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Ripple CLO Names All ‘Sins’ of Gary Gensler as SEC Chief
16 days ago
Crypto-20-pro
Crypto-20-pro
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U.S. Federal Judge Jed Rakoff delivered a summary judgment on December 28th in the Terraform Labs case, classifying Luna, MIR, and other crypto tokens as ‘securities.’ This landmark decision, rooted in their identification as investment contracts, sets a definitive tone for the ongoing security violation trial.The judgment solidifies:Token Classification: UST, LUNA, wLUNA, and MIR are affirmed as securities due to their inherent nature as investment contracts.Legal Trajectory: Despite this classification, the legal proceedings continue, with both parties’ motions for a summary judgment on fraud charges being dismissed. The case now moves forward to a jury trial.Witness Accounts: The judge permitted testimony from witnesses on both sides while limiting two defense witnesses focused on Terraform’s custodial wallets and the crypto economy overview.SEC’s Stance: The court’s decision aligns with the SEC’s position, asserting that most cryptocurrencies should be treated as securities under its oversight. Notably, this ruling specifically applies to Luna and Mir.Recapping the allegations:SEC Charges: Terraform Labs, led by CEO Do Kwon, faced SEC charges in February, accused of orchestrating a “multi-billion dollar crypto asset securities fraud” through Terra USD.Fundraising Tactics: The SEC contends that Terraform Labs raised billions through unregistered transactions, including security-based swaps called “mAssets” and the controversial Terra USD.Looking ahead:Jury Trial Date: A critical juncture awaits as the trial on fraud allegations is scheduled for January 24, 2024. Stay tuned to Coinpedia for real-time updates on this high-profile case.This ruling marks a watershed moment in the Terraform Labs narrative, significantly influencing the discourse on crypto asset classification and potential regulatory ramifications for the broader cryptocurrency landscape.

about 2 months ago
Criptoaldia
Criptoaldia
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In the intense legal dispute between Ripple Labs and the SEC, Ripple Chief Legal Officer Stuart Alderoty has hinted that the US Supreme Court could be the arena where Ripple gains ground. Alderoty bases this suggestion on a history of rulings that have favored the SEC in recent years, marking a turning point in the case. This shift follows a mixed ruling by Judge Analisa Torres, who distinguished between Ripple's direct sales to financial institutions and others.

3 months ago
Coinpedia
Coinpedia
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The post SEC in the Spotlight: Ripple Executives Challenge Gensler’s Leadership and Direction appeared first on Coinpedia Fintech News In a surprising development that has sent ripples through the cryptocurrency community, Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has raised speculation about a potential exodus from the U.S. Securities and Exchange Commission (SEC).  Ripple CTO Drops Bombshell on SEC Exodus Alderoty’s remarks come at a time when rumors of dissatisfaction within the SEC’s crypto asset and cyber unit have been circulating, with reports of many SEC officials applying for jobs in major law firms in the US. The possible shift concerns what’s happening inside the doomed paradise under Gary Gensler’s rule, losing almost all legal cases.  Connecting the dots, Alderoty questions whether SEC lawyers would blow the whistle on Gensler before any potential exodus has added fuel to the fire of speculation. His comments have drawn attention to the possibility of internal collapse within the SEC and have raised concerns about the agency’s direction under Gensler’s leadership. Ripple’s Take on Gensler is Not New Well, this is not the first time Ripple CTO took a jab at Gensler’s leadership. Alderoty has previously highlighted what he perceives as Gensler’s “controversial leadership,” suggesting that there may be underlying tensions within the agency. His recent comments about potential whistleblowing have further underscored these concerns and have led to increased scrutiny of Gensler’s tenure at the SEC. Pro-XRP lawyer Bill Morgan has echoed Alderoty’s sentiments, criticizing the SEC’s approach to crypto regulation and questioning Gensler’s credibility in matters about digital assets.  Gensler’s Surviving Trick From the Exodus In the meanwhile, Gensler’s push for a big budget rise for the SEC makes Alderoty’s comments even more interesting. Fox Journalist Eleanor Terrett reports that Gensler is pushing for a hefty $2.4 billion budget for the SEC this year. He also aims to add 170 staff positions, especially in crypto assets and cybersecurity, showing his commitment to regulating crypto despite staff changes. Despite the rumored staff departures, Gensler’s push for additional resources shows his commitment to regulatory enforcement efforts, particularly in the crypto space. Will He Continue?  Alderoty added that Gensler’s tenure was full of controversies, including instances where his staff was caught lying to judges. Gensler’s indirect connections to FTX and Jeffrey Upstein, further complicate the situation. Such remarks are more substantial as Gary Gensler is looking ahead to continue his role in the SEC if President Joe Biden wins the 2024 elections. Alderoty concluded on a sarcastic note, “Who else would hire him?” His fate hangs in balance.  As rumors continue to build tension within the SEC, all eyes are on the regulatory body to see how it handles the exodus and what new information comes out in the coming days and weeks. What happens next with these events could have big effects on how crypto is regulated in the US and other places.

13 days ago
Cryptopolitan
Cryptopolitan
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Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has raised significant doubts regarding the post-regulatory job prospects of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler. Alderoty’s remarks respond to Gensler’s expressed interest in continuing to lead the SEC under a potential second term of U.S. President Joe Biden. The unfolding discourse underscores a contentious debate surrounding Gensler’s future employability and his tenure’s legacy. Challenges to Gensler’s post-SEC career In a recent interview, Gensler signaled his willingness to extend his tenure at the SEC’s helm, prompting various reactions from industry stakeholders. Alderoty, in particular, questioned Gensler’s viability in securing employment beyond the regulatory landscape. The Ripple CLO highlighted what he perceived as Gensler’s professional liabilities, enumerating four notable “sins” during his incumbency. Alderoty’s critique centers on Gensler’s perceived political toxicity and the SEC’s string of legal setbacks under his leadership. The SEC’s failure to prevail in high-profile cases against Ripple and Grayscale Investments has drawn scrutiny. Alderoty’s remarks echo broader concerns within the cryptocurrency and financial sectors regarding the SEC’s regulatory approach and its implications for innovation and market dynamics. Assessment of Gensler’s legacy The debate surrounding Gensler’s future extends beyond his career trajectory to encompass broader reflections on his legacy at the SEC. While supporters commend his efforts to bolster investor protection and oversight, detractors raise questions about the efficacy and fairness of regulatory enforcement under his stewardship. The outcomes of key litigations, including those involving Ripple and Grayscale Investments, serve as focal points in evaluating Gensler’s tenure and its impact on market participants. As discussions regarding Gensler’s potential second term unfold, Ripple’s CLO Stuart Alderoty’s commentary offers a pointed critique of the SEC Chair’s post-regulatory job prospects. Amidst ongoing debates surrounding regulatory policy and enforcement, stakeholders across industries await further developments that could shape the future trajectory of financial oversight in the United States.

14 days ago
Todayq News
Todayq News
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Ripple’s native crypto, XRP is sliding on a downtrend despite positive momentum in the crypto market. The cumulative digital asset market capitalisation is nearing the $2 trillion mark but XRP seems to losing grip here. XRP price action suggests that Ripple’s crypto is down due to legal complications it’s facing from the US Securities and Exchange Commission (SEC). XRP to bleed more? According to the data provided by WhaleAlert, crypto whales had moved more than 200 million XRP tokens (approx worth $100 million) in multiple transactions over the last 24 hours. The biggest transaction recorded by the tracker has been moving 100 million XRP (approx worth $52.5 million) from the Unknown wallet to the Ripple linked wallet. Data shows that an address linked to Ripple transferred 80 million XRP (approx worth $42 million) to an unknown wallet. However, a crypto whale moved 27.3 million XRP tokens (Approx worth $14.4 million) to the crypto exchange Bitstamp in a single transaction. This suggests that the whale made a smart move to dodge the further price drop. XRP is on constant drop printing red indexes on all the matric expect 7 days chart, XRP price gained by around 3% in the last 7 days. However, its price dropped by more than 3% in the last 24 hours. It is trading at an average price of $0.51, at the press time. Ripple’s native crypto’s 24 hour trading volume recorded a surge of 8% to stand at $765 million. The crypto holds the sixth position on CoinMarketCap with a live market cap of $28.12 billion. A silver lining for Ripple? However, despite increased trading activity, XRP’s price has experienced fluctuations. Recent data indicates that XRP was among the top liquidated assets in the crypto market. Over the last four hours, around $190,000 worth of XRP positions were liquidated, with 99.4% of these liquidations representing long positions. Ripple’s Chief Legal Officer, Stuart Alderoty, has been vocal about his criticism of SEC Chair Gary Gensler’s leadership. Alderoty recently highlighted speculation about a potential exodus within the commission. He questioned whether lawyers from the SEC’s crypto asset and cyber unit would be willing to blow the whistle on Gensler’s “controversial leadership.”  Alderoty seemed to be triggered by the possibility of them sharing details with the SEC’s Office of Inspector General or the House Committee on Oversight and Accountability. He hinted at a possible strategy to encourage whistleblowing against Gensler. Get Premium Crypto Trading Signals from Real Crypto Analysts. Join our official Waiting List at todayq.com.

13 days ago
Crypto Times
Crypto Times
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🚀 XRP News: SEC Appeal Plans Shake XRP Price Trends! 🚀   📰 By: Bob Mason | Published: Feb 11, 2024 | Time: 10:52 GMT+5 | Duration: 3 min read   🔍 Key Insights: - XRP faced a slight decline of 0.40% on Saturday, closing at $0.5241. - SEC's plan to appeal the Programmatic Sales of XRP ruling continues to affect XRP's price trends. - Discussion around SEC v crypto case and US lawmakers' actions need investor attention.   📉 The Saturday Overview: - XRP saw a minor decline of 0.40%, reversing some gains from Friday, ending at $0.5241.   💼 SEC v Ripple: Impact on XRP Market: - SEC's appeal against the Programmatic Sales of XRP ruling remains a challenge for XRP. - Despite the broader crypto market's rise by 1.01%, XRP faced headwinds due to the ongoing legal battle. - Recent court rulings, especially regarding TerraUSD and Luna, added to the uncertainty.   💼 SEC v Coinbase: Regulatory Landscape: - Coinbase awaits the court's decision on its Motion to Dismiss (MTD) filed in August. - US Treasury Secretary Janet Yellen's testimony underscores the need for crypto regulation, influencing market sentiments. - Ripple's Chief Legal Officer, Stuart Alderoty, highlights the contradictions in SEC's stance, adding to the regulatory uncertainty.   💹 XRP Price Action: - Weekly and daily charts suggest a bearish sentiment in the near term. - Breakout above resistance levels could signal bullish momentum, while failure may lead to further decline. - Short-term bullish signals persist, but longer-term outlook remains uncertain pending legal and regulatory developments.   📈 Stay tuned for updates as XRP navigates through legal challenges and regulatory dynamics, impacting its price movements. 📉 #Write2Earn #TrendingTopic #PYTH #PIXEL #DYM

14 days ago

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