There are new developments for Ripple, one of the well-established companies in the crypto money field and behind the popular altcoin XRP. While new details are being determined for an airdrop for Ripple investors, the developments in the legal battle with the US Securities and Exchange Commission (SEC) draw attention. Here are the details…
Latest on FLR airdrop for XRP investors
Flare Network announced that the 66 percent distribution threshold for voting in FIP01 has been exceeded. Voting for the flare proposal will begin one week later and the voting period will last one week. This FIP01 proposal, if accepted, will mark a series of changes that will affect the distribution and inflation of Flare Blockchain’s native token, FLR. In addition to these, some changes in the payment structure and Cross-Chain Incentive Pool buyers are also noteworthy.
During the voting phase, 85 percent of all FLRs belonging to Flare assets and teams are entrusted and cannot vote. In addition, the relevant organizations of the Flare Foundation cannot vote. Hugo Philion, co-founder and CEO of Flare Network, highlighted in a thread of tweets the pros and cons of the offering for XRP holders participating in the 2020 snapshot. Talking about the disadvantages of the proposal, he used the following statements:
For snapshot participants in 2020, FIP01 is negative. The FLR must become “wrapped” to receive full and final distribution. Depending on engagement, you may get less FLR than expected with the 2020 snapshot.
XRP holders need to have their Flare tokens “wrapped” in order to receive the full and final distribution. On the other hand, the benefits of FIP01 are as follows: “It eliminates the risk of relying on exchanges that may fail. Based on engagement, you may get more FLR than expected under the 2020 snapshot.” Getting more FLR tokens depends on whether the staking level on Flare is close to the industry average. cryptocoin.com As we have also reported, the total number of tokens allocated for distribution is 28,524,921,372 FLR regardless of whether FIP01 is approved or not. This equates to a FLR rate of 1.0073 for every 1.0000 XRP held.
What is the latest in the Ripple and SEC case?
CryptoLaw founder and Blockchain enthusiast Attorney John Deaton answers a question about the possibility that the judge ruled that the Hinman documents should remain confidential, leading to a possible settlement in the Ripple case. Deaton said that in such a scenario, the settlement would include an agreement not to disclose any documents obtained during the trial.
As it is known, in October Ripple announced that it now has the much wanted documents of former SEC employee William Hinman. However, the documents remained secret from the public. John Deaton, in his 2023 predictions, believes that the Ripple case may not be resolved until a decision is made from Judge Torres. This strengthens Deaton’s belief that a court order may be more likely than a settlement.
In a thread of tweets at the beginning of January, Deaton stressed that the case may not be settled due to the Hinman emails. Dispute over the confidentiality of some documents remains the pending issue in the Ripple case, after the summary judgment and requests for the exclusion of expert testimony were fully informed. In recent updates, Ripple has made an amended request to remove the testimony of an SEC expert and accompanying documents from the public filing.
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