Former SEC Lawyer Reveals Possible Reasons for Delay in Enforcement Action Against Coinbase Amid Ripple Lawsuit
Former SEC lawyer Marc Fagel has suggested that the US Securities and Exchange Commission (SEC) may be awaiting a ruling in the Ripple lawsuit before taking legal action against Coinbase. Fagel noted that it typically takes 30-60 days after a Wells submission is received for an enforcement action to be filed, and the submission was made around April 19. The SEC had issued a Wells Notice to Coinbase in March, alleging violations of federal securities laws. Ripple has been in a legal battle with the SEC for over two years, with a summary judgment decision expected imminently.
Pro-Ripple Lawyer Highlights How SEC Legal Battle is Affecting Ripple's Business
According to pro-Ripple lawyer John Deaton, the ongoing legal battle between Ripple and the SEC has affected the company's business, and there is a need for adoption of XRP on the homefront. Despite expanding its business outside the US, traditional financial institutions have been cautious with their interactions with Ripple's services due to regulatory issues.
Ripple's Future Hinges on Resolution of SEC Lawsuit
Despite forming numerous partnerships, Ripple Labs Inc's cryptocurrency, XRP, has not seen a significant increase in value due to regulatory uncertainty. The ongoing lawsuit with the SEC has impacted Ripple's business and the growth of XRP, according to XRP advocate and attorney John Deaton. However, if the lawsuit is resolved, there may be more integration of XRP with Ripple's technology.
Web3 Lawyer Discovers SEC Discussion on XRP's Compliance with Howey Test in Ripple Case
New information has emerged in the ongoing legal battle between Ripple and the SEC, with web3 lawyer John Deaton discovering a footnote in documents that suggests the SEC discussed the possibility of XRP not meeting the requirements of the Howey test. Deaton believes this confirms what the crypto community has been saying for years, and could potentially change the dynamics and narrative of the case. While some speculate that this could hinder Ripple's chances of victory, others believe that the outcome is still promising and that Judge Torres may only fine the company for its early sale of XRP and other transactions.
Crypto firm LBRY files Supplemental Brief in legal battle with SEC over token classification
Cryptocurrency company LBRY has requested regulatory clarity in its legal dispute with the SEC, specifically regarding the classification of LBRY tokens as securities. The SEC has not provided the requested clarity and is now considering a comprehensive injunction. LBRY has asked the court for a final ruling to provide clarity on the matter.
Attorney Deaton Commends Uphold for Not Suspending XRP Trading Amid SEC Allegations
CryptoLaw founder and pro-XRP lawyer John Deaton has praised Uphold for not suspending XRP trading despite the SEC's allegations that the coin is a security. Deaton called it one of the best decisions in crypto history, citing "conflicted and compromised" SEC officials. Uphold recently launched its institutional business and trading platform, with XRP still listed on its exchange. While other exchanges like Coinbase and Kraken delisted XRP after the SEC charged Ripple and two of its executives with offering unregistered securities, Uphold has continued to list the coin.
Lawmakers urge US regulator not to limit state-regulated custodians in crypto custody rule tightening proposal
Lawmakers have written to the US Securities and Exchange Commission (SEC) urging it not to limit state-regulated custodians in its proposed rule tightening cryptocurrency custody requirements. The SEC's proposed rule would require registered investment advisers to keep crypto with a qualified custodian, which could be a bank or broker-dealer. However, the SEC is considering narrowing the rule to only certain banks subject to federal regulation. The proposal has garnered pushback, with some arguing that excluding state-regulated institutions from becoming qualified custodians would lead to greater market concentration and adversely affect competition.
Gemini Files Motion to Dismiss SEC Lawsuit Over Earn Program
Gemini, a leading American-based crypto exchange, has filed a motion to dismiss the US Securities and Exchanges Commission (SEC) lawsuit, which centers on its Earn program. The SEC claimed that the program was an unregistered securities offering and further stated that it was investigating other securities violations. Gemini's response to SEC's action includes onboarding JFB Legal for its faceoff with the US regulator. The crypto exchange has moved to dismiss the lawsuit on two main bases: the MDALA is neither a security note nor an investment note, and even if the commission had reasonably claimed MDALA to be a security, it fails to prove that it was sold or offered to anyone.
SEC Chairman Gensler stresses need for stronger financial regulations to protect investors and contain risk
SEC Chairman Gary Gensler emphasized the importance of stronger financial regulations to protect investors and contain risk in a speech to the Investment Company Institute. He discussed the historical context of financial crises and the need for well-regulated collective investment vehicles. Gensler also addressed liquidity risks in money market funds and proposed measures to enhance risk management. He used a fable to illustrate the importance of investors cashing out before a crisis hits. Additionally, Gensler highlighted the need for continued regulation of collective investment vehicles and addressed concerns about the lack of clarity in the regulation of cryptocurrencies.
Legal Battle Between Ripple and SEC Expected to Conclude in July, Says Analyst
Legal analyst Jeremy Hogan predicts that the Ripple vs. SEC legal battle will come to a conclusion in July, based on a pattern of major rulings being issued roughly every nine weeks by Judge Torres. However, Hogan clarified that this is not a definitive forecast, but rather an observation of the current trend. Ripple CEO Brad Garlinghouse expressed optimism about the upcoming court ruling, stating that he is highly confident of seeing the verdict delivered within this year, and stressing the importance of a recent court ruling that denied the SEC's attempt to redact certain information. Garlinghouse also expressed concern that the SEC is prioritizing politics over sound policy, leading to a flight of entrepreneurs and companies to foreign jurisdictions.
