Expert Claims Selling XRP Before SEC Lawsuit Ends is the Worst Possible Move
Edoardo Farina, CEO of Alpha Lions Academy and Head of Social Adoption at XRP Healthcare, has advised against selling XRP before the conclusion of the ongoing lawsuit between the US SEC and Ripple, stating that it would be the most ill-advised decision for any investor to make. Many in the XRP community believe that the ongoing lawsuit has hindered the asset's potential and that XRP has the potential to experience a significant surge in value once the legal case comes to a favorable resolution. BitBoy, a prominent figure in the crypto space, named XRP as his top altcoin pick for the next bull run, stating that the asset's potential has been constrained by the ongoing legal case. XRP recently achieved new highs during its latest rally, which was partly driven by heightened demand stemming from speculations that the SEC lawsuit was approaching its conclusion.
XRP Community Celebrates As It Gets Major Support Against the SEC
Coinbase has filed a lawsuit against the SEC in the US Circuit Court, seeking to compel the securities regulatory agency to respond to a rulemaking petition filed last July, asking for regulatory guidance for the crypto industry. The move has been celebrated by members of the XRP community, with supporters of the cryptocurrency taking to Twitter to back Coinbase's decision to pressure the SEC via the lawsuit. However, some critics, such as CryptoBull, have called out Coinbase for de-listing XRP and not supporting Ripple in its legal battle against the SEC. Nevertheless, attorney Jeremy Hogan believes that many XRP supporters no longer consider Coinbase an enemy.
Coinbase CEO Launches “Stand With Crypto” NFT
Coinbase, the largest crypto exchange in the US, filed a lawsuit against the Securities and Exchange Commission (SEC) on Monday, seeking regulatory clarity. The lawsuit comes after the SEC threatened to sue Coinbase over its proposed Lend program, which would allow customers to earn interest on their crypto holdings. Coinbase argues that the SEC has failed to provide clear guidance on the regulatory status of crypto assets and that the agency's actions are "unlawful and unfair." In response to the lawsuit, Coinbase CEO Brian Armstrong minted an NFT and called on the crypto community to "Stand With Crypto" in the fight for regulatory clarity. (coingape)
More Delay In Ripple Lawsuit Judgement? This Could Be The Reason
The recent grilling of US Securities and Exchange Commission (SEC) Chair Gary Gensler before the House Financial Services Committee has been seen as a positive move for the crypto market. The criticism Gensler faced during the hearing could validate the long-standing demand for regulatory clarity in the crypto space. Lawmakers questioned the status quo and sought Gensler's opinion on the legal framework behind crypto assets. The need for an immediate resolution to regulatory issues surrounding cryptocurrency trade in the US was also expressed. However, it remains to be seen if such hearings will further delay the outcome from legal routes in crypto-related lawsuits, such as the Ripple vs SEC case. Experts predict that the Summary Judgement could be out any time before May 6, 2022, but the impact of the recent Congressional hearing on court rulings cannot be ruled out. (coingape)
Coinbase Files Action Against SEC Seeking Clarity on Crypto Regulations
On April 24, Coinbase filed legal action against the U.S. Securities and Exchange Commission (SEC) to compel the regulator to respond to its earlier rulemaking request. Coinbase suggested that the SEC has likely decided to reject its request but has not made any public statement on the issue. The filing is indirectly related to a Wells notice that Coinbase received from the SEC in March, indicating that the SEC could soon file charges against Coinbase. Coinbase plans to fight the SEC in court if it decides to advance. Coinbase CEO Brian Armstrong and his staff met with the SEC and Members of Congress to discuss regulatory issues, including SEC overreach. Coinbase is one of several crypto firms recently targeted by the SEC, and House Republicans have criticized SEC chair Gary Gensler for the regulator's harsh treatment of the cryptocurrency industry. (cryptoslate)
Crypto Native Payroll Processor Rise Works Closes Seed Round Led by Sino Global Capital and Polymorphic Capital
Crypto-native payroll processor Rise Works has closed its seed round, co-led by Sino Global Capital and Polymorphic Capital, and featuring investors such as Draper Associates and Hashkey Capital. Rise Works offers a "web3-enabled payroll & compliance solution" for decentralized organizations, including crypto staking specialist Lido.
Terra's Do Kwon Wants SEC Charges Dismissed, Court Filings Show
Lawyers for Do Kwon, founder of collapsed crypto issuer Terraform Labs, have requested a U.S. court to dismiss charges brought against him by the Securities and Exchange Commission (SEC) partly for lack of jurisdiction. The SEC charged Kwon with securities fraud after his arrest in Montenegro for attempting to travel with falsified documents. In the civil action brought against Kwon, the regulator failed to prove "personal jurisdiction" as products referenced by the SEC were "available to the world and not directed at U.S. persons," and a digital asset involved in the case, the stablecoin UST, does not fall under the purview of the SEC as it is a currency and not a security. Kwon still faces criminal fraud charges by the U.S. prosecutors as well as charges of capital markets law violations in South Korea.
Ex SEC Chief Warns Of More Crypto Lawsuits Ahead
Former Chief of the US SEC's Office of Internet Enforcement, John Reed Stark, has warned that the crypto industry is likely to face continuing enforcement actions from the SEC. He stated that the commission will not stand idle while investors are at risk and that the industry is in the midst of a regulatory onslaught. Stark compared the enforced rules to seatbelt laws and highlighted that sometimes investors need protection from themselves. The SEC has already launched enforcement actions against top crypto firms such as Genesis and exchanges like Kraken and Gemini. The commission has also sent a "Wells Notice" to the US's biggest crypto exchange, Coinbase.
Cointime News Wrapup-Afternoon: Gemini, Coinbase Among Bidders for Celsius Network's Assets in Upcoming Auction
Crypto exchanges Gemini and Coinbase are among the bidders for bankrupt crypto lender Celsius Network's assets in an auction scheduled for April 25 in New York. Two consortiums, Fahrenheit and the Blockchain Recovery Investment Committee, are also participating in the bids.
SEC Wins $2.8M in Suit Over Alleged Crypto Token Price Manipulation
The Securities and Exchange Commission (SEC) has won a seven-month-long lawsuit against Hydrogen Technology Corporation and its former CEO, Michael Ross Kane, who allegedly manipulated the price of cryptocurrencies. The New York District Court Judge ordered Hydrogen and Kane to pay $2.8m in remedies and civil penalties. The SEC had accused Kane of manipulating the volume and price of its ERC-20 token Hydro via Hydrogen’s market maker Moonwalkers Trading Limited. The SEC claimed Kane and Moonwalkers CEO Tyler Ostern worked "to create the false appearance of robust market activity." Kane and the firm are now bound by the settlement's conditions, which bars them from disputing the charges. (Cointelegraph)
