Tag: SEC

US SEC Approves Grayscale’s Ethereum ETF Filing

Initially submitted on October 2, 2023, the proposal aims to convert the Grayscale Ethereum Trust, the largest Ethereum investment vehicle globally, into an ETF.  In a recent turn of events, the US Securities and Exchange Commission (SEC) has approved Grayscale Investments’ application for a spot Ethereum (ETH) exchange-traded fund (ETF). Sharing the news on Tuesday, Nate Geraci, President of The ETF Store, announced on X (formerly Twitter) that the SEC has officially acknowledged the filing for the potential conversion of the Grayscale Ethereum Trust (ETHE) into an ETF. SEC has…

Bitcoin Spot ETF in US Inches Closer Following Closure of Grayscale vs SEC Case

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The US SEC is therefore expected to review Grayscale’s application to convert its GBTC to a spot Bitcoin ETF without prejudice. As the Bitcoin (BTC) price crossed a crucial resistance zone between $31k and 32k in the past 24 hours, the United States Securities and Exchange Commission (SEC) began its preparations to review for the second time the application by Grayscale Investments to convert its Grayscale Bitcoin Trust (GBTC) to a spot exchange-traded fund (ETF). On October 23, the United States Court of Appeals for the District of Columbia Circuit…

US Court issues mandate for Grayscale ruling, paving way for SEC to review spot Bitcoin ETF

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The United States Court of Appeal has issued a mandate following a decision requiring Grayscale Investments application for a spot Bitcoin exchange-traded fund to be reviewed by the Securities and Exchange Commission (SEC).  In an Oct. 23 filing in the U.S. Court of Appeals for the District of Columbia Circuit, the “formal mandate” of the court took effect, paving the way for the SEC to review its decision on Grayscale’s spot Bitcoin (BTC) exchange-traded fund, or ETF. The mandate followed the court’s initial ruling on Aug. 29 and the SEC failing…

Coinbase Poised to Make Final Court Pitch in Bid to Kill SEC Accusations Quickly

In Coinbase’s last word on its motion to get the accusations tossed before trial, a person familiar with the plan said the company will double down on familiar arguments: The SEC hasn’t demonstrated the transactions were investments contracts (and thus, securities), because it hasn’t shown any actual contracts existed, and the SEC is violating the “major questions doctrine” that basically holds that federal agencies have no business regulating novel areas that are awaiting congressional action. Source

SEC Has Just 3% Chance against Ripple if They Appeal XRP Case

Morgan asserts that XRP sales fail to meet at least two of Howey test prongs, making the SEC’s case weak. With the facts apparently not aligning with the Howey framework, he sees little room for the SEC to overturn the earlier judgment. In the ongoing Ripple versus SEC case over XRP, legal experts are assessing the chances of a successful SEC appeal after Judge Analisa Torres granted Ripple a partial win in July. The judge ruled that XRP sales on public exchanges were not unregistered securities deals. Jeremy Hogan, a…

SEC has 3% -14% chance of success in Ripple appeal, lawyers predict

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The United States Securities and Exchange Commission (SEC) has a very slim chance of winning the appeal against Ripple in the ongoing lawsuit, according to lawyer Bill Morgan, who has been closely following the lawsuit. Morgan in a post on X (formerly Twitter) argued that there is no obvious appellable error other than in “Ripple’s favour regarding ODL sales which don’t meet at least two prongs of the Howey test,” while adding there is a very slim chance of about 3% for SEC’s success in getting an appeal against Ripple.…

SEC drops charges against Ripple, crypto exchanges address Israel-Hamas war, Bitcoin crosses $30K

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This week, U.S. regulators dropped charges against Ripple’s executives; Coinbase addresses Hamas’ use of crypto; Bitcoin crosses $30,000 amid discussions surrounding spot ETFs. SEC waves the white flag This week, the U.S. Securities and Exchange Commission (SEC) dropped its charges against Ripple’s executives Brad Garlinghouse and Chris Larsen. However, court documents confirmed that this dismissal does not signify the conclusion of the SEC’s case against Ripple.  Both parties are actively engaged in negotiations to address Ripple’s alleged violations related to its Institutional Sales of XRP. They have established a deadline…

LBRY Shuts Down After Legal Battle With SEC

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LBRY Inc., a cryptocurrency platform, announced its closure due to a court failure against the Securities and Exchange Commission (SEC). The SEC charged LBRY with making an unregistered securities offering by selling its native LBC tokens. The fallout from this legal fight has prompted worries about unequal access to justice and regulatory overreach in the crypto business, which has disproportionately impacted smaller startups with minimal financial resources. LBRY Inc. reported that the company was compelled to discontinue operations because of obligations owed to the SEC, legal team, and private creditors…

XRP price gains 7.6% as SEC dismisses lawsuit against Ripple

Ripple’s price has significantly jumped, increasing by 7.6% to reach $0.517. This uptick in Ripple’s value comes from the U.S. Securities and Exchange Commission (SEC) deciding to abandon its claims against the blockchain company Ripple Labs earlier. XRP price | Source: CoinMarketCap The decision by the regulatory body has been perceived positively by the market, reflecting in the subsequent rise of Bitcoin (BTC) and altcoin prices. At press time, BTC was up 5% to $30,000, while Ethereum (ETH) grew 4.2% to $1,617. Ripple vs. SEC The SEC and Ripple have…

Crypto Lobby Group Files Amicus Brief in SEC Lawsuit Against Binance, Likens Exchange to E-Commerce Giant Amazon

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A crypto lobbying group is petitioning the courts in favor of Binance in the exchange’s lawsuit with the U.S. Securities and Exchange Commission (SEC). In an amicus briefing filed yesterday, the Chamber of Digital Commerce told the U.S. District Court of Columbia that the US, once a haven for new tech, is pushing away crypto and blockchain technology. “Now, however, one of the newest frontiers of the digital economy—the trillion-dollar blockchain economy—is conspicuously avoiding the United States, finding the regulatory environment too opaque and too hostile to conduct business here… This promising…