Fun

News Feed - 2023-09-09 01:09:58

Brian Quarmby4 hours agoSEC urges court to grant Ripple Labs appeal citing ‘knotty legal problems’The SEC highlighted contradictory conclusions from similar cases and other pending decisions as some of the contentious legal issues.2166 Total views20 Total sharesListen to article 0:00NewsJoin us on social networksThe United StatesSecurities and Exchange Commission has submitted a filing urging the court to grant its motion to appeal a ruling from the Ripple Labs lawsuit that deemed the XRP (XRP) token to not be a security when sold to retail investors.


The agency argued that “knotty legal problems” surrounding the court’s application of the law — specifically the Howey test — warrant a review.#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: The SEC has filed its Reply Memorandum in Further Support of its Motion to Certify Interlocutory Appeal.https://t.co/KE1MzYKbVD— James K. Filan (@FilanLaw) September 8, 2023


As per a Sept. 8 filing, the SEC called for the U.S. District Court for the Southern District of New York to grant its motion for interlocutory appeal and “stay further proceedings until the resolution of that appeal.”“The SEC respectfully requests certification for appellate review now because the issues raised by the Court’s order on summary judgment (D.E. 874) (‘Order’) present precisely the kinds of ‘knotty legal problems’ that led Congress to provide for interlocutory review.”


Judge Analisa Torres ruled in July that XRP is generally not a security under SEC guidelines, particularly when distributed via programmatic sales (e.g., sold to retail via exchanges).


In the latest filing, the SEC argued that the rulings on programmatic sales and other distributions present “legal questions” that are significant enough for the agency’s interlocutory appeal to be approved by the court.


The SEC suggested that this is down to there being a legal gray area as to whether certain crypto assets fall under the classification of investment contracts via the Howey test or not, as it highlighted court proceedings from other cases.  


“At least two opinions within this District reach contradictory legal conclusions on these issues and many other courts are considering whether similar offers and sales [...] satisfy Howey,” the SEC stated, adding that:“While interlocutory appeal should be the exception, not the rule, this is the unusual case where the Defendants themselves say that the issues have industry-wide significance and are of special consequence, and thus is precisely the type of case as to which the Second Circuit has invited interlocutory appeal.”


These sentiments contradict previous statements from the agency and its Chair, Gary Gensler.


On multiple occasions, Gensler has staunchly shot down the need for new crypto regulation, as he has asserted that the SEC already has clear guidelines that adequately cover the full scope of the crypto market.


Such a view includes the notion that most of the crypto on the market falls under the definition of a security.


Related:Here’s what happened in crypto today


In a Sept. 8 tweet, Ripple’s chief legal officer Stuart Alderoty called the filing “hypocritical,” stating: “After years of its chairman saying the ‘rules are clear and must be obeyed’ the SEC now cries that an appeal is urgently needed to resolve these ‘knotty legal problems.’”Another SEC filing, another hypocritical pivot…

After years of its chairman saying the “rules are clear and must be obeyed” the SEC now cries that an appeal is urgently needed to resolve these “knotty legal problems." https://t.co/ige4neIWRD— Stuart Alderoty (@s_alderoty) September 8, 2023


Coinbase’s chief legal officer, Paul Grewal, also questioned how crypto firms can be on “fair notice” if there are knotty legal questions that need to be considered in court.


The SEC initially moved to appeal and stay the decision from Torres in August, arguing that there was “substantial ground for differences of opinion.”


On Sept. 1, Ripple Labs fired back by filing a memorandum of law in opposition, arguing that the SEC had unsubstantial grounds to request an appeal.


Magazine:Crypto regulation — Does SEC Chair Gary Gensler have the final say?# Ripple# SEC# XRP# RegulationAdd reactionAdd reactionRead moreWho invented NFTs?: A brief history of nonfungible tokensRon DeSantis’ falling polls: Could crypto lose its candidate?10 years later, still no Bitcoin ETF — but who cares?

News Feed

Opensea Acquires Dharma Labs, Co-Founder Is Named New CTO
Opensea Acquires Dharma Labs, Co-Founder Is Named New CTO Opensea, one of the biggest NFT marketplaces globally, recently announced it is acquiring Dharma Labs. The price is believ
Hospitality worker caught with $2.5B Bitcoin found guilty of money laundering
Ciaran Lyons7 hours agoHospitality worker caught with $2.5B Bitcoin found guilty of money launderingThe United Kingdom police reportedly stated that the seizure was the "largest of its kind" in the nation"s his
Leading NFT Marketplace Opensea Surpasses $10 Billion in All-Time Sales
Leading NFT Marketplace Opensea Surpasses $10 Billion in All-Time Sales This weekend, the non-fungible token (NFT) marketplace Opensea surpassed $10 billion in all-time sales. Stat
Spacex Bitcoin Scam Features BTC Giveaway, Elon Musk, and NASA Launch
Spacex Bitcoin Scam Features BTC Giveaway, Elon Musk, and NASA LaunchA Spacex bitcoin scam has frequently appeared on Youtube, claiming to give away BTC. Its promo video features th
Binance Banking Partner to Ban Crypto Trading Transfers Under $100K
Binance Banking Partner to Ban Crypto Trading Transfers Under $100K Clients of one of the banks facilitating fiat operations with Binance will not be able to trade crypto through S
A New Terra Network Is Coming With Support From Major Exchanges, LUNA and UST Holders Eligible for Airdropped Tokens
A New Terra Network Is Coming With Support From Major Exchanges, LUNA and UST Holders Eligible for Airdropped Tokens According to a recent announcement from the Terra blockchain te
Helen Partz13 hours agoChatGPT creator OpenAI builds new team to check AI risksChatGPT creator OpenAI is taking seriously the full spectrum of safety risks related to AI and launching its “Preparedness” team as plann
Alice Ivey12 hours agoHow to detect fake news with natural language processingUnravel the power of NLP in spotting fake news with various techniques and real-world examples.963 Total views15 Total sharesListen to article
SEC Chairman Warns Most Crypto Will Fail — Says ‘Don’t Get Caught up in FOMO, Fear of Missing Out’
SEC Chairman Warns Most Crypto Will Fail — Says "Don"t Get Caught up in FOMO, Fear of Missing Out" The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler
Derek Andersen2 hours agoIBM offers guidance for successful implementation of digital euroFive members of IBM Consulting created a list of points that the European Commission could consider to optimize its proposed digit
Bybit Extends Its Reach With Spot Trade Offering
Bybit Extends Its Reach With Spot Trade Offering Adding to the exchange platform’s existing cryptocurrency derivatives products, Bybit will now offer spot
Dogecoin Leads The Pack As Dog-Themed Coins Rally – “Trump Effect” Sparks Excitement
Este artículo también está disponible en español. The cryptocurrency market is buzzing as President-elect Donald Trump’s inauguration day (January 20) sparks renewe