logo
Crypto billionaire offers $9.4 million to overhaul S.F. police tech hub

Crypto billionaire offers $9.4 million to overhaul S.F. police tech hub

A crypto billionaire with a reputation for funding public safety projects San Francisco is asking officials to greenlight a $9.4 million gift to create a new, state-of-the-art technology hub for the city's police force.
The donation, which is made up of funds linked to Ripple co-founder Chris Larsen, would relocate San Francisco police's Real-Time Investigations Center, which oversees its work with drones, surveillance cameras and automated license plate readers, from the SoMa Hall of Justice to an office at 315 Montgomery St. in the Financial District.
If approved, the Police Department would sublet the Montgomery Street location for free from Ripple, which paid $2.3 million for the lease through December 2026 but is no longer using the space, according to a proposal ordinance.
The other $7.25 million would come from the San Francisco Police Community Foundation, a charitable organization Larsen set up last year to support local police and crime-fighting initiatives.
Police commissioners are scheduled to discuss the funding proposal Wednesday at their weekly meeting. If they agree to accept the money, the decision would fall on the Board of Supervisors for a final approval.
In a Monday interview, Larsen credited last year's tech advancements with helping a chronically short staffed police force drive down crime rates and keep themselves safe.
'I think we can clearly see what a force-multiplier this is,' he said, noting the city's historically low rates of crime over the last year. 'The number of tools that they have is quite small, and we know that (expanding them) will have an impact.'
Evan Sernoffsky, a spokesperson for the police department, said the gift would 'supercharge' a unit that in 2024 assisted in over 500 arrests and helped drive a 40% drop in auto thefts over a one-year period.
'We cobbled together our current (Real Time Investigations Center) with everything we basically had lying around,' Sernoffsky said. 'Little did we know how effective it would become with just the tools at our disposal.'
In a statement, Mayor Daniel Lurie credited the center for supporting an understaffed department and helping to keep neighborhoods safe.
'With this new facility, the SFPD will have the tools and the technology it needs to take this work to the next level,' Lurie said. 'I want to thank Chris Larsen for his continued dedication to our police officers and the safety of all San Franciscans.'
Both police and other city officials have for months bemoaned deficiencies in housing the department's technological epicenter the Hall of Justice, a crumbling building constructed in 1958 that relies on 1960s-era wiring.
'In its current location, the RTIC has experienced power and internet outages, and plumbing leaks from the ceiling,' the proposal ordinance stated. 'The RTIC is in a windowless room in a concrete structure, which limits cell phone and emergency radio transmission capabilities.'
During a recent press conference at the RTIC's Hall of Justice location, police asked reporters to refrain from charging their equipment in the room's electrical outlets because doing so risked overwhelming the system.
Last year touched off a technological revolution for city police following the passage of Prop. E, an assortment of measures that increased police powers and loosened the amount of oversight surrounding their surveillance technology.
A wave of new equipment was introduced in short order. It included a fleet of officer-piloted drones, hundreds of new automated license plate readers and towering mobile security cameras stationed in crime hotspots.
Many San Franciscans have embraced the advancements as an overdue response to its stubbornly high rate of car break-ins and other property crimes. But the tools remain deeply unpopular with privacy advocates who fear that they're vulnerable to abuses.
The proposed windfall would both relocate the RTIC and expand it; with funds earmarked for purchases included a dozen additional drones and related software, a new video wall and the installation of fiber internet services.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

XRP traders go on a profit-taking spree as momentum loses heat
XRP traders go on a profit-taking spree as momentum loses heat

Yahoo

time18 hours ago

  • Yahoo

XRP traders go on a profit-taking spree as momentum loses heat

XRP traders go on a profit-taking spree as momentum loses heat originally appeared on TheStreet. XRP is trading at $3.20, has seen a 5.32% gain on the week, and has been mostly flat over the last 24 hours. However, the market cap of XRP has seen a 40.89% uptick in 24-hour trading volume showing increased market activity. The recent price action shows a distinct V-shaped recovery starting on August 8, breaking the previous long-term resistance to the upside clearly defined in our example, touching $3.30 before retreating slightly to a more steady price action, as per crypto analyst Tom Tucker. A significant driver of XRP's recent V-shaped recovery and breakout above critical resistance was the announcement that Ripple's long-running litigation battle with the SEC has finally ended. The resolution of the case, confirmed by SEC commissioners Hester Peirce and Chairman Paul Atkins, appears to have reignited bullish sentiment. On-chain analysis When looking at the XRP volatility chart, the 1-week volatility has remained relatively low, indicating that the market is indeed calmer in the short term. Looking at all timeframes, the 1-month, 3-month, and 6-month volatility readings are also average, meaning that we are seeing steadier-than-average price action, both in the short term and medium term. On-chain data shows XRP's latest surge past $3 has been accompanied by a spike in short-term holder activity, suggesting some long-term investors are taking profits after the SEC–Ripple settlement. Crypto analyst Ali Martinez also pointed out that about "900 million XRP scooped up by whales in 48 hours!"In addition, a large portion of XRP remains in older age bands (1–3 years), indicating that a significant number of long-term holders are holding on despite the wider volatility. That mixture usually depicts a stage where early profit-taking is met with new inflows. Technical analysis XRP has recovered from the mid-August move lower beyond $3, and XRP is trying to clear a key rejection area around $3.30. The 9-period EMA is positioned around the $3.22 level, which has become a short-term pivot and rejection area. Price attempts to clear this level have resulted in rejection. The volume has also increased during the initial bounce back, but has subsided since mid-August, suggesting a potential lack of bullish momentum.A clear break above the $3.30 opening may open the door for a potential move toward $3.50. If the $3.20 level is lost, the pullback risk against the $3.10 level will increase. XRP traders go on a profit-taking spree as momentum loses heat first appeared on TheStreet on Aug 11, 2025 This story was originally reported by TheStreet on Aug 11, 2025, where it first appeared.

2 Reasons XRP Is the Highest-Upside Cryptocurrency to Buy Right Now
2 Reasons XRP Is the Highest-Upside Cryptocurrency to Buy Right Now

Yahoo

timea day ago

  • Yahoo

2 Reasons XRP Is the Highest-Upside Cryptocurrency to Buy Right Now

Key Points New spot ETFs could unlock new investor inflows into XRP, helping to push up its price. Institutional adoption of XRP is growing, powered by new use cases such as asset tokenization. While XRP has undeniable upside potential, investors should be aware of the hype and buzz around it. 10 stocks we like better than XRP › In the period from November 2024 to February 2025, crypto investors saw plenty of evidence of the remarkable upside potential of XRP (CRYPTO: XRP). In just three months, the price of XRP exploded, from $0.50 to $3.40. Admittedly, the price of XRP has traded back down to the $3 level since then. But there are two very good reasons why XRP might still have plenty of explosive upside potential ahead. Imminent arrival of spot XRP ETFs While XRP remains the third-largest cryptocurrency by market cap, it has never been a big favorite of institutional buyers. A good reason for that is that there has never been a convenient, efficient, and cost-effective way for them to get exposure to it. Buying XRP meant dipping their toes into the deep end of the crypto pool. That's the problem the new spot XRP ETFs (exchange-traded funds) are supposed to fix. Suddenly, it will be as easy to buy XRP as it is to buy any ETF. So investors are understandably anticipating the imminent arrival of the spot XRP ETFs later this year. The Securities and Exchange Commission (SEC) is reviewing the applications of a handful of investment firms, and will likely render a decision by mid-October. Right now, Bloomberg is giving these spot XRP ETFs an 85% chance of approval this year. Online prediction markets appear to agree, giving them a 78% chance of approval. There are just a few is to dot and ts to cross, but the new spot XRP ETFs should start trading by the end of the year. When they do, they could unleash a wave of new money into XRP. According to JPMorgan Chase (NYSE: JPM), as much as $8 billion in new money could flow into XRP. The conventional wisdom says that all of this new money will push XRP higher, much like the arrival of the spot Bitcoin ETFs in January 2024 helped to push Bitcoin higher last year. XRP is not the only altcoin rumored to be getting a spot ETF this year. Many have already suggested that 2025 will be the year of the altcoin ETF, and other potential prospects include Solana (CRYPTO: SOL) and Litecoin (CRYPTO: LTC). But market sentiment is not as bullish on these two altcoins, and I'm expecting XRP to be the star of the altcoin ETF show going forward. A new wave of institutional adoption It's important to keep in mind that XRP is both a cryptocurrency and a blockchain. The cryptocurrency is a key component of the Ripple payment network, helping to enable activities such as cross-border payments. Right now, there are a lot of exciting things going on behind the scenes with Ripple (the company that launched the XRP token), helping to push XRP higher over the next few months. For example, Ripple has been working on new real world asset (RWA) tokenization initiatives that will use the XRP blockchain. One of the best examples of this to date is Ripple's partnership with BlackRock (NYSE: BLK) that will tokenize U.S. Treasuries and put them on the XRP blockchain, where they can be easily traded. Ripple is also working on new stablecoin initiatives. In December 2024, Ripple launched a new stablecoin called Ripple USD (CRYPTO: RLUSD) that is designed to boost usage of the XRP crypto token. In August, Ripple USD hit a $600 million market cap and now ranks among the top 110 cryptocurrencies. All this points to a new wave of institutional adoption for XRP. Perhaps it's not as much as some people would like, but it's certainly on the upswing. In fact, earlier this year, Ripple CEO Brad Garlinghouse boldly suggested that one day, XRP could become the backbone of a payment system to rival SWIFT. Instead of running on legacy tech infrastructure that's over 50 years old, transactions would run on super-fast, super-efficient blockchain technology powered by XRP. Beware the XRP fakeout Of course, caveats abound when it comes to XRP. In many ways, XRP trades like a meme coin. Hype and speculation often run rampant in the XRP investment community. Case in point: There is still buzz that Ripple will be going public via an IPO soon, despite public statements from Ripple's top executives to the contrary. Of course, there are still regulatory issues swirling around XRP and Ripple. The long-running SEC court case against Ripple was supposed to wind up earlier this year, but the case is still not yet over. That's important, because all indications are that the SEC will not approve a spot XRP ETF until every last regulatory issue has been put to bed. So where do we go from here? According to Standard Chartered, XRP is going to hit $5.50 this year before soaring to a price of $12.50 by the end of 2028. That seems ultra-optimistic to me, but I can easily see XRP doubling by the end of next year. That makes it the highest-upside cryptocurrency you can buy right now. Should you buy stock in XRP right now? Before you buy stock in XRP, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and XRP wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $653,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,119,863!* Now, it's worth noting Stock Advisor's total average return is 1,060% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 4, 2025 JPMorgan Chase is an advertising partner of Motley Fool Money. Dominic Basulto has positions in Bitcoin, Solana, and XRP. The Motley Fool has positions in and recommends Bitcoin, JPMorgan Chase, Solana, and XRP. The Motley Fool recommends Standard Chartered Plc. The Motley Fool has a disclosure policy. 2 Reasons XRP Is the Highest-Upside Cryptocurrency to Buy Right Now was originally published by The Motley Fool Sign in to access your portfolio

3 Reasons Investors Should Be Cautious About XRP in the Coming Months
3 Reasons Investors Should Be Cautious About XRP in the Coming Months

Yahoo

timea day ago

  • Yahoo

3 Reasons Investors Should Be Cautious About XRP in the Coming Months

Key Points XRP hit a 52-week high of $3.65 this summer, but has been unable to break through the $4 price level. Concerns over XRP's centralized coin supply became a major issue in July. The long-running SEC case against Ripple (XRP) still has not officially wrapped up. 10 stocks we like better than XRP › XRP (CRYPTO: XRP) is up 47% for the year and remains the top-performing major cryptocurrency of 2025. It is outpacing even Bitcoin (CRYPTO: BTC), which is up 25% for the year. Purely on the basis of price performance, XRP looks like a no-brainer crypto investment. But, under the surface, there are three issues that investors need to be aware of. While they may not sink the price of XRP, they can easily keep a lid on this cryptocurrency's price performance for the remainder of this year. Centralized coin supply XRP has a total circulating supply of 59 billion coins. Based on that number alone, you might assume that XRP is widely held. But that's simply not the case. The top 10 XRP blockchain wallets hold 41% of all supply, and the top 20 XRP blockchain wallets hold 50% of all supply. Moreover, a relatively small number (663) of blockchain wallets hold at least 5 million XRP each. If you do the math, that implies that a minimum of 3 billion XRP tokens, or roughly 5% of the total circulating supply, is likely held by Ripple insiders. That all adds up to a very top-heavy ownership structure. Even though XRP has been around for more than a decade, the total number of individual holders of XRP worldwide is estimated at less than 2 million. And, in order to join the upper 10% of XRP holders, all you would need to do is acquire 2,500 XRP for a price of $7,500. That's how shallow the ownership base is. This centralized coin supply came to the fore in July. At nearly the exact moment that XRP hit a 52-week high of $3.65, a wave of selling hit the market. As it turns out, a co-founder of Ripple had sold 50 million XRP tokens for a total price of $175 million. Not that there's anything wrong with that -- it's perfectly OK to lock in your gains on your crypto holdings. But here's the thing: XRP went into a market swoon shortly thereafter, losing approximately 15% of its value. All of a sudden, a cryptocurrency that seemed like it was heading to the moon crashed back to earth, and is now trading for just $3. So buyer beware: if a huge crypto "whale" decides to dump his or her coins, you will ultimately feel the impact in your own portfolio. The SEC court case that won't go away Another major factor is the long-running SEC legal case involving Ripple, the company behind the XRP token. Back in December 2020, the SEC determined that XRP was a security, not a cryptocurrency, and filed a lawsuit against Ripple for selling unregistered securities. That case, believe it or not, is still ongoing after nearly five years. What's particularly disappointing is that, at various points over the past two years, the case looked like it was done. In summer 2023, for example, the SEC case looked like it was finally over after a favorable court ruling, and XRP rallied hard. But then the appeals process went into motion, and that's where we are today. In order for the case to go away forever, the SEC still has to drop all final appeals in the case, and that's something it has not done yet. This is problematic because XRP's epic rally after the 2024 presidential election was predicated on a very simple idea: the arrival of a pro-crypto administration would sweep away all the regulatory issues swirling around XRP and Ripple. Until this SEC case goes away, a number of key growth catalysts -- such as the planned launch of new spot XRP ETFs -- may be put on hold. Tariffs Just when the market seemed to have forgotten about tariffs, here they are, back in our lives. Back in April, the crypto market tanked as soon as the White House rolled out its "Liberation Day" tariffs. Then, when the tariffs were paused, delayed, suspended, and reduced, the crypto market rallied. But now that the August tariff deadlines have passed, the crypto market is once again showing weakness. See a pattern here? You don't need to be a genius to see that tariffs appear to be tremendously destabilizing for most cryptocurrencies. And XRP appears to be in the bucket of cryptocurrencies that aren't going to hold up so well. Complicating matters further is the fact that the primary use case for XRP -- cheap, efficient, and fast cross-border payments -- is exactly the type of use case that would appear to be most at risk from tariffs. Simply put, if countries aren't trading with each other, or doing so at much lower volumes, there simply may not be as much demand for XRP. Is the XRP glass half full or half empty? I'm not trying to be a pessimist here. I actually think XRP has tremendous upside potential over the long haul. The cryptocurrency has real utility, and it has a number of positive growth catalysts in its favor, including the potential launch of spot XRP ETFs later this year. However, until there is further resolution of the SEC case against Ripple, and until there is more clarity around tariffs, XRP might face some choppy waters ahead, especially in the coming months. Do the experts think XRP is a buy right now? The Motley Fool's expert analyst team, drawing on years of investing experience and deep analysis of thousands of stocks, leverages our proprietary Moneyball AI investing database to uncover top opportunities. They've just revealed their to buy now — did XRP make the list? When our Stock Advisor analyst team has a stock recommendation, it can pay to listen. After all, Stock Advisor's total average return is up 1,060% vs. just 182% for the S&P — that is beating the market by 877.64%!* Imagine if you were a Stock Advisor member when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $653,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,119,863!* The 10 stocks that made the cut could produce monster returns in the coming years. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 4, 2025 Dominic Basulto has positions in Bitcoin and XRP. The Motley Fool has positions in and recommends Bitcoin and XRP. The Motley Fool has a disclosure policy. 3 Reasons Investors Should Be Cautious About XRP in the Coming Months was originally published by The Motley Fool

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store