XRP climbed as high as 64 cents at one point, its highest level since May. Source
Ripple’s XRP Token Surges 96% After Partial Victory in SEC Lawsuit
Tag: SEC
Former Celsius CEO arrested in New York, SEC files lawsuit
Alex Mashinsky, the former CEO of Celsius Network, a bankrupt crypto lender, has been arrested in New York, reports on July 13 show. The arrest follows an investigation into the collapse of the crypto firm in Q3 2022. Mashinsky will be arraigned on Friday, July 14. However, people aware of the arrest reveal that the former CEO has denied any wrongdoing. Following the arrest, the United States Securities and Exchange Commission (SEC) is also suing Celsius and the former CEO for allegedly providing false information to creditors and information and…
Sale of XRP on Exchanges Not Investment Contracts, Court Rules in SEC Case Against Ripple
The institutional sale of the XRP tokens did violate federal securities laws, a court ruled as it granted a motion for summary judgment in part on Thursday. Source
Ripple wins case against SEC as judge rules XRP is not a security
Ripple Labs scored a victory in the United States District Court in the Southern District of New York on July 13 as Judge Analisa Torres ruled in favor of the company in a case brought forth by the Securities and Exchange Commission dating back to 2020. According to documents filed on July 13, Judge Torres has granted summary judgement in favor of Ripple Labs allowing that the XRP (XRP) token is not a security. The SEC lawsuit sought to compel Ripple to stop offering its XRP token under the premise that…
US SEC files lawsuit against Celsius and Alex Mashinsky: Report
The United States’ Securities and Exchange Commission (SEC) is reportedly taking action against Celsius Network, one of the cryptocurrency lending firms that collapsed in 2022. The securities regulator filed a lawsuit against Celsius’ former CEO Alex Mashinsky on July 13, according to a report by Bloomberg. Details of the complaint weren’t immediately available, the report said. The same report suggested that Mashinsky was also arrested on Thursday morning, following a probe into the company’s collapse. The report cited anonymous sources familiar with the matter. The action comes shortly after the…
Celsius Network’s Alex Mashinsky Is Arrested as SEC, CFTC, FTC Sue Bankrupt Crypto Lender
“Mashinsky portrayed Celsius as a modern-day bank, where customers could safely deposit crypto assets and earn interest. In truth, however, Mashinsky operated Celsius asa risky investment fund, taking in customer money under false and misleading pretenses,” the indictment said, adding that Mashinsky misled investors about loans being collateralized, counterparties defaulting and regulatory scrutiny. Source
Coinbase Lawyers Argue Biden Student Loans Ruling Aids Defense Against SEC
Asserting powers over the $1 trillion crypto industry is of major significance, just like canceling student debt, the exchange’s lawyers argue. Source
Bitcoin ETF would be the ‘seal of approval’ from SEC: Mike Novogratz
The approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) would equate to a “seal of approval” for Bitcoin from the United States government and its securities regulator, says Mike Novogratz. In a July 12 interview with Bloomberg TV the founder of crypto investment firm Galaxy Digital spoke about the multiple spot Bitcoin ETF filings before the Securities and Exchange Commission (SEC), including one from the $10 trillion asset manager BlackRock. “What I do think is BlackRock, Invesco [and] the group of ETF providers is a real signal that adoption…
Blockchain Association calls for investigation into Prometheum over alleged ‘sweetheart’ SEC deal
The United States-based crypto advocacy group Blockchain Association has submitted a letter to the Securities and Exchange Commission’s (SEC) Office of Inspector General calling for an investigation into crypto firm Prometheum. In a July 12 letter, the Blockchain Association requested SEC inspector general Deborah Jeffrey look into the Financial Industry Regulatory Authority’s approval of Prometheum’s special purpose broker-dealer license (SPBD). The group also raised concerns about the means by which co-CEO Aaron Kaplan secured a seat testifying before the U.S. House Financial Services Committee in June. The advocacy group said the…
Coinbase Goes to Court Against the SEC
“Like all securities, an economic arrangement can qualify as an investment contract only if it involves an ongoing business enterprise whose management owes enforceable obligations to investors. Absent such obligations, the contract is just an asset sale,” Coinbase argued. “Because no such obligations are carried in the transactions over Coinbase’s secondary market exchange, and because the value that Coinbase purchasers receive through these transactions inheres in the things bought and traded rather than in the businesses that generated them, the transactions are not securities transactions.” Source