BoA to Develop Settlement System With Ripple

A patent application was posted on Google Patents and describes a system using Distributed Ledger Technology (DLT) as an interbank communications tool
22 July 2019   1305

Bank of America, one of the largest financial institutions in the USA, filed a patent application for the settlement system, in the description of which the distributed Ripple ledger is mentioned, Cointelegraph reports.

The application was posted on Google Patents on June 6 and describes a system using Distributed Ledger Technology (DLT) as an interbank communications tool.

The proposed system should provide real-time payments and implies access of participating banks to the general decentralized registry, through which transactions and verification of senders and payees are carried out.

BoA Patent Filling
BoA Patent Filling

In the description of the patent, the technology of the Ripple's distributed registry is encountered several times, although the XRP token itself is not mentioned.

Bank of America is one of the world leaders in the number of successfully obtained or being in the process of consideration of patents in the field of cryptocurrency and blockchain. So, in December last year, the organization submitted an application for a system aimed at improving the handling of cash.

A month earlier, Bank of America received a patent for a mechanism that would allow large companies, including stock exchanges and custodial services, to store their clients' cryptocurrency assets.

US Crypto Companies to Support TON in Case With SEC

The Blockchain Association said Telegram taken sufficient measures to ensure that the Gram token offer met SEC requirements
23 January 2020   437

The Blockchain Association, which combines companies such as Coinbase, Circle, 0x and Ripple, issued an expert opinion as part of the ongoing proceedings of the US Securities and Exchange Commission (SEC) with Telegram.

Previously, the Digital Commerce Chamber launched a similar initiative. The blockchain association, however, was more straightforward and stated that Telegram had taken sufficient measures to ensure that the Gram token offer met SEC requirements. According to members of the organization, the actions of the SEC can damage not only Telegram, but the market as a whole.

The Court should not block a long-planned, highly anticipated product launch by interfering with a contract between sophisticated private parties. Doing so would needlessly harm the investors that securities laws were designed to protect.

 

The Blockchain Association

The Blockchain Association notes that for many years it has not been possible for SEC to obtain clear and unambiguous guidance for conducting activities in the cryptocurrency space, while the claims of the regulator make the current situation even more ambiguous. 

The SEC’s lawsuit also raises novel questions regarding whether companies are forbidden from raising funds from sophisticated U.S. investors, under well-established regulatory provisions, to build blockchain networks.

 

The Blockchain Association

They cite examples of startups TurnKey Jet and Pocketful of Quarters, in respect of which the regulator recommended not to apply legal measures, adding that such litigations inevitably involve high costs and do not guarantee industry participants that they will not be prosecuted in the future.

Telegram discussed its plans with SEC staff for a year and a half, provided copious information and responded to limited feedback by adjusting the design of its transaction. Yet, at the end, the SEC has sued, and the SEC’s briefs thus far say nothing about the substance of those discussions. 

 

The Blockchain Association

In conclusion, the group asks the court to “reject the SEC’s arguments that the not-yet-in-existence Grams were securities at the time of the Purchase Agreements.”