Investors increasingly confident of Ripple’s victory over SEC: CoinShares
A third consecutive week of inflows into XRP investment products implies improved investor confidence over Ripple’s legal tussle with the SEC.

Recent developments in the Ripple vs. Securities and Exchange Commission (SEC) case appear to have bolstered investor confidence in XRP-tied investment products, according to investment data from CoinShares’ head of research, James Butterfill.

In its latest Digital Asset Fund Flows published on Nov. 7, Butterfill noted that XRP investment products have seen a third consecutive week of institutional inflows, clocking $1.1 million.

Butterfill said the figures imply “improving investor confidence as the SEC case against Ripple looks increasingly fragile.”

The last few weeks have seen Ripple Labs gaining increasing support from heavy hitters in the crypto industry including Coinbase and the Blockchain Association.

In a Nov. 4 post, General Counsel for Ripple Stuart Alderoty announced to his 89,000 followers that, “A dozen independent voices - companies, developers, exchanges, public interest and trade assoc’s, retail holders” had offered their help to explain how “dangerously wrong the SEC is.”

A dozen independent voices - companies, developers, exchanges, public interest and trade assoc.’s, retail holders - all filing in SEC v Ripple to explain how dangerously wrong the SEC is. The SEC’s response? We need more time, not to listen or engage, but to blindly bulldoze on. — Stuart Alderoty (@s_alderoty) November 3, 2022

Other entities in support of Ripple include nonprofit organization Investor Choice Advocates Network, crypto mobile app SpendTheBits and the Crypto Council for Innovation, as well as the XRP “decentralized community.”

In total, there are 12 independent entities pledging legal support for Ripple.

However, despite the support and both sides calling for a summary judgment, the case could still take months, according to Ripple CEO Brad Garlinghouse, who spoke at DC Fintech Week on Oct. 11.

Garlinghouse speculated that the case could be wrapped up by the first half of 2023, but admits that is only a guess.

A recent ruling by the United States District Court in favor of the SEC against blockchain-based file-sharing and payment network LBRY could complicate the Ripple case as well.

Jeremy Hogan, Partner at Hogan & Hogan, told his 238,000 followers he expects the results of his case to “make its way into the SEC’s final brief in the Ripple case.”

LBRY fought the good fight but lost at summary judgment.

The Judge hung his hat largely on the fact that there was essentially no use for the tokens at the time of the sales.

I would expect this case to make its way into the SEC's final brief in the Ripple case. — Jeremy Hogan (@attorneyjeremy1) November 7, 2022

Crypto lawyer John Deaton appears to still be bullish about Ripple’s chances of winning the case.

In a Twitter post, Deaton said the recent ruling “doesn't shake my confidence AT ALL,” teasing a lengthier explanation for his 224,000 followers on Nov. 8.


‘Do not delay’ — ASIC warns Aussies to look for 10 signs of a crypto scam
Australians has called for Australia’s market regulator to step in and raise awareness by making a list of the top 10 ways to spot a crypto scam.

Australia’s market regulator has released a list of the “top-10 ways to spot a crypto scam,” amid a detected rise in crypto-related investment scams this year.

The Australian Securities and Investment Commission’s (ASIC) public advisory statement was published as part of Scams Awareness Week 2022, an initiative that teaches Australians how to identify all forms of scams. The campaign takes place between Nov. 7 to 11.

ASIC said that Australians had already lost more through “investment scams” in 2022 than the total $701 million figure in 2021, while ASIC Deputy Chair Sarah Court attributed cryptocurrencies to the steep incline in investment scams over the last two to three years:

“The main driver of the increase was cryptocurrency investment scams, where losses increased by 270%. The ACCC have advised that losses to crypto scams have increased further in 2022.”

“Given this concerning trend, we want to arm Australians with the information they need to protect themselves from scammers,” she added.

As part of the advisory, ASIC stated that cryptocurrency scams fall into three categories. The first relates to scams where the victim believes to be investing in a legitimate asset. However, the crypto app, exchange, or website turns out to be fake.

The second scam involves fake crypto tokens used to facilitate money laundering activities, while the third type of scam involves the use of cryptocurrency to make fraudulent payments.

ASIC says top signs of a crypto scam include “receiving an offer out of the blue,” “fake celebrity advertisements” and being asked by a “romantic partner you only know on-line” to send money in crypto.

Other red flags include being asked to pay for financial services in crypto, being asked to pay more money to access funds, withholding investment earnings “for tax purposes” or being offered “free money” or “guaranteed” investment returns.

The markets regulator also said it was common for scammers to pressure victims into transferring crypto to their website. To prevent this issue, ASIC also advised crypto investors not to use web apps that aren’t listed on Apple Store or Google Play.

Other things to look out for is if “strange tokens appear in your digital wallet,” said ASIC.

If scammed, Court strongly advised victims not “to send any more money” to the scammer and to “block all contact” from them if their identity is known:

“Do not delay. Contact your bank or financial institution immediately to report the scam. Ask them to stop any transactions. Also, warn your family and friends so they can watch out for potential follow-up scams.”

A Nov. 7 report from the Australian Competition & Consumer Commission (ACCC) predicted Australian-targeted scam losses will reach $4 billion Australian dollars by the end of 2022.

The ACCC has received $10 million in seed funding as part of its budget to build a National Anti-Scam Center to support the community in its fight against cybercriminals, which was confirmed by Financial Services Minister Stephen Jones on Nov. 7.

David Koch, the host of the Australian breakfast show Sunrise, has called for the ACCC to demand more accountability on social media platforms like Facebook, Instagram and LinkedIn over the scam-like content that can be found on its platforms.


Queen Máxima of the Netherlands comes out in support of digital euro
The Queen of the Netherlands said a digital euro could encourage financial inclusion among underserved communities by circumventing roadblocks including fees and documentation.

Queen Máxima of the Netherlands said she was encouraged by the work the European Central Bank had accomplished in its efforts to launch a digital euro.

Speaking virtually at a European Commission conference titled “Towards a legislative framework enabling a digital euro for citizens and for businesses” on Nov. 7, the queen said a digital euro could encourage financial inclusion among underserved communities by circumventing roadblocks including transaction fees and documentation requirements. According to the regent, a central bank digital currency, or CBDC, in the European Union could help reduce the cost of remittances, but may require policy reforms and safeguards “to address difficulties and risks.”

“Public sector representatives have a duty to ensure that the financial system is open, inclusive, and responsive to the needs of all groups,” said the queen. “So let us envision that better future and build a digital euro that works for all Europeans.”

As queen consort of the Netherlands since 2013, Máxima has sometimes used her platform to advocate for financial technology as a means of inclusion, specifically citing CBDCs. The Netherlands has been operating under a constitutional monarchy since 1814, with the monarch — in this case, King Willem-Alexander — largely holding a symbolic role as president of the country’s Council of State. Queen Máxima also serves as the United Nations secretary-general's special advocate for inclusive finance for development.

The Netherlands was the host country for the Bitcoin Amsterdam conference in October, an event which drew in other members of royalty, including Prince Philip of Serbia, and policymakers, including former European Parliament member Nigel Farage. U.S.-based crypto exchange Coinbase also announced its expansion to the Netherlands following regulatory approval from the country’s central bank in September.


This Daily Dose was brought to you by Cointelegraph.

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