Ripple Executives Clarify SEC's Jurisdiction on XRP Tokens Amid Possible Appeal
Ripple executives have clarified the jurisdiction of the US Securities and Exchange Commission (SEC) over XRP tokens, following news that the agency is likely to appeal the Summary Judgment delivered by Judge Analisa Torres on July 13, 2023.
US Lawmakers Introduce Digital Assets Bill With Potential Threat to DeFi Market
A digital assets bill was introduced by U.S. lawmakers yesterday to address regulatory shortcomings, but some experts are worried about its vague language and a provision that could threaten the DeFi market. While the bill exempts certain digital assets, liquidity staked tokens may still be classified as securities by the SEC.
Crypto Lawyer John Deaton Believes SEC Will Only Get a Remand if XRP Ruling is Appealed
In the Ripple Labs vs. SEC legal battle, there's a chance of an appeal to the recent XRP ruling by Judge Analisa Torres. Crypto lawyer John Deaton thinks that if the SEC appeals, they might only get a remand at best. Deaton points to Footnote 13 in the ruling, stating that the common enterprise designation for XRP sales applies only to institutional investors and not to sales on secondary markets. He sees the XRP ruling as a significant development in the industry that will strengthen the defense for firms facing SEC lawsuits.
GlobalX Files Application for Bitcoin Trend Strategy ETF in Partnership with Coindesk Indices
GlobalX ETF has partnered with Coindesk Indices to apply for a Bitcoin Trend Strategy ETF, which will use trend-following indicators to allocate between exchange-traded Bitcoin futures contracts. The potential effective date for the ETF is March 10, 2024. Bloomberg journalist James Seyffart believes that the US Securities and Exchange Commission (SEC) is likely to approve the application, as it is not a Spot Bitcoin ETF. The renewed interest in Bitcoin ETFs has caused the price of Bitcoin to rise to a yearly high above $31,000, with several traditional financial institutions applying for ETFs in the past few months.
XRP Price Surges 100% After Landmark Ruling, But Network Growth Stalls
XRP experienced a 100% price increase following a court ruling that XRP sales to retail investors do not qualify as securities in the SEC's case against Ripple. However, technical and network usage data suggest a short-term pullback. While XRP's trading interest is increasing, the number of transactions on the XRP Ledger has remained consistent for over a year, indicating a scarcity of new entities actively participating in the network. Despite this, Ripple is ramping up efforts for XRP Ledger adoption, with plans to re-establish ties with banks and participate in a $54 million investment in a metaverse project.
Rebecca Rettig and Jake Chervinsky Discuss Ripple’s Recent Court Ruling and the Future of Crypto Regulation
Rebecca Rettig, the chief legal and policy officer of Polygon Labs, is cautiously optimistic about the recent federal district court ruling in favor of Ripple against the SEC. She sees a "turning tide" for favorable regulatory conditions in the crypto industry, but recognizes that the ongoing proceedings are potentially far from resolved.
Elon Musk Comments on Ripple Win in Recent Podcast Episode
Elon Musk, the CEO of Tesla and Twitter, recently praised The All-In Podcast for their discussion on Ripple's recent victory over the SEC. Musk tweeted "Good podcast" in response to the episode, which also brought hope to the crypto community that the SEC's power over US crypto companies and tokens may be limited. Despite his interest in crypto, Musk has never mentioned XRP or the Ripple-SEC case in his tweets, and his main focus in the crypto space is on Dogecoin. Tesla still holds $184 million worth of Bitcoin on its balance sheet as of Q2 2023.
XRP Ruling Spurs Demand for Fair Crypto Rules, Says Mike Novogratz
The recent ruling in the legal battle between Ripple and the SEC has highlighted the need for clear and fair rules in the crypto market. Mike Novogratz, the CEO of Galaxy Digital, believes that this win for Ripple could push the SEC to create fair rules for the industry.
Bitcoin Stall at $30,000 May Indicate Bigger Economic Issues, Says Bloomberg Strategist
Bloomberg Intelligence's Chief Commodity Strategist, Mike McGlone, has suggested that if Bitcoin fails to surpass its current level of $30,000, it could indicate larger economic issues for the US. McGlone believes that if Bitcoin stalls, it may be a bad sign for the Nasdaq Composite index.
Terraform Labs and Do Kwon Seek Dismissal of SEC Lawsuit Using "Torres Doctrine"
Terraform Labs and its former CEO, Do Kwon, are seeking to have a lawsuit filed against them by the US Securities and Exchange Commission (SEC) dismissed. They argue that the SEC has no jurisdiction and that the assets in question are not securities.
