Sec xrp next hearing

Articles filed under XRP 85 articles. Ripple responds to SEC motion to strike its fair notice defense. Will there be popcorn? How much is too much? Korea and Thailand. Who is William Hinman — and what might he tell Ripple?

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Content:

• XRP soars 28% as Ripple executives motion to dismiss SEC suit
• SEC sues Ripple and two executives for selling XRP crypto: A $1.3 billion illegal security offering
• Ripple CEO says case with United States SEC will likely conclude in 2022
• Ripple case with SEC rests on a knife-edge phone call
• The SEC-Ripple Case Takes A New Turn
• Build a custom email digest by following topics, people, and firms published on JD Supra.
• What’s New on the SEC Website

WATCH RELATED VIDEO: SEC Commissioner Hester Peirce talks cryptocurrency regulation, NFTs, stablecoins and more

XRP soars 28% as Ripple executives motion to dismiss SEC suit

Gary Gensler and Jay Clayton spoke, took no questions, and agreed that the multi-trillion dollar crypto innovation space is a dark, menacing threat that legitimate crypto entrepreneurs must follow opaque rules or face crippling SEC lawsuits. Many in the audience of crypto industry leaders, just maligned as crooks, were stunned. Read the Full Article Here. Regulators on the left and right rarely agree on policy. Yet, when it comes to cryptocurrency, two men who have led the Securities and Exchange Commission are remarkably aligned: The technology and offerings may be new, but old rules still apply.

Jay Clayton, the Republican S. Trump, interviewed Gary Gensler, the current S. Clayton now advises crypto companies, and Mr. Gensler taught crypto classes as a professor at the Massachusetts Institute of Technology before joining the agency. When Mr. Clayton asked his successor whether the S.

The government should not be an obstacle to progress. The Democratic Party has long been a champion of inclusionary innovation, smoothing the disruption to families and workers while spreading the benefits as widely as possible throughout the economy.

I fear, however, that with the fintech revolution rising through decentralized finance and blockchain technology, some in our party are mobilizing for a war on cryptocurrencies that could be futile and economically costly to the country.

There is wide agreement that regulation is needed for digital assets. No such luck. Many misread Gensler.

His MIT perch conferred the appearance of academic expertise on blockchain. It turns out there is little record of him writing or speaking about the technology until the school hired him in The Chinese Communist Party poses the most comprehensive 21st-century threat to the American nation, the American people and the American way of life.

The first half of this century will be defined by how the U. And an easily neglected aspect of our new great-power competition with our Far East arch-foe now cries out for diligent and prompt attention: safeguarding the fruits of the nascent, but ascendant, cryptocurrency revolution.

It also banned financial institutions and digital exchanges from facilitating domestic crypto transactions. What is unmistakable: his intention to shape regulatory policy for crypto that has increasingly become a disaster. Recent developments both domestically and abroad have finally catalyzed the Biden administration to take the long-delayed step of engaging on the many regulatory issues surrounding cryptocurrencies and blockchain technology.

Unfortunately, the Treasury Department has decided to eschew such collaboration and go in a different direction. They are instead leading a closed-door effort with the Biden-appointed heads of financial regulatory agencies to draft recommendations on how the administration should crack down on digital assets. By Sheelah Kolhatkar. October 6, The New Yorker. The S. On September 14th, the new chair of the Securities and Exchange Commission, Gary Gensler, appeared before the Senate Banking Committee to talk about how his agency planned to handle the financial markets during his term.

He praised the American financial system, discussed the future of corporate bonds, and ruminated on how the rules of the stock market might be modified to make it more efficient. Soon, he turned to cryptocurrency markets, which are notoriously volatile, and adopted a darker tone.

It is a story of an overreaching regulator unfairly picking winners and losers in the blockchain business space, a web of insider connections and conflicts of interest, and thousands of retail investors who were egregiously harmed by the federal agency that is supposed to be protecting them.

Alibaba owns Alipay, the Chinese payments service that was designed to directly compete with western fintech innovations using blockchain. An early investor and co-founder was Joe Lubin. In parallel, Lubin founded…. ConsenSys , a for-profit consulting firm to promote and profit from building enterprise blockchain solutions exclusively on the Ethereum network.

Lubin received 9. It should not be lost on you that the SEC was investigating and prosecuting dozens of ICOs that orchestrated crowd-fundraising exactly the way Lubin and Ethereum did i. At the time of this December 13, meeting, Ripple was not under investigation and XRP had been publicly sold and traded for over 4 years. XRP was also battling ether for the number 2 cryptocurrency by market cap behind bitcoin.

A key meeting was organized on March 28, , by Andreessen Horowitz, where Ethereum investors presented a proposal for a regulatory free pass for ether. If you know Mike Novogratz, he cares deeply about his public perception and credibility and he would not go out on a limb and guarantee what the SEC was going to say unless he was assured of it from someone with personal knowledge. Novogratz, like Lubin, predicted that the SEC was going to select one token and its promoters and go after them to shut them down as an example.

The XRP cryptocurrency was never issued in an ICO, operates on a fully decentralized ledger and has been used by project developers and consumers with no connection to Ripple for years. Ripple once objected to a change on the ledger but was overruled by the majority of validators. The point is that the XRP network is arguably more decentralized than the ether network.

The timing was very curious. Grundfest argued that no exigency existed to file considering that XRP had been traded for over 7 years. He also warned Clayton that the mere filing of the lawsuit would cause unprecedented billions of losses to individual investors with no connection to Ripple. It should be noted that Grundfest was retained by Ripple. The SEC has also admitted in court that no investigation was ever opened against ether. Here are some key observations:.

I am not here to defend the company Ripple in any manner. The truth is that all of these cryptos start out as a security in the first few years. Arguably, bitcoin is the only crypto asset not to originate a security. But even bitcoin was sometimes considered a security by the SEC in and I got involved in this from the very beginning. The SEC filed the case on December 22, I acted immediately.

Specifically, I wanted the SEC to exclude characterizing as unregistered securities the XRP held by my clients that were purchased in the secondary market from Coinbase and other exchanges and not from Ripple. Many of my clients had never heard of Ripple until the lawsuit. I immediately withdrew my Writ and filed a motion to intervene as a defendant in the SEC case against Ripple. The motion has been fully briefed and we are waiting for a decision. As far as my role or potential bias in this case, I am not being paid for my efforts and I have used my own money to fund the intervention.

I have no connection to Ripple or its attorneys. With all these facts as our greatest strength, along with our numbers, we will fight to the end. If things go right, crypto and the blockchain technology could usher in the next Internet revolution. Things are now going terribly wrong.

The US stands the very real chance of killing this business here by driving digital innovation overseas and ceding advancements to other countries including Communist China. Because our regulators, mainly those at the Securities and Exchange Commission, are either too feckless or too turf-hungry or a combination of both to understand the dangers of their asinine approach to overseeing a nascent and important technology. Skip to content By Roslyn Layton. December 5, By Ephrat Livni.

December 2, The New York Times. By Former Rep. Albert Wynn D-MD. November 30, Bloomberg Law. By Roslyn Layton. October 29, By Josh Hammer, Opinion Editor. October 21, By Charles Gasparino. October 17, New York Post. George Nethercutt R-Wash.

October 16, The Hill. By John E. Deaton, Founder and Host, CryptoLaw. The Key Players : First, it is important to remind everyone of the key figures in this story. In parallel, Lubin founded… ConsenSys , a for-profit consulting firm to promote and profit from building enterprise blockchain solutions exclusively on the Ethereum network. This is how Clayton, Hinman and Lubin were connected as this story began.

The Ripple Lawsuit: The XRP cryptocurrency was never issued in an ICO, operates on a fully decentralized ledger and has been used by project developers and consumers with no connection to Ripple for years. Why did Ethereum get a free pass and Ripple get sued?

SEC sues Ripple and two executives for selling XRP crypto: A $1.3 billion illegal security offering

Ripple Labs has officially responded to claims made by the US financial market regulator on December 23, Ripple produced a detailed response on 93 pages, where paragraph after paragraph broke all the SEC's allegations against it. The company chose offensive tactics on all fronts, focusing on Ripple functions, as well as on the correlation of the value of XRP with other cryptocurrencies. Moreover, the SEC's accusations contradict the position of other government agencies. The SEC was aware of the decision and did not mind. Ether was also involved in the case. According to the authorities from Ripple Labs, they asked the SEC how they have determined the status of non-security.

Ripple CEO says case with United States SEC will likely conclude in 2022

Cryptocurrency experts are closely watching a legal battle between Ripple Labs Inc. Ripple and its executives have asked the court to dismiss the case. Most securities enforcement actions end up resolved with a settlement, but the deep resources and firm positions on each side could take this case to the 2nd U. Circuit Court of Appeals, or eventually the Supreme Court, and provide the industry more reliable guidance than the current mix of district court decisions, settlements and nonbinding statements from agency officials, Hinkes said. The 2nd Circuit is based in New York. San Francisco-based Ripple was founded in and offers a real-time payment settlement network based on blockchain technology. Ripple wants to know more about that decision and was granted access in the court case to internal documents on how the agency concluded that XRP should be treated differently.

Ripple case with SEC rests on a knife-edge phone call

This lawsuit has stretched longer than anyone had anticipated. He said that Ripple will soon disclose their expert witnesses and,. He further speculated that Ripple might also bring onboard an independent industry expert in blockchain and decentralization. District Judge Analisa Torres. This essentially means that XRP holders are not the party to the case but have a bearing on issues that surround the case.

The SEC-Ripple Case Takes A New Turn

Ripple had previously warned that the SEC would take such an action. The complaint is the latest among a string of cases that the federal agency has brought against issuers of cryptocurrency tokens in initial coin offerings ICOs. The current case could prove to be the agency's biggest catch yet. XRP is the third biggest cryptocurrency by market capitalization , and its parent company has inked agreements with central banks around the world to implement distributed ledger technology DLT to enable faster processing of transactions. That complaint charged Ripple founders with "an intent to defraud and deceive" investors by holding an unregistered sale of securities.

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Yes, add me to your mailing list. For a long time, the case has been ongoing. Now the SEC vs. Ripple case has resurfaced. According to the complaint, Ripple began raising cash in by selling digital assets known as XRP in unregistered security offering to investors in the United States and around the world. Ripple is also accused of handing out billions of XRP in exchange for non-cash services like labor and market-making.

What’s New on the SEC Website

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The new trial date for Ripple XRP , which is thought to change the course of the crypto money market, has been set. When will the Ripple XRP case be concluded? What is the latest in the Ripple XRP case? You will find answers to such questions in this article. The new hearing date of the SEC case, which is thought to change the course of the crypto money market and Ripple, has been announced. The defendants will give their defense on April 12th.

Seven months into its legal showdown with the Securities and Exchange Commission, Ripple Labs faces an uphill battle against the government's case that it sold unregistered securities, according to a number of experts. That said, the San Francisco cryptocurrency company has assembled a high-priced legal team including former SEC commissioner Mary Jo White that has come out swinging. It has scored several early points, including getting U. Magistrate Judge Sarah Netburn's approval last week to depose a former division director of the SEC over the agency's objections. The company sold more than Ripple's lawyers have sought to put the SEC on the defensive by focusing attention on statements and actions by the agency related to digital assets that might contradict its argument, rather than on what Ripple and its founders did or didn't do. The case matters for a few reasons.

And I think the judge realizes this is not just about Ripple, this will have broader implications. Ripple objected to the claims, saying that XRP should not be considered a security. The court denied the motion, citing the attorney-client privilege.