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Our latest coverage is Ripple Labs’ move to join the Decentralized Recovery Alliance, an organization that seeks to simplify and standardize secrets management. Other notable members of the organization include Hedera, Algorand, and Swirld Labs.
According to DeRec’s official FAQ, the organization is versatile in protecting all types of information that demand top-notch privacy including cryptographic keys, identity credentials, photos, notes, and passwords.
Ripple is joining forces with Hedera, Swirld Labs, and Algorand as the founding members, alongside Blade Labs, Constellation, Acoer, BankSocial, and the Building Blocks who are key members of the alliance.
The alliance is already working on an accessible Web3 application that will provide open-source secrets management which will not demand any tech-savvy skills to operate. According to the tool’s inventor as well as Hedera’s co-founder Leemon Baird, the tool will simplify storage and grant users the ability to recover information just in case they lose their device.
Introducing the New Helper-as-a-Service Feature
One of DeRec app’s hallmarks is its Helper-as-a-Service feature, a new feature that the alliance has introduced for selecting helpers to keep custody of encrypted fragments of a secret file. While the alliance has guaranteed that helpers cannot access the fragments, it has also pointed out the possibility of a 51 % attack.
The new app aims to rival Ethereum’s ERC-4337, a smart contract standard introduced in March 2023 to aid with account abstraction. Since the standard is EVM-Compatible, only a few chains can use it, including Avalanche, BNB Smart Chain, Optimism, Gnosis, and Arbitrum. Unlike the ERC-4337, the DeRec app claims to be available on all the other blockchains. Moreover, it will be impossible to detect its use across any system, and the helpers’ identities will be 100% undiscoverable.
Securities and Exchange Commission Files Final Response in Ripple Case
Ripple is not a new kid in the legal battleground with its ongoing case with the United States Securities and Exchange Commission (SEC). On 8th May, the SEC filed its final reply challenging Ripple’s assertion that it acted without recklessness. It also seems the commission wasn’t impressed by the blockchain company’s claim that there shouldn’t be any confusion surrounding XRP’s legal status.
Additionally, the SEC maintained there was no absolute guarantee that Ripple was not going to engage in similar actions in the future despite the fact that the defendant has not violated any rules since the commission initiated the lawsuit in 2020.
Apparently, after a rather splashy XRP launch in 2013, Ripple has been doing its best “good kid” impression, waving around its cooperative badge like it’s a superhero emblem. But it seems the SEC isn’t falling for any of it. They’re pointing at the law and saying, “Hey, just because Ripple’s playing nice since 2020 doesn’t mean they’re out of the woods yet.“
More Info:
- Inside Ripple’s Plans for a USD-Pegged Stablecoin
- XRP Rises from the Ashes and Becomes 4th Largest Crypto
Therefore, the SEC is calling out Ripple’s “Look, we’ve totally learned our lesson!” routine, emphasizing that avoiding injunctions isn’t like collecting participation trophies. They claim Ripple’s promises to behave are as reliable as a coin toss and that their “We’re following the rules now!” is nothing close to the truth. As per the SEC, Ripple’s compliance compass seems to be spinning in the wrong direction, conveniently skipping over the whole “follow the law” bit. So while Ripple tries to convince the SEC it’s as harmless as a kitten, the watchdogs remain skeptical.
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