#Ripple has opposed the #SEC’s request to file an interlocutory appeal while addressing Judge Rakoff’s decision regarding its victory.

Read more on: https://thecryptobasic.com/2023/08/17/ripple-tackles-terra-judge-ruling-opposes-sec-appeal-on-3-grounds/

#XRP #crypto

We are disappointed that the U.S. Securities and #Exchange Commission chose to file a complaint today against #Binance seeking, among other remedies, purported emergency relief.  From the start, we have actively cooperated with the #SEC’s investigations and have worked hard to answer their questions and address their concerns.  Most recently, we have engaged in extensive good-faith discussions to reach a negotiated settlement to resolve their investigations.  But despite our efforts, with its complaint today the SEC abandoned that process and instead chose to act unilaterally and litigate.  We are disheartened by that choice. 

While we take the SEC’s allegations seriously, they should not be the subject of an SEC enforcement action, let alone on an emergency basis. We intend to defend our platform vigorously.  Unfortunately, the SEC’s refusal to productively engage with us is just another example of the Commission’s misguided and conscious refusal to provide much-needed clarity and guidance to the digital asset industry.  Today’s action is another in a line of examples where, as with other crypto projects facing similar suits, the Commission has determined to #regulate with the blunt weapons of enforcement and litigation rather than the thoughtful, nuanced approach demanded by this dynamic and complex technology. Unilaterally labeling certain tokens and services as securities – even ones over which other U.S. authorities have asserted jurisdiction – only compounds these problems.

Perhaps most surprising, the SEC’s actions undermine America’s role as a global hub for financial innovation and leadership.  Digital asset laws remain largely undeveloped in much of the world, and regulation by enforcement is not the best path forward.  An effective regulatory framework demands collaborative, transparent, and thoughtful policy engagement—a path the SEC has abandoned.

And, to be clear: any allegations that user assets on the Binance.US platform have ever been at risk are simply wrong, and there is zero justification for the Staff’s action in light of the ample time the Staff has had to conduct their investigation.  All user assets on Binance and Binance affiliate platforms, including Binance.US, are safe and secure, and we will vigorously defend against any allegations to the contrary.  Rather, the SEC’s actions here appear to be in service of an effort to rush to claim jurisdictional ground from other regulators—and investors do not appear to be the SEC’s priority.  Because of our size and global name recognition, Binance is an easy target now caught in the middle of a U.S. regulatory tug-of-war.  It seems based on these developments that the SEC’s goal here was never to protect investors; if that were truly the case, the Staff would have thoughtfully engaged with us on the facts and in our efforts to demonstrate the safety and security of the Binance.US platform.  The SEC’s real intent here, instead, appears to be to make headlines. 

We will continue to cooperate with regulators and #policymakers in the U.S. and across the globe because that is the right thing to do.  And Binance remains committed to productive engagement to ensure the next generation of cryptocurrency regulation fosters innovation while implementing and ensuring important consumer protections.  Because Binance is not a U.S. exchange, the SEC’s actions are limited in reach.  Still, we stand with digital asset market participants in the U.S. in opposition to the SEC’s latest overreach, and we are prepared to fight it to the full extent of the law. 

We will work alongside industry partners to defend this important technology from misguided lawsuits.  And we will maintain our unceasing efforts to deliver a safe and trusted platform for our users that holds true to our core value of furthering the freedom of money.

source: https://www.binance.com/en/blog/ecosystem/sec-complaint-aims-to-unilaterally-define-crypto-market-structure-8707489117122437402

CryptosHeadlines.com - The Leading Crypto Research Network:

US regulatory bodies, known as watchdogs, have expressed opposition to the proposed draft bill by the US House Financial Services Committee concerning the structure of the crypto market. 

US Watchdogs Oppose Proposed Crypto Market Structure Bill

A coalition of US-based industry watchdogs has united in opposition to the proposed draft bill by the US House Financial Services Committee regarding the crypto market structure. The bill aimed to establish a regulatory framework for the crypto industry in the United States, providing clear rules and guidelines. Committee Chair Patrick McHenry had planned to hold a committee vote on the draft bill in July 2023.

The focus of the bill centers around the role of the US Securities and Exchange Commission (SEC) in overseeing the regulatory framework.

SEC Files Lawsuits Against Coinbase and #Binance, Bitcoin Price Remains Stable

In June 2023, the US Securities and Exchange Commission (SEC) filed separate lawsuits against two prominent crypto exchanges, #Coinbase and Binance, both known for their significant trading volumes. Surprisingly, the news had minimal impact on the price of Bitcoin, as traders quickly absorbed and reacted to the developments, resulting in relatively little price movement.

Watchdogs Oppose US Crypto Bill, Cite Lack of Viable Use Cases

Several organizations, including Americans for Financial Reform and Center for Responsible Lending, sent a detailed letter to the US House Committee on Financial Services expressing their opposition to the draft proposal, known as the ‘Digital Asset Market Structure Discussion Draft.’ The watchdogs alleged that stakeholders in the crypto industry had lobbied for the bill, but failed to demonstrate practical use cases beyond speculative investment. Additionally, they accused the crypto market of pushing for favorable legislation while operating in the shadow of crypto innovation.

A notable concern surrounding the proposed bill is its potential impact on the Securities and Exchange Commission (SEC) and its evaluation of regulatory rulemakings. The bill calls for the agency to assess new rules using “innovation” as a criterion, which is deemed by critics as potentially detrimental. This aspect of the bill has drawn significant scrutiny due to its potential to alter the #SEC’s rule evaluation process for all securities markets.

In contrast to the prevailing public sentiment, watchdog organizations have expressed their support for the ongoing enforcement actions by the Securities and Exchange Commission (SEC) in order to safeguard consumers. However, while the US remains cautious, various jurisdictions in Europe and Asia are actively striving to create regulatory frameworks that accommodate crypto businesses relocating from the United States.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

$BTC $ETH $BNB #sec

CryptosHeadlines.com - The Leading Crypto Research Network:

Congressman Ritchie Torres has requested the US Securities and Exchange Commission (SEC) to conduct two separate independent investigations regarding the handling of digital assets.

In two public letters, Representative Torres expressed his concern over the SEC’s approach, describing it as “arbitrary and heavy-handed”.

The first investigation request centers around the #SEC’s  decision to grant a special-purpose broker-dealer (SPBD) license to Prometheum, a digital asset trading platform that does not engage in actual digital asset trading.

Representative Torres raised concerns about the SEC’s decision to license a platform it considers deceptive, highlighting the unusual circumstances.

In the second letter, he criticized the #SEC  for failing to establish an effective and practical registration process for real-world digital asset platforms.

Representative Torres voiced his disappointment with the SEC’s perceived lack of progress in establishing a clear and effective registration pathway for real-world digital asset platforms.

Torres Accuses Gensler of Politicizing Crypto Registration:

The letters were sent to Deborah Jeffrey, the SEC’s Inspector General, and Gene Dodaro, the Inspector General of the Government Accountability Office. Representative Torres requested independent investigations into the SEC’s actions and decision-making processes.

Representative Torres compared the #SEC to an “overzealous traffic cop” who hands out speeding tickets arbitrarily and leaves people guessing the actual speed limit.

He criticized the SEC for relying on “regulation through sanctions” and emphasized the necessity for a more efficient and transparent regulatory approach.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#XRP $XRP

#Ripple CEO says even though the court grants #SEC’s appeal request, it will not change the fact that #XRP is not a security and the matter is not up for trial.

Read more on: https://thecryptobasic.com/2023/08/17/ripple-ceo-describes-sec-claims-as-utter-nonsense-says-xrp-non-security-status-isnt-up-for-trial/

#crypto

As Judge Torres approves the #SEC’s request to file a motion for interlocutory appeal, seasoned lawyer James Filan explains that the appeal has not been authorized.

Read more on: https://thecryptobasic.com/2023/08/18/ripple-vs-sec-recent-court-order-doesnt-mean-sec-interlocutory-appeal-is-authorized/

#Ripple #XRP #crypto #crypto2023