SEC Sues Binance and CEO CZ for Violating Federal Securities Laws
The CEO of Binance, Changpeng "CZ" Zhao, and the crypto exchange itself are being sued by the U.S. Securities and Exchange Commission (SEC) for allegedly violating federal securities laws. The SEC claims that Binance operated an unlicensed stock exchange and committed other violations.
Crypto Analyst Predicts XRP Could Rally by Over 100% Ahead of SEC Decision
A crypto analyst known as DonAlt believes that XRP could experience a triple-digit rally as the SEC's lawsuit against Ripple draws to a close. DonAlt has resumed buying XRP and predicts a potential upside of over 100% from current levels. However, he warns that the trade is not risk-free and that the bullish thesis for XRP will be invalidated if it falls below $0.46. XRP is currently trading at $0.506.
Ripple Labs Inc. Considers IPO Amidst Ongoing Lawsuit With SEC
Ripple Labs Inc, an American blockchain payments firm, has been involved in a lawsuit with the SEC since December 2020, leading to speculation about the company's future. Pro-crypto attorney John Deaton commented on a news article discussing Ripple's potential plans to float an IPO, revealing that the company conducted a private roadshow event in April to generate interest. Despite the lawsuit almost crippling Ripple's business in the US, there is hope that the case will end soon, and if Ripple wins or receives a ruling that ongoing and future sales of XRP are not securities, it could be a blessing in disguise for the company. Ripple is already making plans for its business post-lawsuit.
Voyager Plan Administrator Proposes Amendment to Liquidation Procedures
On May 27, the Plan Administrator for Voyager filed a proposed amendment to the Liquidation Procedures under which all Unsupported Tokens will be held back until a determination can be made regarding their liquidation, prompted by certain statements made by the SEC.
Former SEC Official Warns Social Media Influencers Manipulating Crypto Prices Will Face Anti-Fraud Rules
Former SEC official John Reed has issued a warning to social media influencers who promote cryptocurrencies and manipulate their prices, stating that they will soon face anti-fraud rules. Reed criticized the brazen and arrogant behavior of many crypto promoters who manipulate their victims in plain view. The crypto industry is still largely unregulated, allowing influencers to engage in fraud and manipulate cryptocurrency prices for their own benefit. Reed cited the example of Ricky Bobby, who was charged by the SEC for manipulating exchange-traded stocks through social media platforms.
Former CFTC Commissioner Says Ethereum Falls Under SEC and CFTC Regulatory Purview
As the debate over which regulatory agency has jurisdiction over Ethereum (ETH) in the United States continues, former CFTC Commissioner Dan Berkovitz has stated that ETH can be categorized as both a commodity and a security. He argues that the digital asset falls under the jurisdiction of both the SEC and the CFTC due to the existing legal framework. However, the SEC's regulatory approach has been criticized by crypto executives and users as "stifling" and harsh. The regulatory confusion in the digital asset market has been evident in the contradictory claims made by both the CFTC and the SEC in the last six months.
US Presidential Candidate RFK Jr Criticizes SEC's Regulatory Approach to Crypto Industry
Robert F. Kennedy Jr., a US presidential candidate, has criticized the Securities and Exchange Commission's (SEC) regulatory approach towards the cryptocurrency industry, stating that he does not want anti-crypto people on the commission.
Uphold's CRO Confirms XRP Listing Criteria and Decision to Maintain Support Amid SEC Lawsuit
Uphold's CRO, Nancy Beaton, has confirmed that the XRP token meets all legitimate criteria for listing on the exchange, despite the ongoing lawsuit with the US Securities and Exchange Commission.
Lawyer Concerned Judge Torres Won't Rule on XRP as Security in SEC vs Ripple Lawsuit
Australian lawyer Bill Morgan expressed concern on Twitter that Judge Analisa Torres will not address whether XRP is a security in the ongoing lawsuit between Ripple and the SEC. Morgan highlighted a portion of Judge Torres' decision on the parties' Daubert motion, which stated that the issue in the case is whether Ripple offered to sell or sold XRP as a security. Morgan hopes that Judge Torres will rule on whether XRP itself is a security, but he is concerned that she has already indicated that she will not issue a ruling on the matter. Attorney Jeremy Hogan shared three factors that could prompt Judge Torres to address secondary market sales of XRP coin.
Unsealing William Hinman's Emails Inevitable Even if SEC Settles with Ripple, Says Prominent Pro-XRP Attorney and Ripple CTO
According to prominent pro-XRP attorney John Deaton and Ripple CTO David Schwartz, the unsealing of William Hinman's emails is inevitable, even if the SEC settles with Ripple. This was revealed during a discussion initiated by a known figure within the XRP community and crypto detective Mr. Huber. Deaton and Schwartz both believe that the public's right to access these documents outweighs any potential settlement between Ripple and the SEC, as Judge Analisa Torres had previously ruled that the emails and drafts from the former director of SEC's Corporation Finance are judicial documents. They also anticipate that other media outlets and litigants, including parties like Dragonchain, would file their motions to access the documents.
