Tag: Ripple

Ripple applies for crypto license in the United Kingdom

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Payment protocol Ripple has recently applied for a registration as a crypto asset firm with the United Kingdom’s Financial Conduct Authority (FCA), a spokesperson for the firm told Cointelegraph. The company is also seeking a payments license in Ireland as part of its massive investment in the region. The registration was submitted after Ripple’s partial win against the United States Securities and Exchange Commission over the classification of its XRP (XRP) token as a security. The decision, viewed as a win by Ripple and the broader crypto community, considered the…

US SEC faults judge, hints at appealing Ripple ruling

The U.S. Securities and Exchange Commission (SEC) has hinted at the possibility of appealing the July 13 ruling in its lawsuit against Ripple Labs. According to the SEC, the ruling goes against existing securities laws and principles, notably the Howey Test, which determines whether an investment contract classification is appropriate. The regulator also confirmed that it was “considering various avenues for further review,” suggesting it would not quickly give up on the case. BREAKING: “SEC Says XRP Ruling Was Wrong, Signals It Will Appeal” Two things: 1. This magnifies how corruptly stubborn of an…

SEC hints at potential appeal to XRP ruling from Ripple Labs lawsuit

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The U.S. Securities and Exchange Commission has suggested that it may appeal a recent ruling on the Ripple Labs lawsuit, which deemed XRP to not be a security when sold to retail investors. The SEC argues that the ruling goes against “fundamental securities laws principles” such as the Howey Test, which determines what falls under the category of an investment contract or not. Do we really want a judge to ask herself: Does my strict application of the Howey test in this case result in an outcome in 2023 that…

Binance slashes costs, Ripple ready for US banks and crypto VCs return

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The crackdown on crypto firms by the United States Securities and Exchange Commission (SEC) appears to have severely affected Binance’s business. During the past few weeks, the crypto exchange reportedly fired over 1,000 employees and slashed some benefits.  According to Binance, the “current market environment and regulatory climate” have caused a decline in profits, suggesting more cuts may be in the works. A spokesperson told Cointelegraph the firm would consider scaling back on “certain products, business units, staff benefits and policies” in response to business and regulatory concerns. Binance has…

No impact from Ripple ruling? SEC chair cites risks from crypto in budget request

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United States Securities and Exchange Commission (SEC) Chair Gary Gensler has called for “new tools, expertise, and resources” aimed at addressing misconduct in the crypto space in the regulator’s 2024 budget request. In prepared testimony for a July 19 hearing of the Subcommittee on Financial Services and General Government with the U.S. Senate Appropriations Committee, Gensler said he supported the Biden administration’s request allocating more than $2.4 billion to the SEC for the 2024 fiscal year. The SEC chair cited the “Wild West of the crypto markets” that was “rife…

XRP Blockchain Still Faces Centralization Caveats as Ripple Regulatory Threat Recedes

“You can’t just come in with a billion dollars and say, ‘I have enough for 1,000 Ethereum validators, I’m gonna run them all; I just bought my way into owning part of Ethereum consensus,’ or ‘I’m gonna buy a bunch of mining hardware, and I have more money than you, so I can get a larger share of Bitcoin protocol consensus than you can,’” explained Red Sheehan, a research analyst at Messari who writes regular reports on XRPL commissioned by Ripple Labs. “That’s just not possible with Proof of Association.”…

SEC vs. Ripple: Huge win for crypto

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In the latest episode of The Market Report, Cointelegraph analyst and writer Marcel Pechman discusses Ripple’s partial victory against the Securities and Exchange Commission and its impact on the crypto market. Although people traded based on emotion after headlines popped out, the next day, as investors could process what happened, the altcoins gave away half of the gains. On July 13, the United States District Court for the Southern District of New York ruled that Ripple’s XRP (XRP) token is not a security — but only for programmatic sales on…

US lawmaker calls on SEC chair to reassess stance on crypto following Ripple ruling

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New York Rep. Ritchie Torres has called on United States Securities and Exchange Commission (SEC) Chair Gary Gensler to reconsider the regulator’s position on crypto following a “dreadful day in court.” In a July 18 letter to Gensler, Torres requested the SEC limit its enforcement cases to “bonafide bad actors” rather than “indiscriminately” treating the majority of crypto assets as securities under its purview. The lawmaker’s letter followed a court ruling in the SEC’s case against blockchain firm Ripple that suggested that the XRP (XRP) token was largely not a…

Ripple (XRP) Court Ruling Unlikely to Impact Celsius Wind-Up, Crypto Lender’s Counsel Says

The XRP ruling could impact creditor repayments for holdings of Celsius’ token CEL, given U.S. bankruptcy rules which apply a mandatory downgrade to customer claims relating to securities. The estate has previously judged the token’s worth at $0.20, but it could also fall to zero, Koenig said, while some creditors have argued it should be valued at $0.81, its apparent price at the time of bankruptcy in July 2022. Source