XRP experienced a notable decline amid SEC's remedies brief, reflecting bearish trends and a contraction in trading activity due to regulatory uncertainty.
"Breaking news: The US Securities and Exchange Commission has shut down the auditor of Donald Trump’s social media company, accusing it of 'massive fraud' "
The SPAC, Special Purpose Acquisition Company, is a dormant financial tool- a shell company, existing only on paper.
DWAC was created w the help of ARC Capital, a China Shanghai-based firm specializing in listing Chinese companies on American stock markets that has been a target of Securities and Exchange Commission (SEC) investigations for misrepresenting shell corporations. Aka:Fraud.
Jeff Yass is the biggest institutional shareholder of SPAC DWAC that merged w Lies Social. Susquehanna International Group LLP, owner is the same GOP megadonor Jeff Yass.
The deal is to give fraudster, criminal defendant a massive financial lifeline.
Yass also co-owns Chinese company ByteDance, and is openly attempting to game the 2024 presidential election for himself, and has been talking with Trump a lot.
In conclusion, Yass' China based SPAC merged with a worthless, debt ridden maga message board company simply as a way for donors to funnel money to Donald without scrutiny.
Trump stands to gain billions… from the merger between TrumpMedia & Tech & the blank-check co [#SPAC] #DWAC, which took the parent company of #TruthSocial public.
The #ESFamilyTrust was funded for the first time on 2 Dec 2021.
#TrumpMedia then received the #loans:
$2m on 23 Dec 2021, & $6m on 17 Feb 2022.
The loans came in the form of convertible promissory notes, meaning ESFamilyTrust would gain a major stake in #Trump Media because it was offering the #money in exchange for TrumpMedia agreeing to convert the loan principal into “shares of Company Stock”.
“[#MichaelShvartsman stated a friend of his owns a bank in the island of Dominica & would be able to provide #banking services to #Russia & #Ukraine Nationals if the [CI] had other clients in need of that service,” the DHS rpt said.
“[Shvartsman’s assoc] told the [CI] that he does not think the #SEC [could] go after [Shvartsman] for his part…but mentioned that [Shvartsman] essentially provided ‘#BridgeFinancing’ for the firm behind… #TruthSocial….”
"Republican-led states, energy industry companies and business groups say the rules amount to environmental regulation and therefore overstep the #SEC's legal mandate.
On the other side, environmental groups including the Sierra Club and Natural Resources Defense Council have said the rules do not go far enough. A more stringent initial draft was diluted."
OC Ripple's XRP Plunges as SEC Brief Stokes Legal Woes (coinedition.com)
XRP experienced a notable decline amid SEC's remedies brief, reflecting bearish trends and a contraction in trading activity due to regulatory uncertainty.
OC Court Documents Show The SEC is Partially Opposed Ripple's Motion to Seal (cryptotale.org)
Latest court documents show that there are certain things the SEC is opposed to in Ripple motion to seal.