Stuart Alderoty, the Chief Legal Officer (CLO) of prominent blockchain company Ripple, has criticized the US over its inaction in the establishment of clear crypto regulations. This development underlines the continuous calls for the economic superpower to form a stable regulatory framework for digital assets amidst consistent enforcement actions by the US Securities and Exchange […]
Binance’s alleged illegal operations were highlighted in court on July 5, with a central bank official testifying on the lack of necessary licenses and regulatory approval.
In the ongoing legal battle between crypto exchange Coinbase and the US Securities and Exchange Commission (SEC), Coinbase’s Chief Legal Officer, Paul Grewal, has taken to social media platform X to voice his concerns over the SEC’s attempt to prevent discovery of communications from SEC Chair Gary Gensler. The legal tussle centers around a subpoena […]
A federal judge overseeing the U.S. Securities and Exchange Commission's case against Binance ruled that most of the case can proceed, but dismissed charges tied to the sale of BUSD and secondary sales of BNB.
SEC Chair Gary Gensler said that the commission could give final approvals on spot Ether ETFs sometime in summer 2024, while some analysts are predicting as early as July.
Pro-XRP lawyer Fred Rispoli, founder of HODL Law, has made a stunning prediction on X regarding a potential verdict in the Ripple vs. SEC case. Rispoli noted a recent filing case, specifically Ripple’s Notice of Supplemental Authority regarding the recent Binance decision by the US District Court for the District of Columbia. The court’s decision […]
Ripple Labs has filed a notice of supplemental authority to bolster its stance in the enduring legal face-off with the Securities and Exchange Commission (SEC). This filing was made to the United States District Court for the Southern District of New York in response to the SEC’s motion seeking remedies and final judgment. Ripple Uses […]
The XRP price continues to remain suppressed under the heat of the Ripple vs. the United States Securities and Exchange Commission (SEC) legal battle. This suppressed price action has continued to discourage investors when its comes to the altcoin. However, not everyone has succumbed to the bearish pressure, as crypto analyst RLinda believes that the XRP price could be attempting a decoupling that could lead to a price breakout from here. XRP Price Decoupling Could Trigger Price Crypto analyst RLinda has forecasted a bullish picture for the XRP price where the altcoin could completely break out of its sluggish movement. The analysis which has now spanned a number of a days flows through XRP’s performance over the last year and how it has suffered crashes even when others in the market were reaching new all-time highs. Related Reading: Analysts Says Cardano Has Bottomed And Will Rally To $0.8, But It Must Hold This Level While the coin continues to be bogged down by the Ripple vs. SEC battle, crypto analyst RLinda believes that the XRP price could be reaching a possible decoupling. She explains that this is happening not just technically but fundamentally as well. A possible decoupling is bullish for the XRP price, given that it would be the start of a major price rally. Using the 1-Week chart, the crypto analyst highlights some technical developments that could be important to this possible decoupling. The first of these is that XRP is still testing the “Wedge resistance with the aim of breaking it.” Also, RLinda points out that volatility is decreasing as the consolidation is continuing at this point. However, this consolidation could be the reason that the price begins another rally. As for where the price could go from here, the crypto analyst points out that it could possibly rally as high as $0.6265 and even reach $0.73 by the time it is done. However, XRP must hold the support level at $0.4637 while breaking the resistances being mounting at $0.4962 and $0.5720. Factors Holding Price Down While XRP price continues to be one of the most popular cryptocurrencies in the market, a number of factors have suppressed. The major one is the lawsuit mentioned above. Even though Ripple has scored multiple victories against the regulator during this time, the fact that the lawsuit is yet to be officially over continues to present a major hurdle. Related Reading: Crypto Analyst Predicts 45% Drop For Bitcoin, But Says It Won’t Go Below This Level In her analysis, RLinda points to these issues as being behind the price not performing well. However, Ripple CEO Brad Garlinghouse has said that he expects the lawsuit and settlement to be complete by the end of this summer. This puts it sometime before September. If this happens, then it would mark a pivotal point for the turnouts in the XRP price. “The Ripple vs. SEC case is a pivotal moment for cryptocurrency regulation, as a final victory would be a strong green sign for the entire cryptocurrency community amidst the SEC getting a number of restrictions on its activities lately due to overstepping its authority,” the analyst said. Featured image created with Dall.E, chart from Tradingview.com
Binance.US, the American arm of the world’s largest crypto exchange by trading volume, Binance, is ready for the next phase of its ongoing legal dispute with the Securities and Exchange Commission (SEC), according to a July 1 statement. The firm stated: “On Friday, the Court decided that the SEC’s case against Binance.US will continue. We […]
The post Binance US is confident that the ‘SEC’s case is unsupported by the facts or the law’ appeared first on CryptoSlate.
Hawaii’s regulator announced the official end of the Digital Currency Innovation Lab (DCIL) on June 30. The DCIL concluded that crypto firms no longer needed a Money Transmitter License (MTL) to operate in the state. Related Reading: Coinbase CLO Accuses SEC Of Continued Stonewalling, As Legal Battle Intensifies Hawaii Crypto Firms No Longer Need MTL […]
The U.S. Securities and Exchange Commission filed a complaint against Silvergate Bank's parent entity and its former executives on Monday.
The regulator’s refusal to listen to dissenting opinion on its new Dealer Rule left us no option but to sue for clarity and accountability, says Marisa Coppel, head of legal at the Blockchain Association.
Ethereum enthusiasts were cruising down the information superhighway towards a July 4th fireworks celebration of a different kind: the launch of the first spot Ethereum ETF. Related Reading: Solana Poised For Epic Reversal? Analyst Spots Bullish Pattern Echoing 2022 Breakout But in a move that worried investors, the US Securities and Exchange Commission threw a big wrench into the works, unexpectedly returning applicants’ proposals and delaying the much-anticipated debut. Missed Exit: Ethereum ETF July Launch Goes Up In Smoke The news came as a shock to many, as market watchers and analysts alike had confidently predicted a July launch, with some even suggesting a celebratory trade on Independence Day. Bloomberg ETF analysts Eric Balchunas and James Seyffart were among those waving the checkered flag a little too early. Their prediction of a July 2nd debut went up in smoke faster than a Roman candle after the SEC decided to put the brakes on the process. Unfort think we gonna have to push back our over/under till after holiday. Sounds like SEC took extra time to get back to ppl this wk (altho again very light tweaks) and from what I hear next wk is dead bc holiday = July 8th the process resumes and soon after that they’ll launch… https://t.co/0ZQR7yiBLt — Eric Balchunas (@EricBalchunas) June 28, 2024 Insiders claim that the SEC has delayed the anticipated debut date by requesting changes to the S-1 paperwork that issuers have submitted. This unexpected diversion raises serious concerns about the schedule as a whole. Although there are others who anticipate clearance by July 8th, the impending US holiday probably adds another level of difficulty. Uncharted Territory: The SEC Takes The Wheel The lack of a definitive timeline is a major source of frustration for investors and issuers alike. Unlike the previous 19b-4 forms, which mandated a specific SEC decision timeframe, the S-1 filing process gives the regulatory body the freedom to take its sweet time. This essentially hands the steering wheel over to the SEC, allowing them to request revisions and conduct a thorough review without the pressure of a ticking clock. While SEC Chair Gary Gensler has previously hinted at approvals “sometime this summer,” his comments haven’t offered much solace to the jittery market. The recent snafu with the S-1 forms indicates that even a summer launch might be overly optimistic. This lack of clarity is a major hurdle for issuers and creates uncertainty for investors who are eager to jump on board the Ethereum ETF bandwagon. Related Reading: XRP Year-Long Curse Broken? Analyst Bullish On Crypto’s 240% Rally The Road Ahead Even if Ethereum ETFs do eventually reach the finish line, experts predict they might not attract the same level of investment as their Bitcoin counterparts. The perceived lower volatility of Bitcoin, coupled with the already established Bitcoin ETF landscape, might make them a more attractive option for some investors. The SEC’s recent actions have thrown the timeline into disarray, leaving investors and issuers in a state of limbo. While approval might still happen “sometime this summer,” the lack of clarity and the potential for lower inflows compared to Bitcoin ETFs paint a picture of a bumpy ride ahead for these highly anticipated investment vehicles. Featured image from Pexels, chart from TradingView
A US court dismissed the SEC's claim to classify BNB secondary sales as securities. Experts view this decision as a setback for the SEC.
The post SEC loses bid to classify BNB secondary sales as securities appeared first on Crypto Briefing.
The US Securities and Exchange Commission (SEC) has instituted a lawsuit against Metamask developer, Consensys. The Commission alleges that the crypto firm violated securities laws by acting as an unregistered securities broker. Related Reading: Chainlink (LINK) To Hit New Highs? Analysts Predict $25 Target SEC Accuses Consensys Of Violating Securities Laws Using Metamask According to the court document, the SEC claims that Consensys has acted “as an unregistered broker of crypto asset securities through its MetaMask Swaps service” since October 2020. The Commission also accused the crypto firm of engaging in the unregistered offer and sale of securities through crypto staking programs. The SEC stated that Consensys has brokered over 36 million crypto transactions since 2020 through its MetaMask Swaps, at least 5 million involving crypto asset securities. Metamask is known as one of the most widely used crypto wallets. In addition to storing their crypto assets on the application, users can buy and sell cryptocurrencies by swapping one crypto asset for the other. This ‘Swap’ service forms the focal point of the SEC’s enforcement action. The SEC claims that some of these crypto assets are securities, and by enabling users to swap these securities, Consensys acted as an unregistered securities broker, thereby violating securities laws in the process. The SEC went further to list Polygon (MATIC), Decentraland (MANA), Chiliz (CHZ), The Sandbox (SAND), and Luna (LUNA) as the crypto securities that were made available for trading on Metamask’s swap platform. Additionally, the SEC accused Consensys of performing a “traditional function of the securities market” by offering and selling securities for Lido and Rocket Pool. The Commission claimed that the staking programs offered by Lido and Rocket Poo are investment contracts and that Consensys was in the wrong by offering these securities through unregistered transactions on its ‘MetaMask Staking’ platform. The Genesis Of The Legal Battle Between SEC And Consensys Interestingly, the SEC’s lawsuit against Consensys comes just months after the crypto firm filed a lawsuit against the Commission, accusing the SEC of an “unlawful seizure of authority.” Consensys sought Judicial relief against a potential action from the SEC. They also asked the court to declare that Ethereum wasn’t a security and that the SEC had no jurisdiction over crypto-related matters. The crypto firm looked to have won that battle, considering that the SEC dropped its investigation into Ethereum’s status as a security. However, in the letters informing Consensys about the Commission’s decision to drop its investigation into Ethereum, the SEC had warned the crypto firm that they could bring enforcement actions against them relating to other issues, which they have now done. Related Reading: Don’t Sweat The Dip! Ethereum 15% Price Slump Could Spark Epic Comeback — Analyst Reacting to the SEC’s lawsuit, Consensys stated that it would “vigorously pursue” the lawsuit it had initially filed against the SEC. The crypto firm also remarked that they had fully expected” the SEC to follow through with its threat of claiming that MetaMask had to be registered as a securities broker. Featured image from CNBC, chart from TradingView
Nigeria’s once frosty relationship with crypto appears to be entering a cautious thaw. Emomotimi Agama, Director-General of the Nigerian Securities and Exchange Commission (SEC), recently made comments suggesting a shift away from the government’s hardline stance against digital assets. Related Reading: More Than A Laugh: What’s Driving The Insane Growth Of Memecoins In 2024? This […]
A federal judge ruled the SEC had plausibly alleged Binance, Binance.US and Changpeng Zhao violated federal securities laws.
The U.S. Supreme Court ruled 6-3 on Friday to drastically curb the authority of federal regulators, overturning a 40-year-old legal precedent that gave regulatory agencies leeway to interpret the laws they are tasked with enforcing.
An attorney has provided insights on the impending court judgment from the United States Securities and Exchange Commission (SEC) concerning its lawsuit against Ripple. As the legal battle finally appears to be approaching its end, the attorney has outlined how the potential judgements could impact Ripple’s reputation and digital asset operations in the United States […]
In a scathing public statement today, Ripple Chief Legal Officer (CLO) Stuart Alderoty criticized SEC Chairman Gary Gensler following a recent court decision, which Alderoty highlighted as indicative of regulatory overreach. As highlighted by Alderoty, the US Securities and Exchange Commission (SEC) unlawfully rescinded a rule concerning proxy advisory firms, an action directed by Gensler […]
State Street Global Advisors, a subsidiary of the third-largest ETF issuer State Street, has joined the growing trend of traditional financial institutions exploring crypto ETFs. In a June 26 statement, the firm said it was teaming up with crypto investment firm Galaxy Digital to introduce new crypto ETFs extending beyond the flagship digital asset, Bitcoin. […]
The post State Street and Galaxy Digital launch crypto ETFs aimed beyond Bitcoin appeared first on CryptoSlate.
Ripple CEO Brad Garlinghouse believes SEC chair Gary Gensler’s actions could jeopardize President Joe Biden’s chances in the upcoming November elections. Garlinghouse made the statement via social media platform X in reaction to Gensler’s June 25 Bloomberg interview. In the interview, Gensler reiterated his previous critiques of the crypto industry, describing it as highly centralized and largely non-compliant […]
The post Ripple’s Garlinghouse says SEC Gensler’s actions could sink Biden in November appeared first on CryptoSlate.
SEC Chair Gary Gensler didn’t comment on when his agency would approve Ether ETFs for trading, but analysts predict it could be as soon as next week.
Kanav Kariya announced his resignation amid reports of a pending investigation into Jump Crypto’s activities and several incidents dating back to 2022.
A letter from Consensys states that the SEC’s approval of spot Ether exchange-traded funds indicated that it had “updated its position to classify ETH as a commodity and not a security,” but not everyone agrees.
A crypto analyst has predicted that cryptocurrency payments company, Ripple could be the next high-valuation company, similar to Amazon and Facebook. This prediction comes as XRP witnesses poor performance amidst market volatility and Ripple’s ongoing court battle with the United States Securities and Exchange Commission (SEC). Analyst Predicts Ripple Emerging As Billion-Dollar Start-Up The host […]
Judge Phyllis Hamilton found XRP could be a security when sold to retail and gave the go-ahead to a class-action lawsuit over statements from Ripple CEO Brad Garlinghouse.
In their motion to dismiss, Kraken’s lawyers disputed the legal theory that the exchange was an “ecosystem” for crypto asset securities.
David Hirsch, the influential head of the Cryptocurrency and Network Division at the US Securities and Exchange Commission (SEC), has officially vacated his office. This move could signal significant shifts in the crypto regulatory landscape for cryptocurrencies in the US Hirsch’s departure comes at a pivotal moment for the industry, with major legal battles ongoing […]
Terraform Labs plans to sell key projects within the Terra ecosystem and give the community control of the Terra blockchain.