Ripple Expands into Dubai Despite Ongoing SEC Battle
Despite its ongoing battle with the Securities and Exchange Commission (SEC), Ripple is expanding into Dubai. CEO Brad Garlinghouse announced the move during the Dubai Fintech Summit, citing recent regulatory developments and the region's consumer base as reasons for the expansion. Ripple will open a new office in the Dubai International Financial Centre and host its annual customer conference in the UAE capital in November. Dubai's Virtual Assets Regulatory Authority has published a rulebook for regulating the crypto industry, with companies required to obtain a mandatory license.
US Chamber of Commerce Criticizes SEC's Regulatory Approach to Crypto Industry in Court Filing
The U.S. Chamber of Commerce has criticized the Securities and Exchange Commission's (SEC) regulatory approach towards digital assets, siding with Coinbase and the crypto industry. The Chamber argued that the SEC's lack of a regulatory system for the industry subverts due process and inhibits growth. It also highlighted the SEC's inability to classify digital assets, citing Ethereum as an example. The Chamber concluded that digital assets are in need of rulemaking and the SEC's approach violates Constitutional Due Process and Fair Notice Rights.
Democratic Party Members Instructed to Back Crypto Regulation Position in Leaked Memo Ahead of U.S. House Committee Hearings
Ahead of the May 10 hearings, Democratic Party members of the U.S. House Committee on Financial Services were given a memo instructing them to support the party's stance on crypto regulation. The leaked memo highlighted six key messages that Democrats on the committee were expected to reiterate during the hearings. These messages included accusations that Republicans on the committee are not interested in protecting investors and consumers, and that they are seeking to undermine the SEC's authority. The memo also urged the SEC to continue leading the regulation of the U.S. crypto market, and called on Congress to provide the regulator with the necessary resources.
XRP Community Member Claims SEC's Problems Stemmed from Attack on XRP Community
Prominent member of the XRP community, TipsyTiger, has claimed that the SEC's problems began after attacking the XRP community. TipsyTiger believes that the XRP community deserves recognition for exposing the SEC's hypocrisy and ethics violations. The comments were made in response to Rep. Warren Davidson's recent tweet calling for reforms for the SEC. TipsyTiger also asserts that the XRP community provided more evidence to back up claims against the SEC than any other community.
Finance experts predict XRP price by end of 2023 amidst ongoing legal battle with SEC
The ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) regarding the sale of XRP tokens is expected to be resolved in 2023. The outcome of this case is significant for both Ripple and XRP investors, as a negative ruling could result in XRP being classified as a security, leading to regulatory scrutiny and potentially affecting its price.
Ripple's General Counsel Stuart Alderoty Continues to Criticize SEC Chairman Gary Gensler's Regulatory Efforts in the Crypto Industry
Stuart Alderoty, the General Counsel at Ripple Labs, has once again criticized Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC), in a tweet. Alderoty believes that Gensler views the judicial process as a weapon and sees Congressional oversight as a game of hide and seek. He also thinks that Gensler is no longer just a cryptocurrency problem, but a "We The People" problem.
Marathon Digital served with additional SEC subpoena over alleged securities law violations related to Montana mining facility
Marathon Digital, a Bitcoin mining company, has received an additional subpoena from the US Securities and Exchange Commission (SEC) over alleged violations of securities laws. The subpoena is related to the construction of a mining facility in Hardin, Montana in 2020, which was funded by the issuance of 6 million new shares. The SEC is now requesting more information about these transactions. Marathon Digital has confirmed that they are cooperating with the SEC's investigation. This news comes after the company announced plans to build the largest-ever Bitcoin mining data center in the Middle East through a joint venture with Zero Two.
SEC Commissioner suggests Europe's crypto regulation as a model for the US
Hester Peirce, the Republican leader at the US Securities and Exchange Commission, has suggested that Europe's cryptocurrency regulations could serve as a model for the US. Speaking at a Financial Times event, Peirce praised the Markets in Crypto Assets law (MiCA), which was passed by EU lawmakers in April. The law aims to ensure that crypto transfers can always be traced and suspicious transactions can be blocked. Peirce also expressed her lack of optimism about the current regulatory system in the US, but noted that Congress is "working on some things."
Kraken's Chief Legal Officer Says Legal Doctrine Could Undermine SEC's Authority in Crypto Industry
Kraken's chief legal officer, Marco Santori, believes that the major questions doctrine, a point of U.S. administrative law, could undermine the U.S. Securities and Exchange Commission's (SEC) authority. This doctrine suggests that federal agencies should not engage on points of major economic significance before Congress. Santori thinks this doctrine is especially relevant as lawmakers begin work on crypto oversight. He was heartened that most lawmakers from both parties seemed to think legislation was in order for crypto oversight, though he acknowledged that the uncertainty of the Senate's view leaves some question about its potential.
Crypto Venture Capital Firm Paradigm Buys $50M Worth of Coinbase Shares Amid SEC Battle
Crypto venture capital firm Paradigm has purchased additional shares in Coinbase worth approximately $50 million, according to a regulatory filing. The firm's entity, Paradigm One LP, bought 810,000 Coinbase shares at an average price of $61 on Tuesday and Wednesday. Paradigm is investing further into the company amid Coinbase's ongoing battle with the Securities and Exchange Commission, and has filed an amicus brief in support of Coinbase's lawsuit against the SEC. Despite a decline in stock prices since 2021, Coinbase reported earnings that exceeded analyst expectations for the first quarter of 2023.
