.

Pay for a burger in Germany with crypto

The German branch of fast-food restaurant chain Burger King now claims to accept Bitcoin as payment for its online orders and deliveries, but this is not the first time Burger King has warmed up to Bitcoin as a form of payment. 

Related: Bitcoin Not Accepted: Burger King’s Crypto Foray Short-Lived

The company, headquartered in Florida in the United States, had its Russian branch announce in 2017 that it would start accepting Bitcoin payments, but it ultimately did not take off. The global fast-food retailer reports an annual revenue of about $20 billion and serves about 11 million customers around the world. If all its outlets move to accept Bitcoin as payment, cryptocurrency adoption would inevitably spread.

Spend crypto at Starbucks and other places

For crypto payments to gain traction, merchants need to implement systems that enable swift and easy cryptocurrency spending. Starbucks is one of the companies taking advantage of this concept through Flexa, a U.S.-based payment startup that is helping the cafe giant, as well as dozens of other companies, accept cryptocurrency payments. 

The company developed an app called Spedn that enables crypto holders to make purchases with merchants like Starbucks. The company’s CEO believes that by making cryptocurrencies spendable in the mainstream, commerce will realize the full benefit of blockchain technology all over the world.

Crypto enthusiasts in Silicon Valley’s Palo Alto might already be familiar with Coupa Cafe for other reasons apart from its coffee and food. Through its partnership with a Facebook software developer, Coupa Cafe has been accepting Bitcoin as payment since 2013. 

Reports show that the cafe received a steady stream of Bitcoin revenue as soon as they started implementing crypto payments — a clear sign of how eager its customers were to pay in Bitcoin. Coupa Cafe is among the few physical businesses in Palo Alto that accept Bitcoin at the moment. The cafe owners believe that their collaboration with the Facebook software engineer will create more traction in terms of Bitcoin adoption. 

Buy food with crypto

With over 50,000 takeaway restaurants listed on its United Kingdom-based site, OrderTakeaways is one of the surest ways to get a pizza paid for with crypto delivered to your doorstep. The company has been accepting Bitcoin payments for online takeout orders since 2018. And other similar services include the Korean platform Shuttledelivery as well as German-based service Lieferando and its subsidiaries in several other countries.

Related: Blockchain for Food, How the Industry Makes Use of the Technology

Apart from online orders, crypto can also be spent at a regular Subway restaurants. As early as 2013, several Subway branches started accepting Bitcoin as payment. Now, for a fraction of a Bitcoin, a Subway sandwich can be purchased at select restaurants.

Pay with Bitcoin to tour space

Besides buying food and inexpensive, day-to-day items with crypto, a trip to space can now be bought with Bitcoin. That’s right. Richard Branson’s space tourism company, Virgin Galactic, started accepting Bitcoin as payment as far back as 2013. Although Branson’s predicted date for the first commercial flight has been pushed back several times, the company achieved its first suborbital space flight last year. Perhaps soon, people will be able to tour the moon on crypto’s dime.

Buy jewelry with Bitcoin

A brick-and-mortar American jewelry company called Reeds Jewelers accepts Bitcoin for both its physical and online stores. What’s more, if a purchase is worth more than $25,000, the company provides free armored delivery for safety. Other jewelry companies accepting Bitcoin include Blue Nile Jewelry, Stephen Silver Fine Jewelry and Coaex Jewelry, to name a few. 

A big advantage of purchasing large ticket items — like a diamond — with crypto is that it makes moving around large amounts of money cheap and effortless. Reports show that more Silicon Valley investors are buying jewelry with Bitcoin. Last year, Stephen Silver Fine Jewelry reported a 20% growth in crypto transactions, leading to a boost in the company’s sales. The company has been accepting Bitcoin since 2014.

Send and redeem gift cards with Bitcoin

Gyft, a digital platform that allows users to buy, send and redeem gift cards, was one of the first merchants enabling cryptocurrency adoption to gain traction in the real world. The mobile gift card app allows Bitcoin to be used to purchase gift cards from several retailers, some of which include Burger King, Subway, Amazon and Starbucks. The company has also partnered with popular crypto exchange Coinbase to enable users to buy gift cards from their Coinbase wallets.

Travel and pay in Bitcoin

If a traveler only has Bitcoin at their disposal, the following merchants will gladly offer services in exchange for it. TravelbyBit, a flight and hotel booking service, accepts cryptocurrencies like Bitcoin, Binance Coin and Litecoin (LTC) as payment. 

Related: From Malta to Prague: What Is the Most Crypto-Friendly Travel Destination?

With a network of over 300 crypto-friendly merchants, the platform is one of the biggest supporters of crypto adoption. TravelbyBit can also alert you to upcoming blockchain events in order to interact with other crypto enthusiasts from around the globe. Other platforms to book flights with crypto include Destinia, CheapBizClass, CheapAir, AirBaltic, Bitcoin.Travel and ABitSky, among others. 

Use crypto to book a five-star hotel in Zurich

If ever one finds themselves traveling to Zurich Switzerland, either BTC or Ether (ETH) can be used to pay for a stay in a five-star hotel in Zurich. In May 2019, five-star hotel and spa Dodler Grand announced that it will start accepting Bitcoin and Ether as payment. 

The hotel has partnered with a fintech firm Inacta as well as Bity (a Swiss-based crypto exchange) to facilitate the payment and conversion of crypto to fiat money. The hotel boasts an amazing view of the Swiss landscape among other enticing amenities that come with a five-star hotel.

Pay for electronics and more with crypto

For all the gadget lovers, there are a bunch of platforms that allow electronic purchases with cryptocurrency. Newegg, for instance, is an electronic retail giant that uses BitPay to process payments made with digital currencies. Even though one cannot get refunds for Bitcoin purchases, Newegg has a good reputation for quality items. 

Plus, the company boasts its being among the first merchants to support cryptocurrency adoption. Other platforms for gadget junkies include Eyeboot (a platform that sells crypto mining rigs in exchange for crypto), Microsoft, FastTech and Alza (a U.K.-based online store that sells phones and beauty products). 

An ever-expanding list

It seems clear that more retailers are warming up to the idea of accepting cryptocurrencies. There is still a long way to go before full adoption can be achieved, but many companies have nevertheless benefited from being early adopters. Despite the volatile price movements of cryptocurrencies, all evidence points to a future cashless society that uses digital currencies, and crypto is leading the way.

Upbit Exchange Delists Privacy Coins Due to Money Laundering Concerns

South Korean cryptocurrency exchange Upbit announced that it will cease trading support for six cryptocurrencies, including some so-called privacy coins.

Block the possibility of money laundering

In a Sept. 20 notice, UpBit announced that the exchange will delist and cease trading support for Monero (XMR), DASH, ZCash (ZEC), Haven (XHV), BitTube (TUBE) and PIVX by Sept. 30.

The exchange added that it will no longer support deposits in these cryptocurrencies and will cancel orders requested before the end of the transaction support in Korean won, Bitcoin (BTC), Ether (ETH) and USDT markets.

Upbit clarified that the reason for delisting these six privacy coins is to block the possibility of  money laundering and the inflow from external networks. 

Upbit follows in OKEx’s footsteps

This news comes just days after the South Korean arm of cryptocurrency exchange OKEx, OKEx Korea, removed support for five major altcoins due to new international regulations. 

OKEx Korea confirmed it would halt trading of Monero, Dash, Zcash, Horizen (ZEN) and Super Bitcoin (SBTC) on Oct. 10. The reason being that as since they are focused on privacy, the coins fall foul of new guidelines set out by the intergovernmental body the Financial Action Task Force, or FATF.

The FATF is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering. While it is not mandatory for nations to comply with their recommendations, it could see non-compliant nations end up on a financial blacklist. 

More exchanges could follow

As Cointelegraph previously reported, the sweeping changes to crypto transaction rules demand businesses to identify the two parties sending funds to each other if a transaction is worth more than around $1,000.

More than 200 countries should theoretically implement the rules by June 2020, despite concerns that doing so is physically impossible for many decentralized blockchains.

Former Iced Tea-Turned-Blockchain Company Sells Beverage Subsidiary

Long Blockchain Corp., previously named Long Island Iced Tea, has reached a definitive agreement to sell its beverage subsidiary, Long Island Brand Beverages.

Lemonade company adds blockchain to its name

In a Sept. 20 press release, Long Blockchain announced the sale of its beverage subsidiary to Canadian firm ECC2 Ventures. 

Andy Shape, CEO of Long Blockchain stated that this transaction will allow the company to concentrate its efforts on the underlying loyalty operating business, adding: 

“Our loyalty platform has experienced strong growth over the past year with new and existing customers, and we look forward to building on that progress.”

The former iced tea and lemonade manufacturing company had rebranded itself from Long Island Iced Tea to Long Blockchain in the beginning of 2018, which resulted in the company’s share price rising from under $5 million to almost $70 million in a few days.

As Cointelegraph reported in April 2018, Long Blockchain was delisted from the Nasdaq for low market capitalization, while just a few months after, it was issued a subpoena by the United States Securities and Exchange Commission. 

In 2017, it was not uncommon for companies to capitalize on the blockchain euphoria sweeping the globe and add the word “blockchain” to their names, despite having nothing to do with the technology. 

FBI looking into Long Blockchain Corp.

In July, Cointelegraph reported that the United States Federal Bureau of Investigation (FBI) is looking into Long Island Iced Tea’s shift to blockchain for evidence of insider trading and securities fraud.

The FBI was seeking to expand a warrant from a different case in order to gain access to communications for their investigation into the former iced tea company. These communications allegedly included evidence that the firm was involved in a possible trading scam.

BitMEX CEO Arthur Hayes Says Traders Could Lose Weekends, Lunch Breaks

BitMEX CEO and co-founder Arthur Hayes says traditional traders may lose their lunch breaks and weekends as digital finance is going to change everything, including workplaces.

Cryptocurrencies trade 24/7

In a Sept. 19 article by Bloomberg, Hayes noted that cryptocurrencies trade 24 hours a day, seven days a week — and claimed this will end up affecting “everything from traditional equities, bonds and currency trading, to the way payments are processed and recorded.”

The CEO of BitMex made his remarks at the Milken Institute Asia Summit in Singapore, where he added that “traders may even lose their lunch breaks and weekends as traditional assets absorb some characteristics of digital ones.” Hayes added:

“Some of the practices in our market are going to be mimicked in traditional trading […] All these things about being somewhere and trading something and physically reconciling records is all going to go out the window. Once you get away from that and understand that everything will be digital in the next 10 years, you realize that Bitcoin isn’t such a strange idea.”

It remains to be seen how labor organizations, who were crucial in the passage and adoption of weekends, the 40-hour working week and mandatory breaks, will respond if Hayes’ prediction comes to pass.

“Get ready for Bitcoin $20K”

On Sept. 18, Hayes predicted that Bitcoin (BTC) could soon shoot to $20,000 as a result of emergency measures from the United States Federal Reserve. 

Hayes comments came immediately after the Fed swooped in to decrease interest rates on some loans which reached more than 10%, or four times its target. More than $53 billion was pumped into the economy through quantitative easing (QE) measures. 

“QE4eva is coming. Once the Fed gets religion again, get ready for #bitcoin $20,000,” Hayes tweeted.

CME Group to Launch Options on Bitcoin Futures in Q1 2020

The Chicago Mercantile Exchange (CME) Group is adding options to its Bitcoin (BTC) futures contracts in the first quarter of 2020, pending regulatory review.

The development was announced in a news release on Sept. 20.

“Flexibility to hedge Bitcoin price risk”

Tim McCourt — CME Group Global Head of Equity Index and Alternative Investment Products — said:

“Based on increasing client demand and robust growth in our Bitcoin futures markets, we believe the launch of options will provide our clients with additional flexibility to trade and hedge their bitcoin price risk.”

McCourt added that the new products are intended to help institutions and professional traders manage spot market Bitcoin exposure, as well as enable them to hedge Bitcoin futures positions in a regulated exchange environment.

CME Group’s announcement notes that, since the launch of Bitcoin futures on the exchange in December 2017, there have been 20 successful futures expiration settlements, with more than 3,300 individual accounts trading the product.

Year to date, a reported 7,000 CME Bitcoin futures contracts — equivalent to roughly 35,000 BTC — have traded on average each day.

For clients hedging or trading benchmark options on futures across diverse asset classes, CME Group notes that it has seen an average daily volume of 4.3 million in 2019 thus far.

Meanwhile, institutional interest in CME Bitcoin futures peaked in early summer 2019, with a record 56 large open interest holders reported in July.

Institutional momentum gathering pace

This intense uptake has been gradually building all year, with Cointelegraph previously reporting that, in May, CME Bitcoin futures had hit a then all-time high. 

Elsewhere in the institutional Bitcoin futures space, Bakkt Warehouse — the qualified custodian for crypto trading platform Bakkt — began accepting customer Bitcoin deposits and withdrawals earlier this month.

Bakkt intends to launch physically delivered Bitcoin futures, in contrast to the existing cash-settled Bitcoin futures offered by both CME and the Chicago Board Options Exchange.

Ripple Avoids XRP Question as It Moves to Dismiss Securities Lawsuit

Blockchain network Ripple has filed a controversial motion to dismiss a lawsuit over it allegedly selling unregistered securities.

Ripple: Securities ruling beyond scope of the court

In a court filing uploaded by Fortune on Sept. 20, lawyers representing the company against investor Bradley Sostack dismissed the claims against it.

Part of an ongoing legal battle, Sostack says Ripple’s sales of altcoin XRP in 2013 constituted an unlawful securities offering.

Ripple denies this, but the case has thrown up wider concerns over the legality of Ripple’s operations regarding XRP. As Cointelegraph reported, executives have refused to acknowledge the company’s relationship to the token, despite their huge personal holdings and sell-offs of it, which continue.

“Court need not resolve whether XRP is a security”

Now, fresh suspicions are already swirling after lawyers’ motion to dismiss failed to address the securities aspect of XRP at all. 

“Because of the multiple, independent grounds for dismissing this action, the Court need not resolve whether XRP is a security or currency for purposes of this Motion, which assumes Plaintiff’s allegation that XRP is a security,” a section reads.

The substance of the filing attracted attention from crypto-focused lawyer Jake Chervinsky, who adopted a realistic stance on the proceedings.

“They make twelve separate arguments for dismissal of the plaintiff’s claims. Not a single one squarely addresses whether XRP is an unregistered security,” he summarized on Twitter on Friday.

The latest developments appeared to have little impact on XRP markets, the token continuing to trade flat over the past 24 hours at just under $0.30.