 Welcome to Jalassa News at Get Up Stories in Crypto and bring on to bite-sized pieces. Today, we have basically a novella or a soap opera. What's really going on is that there was a motion put forth by Ripple, a legal document, which is asking the SEC to produce documentation which could expose their employees as trading cryptocurrency, more specifically trading and or holding XRP. We'll take a look at what's going on there in the actual legal document. Also, we'll take a look at Solana as it continues on in its impressive run. Lastly, we'll take a look at if Robinhood is in big trouble. It's all about order books and what's going to happen. We'll go over all those things. But first, let's take a look at what's going on into the market. Today, it is Monday. It is the 30th of August. We went down a little bit. A little bit below 2.08 trillion. Let me blow this up so you can see what I see. A sentiment is still around neutral. I was 48 over 100. Again, we're using Trade the Chain for sentiment analysis. Bitcoin price has been pretty stagnant, 48,000, 49,000 somewhere around there. Kind of boring in that regard. But what's not boring is what's going on with all the different altcoins. More specifically, if we take a look at the darling of the day, which would be Solana. Solana is up massively in seven days. 51% in seven days, 18% in a 24-hour time frame, and most everything else is a little bit red, except for a 3.3%, so that's pretty darn good. But man, 18%. That's crazy. 1% for Chainlink. Watch out. And 11% for Cosmos and things like that. If you're a big trader, take a look at what's going on here. It looks like Sello. I think there was some major action going on with Sello. Horizon, Redcoin, Nano, and Radium as far as the big movers over the next hour. And again, this is all Trade the Chain links in the description. So let's get into what we all came here for, shall we? Which is a nice little piece of information that has to do motion set forth by the Ripple legal team. And this is an article I just put out a couple of hours ago, where Ripple files motion to expose XRP holdings of SEC employees. And I'm not going to go over the whole article, because it's good. I can paraphrase really quickly. So what it is is Ripple followed a motion legal document. And what they're talking about here is that there's a new motion document seeking to bring clarity to whether the SEC permitted its own employees to trade XRP, which as the regulator's allegations is an unregistered security. First of all, if this comes out to be true, this would look so bad for the SEC for them to come out and go, Yeah, you know, we did this. But in some of our employees, we're trading these securities or these cryptocurrencies. And it looks, it would just look awful. So that is the basis of the whole article. The court has given the SEC until September 3rd to respond to latest motion. So we've got, you know, what, three days to get going. So that's just the basics. Now, if we want to dig into it, here's the actual motion. And I'm not going to read the whole thing because it's it's a ton of pages. But here is what I found the most interesting. So this is from the legal team right on behalf of defendants Ripple Labs, Inc. Garlinghouse and Christian Larson to request conference regarding the SEC refusal to produce a certain information necessary to complete understanding of the SEC's trading policies, governing digital assets and whether the SEC permitted its own employees to trade XRP. That's insane. And then lastly, this is what I found most shocking. We met and conferred with the SEC on this issue on July 8th, July 15th, August 18th, and August 25th without progress, meaning they put this all forward and said, we'd like to see your standing operating procedures, your policies and procedures of what your employees can do as far as trading and holding crypto currency digital assets. And we've we've asked for this information. It looks like four times. And now we're going for the fifth and you've gotten till the third to actually come up and cough up the juice. And again, I cannot stress this enough, if it does come back that any and it doesn't really matter if it's if it's a high level employee or low level employee doesn't really matter. Because can you imagine the backlash of what could potentially happen if it does come to light that one of the employees or a handful of the employees of the SEC came out and said, yes, we were holding XYZ holding this crypto we're trading. If it does come out, it'd be amazing. I would hope not. But if it does, you can see a speedy expeditious closing, or perhaps maybe a settlement of this case. But we will see, you only got three days, we'll see what happens. However, I will say this, having been sued myself in the good old days of another business that I have. There are always loopholes. And there are always things that lawyers can bring to the table to extend these types of things and to actually work around the wording of what is going on. Don't expect this motion to get denied or to actually have this case to get put aside anytime soon. Unless there's some kind of sit down and slap on the wrist type thing. And you know, that is it with that story. Let me know what you think in the comment section. Insane. Let's move on to our next piece, where we're talking about Solana. And just like what we said, I mean, Solana is just on a huge tear. There's no other way to say it. And I got to say, thanks to Mike the Investor and thanks to James Overvest Answers for always talking about Solana. And I have been dollar cost averaging Solana for months and months and months now. And it's become a pretty big hold. I must admit, I didn't expect it to be. And so thanks to those guys. Also, I'll be on with Mike the Investor Thursday. So I'll tell you all about that appearance later. But this is what's going on. Solana is number eight, I believe right now. And it could definitely break into the top five. So Solana, his article talks about, you know, why is it going up so fast? Well, it says here, transactions up to 1582 transactions per second. And only that's true actual actually. So if we take a look at the actual website for Solana itself, it's a great website, first of all. But you can see right here, let me blow this, decrease this a little bit. So live transactions per second are 1669. That's what's happening right now on the network. But if you take a look at the white paper and the different documentation, you will see that actually Solana can actually get up to 50,000 transactions per second. And how fast is that? Well, just as a comparison, Visa, Visa, Visa, the global payments leader, does around 1700 transactions per second. And it brags that it can do 24,000 per second. And that is only the transactions per second, not the finality of when everything gets settled. So if we're taking a look at what's going on on blockchain, Solana is one of those, you know, big guys. And then if we want to take a look at, there's always a big question, which is the trilemma, which is you can solve one thing, but there's other two of the things that you have to solve. So it's all about decentralization, security, and scalability. And in one of those things, there's always going to be a lackluster approach. You can only, you know, do so much security. But if you want to scale, you have to, you know, cut back on some other things. If you want to decentralization, then you've got to cut back on a little bit of scalability. But Solana, from what it looks like, because they've, and a lot of people said this, they're trying to solve that. And they said that they really have solved that issue. And some people will tell me, and I was actually watching George today at Crippers R Us, he brought this up, that people were complaining that there's not enough, it's not very decentralized. But you know, in all honesty, I mean, look at this and the validator knows they have almost, almost 1000. I mean, that's way better than EOS, I'll tell you that right now, they're 23 or whatever it is, or, or Neo or whatever else. So I mean, hey, $1,000, you know, they'll take it transactions per second pretty well. And it looks like they're scaling pretty well. Also, and then as far as security, seems to be pretty airtight so far, so far. And even Sam Bankman over at FX, FDX, the exchange, he's actually put a lot of money into this because his group tried to break the system, they found out that they couldn't do it. So as far as scalability, all those things, looks like it's pretty good. And then one thing I want to bring up is that this low cost forever. Solana's scalability insurance transactions remain less than a penny for both developers and users. Now, if they can keep doing that, that's amazing. Because on other projects, you can see, you'll say like, if this is only .001 ETH or .01 Avalanche, well, that's great right now. But what happens when the price goes up to, you know, $500, $1,500, then it doesn't become so cheap. So we're talking about a penny, that's pretty good. And then fast, of course, we talked about. So I mean, that's just one of those pieces of the puzzle. And then also, one of the things you got to realize, which I had to do a semi deep dive into this, is that Solana does do proof of stake, but it's really proof history. And I'll be doing a deep dive later. But in all honesty, I mean, to actually do all these proof of works takes a lot of different power, a lot of time. So with proof of history, instead of just doing, you know, bundling all these transactions together, and then putting a block hash into it, they just say, okay, we're gonna do a transaction, then a previous transaction hash. And then they could do it again on the second and third, and you can go back at any point in time and find all these different transactions, which is a lot better than having all these different hashes only transactions in a blockchain format. So proof of history. It's one of their big things. And then to get back to the article, I should say, is this, is that Solana, as far as the price goes, has gained over 4,300% this year. And I really break that down and see just how ginormous that is. If we just take a look at today, I mean, you had a price of $94 and it went all the way up to 111. That's just today. But you take a look over a one year timeframe, just how much that actually has gone up. I mean, you're looking at, well, let's take a look. We're going all the way back to four bucks, just a year ago, just a year ago, 31st of August 2020. And it's gone all the way up to this point to $100. Imagine that. And if we take a look at the max, I mean, this thing was below $1 not too long ago and hasn't even been around that long. So I know the CEO has a has a big history as far as like Qualcomm, Qualcomm and telecommunications. And that's the way that they actually work things out. So I think just the price in itself is enormous. And I think it's going to do pretty well. And then to finish this up, one of the big things is that Chainlink partners up with them provides data for smart contracts on the Solana blockchain as a game changer for DApps, which I'm pretty sure that Chainlink also does that for other different projects as well. So that's really not a big thing. But here was another thing I found interesting asset management firm, Osprey funds registered the first Solana fund with the SEC last week. So this is the actually I haven't been paying attention to this little snippet of information would have been good to know last week. I'm sure a lot of you already knew that, but that's news to me. So yeah, if you've if they put it through the SEC and they registered it, well, that sounds pretty good to me. But another thing is that as far as like Chainlink goes, just so you know, there was a tweet by Solana just a couple hours ago, and it says over 100 teams integrating Pyth network data one week after launch on the main net beta. And it says few short weeks, 100 plus teams building on Pyth prices and 25 plus financial tech giants across six countries, contributing pricing building a critical piece of DeFi. And I was like, what the heck is Pyth? Pyth network? And if you don't know, I'll link it in the description. But Pyth network is another Oracle. That's exactly what it is. Solving DeFi is Oracle problem decentralized financial lies on high-fidelity time sensitive real world data, but has no way to access it. And we deliver a decentralized cross chain market of verifiable data from high quality nodes, they don't even have a white paper out yet, and there's not even a token. So if they're doing all these things, they've actually already reached out 100 plus teams and 25 plus tech giants. I think a lot of people are here. So again, Solana could really is melting faces. And I think it could be just enormous, just one of the reasons why it's going up. But again, if you get some, if you give people what they want, which is fast transactions, cheap transactions, and they're secure, that's all we need. Anyhow, let me think about that in the comment section. Let's move on to our last piece, which is a quick snippet. Actually, my friend Alex, Alex Massioli, tip me off on this one. This was the SEC in the news. Again, SEC chairman says banning payment for order flow is on the table. And this just came out three hours ago, four hours ago. And in an interview with Berrons on Monday, SEC chairman Gary Gensler said that a full ban of payment for order flow is on the table. What is that? It's a practice where brokers send trade orders to market makers, execute those trades and return for a portion of profits. And Gensler sums it up perfectly. He says they get the data, they get the first look, they get the match off buyers and sellers in that order flow. Why is this important? Why is this such a big thing as far as them putting it on the table? Well, the reason is, is because the payment for order flow is how Robinhood subsidizes all of those free trades. Basically, they give the information to all these brokers and they matched up and they pretty much say, hey, we don't have to give you that great price that we promised you because we have our other market makers and that's who we're going to cater to. So I'll read it for it really quick. Order flow payments are banned in markets like Canada and the UK. Why? Because the payments discourage brokers from obtaining the best trades for their customers, violating the broker's duty to get a customer the best execution on a buyer's order. So basically, they're screwing over people twice. That's really what it comes down to. Then of course, those brokers can see who's buying what, who's trading what and who's doing it, put that through a bunch of data. Before you know it, you got a bunch of winners out there that are not you. So look, that is what is going on. If they cancel that, that's a big chunk of revenue for Robinhood. So they're going to have to find a new model perhaps. Maybe they have other ways to generate revenue. But if that's the case, you know what's going to happen with Robinhood and all those people that trade over there, like you know what, if you're going to start to charge us like crazy and then all the things you should do behind the scenes, which we know what they've done before as far as AMC and all the different things, all the slaps in the wrist. We're going to go someplace else where we get a better ROI and the percentages of trading as far as fees aren't so darn high and the returns are much, much higher than stonks. You know what that is? Cryptocurrency is digital assets. All right. So look, that's it for the news today. So if you made it all the way to the end, first of all, I want to say thanks. I appreciate you staying all the way. If you liked that video, found some value, give it a thumbs up. Also consider subscribing. All the things we talk about in this channel. Our time sensitive, but that's it. So thanks so much for watching. I appreciate it. I'll see you on the next one.