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The Daily Hodl
The Daily Hodl
FTX Creditors Hit Crypto Exchange’s Legal Counsel With Lawsuit Over Fraud and Civil Conspiracy Allegations - The Daily Hodl
2 days ago
Cryptopolitan
Cryptopolitan
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Kraken, a leading U.S.-based cryptocurrency exchange, has taken a firm stance in the ongoing legal discourse surrounding the classification of XRP. Amidst legal demands for disclosing private XRP transaction data, including customer identities, Kraken has filed a motion to protect its clients’ sensitive information. This action highlights the exchange’s dedication to safeguarding user trust, even under regulatory pressures. Kraken’s response to legal proceedings Kraken’s proactive approach comes in the wake of legal proceedings that question whether XRP, a digital currency associated with Ripple Labs, should be classified as a security or a currency. The lawsuit, known as Zakinov v. Ripple, has Ripple Labs in a legal battle over allegations of marketing XRP as an unregistered security. Despite Ripple’s defense, positioning XRP alongside cryptocurrencies like Bitcoin and Ethereum, the case has escalated to a class action, certified by U.S. District Judge Phyllis J. Hamilton. In a landmark ruling on July 13, Ripple emerged victorious against the SEC, with the court declaring XRP not a security. This ruling dismissed the SEC’s argument and set a precedent for the classification and regulation of digital tokens in the United States. Following this development, Kraken has notified its customers, especially those who might benefit from the lawsuit’s potential monetary incentives. Notification to XRP holders Kraken’s initiative to inform its customers about their eligibility for monetary incentives stemming from the Zakinov v. Ripple lawsuit marks a pivotal moment in the ongoing legal saga. Yassin Mobarak, founder of Dizer Capital, shared his experience on social media, expressing surprise at the possibility of profiting from his XRP holdings through the class action lawsuit. This move by Kraken demonstrates the exchange’s commitment to transparency and its role in ensuring that eligible participants are aware of their potential benefits. The notification to XRP holders is particularly noteworthy, given the exchange’s stance on user privacy and its efforts to shield customer data amidst legal inquiries. By informing its customers directly, Kraken is ensuring that those who may gain from the lawsuit are adequately informed, allowing them to take necessary actions or follow developments closely. As the Zakinov lawsuit progresses towards its trial scheduled for October 2024, the cryptocurrency community and stakeholders in Ripple’s ecosystem are keenly watching. Ripple’s defense is expected to leverage the recent court ruling, arguing that XRP is not a security. This case has significant implications for Ripple and XRP and the broader cryptocurrency market, potentially influencing how digital assets are classified and regulated in the future.

13 days ago
CoinFea
CoinFea
followers

In recent events within the cryptocurrency legal landscape, Kraken, a prominent U.S.-based crypto exchange, has taken decisive steps to shield its users’ privacy. This move comes in response to demands for releasing private transaction data related to XRP amidst the ongoing legal discourse regarding its classification. The exchange’s motion to protect customer information underscores its commitment to maintaining trust with its users, even under regulatory scrutiny. The backdrop to Kraken’s action is the legal scrutiny surrounding XRP, a cryptocurrency developed by Ripple Labs. The Zakinov v. Ripple lawsuit has put Ripple in the spotlight, with allegations that XRP was marketed as an unregistered security. However, Ripple Labs received a significant boost on July 13, when a court ruling affirmed that XRP should not be classified as a security, marking a notable victory against the SEC. This verdict bolstered Ripple’s position and has broader implications for the classification and regulation of digital tokens in the U.S. Kraken alerts XRP holders of potential benefits Following Ripple’s legal win, Kraken has proactively contacted its customers, particularly those holding XRP, informing them of potential monetary benefits arising from the lawsuit. This initiative reflects the exchange’s dedication to transparency and customer welfare, ensuring that eligible users are aware of and can claim their rightful benefits. The alert has sparked discussions within the crypto community, with individuals like Yassin Mobarak, the founder of Dizer Capital, expressing their astonishment at the unexpected possibility of profiting from the class action lawsuit. As the legal proceedings inch closer to the trial date in October 2024, the cryptocurrency sector and Ripple’s stakeholders remain vigilant. With Ripple poised to argue the non-security status of XRP further, this case could have far-reaching effects on how digital assets are viewed and regulated moving forward. Kraken’s stance in this scenario highlights the exchange’s role as a platform for trading and a defender of user rights and privacy. The post Kraken alerts XRP holders to possible legal windfall first appeared on Coinfea.

12 days ago

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