$XRP Legal Battle: A Partial Victory for Ripple
In a landmark decision, the Securities and Exchange Commission (SEC) has ruled against Ripple Labs, the company behind the cryptocurrency XRP. While the verdict is not entirely in favor of Ripple, it represents a significant victory for the company and the broader cryptocurrency community.
The SEC's Decision
The SEC had initially sought a hefty $2 billion fine from Ripple. However, the court has imposed a significantly reduced penalty of $125 million. While this is a substantial sum, it pales in comparison to the original demand.
Ripple's Reaction
Ripple executives have expressed relief at the verdict, describing the legal process as "unjust." The company views this as a major win, and the market seems to agree.

Market Impact
Following the court's decision, XRP's price has surged by 7% in the past 24 hours. This surge reflects renewed investor confidence in the cryptocurrency and its future prospects.
What's Next?
While this ruling is a positive development for Ripple, it may not be the end of the legal battle. Sources suggest that the SEC may appeal the decision, potentially prolonging the uncertainty surrounding XRP.

Implications for the Crypto Industry
The Ripple case has far-reaching implications for the cryptocurrency industry. A favorable outcome for Ripple could set a precedent for other crypto projects facing regulatory scrutiny. Conversely, a more stringent ruling could have a chilling effect on innovation in the space.
As the crypto industry continues to evolve, it's crucial to stay informed about the latest developments. By following the XRP case and other regulatory actions, investors and enthusiasts can make informed decisions and navigate the complex regulatory landscape.

#xrpsucess #xrp #sec #BURNGMT $BTC $ETH

U.S. President-elect Donald Trump chose to pick Paul Atkins as the director of the SEC last week; presently, the chief has encouraged for crypto change.

Protections and Trade Commission (SEC) magistrate Hester Puncture requires the following government to change the crypto business, one of them by halting the bottleneck of unofficial laws.
She noticed that the advanced resource industry faces deterrents to getting to the administrations they need. In this way, she encourages the public authority to quit forestalling the crypto business and begin to push ahead.
The recently chosen government likewise needs to give an unmistakable structure to the commission to oversee this arising industry. Lucidity of structure is expected to make an unmistakable position for the controller and the market.
As a controller, she referenced that the public authority ought to mutually work with the business to assess the current principles and give any necessary changes.
SEC under Atkins' initiative
Pierce, at a similar meeting, expressed that the recently picked director for the following year, Paul Atkins, "is truly adept at pondering how to utilize the public authority proficiently and successfully to take care of issues".
She was likewise not stunned by Gary Gensler's choice to resign from his job because of the adjustment of the head of government.
On Wave's claim, Puncture has not answered with any remark yet, yet this long course of legitimate moves, which was at that point made by 2020, is the most costly and wasteful method for directing.
#BURNGMT #MarketCorrection #sec #bitcoin☀️ #eatherium

   

As the SEC vs Ripple lawsuit drags on, lawyers representing the crypto firm and its co-defendants have sought to adduce new evidence which they hope could greatly aid their defense arguments.

On Monday, Ripple’s legal team sent a letter to Judge Analisa Torres asking her to consider a notice of supplementary authority relevant to their opposition to the SEC’s motion for summary judgement.

In the letter, the firm invoked a March 11 ruling in the Voyager Digital Holdings bankruptcy case, claiming that the said ruling “provides further support for Defendants’ fair notice defense.” Voyager was a digital asset brokerage company that went bankrupt last year following the Terra Luna collapse contagion. In trying to make its customers whole again, its liquidators have been trying to sell its assets, with several offers to buy up the firm from the likes of Binance US.

Notably, under the bankruptcy plan, voyager planned to sell its native token VGX to Binance.US, a plan vehemently objected to by the SEC, which argued that VGX had “aspects of a security.” Judge Michael Wiles, however, rejected those objections on March 11 and approved the bankruptcy plan.

In the letter, Ripple’s defence team thus argued that Judge Wiles’s basis for rejecting those objections endorsed many of their arguments. Concerning SEC’s fair notice defence, Ripple stated; –

“Judge wiles found that cryptocurrency market participants operate “in a regulatory environment that at best can be described as highly uncertain” in which regulators themselves cannot seem to agree as to whether cryptocurrencies are commodities that may be subject to regulation by the CFTC, or whether they are securities that are subject to securities laws, or neither, or even on what criteria should be applied in making the decision”-an uncertainty that has persisted despite the fact that cryptocurrency exchanges have been around for a number of years.”

Accordingly, the team noted that Judge Wiles called out the SEC “for the vagueness of their objections,” noting that the SEC had not offered any guidance on what the debtors allegedly were supposed to prove to show VGX was not a security.

“I reject the contention that the Court, and the Debtors, somehow were supposed to figure out for themselves just what ‘aspects’ of the VGX token might be considered to be aspects of a security,” Judge Wiles reportedly said. 

The judge’s abnormally strong language against the SEC in Voyager’s bankruptcy decision has thus been used to point out the regulator’s discrepancies in handling crypto-related cases, a weakness Ripple hopes to leverage in its defence.

Meanwhile, as the case draws near to an end, the crypto community continues to await Judge Torres’s summary judgment decision.

#xrp #sec #Fed #koinmilyoner #BTC

The Chair of the United States Securities and Exchange Commission (SEC), Gary Gensler, has voiced his support for President Biden's proposal to allocate $2.4 billion in funding to the regulator, in order to crack down on "misconduct" in the crypto industry.

Gensler stated that rapid technological innovation has led to misconduct in emerging and new areas, particularly in the crypto space, and addressing this requires new tools, expertise, and resources.

The additional funding would allow the SEC to hire 170 additional staff, most of whom would work within its enforcement and examination divisions. Gensler also described the crypto industry as "rife with noncompliance" and highlighted the need to protect investors from putting their assets at risk in a highly speculative asset class.

#BTC #sec #Binance #crypto2023 #security

The Security and Exchange Commission went after multiple celebrities, including Lindsay Lohan and Jake Paul, for promoting TRON ecosystem tokens.

Justin Sun and the Tron Foundation were also accused of fraudulently manipulating TRX’s secondary market.

TRON price plunged by 12.5% in the span of an hour, with the altcoin falling to $0.0587.

TRON price plummeted on March 22 after the cryptocurrency became the new target of the ongoing regulatory crackdown in the United States. The Security and Exchange Commission (SEC) is now looking into Tron founder Justin Sun’s company and related entities of the altcoin’s ecosystem.

SEC goes after Justin Sun

In a press release on March 22, the SEC announced charges against Justin Sun and his three wholly-owned companies. These included the Tron Foundation, BitTorrent Foundation and Rainberry (formerly BitTorrent). These entities were charged for offering and selling unregistered assets, which, according to the SEC, were TRON (TRX) and BitTorrent (BTT).

In addition to these charges, Justin Sun was also accused of fraudulently manipulating the secondary market for TRX through extensive wash trading. The SEC further stated that Sun orchestrated a scheme to pay celebrities to promote TRX and BTT but failed to disclose that they were being paid to promote these cryptocurrencies.

Consequently, eight celebrities also came under fire as SEC charged them for illegally promoting the TRON ecosystem tokens, including the likes of Lindsay Lohan and Jake Paul. SEC chair, Gary Gensler, in line with the charges, said,

“As alleged, Sun and his companies not only targeted U.S. investors in their unregistered offers and sales, generating millions in illegal proceeds at the expense of investors, but they also coordinated wash trading on an unregistered trading platform to create the misleading appearance of active trading in TRX.”

SEC after the crypto space

This is the second instance of the regulatory body attacking a major crypto company after Kraken. Earlier last month, the SEC charged the crypto exchange with selling unregistered crypto staking service program and penalized Kraken for $30 million.

This raised concerns in the crypto community regarding SEC’s stance on staking.

The reason behind this is that Ethereum and many other altcoins are built on the Proof of Stake (PoS) consensus method, which is considered to be superior to Bitcoin’s Proof of Work (PoW) method.

But if the SEC was to eye the staking aspect of the crypto space, many cryptocurrencies would go down. However, since the Kraken staking service takedown, the SEC has not taken any major step in this direction.

TRON price crashes by 12%

TRON price noted a strong bearish reaction to the SEC’s charges as investors rushed to sell their assets. The altcoin fell by more than 12.37%, bringing the price down to trade at $0.0587. As a result, TRX lost three major support levels, namely the 50-, 100- and 200-day Exponential Moving Averages (EMAs).

The confluence of the 100-- and 200-day EMA now stands as the critical resistance level that the TRON price needs to breach in order to mark a sustained recovery. The cryptocurrency is also vulnerable to a dip below the critical support at $0.0572Losing this base would push TRX down to 2023 lows of $0.0518, noting a 22.73% crash.

#tron #justinsun #sec #BTC #koinmilyoner