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Warren Buffet backs RippleNet’s Nubank while SEC vs Ripple case drags on

Ripple flows out of exchanges as Bitcoin and Ethereum inflow spikes
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  • Warren Buffet’s Berkshire Hathaway Group has invested $500 million in Brazilian digital bank Nubank, a member of RippleNet.
  • The SEC v. case continues. Ripple as they both differ on the nature of the documentation.
  • Ripple argued that the Securities and Exchange Commission did not establish a link between the additional documents in the decision-making process.

SEC proceedings against Ripple continue as the court accepts the SEC’s extension request and pushes the deadline for expert discovery to January 14. There are many complications in the case, and the American regulator did not object to filing documents under seal.

Berkshire Hathaway invests in a RippleNet member bank

Warren Buffet’s Berkshire Hathaway has made a $500 million investment in Brazilian digital bank Nubank. NEO Bank in Latin America is the largest fintech bank in the region. It is a member of RippleNet with engineering offices in Berlin, Argentina and Mexico City.

The bank recently announced an investment. Nubank’s partnership with RippleNet was revealed around the same time as Buffett’s Berkshire Hathaway investment of $500 million.

In Ripple’s defense against accusations made by the Securities and Exchange Commission (SEC), the company alleged that the SEC failed to “clarify” the link between the three additional documents (which Ripple requested) and its decision-making process.

Ripple’s October 22 filing confirmed that the documents are closely related to the defence. Moreover, Judge Netburn ordered the Securities and Exchange Commission (SEC) to respond to Ripple’s inquiries and set the terms of an “investment contract” for XRP sales.

The order reads:

Accordingly, the defendants’ motion for Ripple Inquiry 2 is granted, and the SEC must complete its response to Inquiry 2 to determine any specific contractual terms and not just the implied and express promises as previously identified.

Mike Novogratz, founder and CEO of Galaxy Digital, argued that the community’s resilience in the SEC case against Ripple led to a tripling of the price of XRP despite the ongoing lawsuit.

Called Novogratz XRP

Innovator of diversified financial services and investment management in the sector of digital assets, cryptocurrencies and blockchain technology.

FXStreet analysts have assessed the XRP price trend and forecast that the altcoin price is likely to reach $1.50.

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