Tag: SEC

Crypto Exchange Gemini Slams SEC in New Court Brief in Lawsuit Over Earn Program

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Crypto exchange Gemini is calling out the U.S. Securities and Exchange Commission (SEC) in its lawsuit over the platform’s Earn program. In a lengthy post, Gemini lawyer Jack Baughman says that the SEC’s lawsuit targeting the protocol’s Earn program, which allowed customers to loan their digital assets to crypto firm Genesis as a means of earning interest, is “absurd” and contradictory. “The SEC is floundering. They can’t even decide what the security is. On the one hand, they claim that the loan agreement was a security. On the other hand,…

Ripple CTO clarifies on SEC appeal, highlights case complexity

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In a recent update on X (formerly Twitter), the chief technology officer of Ripple Labs, David Schwartz, brought attention to a recent development involving the United States Securities and Exchange Commission’s (SEC) appeal.  According to Schwartz, the SEC is seeking an appeal at this specific point based on its interpretation that the legal case has not yet concluded. This understanding affords involved parties the privilege to appeal after the finalization of the case. This procedural strategy is intended to enhance the legal proceedings’ efficiency and avoid continuous disruptions to the…

Ripple CTO clarifies on SEC appeal, spotlights case complexity

In a recent update on X (formerly known as Twitter), The Chief Technology Officer (CTO) of Ripple Labs, David “JoelKatz” Schwartz, brought attention to a recent development involving the U.S. Securities and Exchange Commission (SEC) appeal plea.  As per the insights shared by the CTO, the SEC is seeking an appeal at this specific point based on its interpretation that the legal case has not yet reached a conclusion. This understanding affords involved parties the privilege to appeal subsequent to the finalization of the case. This procedural strategy, intended to…

Gemini files brief in lawsuit against SEC, requests to keep it simple

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Cryptocurrency exchange Gemini has filed a reply brief as part of its effort to dismiss the lawsuit it is facing against the United States Securities and Exchange Commission (SEC). The lawsuit alleges that “Gemini Earn” – a service enabling customers to lend crypto assets like Bitcoin (BTC) to Genesis – breached securities regulations by offering unregistered securities.  According to Aug. 18 court documents, filed in the U.S District Court for the Southern District of New York, Gemini has argued that the SEC has failed to make a clear claim. “Section…

SEC seeks appeal over Ripple, crypto prices plunge, EU Bitcoin ETF

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Top Stories This Week Judge grants SEC request to file motion for appeal in Ripple case Judge Analisa Torres has granted a request from the United States Securities and Exchange Commission (SEC) to file a motion for leave to file an interlocutory appeal in its case against Ripple Labs. The decision allowed the SEC to file a motion, on Aug. 18, requesting permission to bring a case to the U.S. Court of Appeals for the Second Circuit. Ripple will also be able to file an opposition to the motion. Torres…

SEC petitions judge to certify appeal in XRP security case

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The legal back-and-forth between the U.S. Securities and Exchange Commission (SEC) and Ripple (XRP) continues. The agency filed a petition late Friday, Aug. 18, asking Judge Analisa Torres, of the U.S. District Court for the Southern District of New York, to certify an interlocutory appeal. Recall how the SEC wasn’t happy with Torres’s previous ruling that XRP wasn’t a security. The news was celebrated by the cryptocurrency community. The market responded with a rally, led by…

XRP Ruling Needs Appeals Court Review, SEC Says

“The rulings that the SEC seeks to appeal were legal determinations about the existence of investment contracts based on undisputed facts. The undisputed facts (e.g., Order at 23 (Programmatic Sales are ‘blind bid/ask transactions’)) present a legal question – can an issuer’s offers and sales on crypto asset trading platforms create a reasonable expectation of profits based on the efforts of others? This legal question is at issue in a number of pending cases, and a Second Circuit ruling will have ‘precedential value,’” the filing said. Source

XRP Pain May Not Be Over Following This Decision In The Ripple Vs SEC Case

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The United States Securities and Exchange Commission (SEC) has reopened old wounds after a federal Judge grants the regulator’s request to file a new appeal against Ripple.   Ripple And SEC Legal Battle Continues Ripple, the crypto firm behind XRP cryptocurrency, had secured a partial victory in July in its case against the SEC that had raged on for almost three years. However, the regulator has not taken this lying down as on Thursday, August 17, Judge Analisa Torres reportedly gave official approval to the SEC’s motion to file an interlocutory…

Garlinghouse asserts XRP’s position amid SEC legal tangle

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Ripple defends XRP‘s status after the SEC’s interlocutory appeal, highlighting a pivotal July 13 ruling and asserting their regulatory stance. The legal battle between Ripple and the US Securities and Exchange Commission (SEC) intensifies, with the latest developments stemming from the regulator’s recent interlocutory appeal request. On July 13, Ripple achieved partial success in a summary decision. However, unsatisfied with the verdict, the SEC is now seeking an interlocutory appeal. This type of appeal challenges a…

SEC seeks to question Terraform Labs co-founder Daniel Shin in Korea

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The United States Securities and Exchange Commission has been granted a motion to seek assistance from South Korea to question Terraform Labs co-founder Daniel Shin — as it builds its case against the firm and co-founder Do Kwon.  On Aug. 16, District Judge Jed Rakoff granted the SEC’s July 10 motion asking if it could seek to question the Terra co-founder, along with requesting documents from the Seoul-based payments provider Chai Corporation he founded. In its July filing the SEC said it wishes to question Shin on Kwon’s role at…