Tag: SEC

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…

SEC wins default judgment against Thor Technologies and founder

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Thor Technologies and its founder and former CEO, David Chin, have faced a legal setback in an ongoing dispute with the United States Securities and Exchange Commission (SEC) over the unapproved sale of $2.6 million in crypto asset securities. On Oct. 19, the SEC announced its victory after a de­fault judgment was issued against Chin and Thor by the U.S. District Court for the Northern District of California, San Francisco, on Wednesday, Oct.18. A default judgment is a legal ruling issued by a court when one party in a lawsuit…

Community reacts to SEC dropping XRP case and LBRY shutdown

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Ripple’s new win in the legal battle against the United States securities regulators has been marred for crypto enthusiasts by news of the blockchain platform LBRY shutting down operations, which has triggered the community to react. The U.S. Securities and Exchange Commission (SEC) announced its intention to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen on Oct. 19. The event marked a significant legal win for Ripple in the civil case filed by the SEC in late 2020. On the same day, LBRY, a major…

LBRY Bids Farewell, Shutting Down after Losing SEC Case

LBRY announced that all of its executives, staff members, and board directors had resigned. According to LBRY’s statement, the company will now focus on addressing any remaining legal obligations before completely ceasing operations. Cryptocurrency firm LBRY has announced that it will cease operations and shut down following a legal battle with the Securities and Exchange Commission (SEC). LBRY was sued by the SEC in 2021 for allegedly conducting an unregistered securities offering by selling its LBRY Credits (LBC) cryptocurrency. The final ruling was in SEC’s favor as a US judge…