Judge Allows Terraform Labs to Subpoena Information from FTX in SEC Case
Terraform Labs has been granted permission by a judge in the FTX bankruptcy case to subpoena information that could be used in its defense against allegations of fraud by the SEC. The subpoenas will be served to FTX Trading and FTX US to gather evidence related to digital wallets used by short sellers connected to FTX entities around May 2022. FTX debtors agreed to the court order with no formal objections, and any production in response to the subpoenas will be subject to the terms of the Protective Order entered in the SEC Action or any confidentiality agreement entered into between the Debtors and Terraform Labs.
Former SDNY Attorney Joins Ripple's Legal Team in XRP Lawsuit Against SEC, Excitement Brews in XRP Community
Ripple has hired former SDNY attorney Douglas Samuel Zolkind to join their legal team in the ongoing lawsuit against the US Securities and Exchange Commission (SEC). Zolkind's expertise in white collar criminal defense and government investigations is expected to strengthen Ripple's position in the case.
Ripple's Chief Legal Officer Clarifies XRP is Not a Security Despite TerraForm Labs' Case Ruling
Ripple's Chief Legal Officer, Stuart Alderoty, has clarified that the recent ruling in the TerraForm Labs case does not change the fact that XRP is not a security. The confusion arose after US District Judge Jed Rakoff rejected TerraForm Labs' approach to use Judge Torres' decision in the Ripple case to dismiss the SEC's lawsuit against the company and its founder, Do Kwon. Judge Rakoff's ruling has caused confusion in the market, prompting Alderoty to provide clarity. Alderoty invited other legal experts to provide an analysis of Judge Rakoff's comment on the Ripple ruling.
Federal Judge Allows Terraform Labs to Subpoena Bankrupt Crypto Giant FTX for Information Relevant to SEC Enforcement Action Defense
Terraform Labs, the issuer of the crashed Terra algorithmic stablecoin and related Luna governance token, has been granted permission by a federal judge to issue a subpoena to bankrupt crypto giant FTX. Terraform claims that FTX has information relevant to its defense against a Securities and Exchange Commission enforcement action, as it believes a coordinated shorting of its tokens caused their May 2022 crash.
Coinbase Denies SEC Requested Delisting of All Non-Bitcoin Crypto Assets
Coinbase has contradicted statements made by its CEO, Brian Armstrong, which suggested that the SEC had requested the delisting of all non-Bitcoin crypto assets. Coinbase has denied that the SEC made any such demands and called the Financial Times’ coverage an “inaccurate representation of the facts.”
SEC Sues Hex and Pulsechain Founders for Allegedly Selling Unregistered Securities
The U.S. Securities and Exchange Commission (SEC) has indicted crypto industry figure Richard Schueler, better known as Richard Heart, alleging he conducted an unregistered sale of securities. Heart is the founder of the Pulsechain, PulseX, and Hex projects, all of which have been controversial during their existence. According to the SEC, Heart raised more than $1 billion by selling tokens for these projects, and has made comments that Hex will increase in value. The SEC alleges that Heart defrauded investors by misappropriating at least $12 million of client funds to make personal luxury purchases rather than develop agreements.
XRP Retraces to 50% Fib Level as Bitcoin Struggles to Reclaim Range Low
The writer's opinion is presented and it is not financial advice. XRP's value has remained above $0.65 after a legal win against the US SEC, leading to a sharp upswing. However, XRP has retraced to the 50% Fib level due to the weakening of Bitcoin. The 50% Fib level has been a crucial rescue for bulls during the past two price pullbacks, and if the trend continues, bulls could see respite near this level.
SEC Asked Coinbase To Halt Trading in All Cryptocurrencies Except Bitcoin Before Lawsuit
Coinbase CEO Brian Armstrong has revealed that the US Securities and Exchange Commission (SEC) requested the exchange to halt trading in all cryptocurrencies other than Bitcoin prior to suing the platform over more than 200 tokens it offers.
SEC suffers setback as court overturns ruling on SPIKES Index securities
On July 28, the D.C. Circuit overturned a ruling by the SEC that SPIKES Index securities should be treated as 'futures' instead of 'securities futures', calling the SEC order "arbitrary and capricious." The SEC had exempted SPIKES Index from the definition of security futures in 2020 to promote competition among volatility indexes, but the court found the exemption to be "arbitrary and capricious" and lacking in explanation. As a result of the decision, SPIKES Index futures are now considered “securities futures” and market participants have three months to wind down their transactions. This ruling may also have implications for legal battles between crypto firms and the SEC, as two of the panel's judges are examining Grayscale's challenge to an SEC decision denying a request to convert its Grayscale Bitcoin Trust to a spot Bitcoin ETF.
US House Committee Passes "Keep Your Coins Act" to Protect Cryptocurrency Holders' Rights
The US House Financial Services Committee has approved the "Keep Your Coins Act of 2023", which would prevent federal agencies from limiting an individual's ability to manage digital assets through self-hosted wallets. This legislation is seen as a significant step forward for the cryptocurrency industry, which has been facing increased scrutiny from the US Securities and Exchange Commission (SEC). The bill's passage is expected to reinforce the idea of decentralization and financial autonomy, and could create more faith in investors looking to invest in new projects such as the Chancer decentralized prediction platform. However, it remains to be seen if the bill will impact the SEC's classification of certain cryptocurrencies as securities.
