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11 COUNTRIES MIGHT JOIN BRICS IN 2024 AS ‘ASSOCIATED PARTNERS’
BRICS turned from the de-facto five-member alliance to a nine-member bloc after the expansion in 2023. It could have been an 11-member grouping if Saudi Arabia and Argentina had accepted the invitation last year. The 16th summit is being held in the Kazan region of Russia and all the nine countries will decide the future of the grouping.
Topics about de-dollarization, new trade deals, usage of local currencies for cross-border transactions, and BRICS expansion will be decided at the 2024 summit.
Expansion will be the most talked about topic at the summit as nearly 47 countries have applied to join BRICS. While 25 countries have formally submitted their applications, 22 other nations have informally expressed to join the bloc.
BRICS Expansion: 11 Countries To Be Inducted in 2024 Summit?
A recent report indicates that BRICS could turn from a nine-country alliance to a 20-member bloc after the 2024 summit. The expansion could add 11 countries to the grouping but they will have fewer rights than the existing nine members.
A senior official said on the condition of anonymity that the 11 countries will have enough opportunities to contribute but will not have decision-making powers.
They will be a part of BRICS but will not have a consensus approach to write trade policies and de-dollarization efforts. They will most likely remain ‘associate partners’ which is a first-of-its-kind in the alliance’s history.
The 2024 BRICS expansion remains a mystery as 47 countries are ready to join the group. Selecting 11 out of the 47 applications will be a herculean task as what they bring to the table matters. Therefore, the 16th summit’s expansion will be important and it will decide the future of the BRICS alliance.
@ Newshounds News™
Source: Watcher Guru
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RIPPLE VS. SEC UPDATE: KEY INSIGHTS FROM LEGAL EXPERTS ON APPEAL COURT NOTICE
▪️Ripple’s executive has 14 days to file the required acknowledgment and Notice of Appearance in the case against the US Securities and Exchange Commission.
▪️According to former securities lawyer Marc Fagel, there is no evidence to prove that the SEC did not file its Form C earlier than the deadline.
Crypto News Flash (CNF) recently reported that the US Securities and Exchange Commission (SEC) has submitted its Civil Appeal Pre-Argument Statement (Form C) to the Second Circuit Court of Appeals.
Fascinatingly, the counsel for the defending party (Ripple Labs), technically referred to as the appellee’s counsel, has failed to submit the required acknowledgment and Notice of Appearance by the due date (October 18, 2024).
🚨 BREAKING: NEW RIPPLE VS. SEC FILING FROM TODAY: The court has not received the acknowledgment and notice of appearance on the due date October 18, 2024!
Remember: If they do not comply with these requirements within 14 days their appeal will be dismissed!“ #XRP pic.twitter.com— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) October 22, 2024
Details Shared by Insiders
According to a document shared by crypto influencer Amelie, the defendant has been given 14 days from the notice date to comply with this requirement. Failure to do so would subject the hearing of its oral argument to the court’s discretion.
Explaining the contents of this document, retired securities lawyer Marc Fagel clarified that this letter was addressed to Ripple executive Chris Larsen who has not yet filed his appearance in the case. Before his explanation, a section of the XRP enthusiasts alleged that the document was directed to the SEC for its supposed late filing.
To dispel this, Fagel clarified that the US regulator prepared its Form C on the morning of October 16 (the due date) but docketed it the following day.
According to him, there is no available evidence that suggests that the Form C was not filed earlier. Confirming our October 17 publication, no evidence of filing was found on October 16. According to a CCN report, an ex-SEC official even admitted that the Commission missed out on the deadline.
The official NOA date is Oct. 2. So the deadline was Oct. 16. The only hope the SEC has is for the court to consider Columbus Day a national public holiday. I don’t think that’s the case.
Contesting the argument of Fagel, an X user identified as Vincent Wong pointed out that preparing the Form C document on the morning of the deadline day does not mean it was filed.
It is like saying I prepared for the test. That doesn’t mean I took the test. Lack of evidence also doesn’t mean that it was filed earlier.
Legal Expert Calls Ripple Out
Commenting on the latest court document, legal expert Fred Rispoli pointed out that Ripple appears to be at fault for failing to file a form on time. According to him, this is not a big deal. However, it is quite worrying since it pays a collective amount of $8000 per hour to the legal team.
Amid this development, XRP has lost 1.49% of its value in the last 24 hours to trade at $0.52. On top of that, its 24-hour trading volume has recorded a decline of 16%, with $1 billion changing hands at press time.
Meanwhile, Bitget chief analyst Ryan Lee believes that the asset would hover within the range of $0.50 and $0.80 by the end of the year.
XRP’s price is likely to fluctuate between $0.50 and $0.80 by the end of the year, though this projection is highly contingent on regulatory developments and shifts in sentiment, particularly within the U.S. market…This hesitation could translate into short-term price volatility for XRP, as the market waits for more concrete results.
@ Newshounds News™
Source: Crypto News Flash, Twitter
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🌱 WHAT YOU NEED TO KNOW ABOUT THE NEW FINANCIAL SYSTEM | YOUTUBE
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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