Tag: SEC

US SEC may appeal XRP ruling, Kuwait bans crypto as FTX saga unfolds| Weekly recap

This week, the United States Securities and Exchange Commission (SEC) hinted at exploring other legal avenues after Judge Torres ruled that XRP is not a security. Meanwhile, the FTX saga had some surprising revelations. Despite this, regulatory efforts remained in the spotlight amid increasing crypto adoption. SEC may appeal the XRP court’s ruling Following Ripple’s win against the SEC, lawyer Marc Fargel expressed skepticism about the court’s ruling. In his view, the ruling could question the watchdog’s arguments on secondary market trading of assets, including crypto. He predicted possible appeals from both…

SEC reviews Ripple ruling, US bill seeks control over DeFi, and…

Top Stories This Week Chair Gensler says SEC reaction to Ripple decision is mixed, still under consideration U.S. Securities and Exchange Commission Chair Gary Gensler has commented publicly about the recent ruling on the agency’s suit against Ripple, saying the SEC is “still looking at it and assessing that opinion.” Gensler declined to comment further on the case, but said the commission is pleased with the court’s decision stating that XRP was a security when sold to institutional investors, but disappointed with the non-security ruling for retail investors and other…

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…

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…

SEC Chair Gary Gensler Cites ‘Wild West’ of Crypto in Case to Increase Agency’s Budget

The SEC employed 4,685 people in 2023, with roughly half focusing on enforcement and examinations duties, according to data Gensler shared in his remarks. The additional funding would help the agency add 170 positions to its teams, in addition to providing full-year funding for staff members hired in 2023, potentially bringing the SEC’s total full-time equivalent to 5,139 employees. Source

Multiple spot crypto ETF applications go to Federal Register in step toward SEC approval

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Spot Bitcoin exchange-traded fund (ETF) applications from several firms have been published in the Federal Register, moving them one step along in the United States Securities and Exchange Commission’s (SEC) process. According to records updated July 19, the Federal Register received notices of proposed rule changes allowing Bitcoin (BTC) ETF applications from BlackRock, Fidelity, Invesco Galaxy, VanEck and WisdomTree. Publishing the applications in the official journal of the U.S. government gives the SEC a window of opportunity to accept or reject the request, extend the time allowed or open the application for…

US lawmakers propose SEC chair consider legislation, not enforcement approach to crypto

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Two members of the United States House of Representatives have added their names to a list of lawmakers criticizing Securities and Exchange Commission (SEC) chair Gary Gensler’s approach to digital asset regulation.  In a letter to Gensler dated July 19, Representatives French Hill and Dusty Johnson suggested legislation was a more effective approach to addressing regulatory issues in the digital asset space rather than the SEC’s position to “regulate by enforcement”. The two lawmakers are the respective chairs of subcommittees on Digital Assets, Financial Technology and Inclusion and Commodity Markets,…

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…