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Kraken Seeks Dismissal of SEC Lawsuit, Cites Concerns of Regulatory Overreach
2 days ago
奔跑财经-FinaceRun
奔跑财经-FinaceRun
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Cryptocurrency exchange Kraken filed a motion in federal district court late Thursday asking the court to dismiss the SEC lawsuit filed in November. A Kraken spokesperson told reporters: "The legal definition is clear. Any assets in the SEC lawsuit do not constitute an 'investment covenant,' and Kraken is not a securities exchange." The motion, filed in the Northern District of California, details the SEC’s latest charges, which come nine months after the agency and Kraken settled previous charges related to cryptocurrency staking. Kraken argued: "The SEC never mentioned the contractual content required for an 'investment covenant.' An investment covenant must contain post-sale obligations that extend to the purchaser from the issuer, which the SEC did not allege and could not satisfy any of the elements of the Howey Rule." Kraken continued: "There is no 'investment,' no 'joint enterprise,' and no 'reasonable expectation of profit based on the efforts of others.'" Kraken’s arguments align with those of the Crypto Freedom Alliance of Texas (CFAT), which yesterday filed a separate lawsuit against the SEC over its regulatory securities definition. CFAT brought up the example of Nike's limited-edition designer sneakers, which are more sought after by collectors than by the people who actually wear them. A Kraken spokesperson said: “The SEC’s case is based on an expanded new theory that will effectively ‘securitize’ a wide range of ordinary assets and commodities. At the same time, the SEC claims that any asset that can appreciate in value will

3 days ago
Coinpedia
Coinpedia
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The post XRP Price Nears $0.60 as Ripple vs. SEC Lawsuit Enters Critical Phase appeared first on Coinpedia Fintech News As the legal showdown between Ripple vs SEC reaches a critical juncture, the crypto market braces for potential aftershocks. With the lawsuit advancing into the pivotal “remedies” phase, investors and stakeholders eagerly await developments that could shape the future trajectory of the case and influence broader regulatory dynamics. The latest update reveals Ripple’s XRP rose to $0.5741 today, moving closer to its $0.60 target amid growing anticipation of the SEC v. Ripple legal battle. However, the key financial and operational facts stay secret until February 20, 2024, as the litigation progresses. SEC v. Ripple Lawsuit Enters New Phase  Today, February 20th marks the crucial date in the Ripple vs SEC case, with Ripple poised to reveal its financial records and respond to the SEC’s interrogatories. The delay in remedies-related discovery, granted by Magistrate Judge Sarah Netburn, highlights the case’s complexity and the necessity for careful consideration before deciding. On top of that, Ripple’s compliance with the SEC’s demands for detailed financial statements and post-complaint XRP institutional sales contracts represents a significant development in the lawsuit. Ripple initially refused the demands however later agreed to adhere to the court’s order, signaling a willingness to cooperate with legal proceedings. Implications for the Crypto Industry As the case advances into the remedies phase today, both Ripple and the SEC are preparing for forthcoming legal briefs and proceedings in March and April. The court’s ruling on the appropriate penalties and remedies for Ripple’s alleged securities law violations carries far-reaching implications for the crypto industry and regulatory landscape. Blockchain researcher Collin Brown recently updated on the Ripple vs. SEC case, noting the extended deadline for remedies-related discovery has passed. However, he said that access to Ripple’s information awaits the SEC’s brief filing on March 13. Beyond February 20, key dates from March 13 through April 29 mark critical milestones in the lawsuit, with legal experts and stakeholders closely monitoring developments. However, the resolution of the lawsuit remains uncertain, with the potential for appeals and prolonged legal proceedings looming large. Current Market Sentiment’s Today XRP’s price rose 1.51% to $0.5688, with trading volume up by 76.67% to $1.33 billion. Over the past seven days, XRP has surged nearly 8% in price. Despite legal uncertainties, XRP has shown resilience, with increasing prices and trading volumes. Ripple’s call for compliance and transparency amid market volatility highlights its commitment to sailing the unregulated crypto waters. As stakeholders await updates, the Ripple vs. SEC case will shape cryptocurrency regulation, extending beyond the courtroom.

5 days ago
ZyCrypto
ZyCrypto
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The U.S. Securities and Exchange Commission’s lawsuit lodged against Ripple in December 2020 is grabbing headlines, as today (Feb. 20) marks the deadline of the discovery phase. A crypto pundit has suggested we could see a settlement in the Ripple vs. SEC case in April. A Settlement On The Cards? A member of the XRP community has shared a crucial update on the ongoing legal dispute between Ripple and the U.S. SEC to clear up “some misconceptions”. Ashley Prosper observed that the discovery case in the XRP lawsuit was scheduled to end today. In the X post, Prosper captioned a court filing photo showing four important dates that the XRP community should look out for. The expert highlighted 4 key dates: February 20, March 13, April 12, and April 29. It’s pertinent to mention that today also marks the day Ripple is supposed to comply with the court order and hand over its audited financial statements and institutional sales contracts. According to Prosper, the community will not have information on the material submitted by Ripple until the SEC files its remedies-related brief on March 13. But, she advised the XRPArmy not to expect much in that development. Moreover, the analyst noted that the deadline for submitting final remedies is April 29, 2024. This is when the court is supposed to determine penalties for Ripple’s XRP sales to institutional customers. The securities regulator reportedly wants Ripple to pay a hefty $770 million for its securities violations. Prosper rebutted claims that Judge Analisa Torres’s final verdict on the lawsuit is due in April. She will likely make her decision in July or August. However, the pundit claims that Judge Torres could “take until next year” to give her decision. At the moment, it is expected that the long drawn-out lawsuit will come to a conclusion in April. In Prosper’s opinion, this will only happen if the two parties reach a settlement.  XRP Price Action Ripple, the fintech company whose founders created XRP, has had legal issues with the SEC since 2020. At the time, XRP was the third-largest cryptocurrency by market cap. Ripple, however, notched a major victory against the Commission in July 2023, with Judge Torres ruling that the XRP token is not a security when it comes to programmatic sales to retail investors. XRP climbed 6.5% in the past week. The coin was trading for $0.5614 per coin at publication time, according to data from CoinGecko. With a market cap of $30.6 billion, XRP is now the sixth-largest crypto. It remains to be seen whether XRP has enough strength to further its upswing and even cross the $1 threshold at some point this year.

5 days ago
BitEagle News
BitEagle News
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JUST IN: 🇺🇸Gary Gensler and the SEC are being sued in Texas over their excessive crypto overreach The lawsuit explicitly seeks to overturn regulatory decisions by the agency. #Bitcoin #SEC

3 days ago

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