Brad Garlinghouse continues to criticize SEC chair Gary Gensler over his unfavorable crypto regulation, as he suggests that the U.S. should leverage ChatGPT to get tips on how to regulate the industry.
Read more on: https://thecryptobasic.com/2024/01/19/ripple-ceo-slams-gary-gensler-and-sec-says-chatgpt-can-make-better-rules/
#RippleVsSEC #SecGov #cryptocurrecny #cryptoleads #CryptoNewsLand

The SEC has delayed its decision on Fidelity’s proposed Ethereum spot ETF application, shifting the deadline from January 20 to March 5, 2024.
Read more on: https://thecryptobasic.com/2024/01/19/sec-postpones-decision-on-fidelitys-ethereum-spot-etf/
#SecGov #spotETF #cryptocurrecny #cryptoleads #CryptonewswithJack

With the hearing for the Coinbase and SEC lawsuit scheduled for tomorrow, top legal expert James Murphy has provided four potential outcomes of the case.
Read more on: https://thecryptobasic.com/2024/01/16/legal-expert-outlines-4-potential-outcomes-of-coinbase-vs-sec-lawsuit/
#CoinbaseVsSEC #SecGov #cryptocurrecny #CryptoNewsLand #CryptonewswithJack

#Write2Earn Ripple and SEC have entered 'remedies' phase of lawsuitThe legal battle between #RippleLabs  and the U.S. Securities and Exchange Commission (SEC) is heating up as both parties prepare for the next key deadline in the case.As Ripple and the SEC enter the "remedies" phase of the case focusing on institutional sales, the upcoming deadline in the case would be Feb. 20.Ripple scored a landmark win in the lawsuit in July 2023; however, the Court determined that certain $XRP institutional sales were investment contracts and hence should have been registered with the SEC.#XRPcommunity  #SecGov  v. Ripple XRP Ripple requests a one-week extension of the deadline for remedies-related discovery, from February 12, 2024 to February 20, 2024. pic.twitter.com/xjIZQuY7jQ— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) February 6, 2024It should be recalled that earlier in February, Ripple requested a one-week extension of the deadline for remedies-related discovery from Feb. 12 to Feb. 20, making this the next crucial deadline in the legal battle.At this point, the discovery phase remains crucial, as it could reveal new information or arguments that could impact remedies.In a throwback to events that preceded this key timeline, the SEC served nine interrogatories and three RFPs on Ripple on Nov. 14.After the parties met and conferred on Dec. 21 and Jan. 3 to narrow the dispute, the SEC filed a motion on Jan. 11 to compel discovery of Ripple's financial statements for the years 2022 and 2023, post-complaint written contracts governing XRP sales to institutional buyers, hedge funds and ODL customers, and the proceeds Ripple received for delivering XRP after the complaint was filed, but under written contracts entered into before.On Feb. 5, Judge Netburn granted the SEC's motion to compel in full. Following Judge Netburn's decision, Ripple stated that it would disclose available financial statements and serve a response to the SEC's interrogatory about post-complaint proceeds from pre-complaint contracts by the prior discovery deadline of Feb. 12, 2024.Ripple, however, sought a brief extension until Feb. 20 to produce its contracts for the sale of XRP to institutional buyers, hedge funds and ODL customers from a rough three-year period before, citing the difficulty associated with trying to collect and produce those documents by the previous deadline.Ripple did not request changes to any other deadlines in this case, with these remaining the same. Legal briefs are expected to be submitted in March and April of this year, and then the Court will decide which remedies to impose.#TrendingTopic

SEC suffers another criticism in court as the Court of Appeals for the Fifth Circuit describes its rules as vague and “loosey-goosey.”

Read more on: https://thecryptobasic.com/2024/03/07/another-court-lambasts-sec-calls-its-rules-vague-and-loosey-goosey/
#SecGov #SEC #Crypto #CryptoNews🔒📰🚫 #CryptoNewsUpdate

Coinbase, the US-based cryptocurrency exchange, has initiated legal action against the Securities and Exchange Commission (SEC), alleging that the regulatory body has acted arbitrarily and capriciously in refusing to adopt rules for clarifying oversight of the crypto industry. Coinbase asserts that the SEC has disregarded legal requirements in dismissing the company's formal rule-making petition for crypto regulations. The legal action, filed with the US Court of Appeals for the Third Circuit, contends that the SEC claims authority over crypto assets while refusing to establish new rules for their treatment, and the agency did not provide a clear explanation for rejecting Coinbase's petition in December.
According to Coinbase's legal representatives, the SEC's oversight of digital assets has been conducted through enforcement actions without a coherent framework. Gary Gensler, the SEC chairman, mentioned that the agency had been working on crypto rules, albeit not aligned with industry expectations, emphasizing the importance of maintaining discretion in setting rulemaking priorities. In response, Paul Grewal, Coinbase's legal officer, emphasized the lack of a clear reason for the SEC's inaction in the denial of the petition and stated that the public deserves an explanation and an opportunity to provide input.
The legal dispute between Coinbase and the SEC is separate from the ongoing court battle over allegations of running an unregistered exchange listing unregistered crypto securities. Both cases highlight the SEC's reluctance to formally define crypto securities, leaving the industry in uncertainty. Coinbase's lawsuit aims to dismiss the SEC's previous disapproval and compel the agency to initiate new crypto rulemaking or provide a substantiated rationale for its position.
The SEC has faced mixed outcomes in crypto-related court cases, experiencing defeats against Ripple and Grayscale but succeeding in an insider-trading case involving a former Coinbase employee. The industry closely watches these legal developments as they may shape the treatment of crypto exchanges under US securities law. The legal landscape is dynamic, with the potential for appeals and overturned decisions on the way to potential review by the US Supreme Court.

#TrendingTopic #SecGov

A prominent SEC attorney who spearheaded litigation against Ripple and Coinbase has announced her departure from the commission, resulting in a major setback for the agency.

Read more on: https://thecryptobasic.com/2024/02/22/sec-suffers-major-blow-in-lawsuits-against-ripple-and-coinbase-details/
#SecGov #Crypto #CryptoNews🔒📰🚫 #CryptoNewsUpdate #CryptoNewsFlash

(Reuters) - Several exchange-traded funds (ETFs) tied to the spot price of bitcoin will start trading in the U.S. on Thursday before the bell in a landmark moment for the cryptocurrency industry that has been demanding regulatory approval for more than a decade.The green light from the U.S. Securities and Exchange Commission finally came late on Wednesday as it approved 11 such ETFs, ending months of negotiations with top asset managers such as BlackRock, Ark Investments/21Shares, Fidelity, Invesco and VanEck."The approval has the potential to simplify and secure Bitcoin investments for a broader investor base, which may reshape the dynamics of cryptocurrency investments," said Rajeev Bamra, senior vice-president of digital finance at Moody's Investors Service.BlackRock's iShares Bitcoin Trust and Grayscale Bitcoin Trust began trading in early premarket hours. VanEck Bitcoin Trust, Invesco Galaxy Bitcoin ETF, and ARK 21Shares Bitcoin ETF are expected to start soon.RACE FOR MARKET SHAREThe regulatory nod is expected to start an intense competition for market share among the issuers who have already lowered the fees for the products well below the U.S. ETF industry's standard.Analysts at Bernstein estimated that bitcoin ETF flows will build up gradually to cross $10 billion in 2024 in its race to $80 billion by the end of next year."Bitcoin ETFs are expected to be an intensely competitive asset accumulation game, with 11 leading asset managers launching together," the brokerage said in a note.Since all the ETFs tracking an asset's price are designed to deliver the same return to investors, fees tend to dictate market share.The issuers have disclosed fees as low as 0.20% and some have offered to waive it off for a particular period or until it accumulates a set amount in assets.Many ETFs issuers, including Bitwise and VanEck, have already begun marketing their products by releasing ads that tout bitcoin as an investment.#BTC #etf #SecGov #Sec #SECApprovalJourney