SEC reportedly deliberates on appeal following recent reports that Ripple (XRP) has asked the court for a stay order. While former SEC lawyers are certain that the Commission could file an appeal, a pro-XRP lawyer believes the decision could go either way. According to Whale Alert data, a whopping 100 million XRP ($54 million) was…
David Schwartz, Ripple’s CTO, has recently criticized the Federal Reserve for imposing sanctions on United Texas Bank. Schwartz voiced his opposition to the central bank’s decision, stating that this is an unjust way to deal with situations relating to crypto companies. He made these remarks amid mounting pressure on the cryptocurrency industry from the U.S….
September 5, 2024 at 10:09 PM GST 2 mins read News Ripple may retain the legal victory until 2026 which may offer some certainty for the organization and its clients. The potential appeal of the SEC is considered less dangerous, and Ripple currently has a court decision to shield it. Future federal legislation can also…
Former 2024 US Republican presidential candidate Vivek Ramaswamy has voiced strong concerns about the current state of crypto regulations in the country. He criticized the “regulation by enforcement” approach, arguing that it creates ambiguity and uncertainty for crypto firms. There is a need for clear and consistent policies to support the growing digital asset industry,…
XRP, Ripple’s digital asset, is still a hot topic in crypto. A possible SEC appeal has raised questions about XRP’s investment security. But XRP holders may have less to worry about than they think. Also Read: Investors Should Opt For Gold As FED Cut Looms Over: Goldman Sachs Understanding Ripple’s SEC Appeal and Its Impact…
Robinhood’s crypto division has agreed to pay a $3.9 million fine, settling a California investigation into its past practices, according to a Sept. 5 statement. California Attorney General Rob Bonta said the settlement was secured after Robinhood Crypto prevented users from withdrawing their digital assets from 2018 to 2022. The company also failed to disclose…
Robinhood settles with California’s Department of Justice with $3.9M for accusations between 2018 and 2022. Rob Bonta, Californian Attorney General accused Robinhood of breaching state commodities law. Robinhood Crypto LLC, a subsidiary of Robinhood Markets, has reached a $3.9M settlement with California’s Justice Department. The settlement follows allegations that the platform prevented customers from crypto…
Ripple has requested a stay on the monetary portion of a recent judgment requiring the company to pay $125 million to the US Securities and Exchange Commission (SEC). This request was made in a Sept. 4 filing in the US District Court for the Southern District of New York. According to the filing, Ripple’s legal…
TL;DR Ripple requested a delay in paying a $125 million fine, with the SEC agreeing to the proposed terms, leading to speculation about a possible appeal. The legal developments have had minimal impact on XRP’s price, which keeps trading at around $0.55. The Latest Update The legal battle between Ripple and the US Securities and…
Ripple and the SEC seek a stay on the $125M judgment, signaling preparation for potential appeals in the XRP lawsuit. Despite legal tensions, XRP’s price remains stable, with strong trading volumes reflecting market resilience. Following a recent update on the XRP lawsuit breakthrough, where CNF highlighted that Ripple eyes a major victory as the SEC…
The U.S. Securities and Exchange Commission has levied another set of charges against Galois Capital – a crypto-focused advisory firm that custodied client assets at FTX. For its actions, Galois agreed to pay a civil penalty of $225,000, which will be distributed to harmed investors of the fund. Charged For Losing Money In FTX Per…
September 4, 2024 at 02:30 AM GST updated: September 4, 2024 at 02:16 AM 2 mins read News Galois Capital settles with SEC, pays $225K for Custody Rule violations. SEC enforcement follows Galois Capital’s 50% asset loss post-FTX collapse. Galois misled investors on redemption terms, impacting asset withdrawals. Galois Capital Management, an investment advising firm…
The SEC has charged investment adviser Galois Capital with crypto custody violations, including holding of investor assets on FTX. Galois Capital has settled with the regulator and will pay $225,000 in civil penalty. The US Securities and Exchange Commission has charged Florida-based investment adviser Galois Capital Management LLC over the company’s failure to properly custody…
The U.S. Securities and Exchange Commission (SEC) has slapped Galois Capital Management LLC with a $225,000 fine for falling short of the Custody Rule laid out in the Investment Advisers Act. The crypto-centric hedge fund and advisory firm was also accused of misleading investors about the redemption process. SEC Charges Galois Capital According to the…
The Chief Legal Officer at Ripple Stuart Alderoty has publicly criticized the U.S. Securities and Exchange Commission (SEC) over its use of the phrase “crypto asset security.” In a post published on his official X account, the lawyer argued that the term is a made-up concept that has no legitimate grounding. Lawyer, Court, Call Out…
contributor Posted: September 3, 2024 The US Securities and Exchanges Commission (SEC) has launched an attack at yet another crypto related firm. And, won its case before even reaching the courts. Interestingly, this time around, the commission did not attack the firm over securities law breach but for “custody failures”. The firm that faced the…
SEC commissioner calls for tailored S-1 forms for digital assets. Current S-1 form may not fit unique digital asset requirements. Mark T. Uyeda, a commissioner at the U.S. Securities and Exchange Commission (SEC), has called for a specialized S-1 registration form tailored to digital asset securities. Speaking during a fireside chat at the Korea Blockchain…
Ripple’s CLO criticized the U.S.SEC for the repeated use of the term “crypto asset security”. Alderoty challenged SEC’s Wells Notice to the Open Sea threatening a legal action. Ripple’s Chief Legal Officer, Stuart Alderoty, has openly criticized the U.S. Securities and Exchange Commission (SEC) for its repeated use of the term “crypto asset security”. Alderoty…
The U.S. Securities and Exchange Commission (SEC) has raised concerns regarding FTX’s proposed bankruptcy restructuring plan, despite receiving significant support from creditors. The SEC may raise objections to the ratification of the proposal unless certain adjustments are implemented, which represents a substantial obstacle for the ailing cryptocurrency exchange. Additionally, the SEC has demanded the removal…
Stuart Alderoty, The CLO of Ripple has recently tried to challenge the concept of using the term “crypto asset security. ” He claims that it is an invented term that has no legal ground. This comes in the middle of litigation battles between Ripple and the authorities over the same issue. Regulators have used the…
September 3, 2024 at 10:44 AM GST 2 mins read News The SEC reserves the right to challenge the legality of FTX’s plan to repay creditors using stablecoins. FTX’s repayment plan involves compensating creditors with $14.5B-$16.3B by May 2024, raising SEC concerns. The SEC’s scrutiny of FTX’s use of stablecoins highlights regulatory uncertainties that may…
Coinbase’s chief legal officer has criticized the U.S. Securities and Exchange Commission (SEC) for its ambiguous position regarding FTX’s proposal to repay creditors using stablecoins or other cryptocurrencies. Although the SEC did not explicitly deem these transactions illegal, it retained the right to contest them, leading to frustration within the crypto community. This uncertainty has…
The U.S. Securities and Exchange Commission (SEC) has raised concerns over FTX’s plan to pay back claims using its “crypto asset securities.” The SEC’s Senior Trial Counsel, Therese Scheuer, has reserved the right to challenge these transactions under federal securities laws. FTX’s Crypto Repayment Plan Faces Potential SEC Challenge The FTX bankruptcy saga is moving…
The SEC has issued a warning about FTX’s plans to use stablecoins and other crypto assets for creditor repayments. FTX’s bankruptcy costs have surpassed $800 million, showing the heavy financial toll. After the U.S. court’s order for FTX to pay $12.7 billion and repay creditors, the exchange is facing new challenges in its repayment efforts….
The US Securities and Exchange Commission (SEC) has warned FTX exchange about its strategy for repaying creditors, suggesting a possible objection to using stablecoins or other crypto assets. The SEC’s filing to the Delaware Bankruptcy Court highlights issues with FTX’s proposed use of stablecoins, particularly if they involve cryptocurrency assets. The agency has reserved the…
The US SEC has expressed discomfort with FTX’s strategy of paying creditors via fiat currencies such as Bitcoin and Ether. The SEC is especially concerned that such assets might fall under the definition of ‘security’ according to federal law. It anticipates that in such a case, FTX would have to meet rather rigorous legal standards…
TL;DR The Ripple v. SEC legal battle may be nearing a resolution after a court ordered the company to pay a $125 million fine, significantly less than what the regulator initially sought. Speculation of a settlement persists, but no official confirmation has been made. XRP’s price keeps underperforming amid broader market declines. The Next Big…
The U.S. Securities and Exchange Commission (SEC) has brought charges against two brothers for running a $60 million Ponzi scheme. Notably, the complaint was filed on August 26 in the United States District Court for the Northern District of Georgia in Atlanta. SEC Freezes Assets in Scam According to the regulator’s filing, Jonathan Adam and…
A lot can change in the cryptocurrency markets within the span of the week. This is what happened to bitcoin and most altcoins since last Friday when BTC soared from around $60,000 to over $64,000 on Saturday after the bullish developments on US soil. Namely, Fed Chair Jerome Powell hinted at incoming interest rate cuts,…
August 30, 2024 at 03:45 AM GST updated: August 30, 2024 at 12:03 AM 2 mins read News Ripple CLO cites 1976 SEC ruling to defend NFTs as non-securities in the OpenSea case. OpenSea receives Wells Notice from SEC, signaling possible securities classification for NFTs. SEC criticized for ‘regulation by enforcement,’ impacting innovation in digital…
TL;DR Ripple was ordered to pay a $125 million fine, significantly lower than the US SEC’s initial demand, with both parties able to contend until early October. Lawyer Bill Morgan now sees a reduced chance (45%-55%) of an appeal form the Commision, based on recent case developments and favorable views on Judge Torres’ ruling. The…
The United States Securities and Exchange Commission (SEC) has continued to go after crypto projects even after losing several battles against top web3 firms including Ripple Labs, on Thursday, the US SEC sent a Wells notice to the leading NFT marketplace, OpenSea, regarding its business operations against the set securities laws. The US SEC highlighted…
The fact that OpenSea, one of the biggest non-fungible token (NFT) market players, has received a Wells Notice, has caused a major stir. The action of the SEC can be seen to mean that the regulatory body is unlikely to take a lenient stance on NFTs going forward, though some insiders believe that the SEC…
August 29, 2024 at 04:58 AM GST updated: August 29, 2024 at 04:56 AM 2 mins read News The legal battle of OpenSea with the SEC raises questions regarding the status of NFTs as securities, which may concern many artists and creators. Responding to the SEC’s action to regulate NFTs is likely to stifle the…
Former U.S. President Donald Trump has released a fourth series of non-fungible token (NFT) digital trading cards. The collection includes 50 unique cards, featuring images such as Trump holding bitcoin. Collectors may receive a physical trading card containing a piece of a suit worn during the presidential debate with Joe Biden and could be invited…
The U.S. Securities and Exchange Commission (SEC) has issued a Wells notice to Opensea, signaling potential enforcement action against the NFT marketplace. Opensea’s CEO criticized the SEC’s move, claiming it could negatively impact innovation and creators’ livelihoods. The platform is prepared to contest the action and has committed $5 million to support NFT creators facing…
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In a shocking development, the US Securities and Exchange Commission (SEC) has issued a Wells Notice to the NFT platform OpenSea. Indeed, the notice assures that the agency intends to sue the marketplace while calling non-fungible tokens on the platform securities. In a post to X (formerly Twitter), OpenSea noted they were “shocked that the…
The US Securities and Exchange Commission has issued a Wells Notice to OpenSea, the largest NFT marketplace. OpenSea co-founder Devin Finzer says the NFT platform will fight the SEC’s lawsuit OpenSea said in a blog post on Aug. 28 that the SEC’s Wells Notice indicates the regulator – widely criticised for is regulation by enforcement…
OpenSea CEO Devin Finzer announced that the firm received a Wells Notice from the US Securities and Exchange Commission (SEC) because the regulator considers the NFTs on its platform securities. In an Aug. 28 statement on X, Finzer expressed surprise at the SEC’s broad action against creators and artists. He stated: “We’re shocked the SEC…
The US Securities and Exchange Commission has made it its mission to target various cryptocurrency platforms, albeit with questionable success so far. Next on the list is the NFT platform OpenSea, whose CEO went on to X to express the team’s disappointment in the regulator’s move. Devin Finzer, OpenSea’s chief exec, tweeted that the company…
OpenSea has received a Wells Notice from the SEC as the commission believes NFTs to be securities The platform’s head has claimed that it would oppose this claim and has pledged millions to cover artists legal costs OpeanSea, a leading NFT marketplace, seems to have drawn the attention of the US Securities and Exchanges Commission…
The U.S. Securities and Exchange Commission (SEC) has frozen the assets of Jonathan and Tanner Adam, alleging they ran a $60 million Ponzi scheme under the guise of a crypto trading bot. Over 80 investors were defrauded by promises of high returns, while the funds were allegedly used for personal luxuries. The SEC seeks injunctions,…
Nasdaq has filed with the U.S. Securities and Exchange Commission (SEC) to list and trade Bitcoin Index Options. The company aims to provide new tools for institutional and retail investors to manage cryptocurrency investments. The options, pending regulatory approval, will offer European-style exercise and cash settlement features. Nasdaq Seeks to Launch Bitcoin Index Options Nasdaq…
The Securities and Exchange Commission filed charges against Jonathan Adam and Tanner Adam over a $60 million Ponzi scheme. SEC says it received emergecy relief to freeze the brothers’ assets The US Securities and Exchange Commission announced it charged two brothers over a $60 million Ponzi scheme that impacted more than 80 investors in the…
August 27, 2024 at 08:40 PM GST updated: August 27, 2024 at 08:19 PM 2 mins read News Nasdaq seeks SEC approval to launch Bitcoin index options, potentially filling a crucial liquidity gap for institutional investors. Nasdaq’s Bitcoin index options are based on the CME CF Bitcoin Real-Time Index, tracking futures and options on the…
The SEC accuses Jonathan and Tanner Adam of a $61.5 million crypto lending fraud, misleading over 80 investors. According to the SEC, the trading bot promoted by the Adam brothers was found to be entirely fictitious. The funds were allegedly diverted to personal luxury projects, including a $30M condo and a $1.8M Texas home. The…
🚀 Stay Ahead with AltcoinDaily.co! 🌐 The United States Securities and Exchange Commission (SEC) has charged two brothers, Jonathan and Tanner Adam, for allegedly orchestrating a $60 million Ponzi scheme that promised investors extraordinary returns through a crypto trading bot that never existed. The SEC’s complaint, filed on August 26 in the U.S. District Court…
According to an August 26 statement, Abra, operating as Plutus Lending, has agreed to pay undisclosed civil penalties. The U.S. SEC has filed a lawsuit against a crypto asset platform for failing to register its Earn product. Abra, a crypto asset platform operated by Plutus Lending LLC, allegedly leveraged users’ funds for self-benefit, the SEC’s…
Abra Earn, the crypto firm’s lending product, is at the heart of the agency’s complaint. The cryptocurrency company allegedly began providing this service in July 2020. The newest crackdown by the US SEC involves charges against the crypto business Abra for providing consumers with unregistered digital asset services. According to a recent press statement from…