Tag: SEC

‘XRP is not a security. Period’ — Crypto lawyers on Ripple’s case amid SEC appeal

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As the United States Securities and Exchange Commission (SEC) seeks an interlocutory appeal in its case against Ripple Labs, lawyers working in the crypto space expressed confidence in Ripple’s case, with some underscoring that the XRP (XRP) token is not a security.  On Aug. 9, the SEC sent a letter to Judge Analisa Torres stating that it was moving to appeal the court decision, which it says warrants a fresh look by an appellate court. The SEC asked the judge to put the case on hold while the appeal is in…

SEC announces $24M settlement for case against Bittrex and its former CEO

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The United States Securities and Exchange Commission (SEC) has announced an agreement with crypto trading platform Bittrex and co-founder and former CEO William Shihara for operating an unregistered exchange. In an Aug. 10 notice, the SEC said Bittrex and Bittrex Global agreed to pay $14.4 million in disgorgement, $4 million in prejudgment interest, and $5.6 million in civil penalties to settle the legal dispute with the federal regulator. The agreement is still subject to court approval. “For years, Bittrex worked with token issuers to ‘scrub’ their online statements of any…

SEC use of Terraform ruling hints Coinbase dismissal motion attack plan

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A recent filing from the United States Securities and Exchange Commission (SEC) in its lawsuit against crypto miner Green United could shed light on how it may approach the case against Coinbase. On July 31, the SEC scored a win after District Judge Jed Rakoff denied Terraform Lab’s motion to dismiss the case, rejecting its argument that relied on the “major questions doctrine.” The same argument has been used by purported crypto miner Green United in its own motion to dismiss and has also been a centerpiece for crypto defendants…

SEC Asks Court To File Interlocutory Appeal, XRP Stable

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In a meticulously detailed letter to Judge Analisa Torres of the Southern District of New York, the US Securities and Exchange Commission (SEC) has delineated its grounds for seeking an interlocutory appeal against Ripple Labs Inc. This move, which has sent ripples (pun intended) through the XRP community, focuses on the intricate legalities surrounding Ripple’s sales and distributions of XRP. Ripple Vs. SEC: Interlocutory Appeal Incoming The SEC’s primary contention revolves around Ripple’s “programmatic” sales to XRP buyers over crypto asset trading platforms and Ripple’s “other distributions” in exchange for…

SEC Appealing XRP Ruling Isn’t Moving Markets

PayPal’s move to issue a stablecoin is putting crypto legislation back in focus in Washington, D.C. Timothy Massad, former CFTC chairman and current director of the Digital Assets Policy Project at the Harvard Kennedy School, joined the conversation. tastycrypto head Ryan Grace shared his crypto markets outlook. And, The Sandbox co-founder and COO Sebastien Borget discussed the virtual world’s latest collaboration. Source

SEC to seek interlocutory appeal in Ripple case

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The United States Securities and Exchange Commission has filed a letter of intent to request an interlocutory appeal to Judge Analisa Torres’ July 13th summary judgment in its ongoing legal battle against Ripple Labs. In an Aug. 9 letter to Judge Torres, the SEC explained it believed her decision warrants a fresh look by an appellate court. “Interlocutory review is warranted here. These two issues involve controlling questions of law on which there is substantial ground for differences of opinion as reflected by an intra-district split that has already developed,” the…

Federal judge suggests Q2 2024 trial for SEC case against Ripple execs

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The judge overseeing the civil case of the United States Securities and Exchange Commission (SEC) against Ripple Labs plans to schedule a jury trial starting in the second quarter of 2024. In an Aug. 9 filing in the U.S. District Court for the Southern District of New York, Judge Analisa Torres said the court would be moving forward with plans for a jury trial for Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen. The judge gave a deadline of Aug. 23 for prosecutors and defense lawyers to submit blackout dates…