New York Judge Says SEC Could Have Warned Coinbase of Securities Law Violation Before Public Listing
A federal judge in New York has suggested that the US Securities and Exchange Commission (SEC) could have alerted Coinbase to potential securities law violations before approving its application to go public. The SEC filed a lawsuit against Coinbase in June, alleging that the firm sold unregistered securities.
Ripple's Legal Victory Against SEC Could Benefit Coinbase, JPMorgan Analysts Say
Ripple emerged victorious in its legal battle against the SEC, which accused the company of selling security-like XRP tokens to investors. The recent court ruling in Ripple's favor has caused a surge of enthusiasm in the cryptocurrency industry.
How the SEC's Actions Could Impact the Crypto Market and a Potential Bitcoin ETF
The crypto market has made a strong recovery in 2022, with BTC rising by over 80% YTD and many altcoins performing even better. This has led to speculation about whether the bear market is over and if the industry is preparing for another bull cycle. However, recent actions by the US Securities and Exchange Commission (SEC) could impact the market.
Venture Capitalist Kathryn Haun Believes Ripple Ruling is a Good Outcome for the Crypto Industry, Expects More Favorable Decisions to Come
Kathryn Haun, CEO of Haun Ventures and former general partner at Andreessen Horowitz, believes that the recent Ripple ruling drew a reasonable line and is an overall good outcome for the industry.
Bitcoin Defends $30K as Altcoins Dip, ADA Leads the Way Down
Bitcoin briefly dropped below $30,000 before rebounding and currently sits just above that level. Altcoins such as ADA, SOL, MATIC, and DOT have all seen drops in value. Bitcoin experienced increased volatility following Ripple's victory against the SEC, which initially caused a jump in price but was followed by a retracement. Most altcoins also saw gains following the ruling, but have since experienced declines.
Ripple CEO Brad Garlinghouse Believes SEC Appeal Will Take Years After Favorable Ruling
Brad Garlinghouse, CEO of Ripple, believes that the SEC will face a lengthy process before being able to appeal Judge Torres' ruling in the case against Ripple. The ruling stated that XRP is not a security in regard to retail sales on digital asset exchanges, but is a security when sold to institutional investors. Garlinghouse stated that if the SEC were to appeal against retail sales, it would only further solidify the decision made by Judge Torres. He also criticized the SEC for sowing confusion in the market and preventing innovation in the US.
Binance CEO Laughs Off Reports of More Than 1,000 Layoffs at Top Crypto Exchange
Binance, a top global crypto exchange, has reportedly laid off over 1,000 employees in recent weeks. The company's CEO, Changpeng Zhao, has responded to the news with a laughing emoji, claiming that the reported number of layoffs is "way off."
Ripple CEO Brad Garlinghouse Claims SEC's Recent Ruling is a Complete Loss, Not a Split Victory
Ripple CEO Brad Garlinghouse has stated that the recent court ruling was a complete loss for the SEC and not a split victory, despite rumors of potential fines by Ripple to settle the part of the SEC case it lost. Garlinghouse emphasized that the case was about establishing the non-security status of XRP, and in this regard, Ripple won and the SEC lost. The federal court decision on Thursday ruled that XRP is not a security, which was seen as a huge win for Ripple and the crypto industry. The Court will ultimately decide whether or not to impose any penalties, not the SEC.
Coinbase Temporarily Halts Staking Services in Four US States Amid SEC Legal Proceedings
Coinbase, a US-based cryptocurrency exchange, has temporarily suspended its staking services in California, New Jersey, South Carolina, and Wisconsin in response to legal proceedings from the Securities and Exchange Commission (SEC). The SEC filed a lawsuit against Coinbase in June for offering unregistered securities, and regulatory bodies in 10 US states initiated legal proceedings, suspending certain services. However, users based in Alabama, Illinois, Kentucky, Maryland, Vermont, and Washington will continue to be eligible to stake their crypto as before the regulatory actions were taken. A pre-motion hearing between the SEC and Coinbase, held on July 13, offered insights into the litigation's tone and potential impact on the broader crypto industry.
Stellar Lumens (XLM) Surges 46.3% Following Ripple's Favorable Ruling Against SEC
The author's viewpoint is shared, which does not constitute financial, investment, trading, or any other form of advice. XLM saw a significant surge of 46.3%, benefiting from the favorable verdict in Ripple's [XRP] case against the US Securities Exchange Commission (SEC). Short positions in the futures market suffered losses worth $6.56 million. XLM has climbed to the fourth spot on Coinmarketcap's list of top trending cryptocurrencies. While the bullish momentum may persist, buyers should be cautious of profit-taking activities that could provide opportunities for sellers in the medium to long term.
