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Solana Foundation Disputes SEC's Classification of SOL Token as Security
The #Solana Foundation has responded to the U.S. Securities and Exchange Commission (#SEC ), challenging the regulatory body's designation of its native token, $SOL as an unregistered security. In light of the recent lawsuits filed by the SEC against prominent crypto exchanges Binance.US and Coinbase, which included allegations of trading crypto asset securities like $SOL, the Solana Foundation has expressed its disagreement.
In a statement provided to CoinDesk, the Solana Foundation firmly asserted that SOL is not a security. It emphasized that SOL serves as the native token for the #Solana blockchain, a robust and open-source software project driven by a community-based approach. The foundation highlighted the reliance on decentralized user and developer engagement as key factors in the expansion and evolution of the Solana ecosystem.
Interestingly, during the recent #Solana hacker house event in New York City, the Solana community displayed a relatively nonchalant attitude towards the regulatory concerns facing the blockchain. When approached by CoinDesk, one developer expressed indifference, stating that the SOL token being classified as a security does not significantly impact those building on the Solana platform.
Furthermore, the #SEC's lawsuits against Binance.US and Coinbase also identified several other tokens, associated with projects such as Cardano ($ADA), Polygon ($MATIC), Sandbox ($SAND), Filecoin ($FIL), Axie Infinity ($AXS), Chiliz ($CHZ), Flow ($FLOW), Internet Computer ($ICP), Near ($NEAR), Voyager ($VGX), Dash ($DASH), and Nexo ($NEXO), as securities.
As the #Solana Foundation takes a firm stance in defense of SOL's status, the outcome of this dispute will undoubtedly play a significant role in shaping the regulatory landscape for cryptocurrencies in the United States.
In a statement provided to CoinDesk, the Solana Foundation firmly asserted that SOL is not a security. It emphasized that SOL serves as the native token for the #Solana blockchain, a robust and open-source software project driven by a community-based approach. The foundation highlighted the reliance on decentralized user and developer engagement as key factors in the expansion and evolution of the Solana ecosystem.
Interestingly, during the recent #Solana hacker house event in New York City, the Solana community displayed a relatively nonchalant attitude towards the regulatory concerns facing the blockchain. When approached by CoinDesk, one developer expressed indifference, stating that the SOL token being classified as a security does not significantly impact those building on the Solana platform.
Furthermore, the #SEC's lawsuits against Binance.US and Coinbase also identified several other tokens, associated with projects such as Cardano ($ADA), Polygon ($MATIC), Sandbox ($SAND), Filecoin ($FIL), Axie Infinity ($AXS), Chiliz ($CHZ), Flow ($FLOW), Internet Computer ($ICP), Near ($NEAR), Voyager ($VGX), Dash ($DASH), and Nexo ($NEXO), as securities.
As the #Solana Foundation takes a firm stance in defense of SOL's status, the outcome of this dispute will undoubtedly play a significant role in shaping the regulatory landscape for cryptocurrencies in the United States.
Recent reports highlight active crypto investments, with inflows hinting at investor confidence. While exact $30B volume and $1.8B in #BitcoinETFs inflows weren't found, positivity reigns despite #SEC's ETF hesitancy and market fluctuations. $BTC
Bitcoin Price Prediction as BTC Shoots Past $30,000 Resistance Level – How High Can BTC Go This Week?
The price of #bitcoin is at $30,558, having dropped by just under 0.50% on Sunday.
Bullish investors aiming to keep Bitcoin's price above $31,000 were taken aback by the US #SEC's recent denial of applications for Bitcoin spot-price ETFs.
In other news, #Cboe and #Coinbase have resubmitted Spot Bitcoin ETFs, but the SEC is still being cautious.
The successful recovery of billions of dollars' worth of assets by #FTX has also had a favourable effect on Bitcoin pricing.
Stay tuned as we study the elements affecting Bitcoin's price fluctuation and analyse the prospective trajectory of the cryptocurrency.
The price of #bitcoin is at $30,558, having dropped by just under 0.50% on Sunday.
Bullish investors aiming to keep Bitcoin's price above $31,000 were taken aback by the US #SEC's recent denial of applications for Bitcoin spot-price ETFs.
In other news, #Cboe and #Coinbase have resubmitted Spot Bitcoin ETFs, but the SEC is still being cautious.
The successful recovery of billions of dollars' worth of assets by #FTX has also had a favourable effect on Bitcoin pricing.
Stay tuned as we study the elements affecting Bitcoin's price fluctuation and analyse the prospective trajectory of the cryptocurrency.
#Write2Earn SEC v. Ripple: Crucial Request Filed by Defendants
Ripple Labs has filed for a deadline extension for remedies-related discovery in the SEC lawsuit
Contents
Strapped for time
The SEC's legal win
In the latest development of the SEC's lawsuit against Ripple Labs, the blockchain company has officially requested a brief, one-week extension for the deadline for remedies-related discovery, according to a document filed with the United States District Court for the Southern District of New York.
Ripple's counsel submitted the letter on Feb. 6, seeking to move the deadline from Feb. 12 to Feb. 20, 2024.
Strapped for time
The extension request is said to be in response to the #SEC's request for post-complaint contracts and financial statements from 2022 and 2023, which Ripple intends to fulfill.
In the formal letter to Judge Analisa Torres, #Ripple's legal team argued that "absent a brief extension of the current deadline, Ripple would have just one week in which to produce responses to discovery requests that seek a large volume of documents and cover the entire post-complaint period."
The request for extension is notable as it comes with the SEC's consent.
A short extension of eight days will give Ripple sufficient time to collect and produce the requested documents," Ripple's counsel added.
The SEC's legal win
Before Ripple's request for more time, the SEC celebrated a legal triumph with Magistrate Judge Sarah Netburn's decision to compel Ripple to provide the requested discovery.
This decision overrules Ripple's procedural objections and requires the company to provide detailed financial statements for the years 2022 and 2023 as well as contracts and information concerning the proceeds from institutional $XRP sales post-complaint.#TrendingTopic #TradeNTell
Ripple Labs has filed for a deadline extension for remedies-related discovery in the SEC lawsuit
Contents
Strapped for time
The SEC's legal win
In the latest development of the SEC's lawsuit against Ripple Labs, the blockchain company has officially requested a brief, one-week extension for the deadline for remedies-related discovery, according to a document filed with the United States District Court for the Southern District of New York.
Ripple's counsel submitted the letter on Feb. 6, seeking to move the deadline from Feb. 12 to Feb. 20, 2024.
Strapped for time
The extension request is said to be in response to the #SEC's request for post-complaint contracts and financial statements from 2022 and 2023, which Ripple intends to fulfill.
In the formal letter to Judge Analisa Torres, #Ripple's legal team argued that "absent a brief extension of the current deadline, Ripple would have just one week in which to produce responses to discovery requests that seek a large volume of documents and cover the entire post-complaint period."
The request for extension is notable as it comes with the SEC's consent.
A short extension of eight days will give Ripple sufficient time to collect and produce the requested documents," Ripple's counsel added.
The SEC's legal win
Before Ripple's request for more time, the SEC celebrated a legal triumph with Magistrate Judge Sarah Netburn's decision to compel Ripple to provide the requested discovery.
This decision overrules Ripple's procedural objections and requires the company to provide detailed financial statements for the years 2022 and 2023 as well as contracts and information concerning the proceeds from institutional $XRP sales post-complaint.#TrendingTopic #TradeNTell
Why does the #SEC want an interlocutory appeal in the #XRP lawsuit? What's at stake?
#_MarkFagel , a former official at the US Securities and Exchange Commission, revealed. Recently on the main reason why the SEC is seeking permission to certify the interlocutory appeal in the ongoing lawsuit between #Ripple and the SEC. This revelation comes after Binance's recent motion to deny its appeal from the SEC. Pointing to the Ripple ruling as a pivotal legal precedent. Fagle reveals the #SEC's wide-ranging plan behind the appeal and his extensive knowledge of securities issues. Fagle emphasized that the SEC appeal was a strategic move to counter the effects of the Ripple ruling on its broader enforcement program. He stated that the SEC could have circumvented the ruling if it concerned only issuers of assets and tokens related to securities.
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#_MarkFagel , a former official at the US Securities and Exchange Commission, revealed. Recently on the main reason why the SEC is seeking permission to certify the interlocutory appeal in the ongoing lawsuit between #Ripple and the SEC. This revelation comes after Binance's recent motion to deny its appeal from the SEC. Pointing to the Ripple ruling as a pivotal legal precedent. Fagle reveals the #SEC's wide-ranging plan behind the appeal and his extensive knowledge of securities issues. Fagle emphasized that the SEC appeal was a strategic move to counter the effects of the Ripple ruling on its broader enforcement program. He stated that the SEC could have circumvented the ruling if it concerned only issuers of assets and tokens related to securities.
Follow us to see more news and details 🚀😍🙏⬇️
A pivotal point has been reached in the #Ripple-SEC legal dispute.
Uncertainty has been bred by swirling rumours and contradictory assertions.
The #SEC's actions have been contested by #Ripple's chief legal officer.
The resolution of the legal dispute between Ripple and the US Securities and Exchange Commission (SEC) is eagerly anticipated by #cryptocurrency aficionados. Rumours and negative predictions are rampant as the conclusion draws near, which makes it difficult to determine the SEC's leadership position.
Uncertainty has been bred by swirling rumours and contradictory assertions.
The #SEC's actions have been contested by #Ripple's chief legal officer.
The resolution of the legal dispute between Ripple and the US Securities and Exchange Commission (SEC) is eagerly anticipated by #cryptocurrency aficionados. Rumours and negative predictions are rampant as the conclusion draws near, which makes it difficult to determine the SEC's leadership position.
#Binance claims a conflict of interest and makes bogus accusations against the SEC.
In the ongoing legal dispute, Binance aims to limit the #SEC's ability to make public pronouncements.
Both the #cryptocurrency exchange and the larger crypto market have been significantly impacted by the ongoing legal dispute between Binance[BNB] and the U.S. Securities and Exchange Commission (SEC). The SEC accused Binance of listing unregistered #securities and offerings, among other things.
Binance, together with its legal counsel, vigorously refuted these allegations and added that SEC Chairman Gary Gensler was involved in a conflict of interest. Additionally, according to Binance, #Gensler had asked the exchange for an informal advising position before taking over as SEC chair.
In the ongoing legal dispute, Binance aims to limit the #SEC's ability to make public pronouncements.
Both the #cryptocurrency exchange and the larger crypto market have been significantly impacted by the ongoing legal dispute between Binance[BNB] and the U.S. Securities and Exchange Commission (SEC). The SEC accused Binance of listing unregistered #securities and offerings, among other things.
Binance, together with its legal counsel, vigorously refuted these allegations and added that SEC Chairman Gary Gensler was involved in a conflict of interest. Additionally, according to Binance, #Gensler had asked the exchange for an informal advising position before taking over as SEC chair.
With a total of 1,073,047 SHIB tokens burned in two transactions over the course of the last 24 hours, the amount burned was noticeably less. The SHIB burn rate, meanwhile, is showing a 281% increase. The market's recent calmness following the #SEC's filing of litigation against the two largest exchanges, Coinbase and Binance, may have contributed to the decline in #SHIB burns. Some cryptocurrencies, including #ADA, #SOL, and #MATIC, were claimed to be securities in the complaint.
🔍 #BlackRock | #ArkInvest and Wisdom Tree have updated their #BitcoinETFs proposals to comply with the #SEC's cash-only model.
Breaking: SafeMoon price crashes 30% after SEC charges its team with committing fraud
SafeMoon price took a dive after the SEC charged the token and its founder, CEO and CTO with fraud.The US government announced that while the CEO and CTO have been arrested, the founder remains at large.The US Attorney's Office also claimed that the team misappropriated millions of dollars of investors' funds for their own use.
SafeMoon, a Defi cryptocurrency, along with its creator Kyle Nagy as well as the CEO John Karony, and CTO Thomas Smith, have been charged by the Securities and Exchange Commission (SEC) for "perpetrating a massive fraudulent scheme through the unregistered sale of the crypto asset security".
SafeMoon team charged by SEC
The SEC, in the press release, stated,
"[SafeMoon] promised to take the price of the token "Safely to the moon," but instead of delivering profits, they wiped out billions in market capitalization, withdrew crypto assets worth more than $200 million from the project, and misappropriated investor funds for personal use.
The regulator alleged that through wash trading, the CEO created the impression of market activity by buying and selling the token on a trading platform.
This was preceded by fraudulently manipulating the value of the token by pumping it into the market back in April 2021 after users learned that SafeMoon's liquidity pool was not locked as claimed, which led to cryptocurrency's price plummeting by 50% from a market capitalization of $5.7 billion.
SafeMoon price witnessed a 30% crash at the time of writing following the release of the news to trade at $0.0001350.
SafeMoon team under arrest
The CEO of SafeMoon, Karony, along with the CTO, Smith, had been arrested by the US government at the time of writing. The US Attorney's Office charged the team with misappropriating millions of dollars of investors' funds for their own use. This included the purchase of luxury vehicles and real estate in New Hampshire, Utah, and Florida.
Additionally, the CTO sent 2,900 Binance Coin (BNB) worth more than approximately $860,000 in order to purchase a custom Porsche 911 sportscar along with some NFTs. Ivan J. Arvelo, Special Agent in Charge of Homeland Security Investigations, New York, following the arrest, stated,
"As alleged, SafeMoon's executives grew their company value to over $8 billion, but instead of rewarding their clients as promised, their insatiable greed led them to spend millions of dollars on their own lavish desires. HSI New York will relentlessly pursue individuals who seek to exploit investors and the American financial system for their own gain.
#SEC's #SEC #universalcryptoworld #SFM #Scam
SafeMoon, a Defi cryptocurrency, along with its creator Kyle Nagy as well as the CEO John Karony, and CTO Thomas Smith, have been charged by the Securities and Exchange Commission (SEC) for "perpetrating a massive fraudulent scheme through the unregistered sale of the crypto asset security".
SafeMoon team charged by SEC
The SEC, in the press release, stated,
"[SafeMoon] promised to take the price of the token "Safely to the moon," but instead of delivering profits, they wiped out billions in market capitalization, withdrew crypto assets worth more than $200 million from the project, and misappropriated investor funds for personal use.
The regulator alleged that through wash trading, the CEO created the impression of market activity by buying and selling the token on a trading platform.
This was preceded by fraudulently manipulating the value of the token by pumping it into the market back in April 2021 after users learned that SafeMoon's liquidity pool was not locked as claimed, which led to cryptocurrency's price plummeting by 50% from a market capitalization of $5.7 billion.
SafeMoon price witnessed a 30% crash at the time of writing following the release of the news to trade at $0.0001350.
SafeMoon team under arrest
The CEO of SafeMoon, Karony, along with the CTO, Smith, had been arrested by the US government at the time of writing. The US Attorney's Office charged the team with misappropriating millions of dollars of investors' funds for their own use. This included the purchase of luxury vehicles and real estate in New Hampshire, Utah, and Florida.
Additionally, the CTO sent 2,900 Binance Coin (BNB) worth more than approximately $860,000 in order to purchase a custom Porsche 911 sportscar along with some NFTs. Ivan J. Arvelo, Special Agent in Charge of Homeland Security Investigations, New York, following the arrest, stated,
"As alleged, SafeMoon's executives grew their company value to over $8 billion, but instead of rewarding their clients as promised, their insatiable greed led them to spend millions of dollars on their own lavish desires. HSI New York will relentlessly pursue individuals who seek to exploit investors and the American financial system for their own gain.
#SEC's #SEC #universalcryptoworld #SFM #Scam
#Altcoin bloodbath as exchanges reshape landscape
BTC/USD hit $25,483 on the day, according to data, down more than $1,200 from the day's high.
Despite exhibiting weakness, Bitcoin avoided the fate of other altcoins that reacted negatively to delisting that came along with U.S. legal action against significant exchanges.
The trading app #Robinhood declared that it would stop supporting a number of the cryptocurrencies mentioned in the #SEC's lawsuit against #Binance and #Coinbase.
BTC/USD hit $25,483 on the day, according to data, down more than $1,200 from the day's high.
Despite exhibiting weakness, Bitcoin avoided the fate of other altcoins that reacted negatively to delisting that came along with U.S. legal action against significant exchanges.
The trading app #Robinhood declared that it would stop supporting a number of the cryptocurrencies mentioned in the #SEC's lawsuit against #Binance and #Coinbase.
Wall Street is knocking; please open the door.
Although #cryptocurrency prides itself on being a pretty exclusive club, allowing traditional finance to join could hasten adoption.
In the same way that the #SEC's actions against the exchanges #Binance and #Coinbase threw a shadow over the cryptocurrency business, #BlackRock's news that it will apply for a bitcoin ETF gave investors hope for the closely watched sector.
The establishment of a new digital asset marketplace called EDX Markets was announced last week by Charles Schwab and Citadel, following in the footsteps of the largest asset manager in the world, Fidelity. Together, these disclosures were sufficient to cause a spike in the price of bitcoin, which reached a new high for June as a result of the market's response to institutional adoption.
Although #cryptocurrency prides itself on being a pretty exclusive club, allowing traditional finance to join could hasten adoption.
In the same way that the #SEC's actions against the exchanges #Binance and #Coinbase threw a shadow over the cryptocurrency business, #BlackRock's news that it will apply for a bitcoin ETF gave investors hope for the closely watched sector.
The establishment of a new digital asset marketplace called EDX Markets was announced last week by Charles Schwab and Citadel, following in the footsteps of the largest asset manager in the world, Fidelity. Together, these disclosures were sufficient to cause a spike in the price of bitcoin, which reached a new high for June as a result of the market's response to institutional adoption.
Congressman Tom Emmer praised the passing of the Blockchain Regulatory Certainty Act as a "huge win" for the US.
👉 It specifically deals with what qualifies as money transmitters, clarifying regulations for the #blockchain community.
However, not all bills received unanimous support.
👉 The Digital Assets Market Structure bill faced opposition from both sides.
👉 Some felt it gave too much leeway to the #crypto industry and ignored #SEC's guidance.
👉 It specifically deals with what qualifies as money transmitters, clarifying regulations for the #blockchain community.
However, not all bills received unanimous support.
👉 The Digital Assets Market Structure bill faced opposition from both sides.
👉 Some felt it gave too much leeway to the #crypto industry and ignored #SEC's guidance.
Regarding the papers known as the Hinman Emails, Ripple Labs and the US Securities and Exchange Commission (SEC) appear to be in agreement: Past comments made by the former official shouldn't dictate present policies.
Although William Hinman, the former head of the #SEC's corporation finance division, received a lot of attention this week for his insider discussions that led to the creation of a five-year-old speech, there were never any formal #commission-approved rules or guidelines regarding the status of #ether (ETH) at the time of the agency's earlier uncertainty. The discussion surrounding the former official's remark may therefore provide some new information, but it is unlikely to have an impact on the agency's #crypto policy.
Although William Hinman, the former head of the #SEC's corporation finance division, received a lot of attention this week for his insider discussions that led to the creation of a five-year-old speech, there were never any formal #commission-approved rules or guidelines regarding the status of #ether (ETH) at the time of the agency's earlier uncertainty. The discussion surrounding the former official's remark may therefore provide some new information, but it is unlikely to have an impact on the agency's #crypto policy.
After experiencing severe sell pressure brought on by the #SEC's charges, Cardano's ADA is beginning to show signs of recovery. #Cardano, which had been one of the worst performances among the top ten tokens in reaction to #regulatory scrutiny, has seen a stunning rise in price over the past week, igniting #investor excitement for a potential summer bull run.
We are happy to share our bi-weekly DailyCoin Regular on Cardano, written by our expert Insha Zia, to give you insights into these fascinating developments.
We are happy to share our bi-weekly DailyCoin Regular on Cardano, written by our expert Insha Zia, to give you insights into these fascinating developments.
🚨 **Breaking News:** 📰 SEC meets with Nasdaq, CBOE, and NYSE today to discuss BTC spot ETF 19b-4s! 📊🤝 #SEC's #BTCETFSPOT
Pro-XRP Lawyer John Deaton Criticizes SEC’s Actions 💢
John Deaton's statements raise important concerns about the #SEC's approach to crypto regulation and its potential impact on the industry's growth and fairness.
He believes that the SEC's actions may prioritize the interests of larger financial institutions over individual investors, leading to a perceived double standard.
The allocation of limited resources and focus on certain cases could hinder innovation and hinder the development of the cryptocurrency industry. Additionally, Deaton highlights the SEC's opposition to retail investors participating in the Ripple case, further solidifying the perception of bias towards established entities.
These issues highlight the need for a balanced and effective regulatory framework for digital assets.
#Binance
#crypto2023
John Deaton's statements raise important concerns about the #SEC's approach to crypto regulation and its potential impact on the industry's growth and fairness.
He believes that the SEC's actions may prioritize the interests of larger financial institutions over individual investors, leading to a perceived double standard.
The allocation of limited resources and focus on certain cases could hinder innovation and hinder the development of the cryptocurrency industry. Additionally, Deaton highlights the SEC's opposition to retail investors participating in the Ripple case, further solidifying the perception of bias towards established entities.
These issues highlight the need for a balanced and effective regulatory framework for digital assets.
#Binance
#crypto2023
