The well-known Ripple vs SEC lawsuit, which began in late 2020 in the highly volatile cryptocurrency market, is gaining popularity due to its case-based documentary to be screened on MContent’s Cineverse, a metaverse cinema created with PwC Middle East.
MContent, based in Dubai, and Insight TV, based in Amsterdam, collaborated with Villain Studios to bring the “Ripple vs SEC Saga” to life. It premiered in Dubai, and in order to view it, viewers must wear Oculus VR headsets or AR glasses.
MContent is the world’s first digital tokenized content marketplace, with the goal of creating a collaborative content ecosystem powered by Blockchain and providing direct funding to deserving content creators.
Ripple vs SEC Saga is also available to watch on MContent’s tokenized streaming platform, MBrowse which is expected to generate sustainable earnings for the above-mentioned purpose.
The documentary focuses on the landmark case in which the SEC accused Ripple of raising $1.3 billion in unregistered digital asset securities through the use of its digital coin, XRP.
Essentially, the SEC claims that XRP is a security, not a currency, and thus, subject to strict securities laws. Ripple Labs has been fighting the case with the help of former SEC chair Mary Jo White, claiming that the SEC has been biased in its classification of securities toward cryptocurrency, allowing Ethereum to avoid the rules.
The MContent platform’s concept is to enable crowdfunding of film and TV productions through the use of cryptocurrency, NFTs, and the MContent Cineverse.
Umair Masoom, founder and CEO of MContent, said, “The immersive cinema experience, designed in collaboration with PwC, has global scalability and mass adoption capability.”
Speaking of Dubai, UAE’s PM and ruler Sheikh Mohammed bin Rashid Al Maktoum had announced the adoption of a new crypto law and the establishment of the Dubai virtual assets regulatory authority. And recently, it was home to the Investopia Summit where Crypto.com & Bybit announced their regional bases to be in Dubai.
