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Legal specialist Jeremy Hogan has detailed possible tactics Ripple could use to reduce a speculated SEC penalty of $770 million significantly. On Nov. 5, Hogan took to social media platform X to outline pivotal arguments that Ripple might leverage to mitigate the damages pursued by the SEC. Finally, the SEC has to prove some nexus between the purchaser of XRP and the United States. In other words, if Ripple sold XRP to a German investment company with no ties to the U.S., the SEC has no jurisdiction over that sale. The "nexus" question will be interesting. — Jeremy Hogan (@attorneyjeremy1) November 5, 2023 Hogan highlights that the SEC’s pursuit of “disgorgement,” aimed at recouping profits from alleged misconduct, should be calculated using Ripple’s net profits rather than the total revenue. This key difference could permit the deduction of business expenses from Ripple, potentially reducing the demanded amount substantially. Another point...

The United States-based Chamber of Digital Commerce has joined a collective effort to challenge the lawsuit between the SEC and Binance. In an amicus brief dated Oct. 19, the advocacy group aims to halt the SEC’s attempt to oversee the cryptocurrency industry without authorization from the U.S. Congress. Tokens are not a security The Chamber of Digital Commerce has since appealed to the court that the lawsuit between Binance and the SEC should be dismissed, as the legal entity has exceeded its jurisdiction, and digital assets not constituting investment contracts do not meet the criteria for Exchange Act registration requirements. “The SEC is suing the equivalent of a grocery store selling oranges and other fruit or an online ecommerce marketplace, like Amazon,” the brief states. “Tokens alone are not securities, and the markets they are available to buy and sell are not securities exchanges.” You might also like: Binance vs. SEC update, BNB and Monero fir...

As soon as a gamer cashes out an in-game asset, they realize monetary value, which is where the problem with the SEC comes in, a Shrapnel executive told Cointelegraph. The creators of blockchain game Shrapnel — an upcoming AAA first-person extraction shooter — will be cutting a part of its game for United States-based players, in order to avoid the potential ire of the country’s securities regulator. The game, which is due to launch in early access in December, will be unrestricted for players from Europe and Asia but gamers from the U.S. will not be able to cash out at all, says Shrapnel Head of Economy Francis Brankin in a Sept. 13 interview with Cointelegraph at Token 2049. “They [U.S. users] can do everything every other player can do, but they can't cash out. Because that's what makes it a security to the U.S. player, as soon as they can realize monetary value, that’s where the problem comes in.” He hopes the issue will be temporary and that Neon — the team behind Shrapn...

Stand with Crypto Alliance, a new advocacy organization by Coinbase, was launched to mobilize the crypto community to help shape the crypto regulation in the US. Yet, with varying opinions within the community, its success remains uncertain. A lack of regulatory clarity has been one of the prickliest thorns on the crypto industry’s side since it came into existence. This problem is even more prevalent in the American crypto space, where efforts to enact rules governing crypto and its underlying technology have been slow and piecemeal. Matters have been muddled even further by the never-ending debate revolving around whether crypto assets should be classified as securities and, therefore, fall under the jurisdiction of the Securities and Exchange Commission (SEC) or as commodities and be under the control of the Commodity Futures Trading Commission (CFTC). Additionally, the general feeling within the crypto space is that the SEC has chosen a regulation-by-enforcement path to police ...

Bitcoin ETF s have been the topic of discussion for quite some time. This has been greatly elevated with the recent decision in the prolonged Grayscale and SEC lawsuit. With the federal court issuing a ruling to the SEC to review its Grayscale application of a Bitcoin ETF , speculation has increased. Also read: Crypto Asset Manager Grayscale Wins Lawsuit Against the SEC In one of the most recent reports, JPMorgan stated that the SEC will likely have to approve multiple Bitcoin spot ETFs, leaving them with no major choice. JUST IN: 🇺🇸 JPMorgan says SEC will likely approve Grayscale's Spot # Bitcoin ETF . — Watcher.Guru (@WatcherGuru) September 3, 2023 Grayscale win puts SEC’s stance on Bitcoin ETFs in jeopardy In JPMorgan ’s view, the implications go beyond just Grayscale’s trust. They believe the SEC would face major disruptions if it tried to deny other spot bitcoin ETF applications after greenlighting Grayscale. As ...

In a new development in the ongoing push for a bitcoin exchange-traded fund (ETF), crypto asset manager Grayscale has won its legal battle against the Securities and Exchange Commission (SEC). On Wednesday, the US Court of Appeals ruled in favor of Grayscale, stating that the SEC must review its previous rejection of the firm’s application to convert its Bitcoin Trust into an ETF. The court vacated the rejection, ordering the agency to reevaluate the decision. Also read: Crypto Asset Manager Grayscale Wins Lawsuit Against the SEC Grayscale’s victory could open the door for Bitcoin ETFs Source: CryptoSlate This ruling opens the door for the creation of the first bitcoin ETF, analysts said in a new report from broker Bernstein. While it does not immediately greenlight Grayscale’s GBTC product to become an ETF, it puts pressure on the SEC to approve one of the many proposed bitcoin ETF applications currently pending review. Analysts predict likely appr...

BTC futures and options data show pro traders’ sentiment was not impacted despite last week's 11.4% correction. In the past few months, Bitcoin (BTC) traders had grown used to less volatility , but historically, it's not uncommon for the cryptocurrency to see price swings of 10% in just 2 or 3 days. The recent 11.4% correction from $29,340 to $25,980 between August 15 and August 18, took many by surprise and led to the largest liquidation since the FTX collapse in November 2022. But the question remains: was this correction significant in terms of the market structure? Certain experts point to reduced liquidity as the reason for the recent spikes in volatility , but is this truly the case? BTC surged 70%+ in 2023, yet the "Alameda gap" - liquidity dip post FTX and Alameda Research collapse - remains, supported by low volatility. Read full analysis here: https://t.co/kVslgLQtpL pic.twitter.com/g8Ac7udBl7 — Kaiko (@KaikoData) August 17, 2023 As indicated by the Kai...

ARK Investment Management founder and CEO Cathie Wood predicted on Aug. 7 the SEC would delay its decision on the firm's spot BTC ETF application. The United States Securities and Exchange Commission (SEC) has delayed a decision on approving or disapproving the spot Bitcoin (BTC) exchange-traded fund proposed by ARK Investment Management. In an Aug. 11 notice, the SEC opened a 21-day comment period for the ARK 21Shares Bitcoin ETF to the public following publication in the Federal Register, the latest delay for the regulator determining whether to approve or disapprove of a spot crypto ETF in the United States. ARK originally filed to list the ETF in May, giving the SEC a maximum of 240 days — until January 2024 — to reach a final decision. “The regulated market of significant size test does not require that the spot bitcoin market be regulated in order for the Commission to approve this proposal , and precedent makes clear that an underlying market for a spot commodity or curren...

The Securities and Exchange Commission’s extensive crackdown on crypto currencies has been a highlight, and Coinbase has not been spared from its impact. On June 6, the SEC filed a lawsuit against Coinbase, accusing the company of selling unregistered sec urities and operating as an unregistered sec urities exchange. However now, Coinbase is taking action to challenge and dismiss this lawsuit. During a recent earnings call for the second quarter of 2023, Coinbase’s Chief Legal Officer, Paul Grewal, mentioned that the exchange plans to submit a motion seeking the court’s dismissal of the lawsuit. The company has consistently criticized and refuted the accusations made by the SEC in the past. He added, “Tomorrow [Aug. 4] We will be moving the court for an order dismissing the case in its entirety.” According to reports, the exchange intends to challenge its ‘ sec urities listing’ allegations. As part of its defense, Coinbase will argue ...

The SEC Case Against Heart According to the markets regulator, Heart raised as much as $1 billion in the sale of tokens associated with PulseChain , PulseX, and Hex protocols since their existence. The market regulator claimed that all of the three tokens are considered un register ed asset SEC urity. advertisement While the SEC found fault in the sales of these assets, the commission also accused the internet entrepreneur of constantly promoting these investments as a pathway to grandiose wealth for investors. The market regulator also found fault with Heart for offering a Staking product associated with these tokens which is capable of returning up to 38% to investors. The SEC noted that these actions are unsafe for investors, thus justifying the charges being brought against the entrepreneur “Heart called on investors to buy crypto asset securities in offerings that he failed to register. He then defrauded those investors by spending some of their cryp...

Grayscale's ETF was previously knocked back by the SEC and it wants it and competing ETFs approved together so none have an advantage. Crypto fund manager Grayscale is urging the Securities and Exchange Commission (SEC) to approve all proposed spot Bitcoin (BTC) exchange-traded funds (ETFs) at the same time to avoid one having an advantage. A July 27 post by Grayscale chief legal officer Craig Salm said its legal team submitted a letter regarding eight spot Bitcoin ETF filings — including its own — arguing the SEC shouldn’t pick “winners and losers” and instead make a fair and orderly decision. The letter claimed the SEC could approve the spot ETFs based on its approvals for Bitcoin futures ETFs saying the two fund types are “inextricably linked.” Grayscale added recent surveillance sharing agreements (SSAs) between Coinbase and the spot ETF providers are “not a new idea” and claimed they would not meet the SEC’s standards. The SEC should approve spot #bitcoin ETFs to trade in ...

Hinman risked contradicting himself over the statement Ether isn’t a security, unsealed SEC internal discussion documents show. Newly released documents showing edits that were made to a 2018 speech given by former director of the Security and Exchange Commission’s (SEC) corporate finance division Bill Hinman suggest the editors were concerned his statement might undermine the idea that Ether (ETH) is a security .  This could risk locking the agency into a position it would find hard to change at a later date, the SEC comments warn. “Even with the caveats in the sentence, it seems that it would be difficult for the agency to take a different position on Ether in the future,” the edits to the documents read. “Further, the rest of the paragraph strongly implies that the thinking applies to Ether.” The Hinman documents refer to internal SEC messages concerning a 2018 speech given by Hinman in which he said that while cryptocurrencies such as Bitcoin (BTC) and Ether may start off as sec...

Billionaire Gemini founders the Winklevoss twins have warned Democrat politicians that if they continue their so-called “war on crypto,” they risk alienating young voters and ultimately jeopardizing future elections. Young voters – those aged 18 to 29 – are considered an important demographic for the Democrats, with over 60% of surveyed voters in this bracket supporting the party in last year’s midterm elections. The number of Americans in the same age range who say they’re involved with crypto in some way stands at around 28% With this in mind, the Winklevii have claimed that if Dems continue to push what they believe to be a clear anti-crypto agenda through figures like Senator Elizabeth Warren and SEC Chair Gary Gensler, the party may pay the price in the upcoming 2024 elections. Specifically, Cameron Winklevoss claimed via Twitter that, “Crypto has already won the hearts and minds of Millennials and GenZ,” and says that “They won’t forget the value destruction Warren and ...

One of these areas is Financial Inclusion . Ripple was established with a mission to see the financial strain lifted from as many people as possible. In its bid to achieve this goal, the Brad Garlinghouse-led firm said it has invested as much as $25 million to Non-Governmental Organizations (NGOs) working to make global financial services more inclusive and equitable since 2018. advertisement The Financial Inclusion drive of the Ripple Impact Initiative is even more ingrained as 49 investments and six pilots supported in total have been supported in Africa and Latin America with Mercy Corps Ventures.  Other key areas the firm is making an impact in are Blockchain Research and Innovation, Sustainability and Climate Action, Employee Impact, and Global Philanthropy. Overall, the Ripple Impact Initiative has donated a total of $170 million since 2018, the larger portion of which is allocated to climate change eradication. Ripple partners with more ...

The crypto community refused to be silent at recent comments made by the US Securities and Exchange Commission’s (SEC) chair. Specifically, the SEC head, Gary Gensler , sparked controversy by calling Bittrex a sec urities exchange. A statement made in a recent tweet by the official. The comments follow convoluted regulatory practices abounding throughout the industry. Moreover, in that statement, Gensler attacked the community for suffering “from a lack of regulatory compliance, not a lack of regulatory clarity.” Today’s action, yet again, makes plain that the crypto markets suffer from a lack of regulatory compliance, not a lack of regulatory clarity. https://t.co/JurmBacpXw — Gary Gensler (@GaryGensler) April 17, 2023 Gensler Speaks on Bittrex Exchange Yesterday, the SEC announced that crypto exchange Bitterx and its co-founder, Willian Shihara, were charged by the agency. Specifically, they were facing violations for operating an unregistered securities exchange. C...