ripple sec Archives - Coin Engineer

SEC’s Objection to Ripple Does Not Challenge XRP Not a Security

Tanju Akbıyık — Sat, 19 Oct 2024 06:07:54 +0000

Ripple’s chief legal officer Stuart Alderoty emphasized that the latest objection by the United States Securities and Exchange Commission (SEC) does not include an objection to the court’s ruling that XRP is not a security.

On October 16, the SEC filed a Form C civil objection in its lawsuit against Ripple to appeal some of the court’s rulings in favor of Ripple. However, the objection does not target the ruling that XRP is not a security.

SEC Partially Objects to Court’s XRP Decision

In the objection filed by Ripple’s defense attorney James Filan on October 17, the SEC requested that the court review the court’s rulings regarding Ripple’s XRP sales on exchanges and the personal XRP sales of CEO Brad Garlinghouse and co-founder Chris Larsen.

XRP Not a Security Decision Remains Unchanged

Ripple’s chief legal officer Stuart Alderoty, in a statement on social media platform X regarding the SEC’s objection, stated that the SEC’s application does not object to the decision that XRP is not a security. “This decision remains a matter of law,” Alderoty said, adding that Ripple plans to file its own objection next week.

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The SEC’s objection revived allegations that Garlinghouse and Larsen violated securities laws and helped Ripple violate those laws. It also requested that the court review the partial summary judgments it issued in favor of Ripple, particularly those related to XRP sales on exchanges and the distribution of XRP for non-cash payments. The SEC stated that these issues should be reviewed de novo (from the beginning).

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Dates Clarified in the Case Between Ripple and the SEC

Tanju Akbıyık — Wed, 16 Oct 2024 18:00:36 +0000

Critical dates have begun to be clarified in the ongoing case between Ripple and the SEC. The information shared by crypto journalist Eleanor Terrett after her interview with Ripple’s Chief Legal Officer Stuart Alderoty includes important details about the appeal process.

According to Terrett, the deadline for the SEC to file a Form C document regarding the appeal is tomorrow. This document will provide a preview of the legal arguments the SEC will present. 14 days after this document is filed, Ripple will file its own Form C detailing its cross-appeal and provide more information about its legal strategy.

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After this process, the two parties will come together and agree on a briefing schedule. Once this schedule is determined, the SEC will have up to 90 days to submit its opening brief, which will present its legal arguments for the appeal. Alderoty stated that he expects the SEC to use the full 90-day period. Ripple will present its own response to the SEC’s allegations. It is anticipated that this briefing process could extend until July 2025.

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Potential XRP ETF Approval Receives Markets Attention

Tanju Akbıyık — Wed, 16 Oct 2024 17:00:36 +0000

Following the launch of spot Bitcoin and Ethereum ETFs, interest is growing around the potential for an XRP ETF, with investors eagerly anticipating its debut. Tim McCourt, senior managing director at CME Group, stated that the first major step toward an XRP ETF has been taken with the establishment of an XRP reference rate and real-time index. These are critical components for building out the ecosystem, providing regulated benchmarks for product providers like Bitwise.

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This comes shortly after the U.S. Securities and Exchange Commission received its second application for an XRP ETF from Canary Capital, following Bitwise Asset Management’s filing. McCourt emphasized that the introduction of cryptocurrency ETFs has significantly accelerated the growth of the industry, as demonstrated by the increased activity in futures and open interest.

While Bitcoin and Ethereum have seen substantial price gains since the introduction of their ETFs, XRP’s price has been relatively subdued, increasing by just over 8% in the past year compared to Bitcoin’s 154% rise. However, the launch of an XRP ETF could potentially provide a similar boost to its price, as was seen with Bitcoin, where spot ETFs drove a significant portion of new investment, pushing Bitcoin past the $50,000 mark in early 2024.

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Ripple Files Second Notice of Appeal Against SEC

Tanju Akbıyık — Fri, 11 Oct 2024 15:00:05 +0000

Ripple has filed a “notice of counter-appeal” against the U.S. Securities and Exchange Commission (SEC) in the ongoing litigation process with the U.S. Second Circuit Court of Appeals.

The SEC accused Ripple in 2020 of raising $1.3 billion through XRP sales, claiming that these sales were an unregistered securities offering. In the four-year-long case, Ripple is now seeking to strengthen its defense by filing a counter-appeal.

“Today, we filed a counter-appeal so that nothing is left on the table. This includes the argument that in order for there to be an investment contract, there must be a contract that contains fundamental rights and obligations,” Ripple’s chief legal officer Stuart Alderoty said in a statement on the X platform.

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In 2022, Judge Analisa Torres ruled that Ripple’s programmatic XRP sales did not violate securities laws due to the auction process. However, she ruled that sales made directly to institutional investors were considered securities. In August, Judge Torres ordered Ripple to pay a $125 million fine.

The SEC had previously filed an interlocutory appeal while the case was still ongoing, but Judge Torres rejected the appeal.

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Binance US Shares: XRP Insights After Ripple’s Court Victory; Is an XRP ETF on the Way?

Tanju Akbıyık — Fri, 16 Aug 2024 09:00:03 +0000

Following Ripple’s lawsuit against the US Securities and Exchange Commission (SEC), Binance US has rekindled interest in the cryptocurrency by sharing a detailed review of XRP. The update includes important details such as XRP’s origins, technology, and its ability to process 1,500 transactions per second, fueling speculation about the possibility of an XRP ETF.

Binance US Reveals XRP’s Origins and Technology

Binance US shared an X series (formerly Twitter) with updates on XRP. The series stated that the Ripple token was created in 2012 by David Schwartz, Jed McCaleb, and Arthur Britto. It also confirmed that the cryptocurrency uses the XRP Ledger Consensus Protocol, which is different from the traditional proof-of-work system used by Bitcoin.

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Among the information shared, it was also emphasized that the XRP Ledger has the capacity to process 1,500 transactions per second. This shows that XRP offers a significant advantage in terms of scalability and efficiency.

These insights from Binance US came just a few days after Ripple’s legal victory against the SEC, and have rekindled hope in the community. This update made by Binance US is considered a reflection of the increasing legal interest in XRP. Whether XRP will have an ETF in line with these developments is eagerly awaited.

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Ripple’s Chief Legal Officer Urges Kamala Harris to End SEC’s War on Crypto

Tanju Akbıyık — Sat, 10 Aug 2024 15:30:55 +0000

Ripple’s Chief Legal Officer (CLO) Stuart Alderoty has called on US Vice President Kamala Harris to end the SEC’s crackdown on crypto. The call comes after Harris’ campaign joined the discussions about a “crypto reset.”

Ripple’s Chief Legal Officer Calls Kamala Harris

Stuart Alderoty has made a strong call to Vice President Kamala Harris to end the SEC’s “misguided war” on crypto. The statement comes after a major court ruling in the ongoing legal battle between Ripple and the SEC.

While Alderoty expressed optimism about the court ruling in an interview, he later emphasized the need for urgent political intervention in a statement on the X platform. “If this administration is seriously looking for a ‘reset,’ it should act NOW to end the SEC’s misguided war on crypto,” he said, referring to Harris’ proposed “crypto reset.” The statement underscores the crypto community’s urgency over the SEC’s regulatory approach.

Alderoty’s Comments on Ripple SEC Lawsuit Decision

This week, the court ordered Ripple to pay a $125 million penalty for failing to register its XRP token sales to institutional investors. That amount is far less than the $2 billion the SEC had initially sought. Alderoty called the outcome of the Ripple SEC lawsuit a victory not just for Ripple, but for the entire crypto industry.

“Ripple did not act recklessly… There are no victims; there were no financial losses to the counterparties to these transactions,” Alderoty said. He also noted that the court’s decision provided much-needed clarity. The court’s ruling that XRP itself is not a security resolves a key issue at the heart of the case.

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“The fundamental clarity that we are seeking in this case is that XRP is not a security per se… just like a gold bar is never a security,” Alderoty said. He noted that this decision sets a critical legal precedent that could impact crypto regulation. Despite the positive result, Alderoty acknowledged the possibility of an SEC appeal. However, Ripple expressed confidence that the SEC case is nearing its end. “For us, it is finally over… If the SEC is a rational actor… there should be no appeals,” he said. He also emphasized that the blockchain payments firm is focused on growing its business and moving forward.

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Ripple vs SEC Case Has Been Partially Ended

Tanju Akbıyık — Wed, 07 Aug 2024 20:50:25 +0000

The ongoing lawsuit between the SEC and Ripple has been partially concluded. The court has ruled that Ripple will pay $125 million in bail.

The lawsuit I have been waiting for 4 years in the cryptocurrency world has been concluded. The court was required to pay $125 million in bail to Ripple in the SEC’s lawsuit over Ripple’s XRP token.

Ripple has been fined $125 million as part of its long-running legal battle with the U.S. Securities and Exchange Commission (SEC), according to a recent court filing. “The SEC’s request for relief and entry of the final judgment are granted in part and denied,” Judge Analisa Torres said in her decision. The court will issue a final ruling that includes an injunction preventing Ripple from further violating securities laws and a global civil penalty of $125,035,150.

Ripple CEO Brad Garlinghouse had previously stated in July that he expected the remaining legal proceedings to proceed quickly.

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Ripple CEO Announces He Predicts Imminent Legal Solution

Tanju Akbıyık — Sun, 21 Jul 2024 23:15:02 +0000

Ripple CEO Brad Garlinghouse stated that he now expects an agreement with the SEC in a company he made. Ripple CEO announced that he expects to leave the company “very soon” after its long-running lawsuit with the SEC. In a recent interview with Bloomberg, Garlinghouse hinted at a possible build-up to the years-long legal battle by contributing to the surge in the price of Ripple’s XRP token.

Speculation Triggers XRP Price Increase

The collapse of the agreement led to a significant increase in the price of XRP in recent weeks. This speculation has been fueled by rumors of next week’s planning and closed-door SEC meetings that could potentially result in a settlement announcement.

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According to the analytics firm Santiment’s XRP Ledger, it was seen that it was dispersed, had the highest activity since March, and experienced new address creation. This increase in activity demonstrates increasing user outlook and optimism when implementing XRP.

Garlinghouse expressed confidence that whether Ripple is currently in settlement talks with the SEC, the legal ramifications will be resolved soon. Ripple’s chief legal officer, Stuart Alderoty, recently celebrated the one-year anniversary of the mixed decision in Judge Analisa Torres’ case. Alderoty emphasized that the SEC continues to object in this case because the court ruled that bankruptcy is valid if XRP is not a security.

Upcoming SEC Meeting and Potential Outcomes

The SEC meeting, which was planned to be held behind closed doors for the next week, was postponed to July 25. According to the SEC’s website, the meeting combines topics such as “Modification and resolution of administrative option, resolution of case details, and other matters.” This has led to increased speculation that a settlement announcement could be imminent.

Ripple’s potential settlement with the SEC could be a major turning point for the company and the broader cryptocurrency market, potentially increasing regional treatments and investors’ capacity in the industry.

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