Tag: SEC

Ripple CEO Brad Garlinghouse Reveals Legal Cost of Fighting SEC at Dubai Fintech Summit

Garlinghouse expects the Judge to issue a summary ruling on the SEC vs Ripple case before the end of this year. The SEC vs Ripple Labs lawsuit is slated to be one of the largest legal fights for blockchain and cryptocurrency development in the United States for the next decades. Already, hundreds of projects on Ethereum using the ERC-20 standard, and other Layer One blockchains that undertook initial coin offerings (ICO) in the United States are eagerly waiting for the final ruling by Manhattan District Judge Analisa Torres. From the…

Defending against SEC to cost Ripple $200M, CEO Brad Garlinghouse says

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Ripple has spent $200 million defending the case brought against it by the United States Securities Exchange Commission (SEC), according to CEO Brad Garlinghouse.  Garlinghouse dropped the figure during a fireside chat at the Dubai Fintech Summit on May 8. He stated that the U.S. is stuck compared with the regulatory progress of the United Arab Emirates virtual asset regulatory authority and the recent Markets in Crypto-Assets (MICA) bill in the European Union. He went on to share that by the time the case is decided, Ripple will have spent…

Lawyer Expects SEC to Lose if It Sues Coinbase Due to ‘Fatal Flaw’ of Gary Gensler’s Own Making – Bitcoin News

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A lawyer has explained why the U.S. Securities and Exchange Commission (SEC) will likely lose if the regulator takes crypto exchange Coinbase to court over alleged securities law violations. “The problem is entirely of Gary Gensler’s own making,” he stressed. Lawyer Expects SEC to Lose Against Coinbase in Court Lawyer James Murphy explained in a series of tweets Wednesday why he believes the U.S. Securities and Exchange Commission (SEC) will lose if it takes Coinbase to court. Murphy started law firm Murphy & McGonigle in 2010 to represent clients in…

SEC Probes First Republic Bank Executives for Insider Trading; Lawmakers Dump Bank’s Shares Before Collapse – Bitcoin News

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After the second largest bank failure in history, the U.S. Securities and Exchange Commission (SEC) is reportedly investigating First Republic Bank executives for allegedly engaging in insider trading. Two sources have claimed that the securities regulator is scrutinizing the bank’s executives for making trades using confidential information. Although the sources have not named any specific individuals under investigation, they assert that the SEC is looking into the matter. Furthermore, reports indicate that U.S. lawmakers sold shares of the troubled bank before it collapsed and was acquired by JPMorgan Chase. Securities…

SEC issues record whistleblower award of $279M

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The U.S. Securities and Exchange Commission (SEC) has issued its largest-ever whistleblower award totaling $279 million. The SEC generally issues awards ranging between 10% to 30% of collected monetary sanctions that are larger than $1 million. To receive such an award, the whistleblower needs to have provided information that directly assists the SEC in successfully imposing enforcement actions on a particular case. In a May 5 statement, the SEC noted that the $279 million awarded to the unnamed whistleblower was more than double the previous record of $114 million from…

US SEC Reverses Decision to Officially Define Digital Assets

While enforcement actions have been a focus for the US SEC in the crypto industry lately, some crypto exchanges are now making efforts to expand into other territories. The United States Securities and Exchange Commission (SEC) has taken a step backward by withdrawing from its decision to classify digital assets. The regulator achieved this by removing the first official definition of “digital asset” from its most recent household hedge withdrawal regulations. Notably, the SEC first included the definition in its 2022 plan to alter mandated disclosures for hedge funds, but…

SEC has 10 days to respond to Coinbase complaint: Legal exec

Paul Grewal, chief legal officer of Coinbase, announced on May 4 that the Third Circuit has responded to the complaint against the United States Securities and Exchange Commission (SEC) regarding the need for clear rules for trading digital crypto assets. This marks a development in the legal battle for regulatory clarity. According to Grewal, the court’s response to their complaint against the SEC was a text-only order. The court has instructed the SEC to respond to Coinbase’s writ of mandamus within ten days. A writ of mandamus is a court order…

SEC steps back from defining digital assets in new hedge fund rules

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The United States securities regulator is holding off from ratifying the definition of the term “digital assets” in rules that govern reporting disclosures for hedge and private equity funds, despite proposing to do so some nine months ago. On May 3 the Securities and Exchange Commission (SEC) published amendments to Form PF — a form that SEC-registered funds complete to disclose basic information about their fund so the regulator can assess potential “systemic risks.” The SEC originally included a digital assets definition in an August 2022 proposal for the changes.…