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Kraken Challenges SEC: Crypto Exchange Fights Allegations in Legal Battle
3 days ago
Coinstages
Coinstages
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XRP has garnered significant attention in recent months. Following the recent crypto market resurgence caused by Bitcoin’s recent surge, many traders hold onto the hope that XRP will finally reclaim its past glories. However, despite these positive indicators, XRP has underperformed, falling 3.68% over the past 24 hours to $0.542. While the broader crypto market witnessed a surge, XRP is lagging. In 2024 alone, the digital token has even dipped by almost 14%. Many investors are still bullish despite the appalling performance, with one Bitcoin investor recently picking up $500,000 worth of XRP. Faced with this mixed bag of signals, We sought insights from PricePredictions, a platform utilizing AI-driven machine learning algorithms to forecast cryptocurrency prices. The analysis focused on XRP’s potential performance over the next 10 days. AI Hints at Short-Term Climb According to PricePredictions’ algorithms, XRP might finally inch upward in the coming days. The prediction model suggests an increase to $0.553549 by March 1, 2024. Furthermore, the AI anticipates this uptrend to continue into mid-March, with XRP potentially reaching $0.570682, representing a 5.29% increase within 30 days from its current price. However, a closer look at technical indicators based on XRP’s recent performance paints a contrasting picture. The token’s short-term outlook leans towards selling. It should be noted that Oscillators and moving averages predominantly signal a sell recommendation, particularly based on the last 24 hours of trading. This discrepancy between AI predictions and technical indicators underlines the uncertainties associated with cryptocurrency price movements. While AI algorithms analyze vast amounts of historical data and market trends, they cannot account for unforeseen events or sudden shifts in investor sentiment, both of which can significantly impact prices. Other factors could also impact XRP in the short term. The most significant of these is the ongoing legal battle between Ripple and the SEC. This lawsuit has hampered XRP’s price and adoption in the U.S. since it began in December 2020, and unforeseen outcomes could significantly affect XRP. Beyond the legal battle, broader market forces also play a crucial role. The overall health of the cryptocurrency market, particularly Bitcoin’s performance, can significantly impact XRP’s price movement. Ultimately, predicting XRP’s long-term price trajectory remains a challenging endeavor. However, a Ripple executive has revealed that the company prioritizes utility and adoption over short-term price movements, showing that the company has bigger plans for the digital asset. ⚠️Disclaimer This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader. #xrpbullish

3 days ago
CryptoNewsFarm
CryptoNewsFarm
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The fight between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is getting hotter as both sides gear up for a big date on February 20th. This is the next crucial moment in the ongoing legal battle over whether Ripple illegally sold XRP tokens. Remember, back in July 2023, Ripple got a win when the court said they didn’t need to register all their XRP sales with the SEC. But, the court also said some sales to big companies did need registration. Now, both sides are trying to figure out what “punishment” Ripple should face for those sales. February 20th is important because it’s the deadline for both sides to gather information about the case. This could be like finding new clues in a detective story! The SEC wants to see Ripple’s financial records and details about how they sold XRP to big companies. By digging through this information, the SEC might find something that helps them argue for a harsher punishment for Ripple. Ripple, on the other hand, wants more time to find all the documents the SEC is asking for. They say it’s hard to collect everything so quickly. After this information gathering phase is over, both sides will submit arguments in March and April, and then the court will decide what punishment Ripple should face.

8 days ago
Coinpedia
Coinpedia
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The post Why XRP Is Down Today? Here’s Are The Possible Factors Pulling The Curtains Down! appeared first on Coinpedia Fintech News As the SEC vs. Ripple lawsuit enters a pivotal phase, both parties are diligently crafting remedies-related briefs. This signifies a notable progression in the legal proceedings, with looming deadlines shaping the direction of the case. Notably, March 13 marks a key milestone for the SEC’s filing, followed by April 12 for opposing motions, and April 29 for final remedies submissions. Hence by April 29th, the court is expected to determine penalties for Ripple’s alleged institutional sales of XRP, potentially offering closure to the protracted legal battle. However in a recent breakout, it went beyond Ripple vs SEC, the SEC is yet again entangled in another legal mess. Here’s what happened and its impact on XRP at a glance.  XRP slips below $0.55 amid ongoing SEC v. Ripple lawsuit developments. March 13 marks a pivotal deadline as court prepares to determine penalties. Meanwhile, LEJILEX crypto exchange and CFAT sue SEC, challenging digital asset sales classification. #Maleyatupdates — Maleyat Group (@MaleyatGroup) February 22, 2024 Legal Battle Intensifies: LEJILEX Exchange Challenges SEC  Surprisingly, the LEJILEX crypto exchange and the Crypto Freedom Alliance of Texas (CFAT) have taken legal action against the SEC. Their lawsuit seeks a declaration affirming that secondary-market sales of digital assets, including those envisioned by LEJILEX, do not constitute sales of securities. This groundbreaking lawsuit underscores the mounting tensions between regulators and the crypto industry, as stakeholders seek clarity on the regulatory landscape. So far, Ripple has set an example in the industry by fighting and winning over the SEC, and this case will bolster efforts to save crypto from SEC manipulation. XRP is Poised for Further Price Correction From a technical point of view, investors and experts pay close attention to how the price of XRP changes. Even though it fell below $0.55, the 6th largest coin is still in the race. Analysts say that if XRP goes down even more, it might test the 23.6% Fibonacci level at $0.5219. But signs like the Moving Average Convergence/Divergence (MACD) show that things are going in the right direction, and the Awesome Oscillator (AO) suggests that the asset’s price trend might be about to change. Looking ahead, market participants are closely monitoring XRP’s behavior, particularly its ability to bounce back to the support levels and attain its upward trajectory. If XRP manages to rebound it could see retesting the 78.6% Fibonacci retracement level at $0.6073.  On the other hand, a sustained drop below $0.5219 may pave the way for further correction, potentially leading to a decline to $0.50. However, optimism remains high that XRP could recover its losses upon surpassing this critical threshold.

3 days ago
The Cryptonomist
The Cryptonomist
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In a saga that has captured the attention of the global financial community, Do Kwon, co-founder of the Terra-Luna crypto ecosystem, finds himself at the center of a legal storm as he faces extradition to the United States.  According to local media reports, the High Court of Podgorica, in Montenegro, has decided to extradite Kwon to the United States, rejecting the extradition request from South Korea.  The decision comes following accusations of fraud and financial misconduct related to losses suffered by US investors linked to an algorithmic stablecoin. The co-founder of the Terra-Luna crypto system is in a real legal storm  At the end of last year, a court in Podgorica had initially approved Kwon’s extradition. His journey through the legal system began when he was arrested in Montenegro in March 2023 for attempting to use a counterfeit passport to leave the country.  Initially, Kwon had agreed to be extradited to South Korea. However, subsequent developments have led to a change in his legal trajectory. In June, a court in Montenegro sentenced Kwon to four months in prison after finding him guilty of document forgery in relation to the use of a counterfeit passport.  Despite the appeal to the court’s decision, Kwon’s efforts were unsuccessful and he was ultimately sentenced to serve a prison term. The extradition decision marks a significant development in Kwon’s legal issues.  With civil charges from the Securities and Exchange Commission (SEC), Kwon and Terraform Labs are accused of raising billions from investors through the offering and sale of a interconnected series of cryptocurrency securities, many of which allegedly were conducted in unregistered transactions. The imminent extradition comes after the delays of the jury trial for fraud charges, originally scheduled for January 29 but then postponed to the end of March.  The legal representative of Do Kwon cited difficulties in facilitating his client’s release from Montenegro as the reason for the postponement of the trial. The charges against Kwon and Terraform Labs highlight the complexities and challenges surrounding the regulation of cryptocurrency markets and digital assets. As the popularity and adoption of cryptocurrencies continue to grow, regulatory authorities around the world are grappling with how to effectively supervise these rapidly evolving financial instruments. According to Kwon, the extradition to the United States represents a crucial moment in his legal battle, with potential far-reaching implications both for himself and for the cryptocurrency sector in general. The outcome of the trial and any subsequent legal proceedings could shape the regulatory landscape surrounding digital assets and influence investors’ confidence in the sector. The intensification of controls in the crypto world In recent years, governments and regulatory bodies have increased scrutiny on cryptocurrency projects and their founders, especially regarding issues such as fraud, market manipulation, and compliance with securities laws.  The case of Do Kwon highlights the importance of supervision and enforcement of regulations to safeguard investors and maintain the integrity of financial markets. According to Terraform Labs, the legal proceedings involving its co-founder have undoubtedly cast a shadow on the company’s operations and reputation.  Terraform Labs, one of the leading players in the cryptocurrency sector, has been at the forefront of innovation in blockchain technology and decentralized finance. However, the accusations against Kwon and the company have raised doubts about compliance practices and risk management procedures. The outcome of Kwon’s extradition and the subsequent trial will be closely followed by industry operators, legal experts, and regulatory authorities.  Beyond the immediate implications for Terraform Labs and its co-founder, the case could set legal precedents and influence regulatory approaches to cryptocurrencies in the years to come. As the cryptocurrency market continues to evolve and mature, stakeholders must work collaboratively to address regulatory challenges and promote responsible innovation.  Reaching a balance between promoting innovation and protecting investors will be crucial in shaping the future of digital finance and ensuring its long-term sustainability. Conclusions In the case of Do Kwon, the journey from Montenegro to the United States marks a crucial chapter in a legal saga that has captured the attention of the global financial community.  With the eyes of the world focused on him, Kwon’s extradition and trial represent much more than the fate of a single individual: they symbolize the broader challenges and opportunities that the thriving cryptocurrency sector must face in an increasingly interconnected and regulated world. In conclusion, the extradition to the United States of Do Kwon, co-founder of Terraform Labs, represents a significant step in a legal saga that has reverberated throughout the global cryptocurrency community.  Between allegations of fraud and misconduct, Kwon’s journey from Montenegro to the United States highlights the complexities and challenges inherent in regulating the rapidly evolving landscape of digital assets. While governments and regulatory bodies are grappling with the regulation of cryptocurrencies, Kwon’s case serves as a reminder of the importance of strong surveillance and enforcement mechanisms to protect investors and maintain market integrity.  The outcome of Kwon’s trial and any subsequent legal proceedings will have far-reaching implications, shaping not only the future of Terraform Labs but also influencing regulatory approaches to cryptocurrencies worldwide. In the future, stakeholders will need to collaborate to find a balance between promoting innovation and safeguarding against fraudulent activities in the cryptocurrency space.  Facing regulatory challenges and promoting responsible innovation, the sector can continue to thrive and evolve in a way that is beneficial both for investors and for the broader financial ecosystem.

4 days ago
CoinChapter
CoinChapter
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xrp price surge Read CoinChapter.com on Google News NAIROBI (CoinChapter.com) — XRP price surges immensely around the Bitcoin Halving euphoria if history is any indication. For instance, the XRP price boomed 30,405% eighteen months after the second Bitcoin halving on July 16, 2016. This surge outpaced Bitcoin’s relatively modest gains of 2,830% in the same period. XRP/USD historical price performance. Source: CoinMarketCap.com Similarly, the third Bitcoin halving on May 11, 2020, followed an XRP price surge of up to 1,100%. In comparison, Bitcoin price gained around 550% in the same period. XRP Price Surge Expectations Rise Due to ‘Altseason’ According to crypto intelligence platform Santiment, projects like $INJ, $RPL, $PLA, $STPT, and $BAT have all seen a surge in whale activity, with a significant increase in transactions exceeding $100,000. This suggests large investors are positioning themselves for potential gains in these altcoins as the Bitcoin halving on April 25 approaches. While #Bitcoin profits are being distributed to various #altcoins, several are showing signs of drawing whale interest. Projects such as $INJ, $RPL, $PLA, $STPT, and $BAT have recently seen much higher levels of transactions that exceed $100K+ in value. https://t.co/0QRy0kPRlN pic.twitter.com/rlPbaUVTR0 — Santiment (@santimentfeed) February 14, 2024 This development could also benefit XRP, which has historically experienced major price surges following Bitcoin halvings and is currently facing a potential resolution to its ongoing legal battle with the SEC – another event expected to impact its price significantly. The Bitcoin halving will reduce the BTC supply rate by half. The limited supply could drive up its price, leading investors to take profits off the table and reinvest in other cryptocurrencies, including altcoins, as we’ve seen in the past. Altcoin Whale transactions count chart. Sanbase As the Bitcoin halving approaches in April, XRP investors are also eyeing another significant event: the resolution of the ongoing legal battle with the SEC. Speculation is rife that the case could conclude the same month, fueling bullish sentiment among XRP supporters. A recent post by XRP Whale, a crypto analyst, hinted at the possibility, adding to the optimism surrounding XRP’s price surge. The convergence of these events in April is expected to intensify market activity and interest in XRP, potentially leading to notable price movements. The post XRP Price Surge After Bitcoin Halving 2024 is Miraculously Possible appeared first on CoinChapter.

4 days ago
Todayq News
Todayq News
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As the cryptocurrency industry awaits a crucial decision over the spot Ethereum Exchange-Traded Fund (ETF), the US Securities and Exchange Commission (SEC) key leader has decided to move out. Ladan Stewart, a key figure in the SEC’s crypto unit reportedly has left the agency. SEC ex bids adieu According to a report by Bloomberg Law, Ladan Stewart will join White & Case. The former SEC executive had led the commission’s crypto and cyber litigation unit since September 2022. She had played a crucial role in high-profile court battles with the crypto industry. However, her departure comes at a time when the SEC faces impending decisions on spot Ethereum ETFs. Stewart’s tenure at the SEC saw her leading big legal actions against major crypto players. This includes the lawsuit against Coinbase for allegedly operating as an unregistered securities exchange. It should be noted that she was also part of the legal team engaged in a long running legal battle with Ripple over the classification of its XRP token. The report suggests that the former head of the SEC’s crypto and cyber litigation unit played a key role in the crypto regulatory space. On the other hand, the SEC has taken a proactive stance on crypto regulations under the leadership of Gary Gensler. The departure of Stewart might move the commission’s approach towards crypto. It added that Stewart in her new firm will intend to develop a crypto and cyber defense practice. This reflects the increasing importance of legal expertise in addressing the challenges. It also shows the legal scrutiny faced by the crypto industry. Cryptocurrency is here to stay However, she mentioned that the crypto is here to stay. This comes in with the recent launch of Bitcoin ETFs. Stewart highlighted the ongoing legal complexities and enforcement in the crypto space. She even indicated that legal questions around the crypto industry will remain here for the foreseeable future. Ladan Stewart’s move comes in when the buzz around ETH ETF is getting strong. The US SEC’s delaying tactics had shifted the impending decision until May. The arrival of the spot Bitcoin ETF boosted the market. Bitcoin (BTC) recently regained the $53K mark before dipping to the $50K level. While Ethereum which was dealing with a high selling pressure proved to surge with the help of positive sentiments. ETH price recently jumped over the $3K mark. Get Premium Crypto Trading Signals from Real Crypto Analysts. Join our official Waiting List at todayq.com.

4 days ago
Cryptopolitan
Cryptopolitan
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The legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, the company behind the cryptocurrency XRP, has intensified as both parties proceed with drafting remedy-related briefs. This ongoing dispute stems from the SEC’s allegations that Ripple’s XRP token sales constituted unregistered securities offerings, violating federal securities laws. Recent developments following Judge Torres’ summary judgment decision have prompted further legal actions, including the SEC’s motion for an interlocutory appeal. As the dispute progresses, both parties engage in remedies-related discovery and prepare their respective briefs to address the breach of Section 5 of the U.S. Securities Act. SEC vs. Ripple war rages on The legal struggle between Ripple Labs and the United States Securities and Exchange Commission (SEC) continues as we approach the critical dedline. As the litigation moves into the “remedies” phase, critical financial and operational data are kept secret until this vital date. Meanwhile, investors are keenly awaiting the eventual outcome of Ripple’s legal battle with the SEC, which could influence future case outcomes. The SEC and Ripple will now start crafting remedy-related briefs. According to the court’s submission schedule, the SEC must submit its remedy-related brief by March 13. The SEC will seek punitive disgorgement to dissuade corporations from violating Section 5 of the US Securities Act. The extent of the penalty that Ripple must pay for XRP sales to institutional investors is undetermined. The court ruling could be based on whether Ripple continued to violate Section 5 of the US Securities Act following the December 2020 complaint. In January, Judge Sarah Netburn granted the SEC Motion to Compel and ordered Ripple to 1. Provide financial accounts for 2022/2023. 2. Disclose post-complaint XRP sales contracts to institutional investors. 3. Respond to an interrogatory regarding the amount of XRP institutional sales proceeds after the SEC filed the complaint. Judge Netburn made a few observations in the court ruling that are worth considering. They included: “Courts have no hesitation in concluding that, in calculating the size of a penalty necessary to deter misconduct, the extent of a defendant’s wealth is a relevant consideration.” “The SEC credibly argues that the District Judge may consider post-complaint conduct when determining whether an injunction is necessary and just.” Judge Netburn also noted that the SEC made adequate evidence to demonstrate that post-complaint XRP institutional sales revenues could help the courts determine a remedy. Given Judge Netburn’s findings and comments, Ripple may risk a significant punishment if it continues to violate Section 5 of the US Securities Laws following the lawsuit. However, US courts are likely to evaluate XRP sales to US institutional investors. The SEC faces troubled times in the US courts In December, Alderoty provided several examples of court rulings criticizing SEC practices. The increasing court scrutiny of the SEC may have an impact on the outcome of ongoing cases against crypto firms. Furthermore, ongoing inappropriate behavior may force US lawmakers to act on recent warnings. On February 7, five US Senators, including Cynthia Lummis, signed a letter to SEC Chairman Gary Gensler. Senators reacted to the SEC dropping its accusations against Debt Box. Significantly, the Senators threatened to scrutinize other enforcement cases. Last Monday, Chair Gensler dismissed the increased scrutiny, stating:  I think we’re doing everything according to the law and how the courts interpret the law. And as the courts shift their interpretations, jobs like mine are both more challenging and more interesting. Gary Gensler Ripple must submit its remedy-related brief by April 12. US case law may benefit Ripple, especially if there were no post-complaint XRP sales to US institutional investors. The legal defense team could consider the following reasons to reduce the penalty: In 2010, the US Supreme Court determined that the SEC’s jurisdiction is limited to sales made in the United States. Morrison vs National Bank of Australia. More recently (2023), the Second Circuit determined that the court must evaluate whether the misled investors suffered financial hardship. No harm, no foul. SEC v. Govil. Sales of XRP to US accredited investors are exempt from Section 5 of the US Securities Act. Net earnings from XRP sales to US institutional investors exceed the limits of any exemption against SEC.

4 days ago
CoinFea
CoinFea
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In a revealing Ask Me Anything (AMA) session, Cardano founder Charles Hoskinson took a firm stand against what he perceives as a misinformation campaign led by certain XRP community members. The dispute centers around the contentious “ETHGate” conspiracy theory, which accuses Ethereum insiders of unduly influencing the U.S. Securities and Exchange Commission (SEC) to favor Ethereum over Ripple’s XRP. Hoskinson vehemently dismissed these allegations, highlighting the absence of credible evidence to support claims of SEC bribery by Ethereum officials. He also expressed disappointment in Ripple’s leadership for not more aggressively denouncing these unfounded theories. SEC’s legal battles stir crypto community tensions The backdrop to Hoskinson’s comments is the ongoing legal battle between the SEC and Ripple, a lawsuit that has captivated the cryptocurrency world. As the case approaches its critical stages, Hoskinson pointed out the baselessness of the ETHGate theory and its irrelevance to the SEC’s legal actions against Ripple. This controversy unfolds while the SEC has recently targeted Cardano’s ADA token, suggesting it might be considered an unregistered security in actions against leading cryptocurrency exchanges. This move has sparked speculation about potential future legal challenges for Cardano, mirroring the scrutiny Ripple has faced. The AMA session shed light on the growing divide between supporters of Cardano and XRP, with Hoskinson lamenting the failed attempts at reconciliation. He attributed the ongoing discord to the XRP community’s adherence to conspiracy theories and their refusal to engage with factual counterarguments. This standoff underscores the challenges within the cryptocurrency community and reflects the broader issues of regulatory uncertainty and internal conflict that plague the industry. Conclusion: Seeking unity amidst crypto controversies Charles Hoskinson’s candid remarks during the AMA session highlight the need for a more unified approach to addressing the cryptocurrency industry’s challenges. As legal and regulatory pressures mount, the importance of dispelling misinformation and fostering dialogue between different community factions becomes increasingly apparent. The ability of industry leaders and communities to collaborate and navigate these complex issues will be crucial for the future of digital assets. The post Cardano founder calls out XRP misinformation campaign first appeared on Coinfea.

5 days ago

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