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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.

about 7 hours ago
CoinFea
CoinFea
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Ashley Prosper, a prominent figure within the XRP community, recently provided valuable insights into the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). This case, which has captivated the attention of the cryptocurrency world, revolves around the SEC’s claim that Ripple engaged in the sale of unregistered securities through its distribution of XRP tokens. Prosper’s update sheds light on the critical phases of the lawsuit, particularly focusing on the discovery process related to remedies and the significant role Ripple’s financial records will play in the proceedings. According to Prosper, the discovery phase has been extended to February 20, a key date Ripple must comply with a court order to submit its financial details. These documents, crucial for the SEC’s argument for an injunction against Ripple’s future sales of XRP to institutions, are expected to be made public on March 13. This will occur when the SEC files its brief on the remedies, revealing Ripple’s audited financial statements for 2022 and 2023, along with information on institutional sales of XRP post-complaint. Anticipated timeline for case resolution The lawsuit’s timeline has been a subject of speculation within the cryptocurrency community. Prosper clarifies that a final judgment from Judge Analisa Torres will likely come later in the year, with the remedies schedule order indicating an April 29 deadline for the final remedies brief submission. A judgment could be expected between July and August, though delays could push the decision into the next year. Prosper also notes that an April resolution could only feasibly result from a settlement between Ripple and the SEC, a scenario that remains uncertain at this stage. Implications for Ripple and the cryptocurrency industry The Ripple vs. SEC lawsuit is more than a legal battle between two entities; it is a pivotal moment for the cryptocurrency industry at large. The outcome could set a precedent for how digital assets are regulated in the United States, making the case a bellwether for applying securities laws in the digital age. As the cryptocurrency community awaits the release of Ripple’s financial records and the final stages of the lawsuit, the implications for regulatory practices and the future of digital assets are significant. Prosper’s insights into the Ripple vs. SEC case provide a clearer picture of the expected timeline and the potential ramifications for Ripple, the XRP community, and the broader cryptocurrency market. As the legal proceedings advance, the industry looks on with keen interest, recognizing the case’s capacity to influence the regulatory landscape for years. The post Ripple lawsuit update: Key deadlines and insights revealed first appeared on Coinfea.

1 day ago
Cryptopolitan
Cryptopolitan
followers

In a significant update concerning the legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, Ashley Prosper, a well-regarded member of the XRP community, has provided clarity on the expected timeline for the case’s progression and eventual resolution. Prosper’s insights come at a crucial juncture as stakeholders within the cryptocurrency sector closely monitor the developments of this landmark lawsuit. The case has seen numerous twists and turns and hinges on the SEC’s allegations that Ripple conducted unregistered securities offerings by selling XRP tokens. Prosper highlighted the current lawsuit phase, focusing on the remedies-related discovery process. According to Prosper, the deadline for this phase was extended to February 20, which also marks the date Ripple is mandated to submit its financial records in accordance with a court order. These records are anticipated to play a pivotal role in the proceedings, especially as the SEC seeks to establish the need for an injunction against Ripple’s future institutional sales of XRP. The documents in question, including Ripple’s audited financial statements for 2022 and 2023 and details of post-complaint institutional sales of XRP, are slated for public release on March 13, when the SEC files its remedies brief. Understanding the legal proceedings and implications The legal discourse surrounding the Ripple vs. SEC lawsuit extends beyond the immediate parties involved, touching on broader implications for the cryptocurrency industry. Ripple’s victories in certain aspects of the case, such as the rulings on XRP programmatic sales and the classification of the coin as a non-security, have been viewed as significant milestones. Conversely, the SEC has also seen success, notably in its motion to compel Ripple to produce its financial records concerning XRP institutional sales. Prosper’s analysis sheds light on the expected timeline for the lawsuit’s conclusion. Contrary to some speculations within the XRP community, the final judgment by Judge Analisa Torres is not anticipated until later in the year. Prosper cites the remedies schedule order, which sets April 29 as the deadline for the final submission of the remedies brief. Following this submission, a judgment is expected to be issued between July and August, although there remains the possibility of a delay until the following year. Prosper emphasizes that an April resolution would likely only occur through a settlement between Ripple and the SEC. A scenario that remains uncertain given the SEC’s apparent intent to leverage the case as a precedent for future regulatory actions against other crypto projects. The path forward for Ripple and the crypto industry The Ripple vs. SEC lawsuit has been closely watched by industry observers, as its outcome could have far-reaching implications for the regulatory landscape of cryptocurrencies in the United States. The case’s progression underscores the complexities of applying traditional securities laws to the rapidly evolving digital asset space. As the legal battle unfolds, the cryptocurrency community remains divided on the potential impact of the final judgment. The anticipation surrounding the disclosure of Ripple’s financial records and the subsequent steps in the legal process reflects the high stakes involved. With the SEC aiming to establish a precedent and Ripple defending its operational practices, the lawsuit serves as a litmus test for the future of cryptocurrency regulation. As the deadline for the remedies brief approaches, stakeholders are bracing for the next phase of this legal saga, which promises to shape the regulatory framework governing digital assets for years to come. In conclusion, the insights provided by Ashley Prosper offer a clearer understanding of the timeline and potential outcomes of the Ripple vs. SEC lawsuit. As the case progresses, its implications for Ripple, the XRP community, and the broader cryptocurrency industry remain a focal point of discussion and analysis.

1 day ago
Cryptopolitan
Cryptopolitan
followers

Gary Gensler, the chair of the Securities and Exchange Commission, is not someone who blends into the background. With a passion that rivals the intensity of a Wall Street trading floor, Gensler has embarked on a crusade that could easily be mistaken for a Hollywood blockbuster plot. Only, in this scenario, the drama unfolds in the regulatory arena, and the stakes are as high as they get in the financial world. Gensler’s mission since taking office in 2021 has been clear: shake up the status quo. With an agenda that includes overhauling decades-old rules, it’s no wonder his actions have ruffled feathers across the financial district. The man is on a regulatory blitzkrieg, proposing an eye-watering 67 rules, outpacing nearly all his predecessors and leaving the industry struggling to keep up with these changes. A Regulatory Onslaught Central to Gensler’s approach is a self-acclaimed fundamental belief that the financial markets should work for the investors and issuers, not the other way around. This principle has guided his crackdown on what he perceives as intermediaries exploiting their central position in the financial ecosystem. His efforts to democratize the markets, however, have placed him squarely in the crosshairs of Wall Street’s power brokers. The backlash has been fierce, with a barrage of lawsuits aimed at derailing his reforms. Gensler drives an unapologetic push towards what he believes to be transparency, fairness, and efficiency. From tightening the reins on hedge funds and private equity to redefining the rules of stock trading and government bonds, his agenda is as broad as it is bold. Yet, this has led to an outcry from industry groups, who argue that the rapid pace and volume of these changes could stifle innovation and competitiveness. The crypto industry, too, feels the heat. Gensler, seeing through the Wild West façade of digital assets, insists existing securities laws suffice. The industry begs to differ, branding his approach as counterproductive. Yet, the SEC boss remains on duty, ready to enforce the law. The crypto industry has proven unable to fight back against him. However, Wall Street, with its deep pockets and influence, has pushed back hard against Gensler’s agenda, launching lawsuits to counteract what they perceive as regulatory overreach. These legal challenges target a spectrum of SEC’s initiatives, from the extensive rules on climate-related disclosures, which demand unprecedented transparency from companies regarding their environmental impact, to the stringent regulations governing the operations of hedge funds, private equity, and venture capital firms. The argument posited by these industry titans hinges on accusations of regulatory overreach, asserting that Gensler has exceeded his authority by enforcing rules that they claim are not only burdensome but also detrimental to America’s capital markets’ competitiveness on the global stage. The Legacy Before his SEC chairmanship, Gensler’s career spanned from Wall Street to public service, offering him a unique perspective on the markets he now regulates. His tenure at the Commodity Futures Trading Commission (CFTC) was marked by aggressive enforcement and substantial rule-making, foreshadowing his current regulatory blitz. At the SEC, Gensler has not only maintained this momentum but accelerated it, targeting areas from cryptocurrency to climate disclosure, and reshaping the oversight of the $26 trillion Treasury bond market. Critics and supporters alike recognize the transformative potential of Gensler’s tenure, though the industry’s pushback and legal challenges pose significant hurdles. The outcome of these battles could either cement Gensler’s legacy as a regulatory titan or underscore the limits of regulatory reach in the face of entrenched financial interests.

2 days ago
Cryptos Headlines
Cryptos Headlines
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February 20th is looming large in the Ripple vs. SEC lawsuit, as the discovery deadline approaches. This critical juncture could unlock pivotal evidence that shapes the court’s decision on remedies for Ripple, potentially setting a precedent for digital asset regulation. Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On CryptosHeadlinesToken.com Ripple and the SEC are in a race against time to gather evidence to bolster their positions in this high-stakes legal battle. Ripple vs. SEC Discovery Deadline Approaches The SEC’s information requests to Ripple encompass a wide array of data, including financial statements, contract details spanning three years, and information on post-complaint XRP sales proceeds. While Judge Netburn granted the SEC’s motion on January 5, Ripple has pushed back, aiming to protect sensitive data and avoid excessive burdens. Their recent plea for a one-week extension to compile intricate contract data highlights the ongoing contention. With the looming deadline, both Ripple and the SEC are gearing up to submit legal briefs in March and April. These filings will utilize the amassed evidence to bolster their respective arguments. Ultimately, Judge Netburn’s final ruling on potential remedies for Ripple will have far-reaching implications, transcending individual companies to potentially shape the broader crypto landscape. Ripple vs. SEC: A Pivotal Moment for Crypto Regulation The Ripple vs. SEC case carries weight far beyond the involved parties, potentially shaping how regulators approach digital assets and impacting innovation and adoption across the industry. A stringent ruling against Ripple, rooted in expansive interpretations of securities laws, may hinder innovation and create uncertainty, potentially slowing the growth of the crypto sector. Conversely, a more nuanced approach could lead to clearer regulations and encourage further development. Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On CryptosHeadlinesToken.com With the February 20th deadline looming, the case enters a crucial phase. As final arguments are presented and the court deliberates, the upcoming months hold immense significance not only for Ripple and XRP but for the broader future of cryptocurrency. This legal battle goes beyond individual interests, potentially charting a new course for the digital asset landscape. It is a pivotal event for anyone with a stake in the future of crypto, making it essential to monitor closely. Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice. #Ripple #SEC #Bitcoin #Altcoin #Cryptocurrency

2 days ago
Crypto Ahmet
Crypto Ahmet
followers

🔥💥Ripple XRP: ChatGPT Predicts XRP Will Reach $10, Here's When Ripple's #XRP token has seen significant gains over the past few weeks. The asset showed an increase of 7.5% on the weekly charts, 11% on the 14-day charts and 2.7% compared to the previous month. Moreover, the price of XRP has increased by 42.5% since February 2023. However, this may not be the end of XRP's rise. According to the popular AI (Artificial Intelligence) chatbot CHATGPT, XRP could reach $ 10 in the first quarter of 2024. there is one more month until the end of the first quarter of 2024. For this reason, we may see an explosive XRP rally very soon. #Ripple XRP price forecast XRP According to COINCODEX, the price of XRP could rise to $ 0.76 on February 23, 2024, an increase of more than 38% compared to current levels. However, the platform does not expect Ripple's XRP token to hold the $0.76 level. CoinCodex predicts that the price of XRP will fall below $ 0.60 by mid-March. Changelly also predicts that Ripple's XRP token price will increase in the next few days. The platform estimates that XRP will reach $ 0.750258 on February 21, 2024, an increase of about 36.4% compared to current levels. In addition, the platform expects XRP to trade at $ 0.727646 by the end of the month. The revived sentiment about XRP may be due to expectations that Ripple will receive a favorable decision in its lawsuit against the SEC (Securities and Exchange Commission). The SEC alleges that selling XRP to retail customers violates securities laws. But last year, the US district court partially ruled in favor of Ripple, stating that selling tokens to retail customers does not violate securities laws. The case has been moved to the supreme court and investors are awaiting the verdict. We could see an increase in the price of XRP if the supreme court rules similarly to the district court's decision. #Write2Earn #binance

3 days ago
深潮 TechFlow
深潮 TechFlow
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Written by: Liu Honglin Hong Kong’s virtual currency regulation focuses on both sides On February 2, 2024, Hong Kong Secretary for Financial Services and the Treasury, Hui Ching-yu, said that the government believes that it is necessary to bring virtual currency over-the-counter exchanges (OTC) into supervision, and will launch a consultation on the proposed regulatory framework in the short term, and hopes that the public and actively express opinions with stakeholders. We are not sure how short this will be in the short term, but one thing is certain: virtual currency OTC will usher in an era of compliance in Hong Kong. As an established international financial center, Hong Kong has always been relatively open and tolerant towards the new thing of virtual currency. Hong Kong does not regard virtual currencies as legal tender or financial instruments. Instead, it defines them as a "virtual asset" and adopts corresponding regulatory measures based on the activities and risk levels involved. At present, Hong Kong's supervision of virtual currencies mainly focuses on two aspects: one is the supervision of virtual asset trading platforms (VASP), and the other is the supervision of over-the-counter (OTC) merchants. According to the "Licensing System for the Provision of Virtual Asset Trading Services under the Securities and Futures Ordinance" issued by the Hong Kong Securities and Futures Commission (SFC) in June 2023, all platforms that provide virtual asset trading services in Hong Kong need to apply to the SFC licensing, and comply with relevant laws, regulations and regulatory requirements. Currently, there are two licensed virtual asset trading platforms (HashKey and OSL) in Hong Kong that have upgraded their licenses and can provide Bitcoin (BTC) to retail investors.

3 days ago
CoinDesk
CoinDesk
followers

The U.S. Securities and Exchange Commission published a new definition for securities dealers, capturing crypto. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. A dealer by any other name The narrative The U.S. Securities and Exchange Commission has put the crypto industry on notice in what may become a whole new front in the sector's legal war with the agency. When the commission approved its new approach to defining securities dealers last week, it did so with full knowledge that it could shake the foundations of decentralized finance (DeFi). And the regulator officially didn't care. Why it matters The new rule could be a blow for U.S. DeFi, but it's more than that. It also suggests the commission's mindset when it comes to policy that affects crypto, and there's more of it coming. Around the same time the agency proposed the dealer rule, it also suggested it wanted to overhaul its definition of what makes an exchange. That proposal was clear in its inclusion of crypto platforms in that expanded category, suggesting the agency is trying to formalize oversight of digital assets firms by making them comply with the same rules as all other securities exchanges. Breaking it down Deep in the recesses of the actual document behind the SEC's final rule on what makes a dealer, it outlined how the commission thought for a moment about whether it just ought to carve DeFi out of the new definition, which could otherwise cover some crypto projects with requirements they register and comply with securities laws. The agency noted that industry commenters told the SEC that such compliance could actually be impossible, but the regulator ultimately shrugged. "If the commission were to revise the final rules to carve out or narrow the application to market participants who transact in crypto asset securities, that alternative would reduce costs for such market participants," it noted in the rulemaking document. So, it wouldn't be fair to everybody else to grant crypto world's argument, the agency decided in that rulemaking, which was narrowly approved in a 3-2 vote with both Republican commissioners vehemently against the move in their public remarks. Though cryptocurrency lobbyists have been calling for the U.S. government to produce regulations for years, these SEC efforts aren't what they had in mind. Beyond the definitions for dealers and exchanges, the agency is also proposing to demand investment advisers only keep their customers' crypto assets with "qualified custodians." That's a term that agency Chair Gary Gensler has argued probably doesn't include today's leading platforms. Both the exchange definition and the custody restrictions are aimed for completion in April, according to the SEC's public agenda. But that was also the stated timeline of the dealer rule that the regulator already finished, so their clock may be running fast. If the agency sticks to dismissing arguments from crypto businesses that say they're being put in impossible positions, the SEC will be approving rules that the firms contend will push them into existential crisis or inability to comply. As a result, the companies will surely keep doing what they've been doing: challenging the regulator in court. It's possible that, beyond the current dispute over what makes a security, the digital assets sector will be arguing in court over what makes an exchange, a dealer and a qualified custodian. Stories you may have missed Australian Judge Hands Split Decision in Market’s Regulator vs Block Earner: An Australian judge ruled a local fintech company, Block Earner, violated the law with its crypto-backed earn product but not with its decentralized finance "Access" service. New York Expands Fraud Case Against Digital Currency Group to $3 Billion: The NYAG case against Digital Currency Group originally alleged $1 billion in fraud. The NYAG now says it found more victims who allegedly lost as much as $3 billion. UK’s Planned Stablecoin Rules Need Reworking, Crypto Advocates Say: The U.K.'s crypto industry is unhappy with proposed stablecoin regulations advocated by the Bank of England and Financial Conduct Authority, and are lobbying for modifications. Prometheum, the Only U.S.-Registered Crypto Platform, Picks Ether as Its First Product: Prometheum will offer custody services for ether, raising questions about the broader classification for cryptocurrencies. This week This week Craig Wright is facing the Crypto Open Patent Alliance in court this week. Read CoinDesk's coverage at the following links. (link) (link) (link) (link) Thursday 19:00 UTC (2:00 p.m. EST) A subcommittee on the House Financial Services Committee will hold a hearing on crypto and illicit finance. Elsewhere: (Wired) The night FTX filed for bankruptcy, it was hacked and hundreds of millions of dollars' worth of crypto were stolen. A recent Department of Justice indictment suggests what happened, Wired's Andy Greenberg reports. (Asterisk Magazine) Headline aside, this is an excellent, easy-to-understand article about the complex system of regulations and industry advances that keep passengers safe when traveling by air. (Law.com) The First Circuit Court of Appeals will review whether the IRS can demand crypto investor data from exchanges, tied to James Harper's long-running case against the IRS collecting data from Coinbase. (The Onion) Lol. If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at nik@coindesk.com or find me on Twitter @nikhileshde. You can also join the group conversation on Telegram. See ya’ll next week!

8 days ago
Visionary Financial
Visionary Financial
followers

Curious about Cardano staking and how it can benefit you financially? In this guide, we will explore the ins and outs of Cardano staking, including how it works and the advantages it offers. What is a Cardano Staking Tax Calculator? Earning passive income and engaging in governance are among the many reasons to explore staking Cardano. Understanding the potential risks, including fund loss and network attacks, is crucial. We will explore the tax implications of staking Cardano, focusing on capital gains tax and the taxation of rewards. Stay tuned to learn how to calculate your staking taxes and ensure compliance with tax laws in your country. Key Takeaways: Staking Cardano allows you to earn passive income and participate in network governance. However, there are risks such as the potential for network attacks and loss of funds due to technical issues. It is important to understand the tax implications of staking, including capital gains tax and how staking rewards are taxed in your country. What Is Cardano Staking? Cardano staking is the process of participating in the network’s Proof of Stake (PoS) consensus mechanism to earn staking rewards by delegating ADA tokens to a stake pool. Unlike traditional mining that relies on computational power to validate transactions and secure the network, Cardano staking operates on a more eco-friendly and energy-efficient model. By staking ADA tokens, participants help maintain the blockchain’s security and decentralization, contributing to the overall stability and efficiency of the Cardano network. Staking pools play a crucial role in Cardano’s ecosystem by allowing multiple token holders to combine their resources and collectively participate in the staking process. This collaborative approach enhances the chances of earning rewards and ensures a more consistent flow of staking returns for individuals with smaller amounts of ADA. How Does Staking Work? Staking in Cardano involves actively participating in the network’s block creation and validation process by holding ADA tokens in a wallet and delegating them to a stake pool. When a user decides to stake their ADA, they are essentially committing their tokens to support the Cardano blockchain’s operations. By doing so, they help validate transactions and secure the network. Stakers play a crucial role in the decentralization of Cardano, as the more tokens staked, the more secure and decentralized the network becomes. Stake pools serve as the intermediaries that manage the technical aspects of staking for individuals who may not have the resources or knowledge to run a node independently. These pools combine the staking power of multiple participants, increasing the chances of being chosen to create or validate blocks and earn rewards. What Are the Benefits of Staking Cardano? Staking Cardano offers several benefits, including the opportunity to earn passive income through staking rewards, contribute to network security, and participate in governance decisions. One primary advantage of staking Cardano is the financial incentive it provides. By actively participating in the staking process, users have the potential to generate additional income through earned rewards. This can be a valuable source of passive earnings while also supporting the decentralized network’s security. Cardano’s emphasis on network stability ensures a robust and reliable platform for staking. This stability not only safeguards assets but also enhances the overall user experience, instilling confidence in stakeholders to continue staking and actively engaging with the ecosystem. Staking Cardano fosters community involvement by allowing users to partake in governance decisions. This inclusivity gives the power to members to have a say in the network’s future developments, promoting a sense of ownership and collaborative participation within the Cardano ecosystem. Earn Passive Income One of the primary benefits of staking Cardano is the ability to earn passive income through staking rewards, which are distributed periodically based on the amount of ADA staked. When staking Cardano, individuals essentially contribute their ADA tokens to the network to support its operations. As a staker, understanding how to calculate potential earnings becomes crucial. This is where a Cardano staking calculator comes into play, providing an estimation of the rewards one can expect based on factors like stake pool performance and delegation choices. By inputting the relevant data, stakers can forecast their returns, helping them make informed decisions about their staking strategy. Help Secure the Network By participating in Cardano staking, individuals contribute to the network’s security and decentralization, helping to protect against potential threats and attacks. Stakers play a crucial role in verifying transactions, maintaining consensus, and essentially acting as the backbone of the Cardano blockchain. Their participation ensures the integrity and reliability of the network, as they are incentivized to act honestly and in the best interest of the ecosystem. Staking does come with its set of risks, as with any form of participation in a decentralized system. Technical vulnerabilities such as smart contract bugs, network protocol weaknesses, or potential attacks on the underlying infrastructure can pose challenges for stakers. Despite these risks, staking is essential for fortifying the Cardano blockchain. It helps to create a secure, efficient, and transparent network that can support a wide range of decentralized applications. Participate in Governance Staking Cardano not only provides financial rewards but also allows stakeholders to participate in governance decisions, shaping the future development of the network through decentralized decision-making. One of the key aspects of Cardano’s governance model is the concept of on-chain governance, where ADA holders have the power to propose and vote on changes to the network. This system gives power to the community, ensuring that decisions are made transparently and inclusively. The voting rights of stakers are directly tied to the amount of ADA they hold and stake, giving greater influence to those with more significant stakes in the network. Community involvement is crucial for the success of Cardano, as active participation from stakeholders drives the evolution of the network and the implementation of upgrades and protocol changes. What Are the Risks of Staking Cardano? While Cardano staking offers lucrative rewards, there are inherent risks such as potential loss of funds due to technical vulnerabilities and the risk of network attacks compromising staked assets. Staking in the Cardano network, although potentially profitable, comes with its set of challenges. Fund security concerns loom large as hackers are constantly devising new ways to breach systems and access digital assets. Technical glitches could lead to unexpected losses, causing investors to rethink their staking strategies. Network vulnerabilities expose staked assets to potential threats, making it essential for participants to stay vigilant and implement robust security measures to safeguard their investments in the ever-evolving digital landscape. Loss of Funds Due to Technical Issues One of the risks of Cardano staking is the potential loss of funds due to technical glitches, software bugs, or operational failures that may impact the staked ADA tokens. These technical risks can stem from various sources, such as network congestion, synchronization issues, or even malicious attacks targeting the Cardano blockchain infrastructure. For instance, a software bug in the staking protocol could lead to unintended consequences, like double-spending or unauthorized access to staked funds. To safeguard against these vulnerabilities, stakeholders must stay vigilant, keep their software up-to-date, and diversify their staking strategies to minimize exposure. Engaging actively with the Cardano community and staying informed about the latest developments can also provide valuable insights into potential risks and protective measures. Potential for Network Attacks Stakers in Cardano face the risk of network attacks, including 51% attacks and other cyber threats that could undermine the security of the blockchain and jeopardize staking rewards. 51% attacks involve a malicious actor controlling a majority of the network’s mining power, enabling them to manipulate transactions, double-spend coins, or exclude certain transactions. Distributed denial-of-service (DDoS) attacks can disrupt network operations by overwhelming servers with excessive traffic, leading to downtime and financial losses for stakers. To mitigate these risks, stakers can enhance their security posture by using secure hardware wallets, employing multi-factor authentication, and staying informed about the latest cyber threat trends. What Is the Tax Implication of Staking Cardano? The tax implications of staking Cardano involve reporting staking rewards as taxable income, understanding capital gains tax on ADA holdings, and complying with IRS regulations for cryptocurrency transactions. When stakers earn rewards through participating in the Cardano network, these rewards are considered income by the IRS and must be reported on tax returns. The taxation of staking rewards is similar to how other forms of income are taxed, based on the applicable tax bracket. Stakers should be aware of the capital gains tax implications when they sell their ADA holdings. If the ADA has increased in value since the acquisition, any profit made from the sale will be subject to capital gains tax. According to the IRS guidelines, all cryptocurrency transactions, including staking, must be reported accurately to ensure compliance and avoid potential penalties. Understanding Capital Gains Tax Stakers must comprehend the concept of capital gains tax when staking Cardano, as the appreciation in ADA value upon disposal or exchange is subject to taxation as a capital gain. Capital gains tax is a form of tax imposed on the profits generated from the sale or exchange of assets, including cryptocurrencies like ADA. When stakers engage in staking activities and later sell or trade their ADA tokens, any profit realized from the initial investment is considered a taxable gain. Understanding how to calculate these gains accurately is crucial for staying compliant with tax regulations. How Staking Rewards Are Taxed Staking rewards from Cardano are considered taxable income, and stakers are required to report such earnings accurately on their tax forms, leveraging crypto tax software like Coinpanda or TokenTax for comprehensive tax reporting. Proper documentation is crucial when it comes to reporting staking rewards income. The Internal Revenue Service (IRS) requires individuals to maintain records of their Cardano staking activities to provide transparent and accurate information during tax filing. By keeping detailed records of transaction history, earnings, and rewards, stakers can ensure compliance with tax regulations. Utilizing specialized crypto tax software not only simplifies the process but also offers efficiency in calculating taxes on staking income. These platforms provide tools to automatically track transactions, gains, and losses, making it easier for stakers to generate tax reports that adhere to IRS standards. What Are the Tax Laws for Staking Cardano in Your Country? The tax laws governing Cardano staking vary by country, with specific regulations applicable to US taxpayers, necessitating proper tax reporting and compliance with local financial authorities. For US taxpayers engaging in Cardano staking, additional tax implications come into play. The Internal Revenue Service (IRS) treats staking rewards as taxable income, whether received in ADA or any other form of cryptocurrency. This means accurate record-keeping is crucial to ensure proper reporting of staking rewards on annual tax returns. Failure to report these earnings could result in penalties or legal consequences. The complexity of crypto tax laws can be daunting, especially for those new to the space. Seeking guidance from a tax professional or accountant with experience in cryptocurrency taxation is highly recommended to navigate the intricate regulations effectively. How to Calculate Your Staking Taxes? Calculating your staking taxes involves tracking staking rewards, documenting capital gains, and seeking advice from a tax professional for accurate tax calculations and compliance with IRS guidelines. In terms of tracking staking rewards, it’s crucial to maintain detailed records of all transactions related to your Cardano staking activities. This includes the rewards earned, the date they were received, and the market value at the time of receipt. Properly documenting your capital gains involves calculating the difference between the purchase price and the selling price of your staked assets. Consulting a tax professional is highly recommended as they can help navigate the complexities of cryptocurrency taxation and provide tailored advice based on your circumstances. Ensuring that you accurately report your staking taxes is essential to avoid any potential issues with the IRS and stay compliant with tax regulations. Keep Track of Your Staking Rewards Stakers should maintain detailed records of their staking rewards, monitor wallet balances, and utilize tools like ADA stake calculators to track earnings accurately for tax calculation purposes. Tracking staking rewards is crucial not only for maintaining financial records but also for accurate tax reporting. By documenting earnings from staking activities, stakers can ensure compliance with tax laws and regulations. Utilizing ADA stake calculators can simplify the process of calculating taxable income from staking rewards. These tools automatically factor in variables like delegation preferences, rewards distribution, and current market values to provide precise results. Regularly updating wallet balances is essential for accurate financial tracking. Keeping an eye on incoming rewards and outgoing transactions helps stakers understand their overall financial standing and make informed decisions. Calculate Your Capital Gains Calculating capital gains from staking activities in Cardano involves assessing the value appreciation of ADA tokens, considering internal transfers within wallets, and using tools like Cardano calculators for accurate calculations. When assessing the value appreciation of ADA tokens, stakers need to account for the initial purchase price of the tokens, any additional tokens acquired through staking rewards or purchases, and the selling price at the time of the trade. Internal transfers within wallets can complicate these calculations, as movements between different wallet addresses can impact the cost basis of ADA tokens. It’s crucial to accurately track all transfers to ensure precise tax reporting. Cardano calculators provide stakers with the ability to input specific data related to their staking activities, such as the amount staked, rewards received, and any fees paid. These calculators then generate detailed reports on capital gains, making the tax filing process smoother and more efficient. Consult a Tax Professional Seeking advice from a tax professional is crucial for Cardano stakers to ensure compliance with IRS guidelines, accurately report staking rewards, and leverage staking rewards calculators for precise tax calculations. Staking rewards from Cardano are considered taxable income by the IRS, making it essential for stakers to understand their tax obligations and liabilities. By consulting tax experts, stakers can navigate complex tax laws and maximize tax efficiency. Accurate reporting of staking rewards is vital to avoid potential audit risks or penalties. Staking rewards calculators help in estimating tax liabilities, deductions, and credits, providing stakers with a clear picture of their tax responsibilities. Frequently Asked Questions What is a Cardano Staking Tax Calculator? A Cardano Staking Tax Calculator is a tool that helps individuals calculate their potential tax liabilities from staking Cardano (ADA) cryptocurrency. It takes into account factors such as the current tax laws and staking rewards to give an accurate estimation of the taxes owed. Do I have to pay taxes on Cardano staking rewards? Yes, as with any cryptocurrency earnings, staking rewards from Cardano are subject to taxation. The amount of taxes owed will depend on your tax situation and the laws in your country. How accurate are Cardano Staking Tax Calculators? Cardano Staking Tax Calculators use the most up-to-date tax laws and staking reward data to give an accurate estimation of taxes owed. However, it is always recommended to consult a tax professional for personalized tax advice. What information do I need to use a Cardano Staking Tax Calculator? To use a Cardano Staking Tax Calculator, you will need to know the amount of ADA staked, the current market value of ADA, and the staking rewards earned during the tax year. Can I use a Cardano Staking Tax Calculator for other cryptocurrencies? No, Cardano Staking Tax Calculators are specifically designed for calculating taxes on staking rewards from Cardano (ADA) cryptocurrency. They may not give accurate results for other cryptocurrencies. Are there any fees for using a Cardano Staking Tax Calculator? Most Cardano Staking Tax Calculators are free to use, but some may have a small fee for additional features or support. It is important to research and choose a reputable and reliable calculator before using it. Go to top This notice states that the information provided is not an offer or solicitation to buy or sell securities, and its accuracy or completeness is not guaranteed. The authors may own the discussed cryptocurrency. The content, which is subject to change, is for informational purposes only and should not be considered investment, tax, legal, or accounting advice. Readers are advised to consult professional advisors before any transaction. Visionary Financial does not endorse the content and was not compensated for this article. Please review their privacy policy, disclaimer, and terms and conditions for more details. The post Cardano Staking Tax Calculator – What You Need To Know appeared first on Visionary Financial.

10 days ago
Cryptopolitan
Cryptopolitan
followers

Ripple, the blockchain-based digital payment network, has unveiled significant changes to its XRP sales strategy in its latest quarterly market report for Q4 2023, released on February 7. The report highlights key developments in the XRP market, including a notable shift in how Ripple conducts sales to institutional buyers, a move initiated before a crucial legal ruling on July 13, 2023. Ripple’s strategic shift in XRP sales The Q4 market report from Ripple reveals a revival in XRP’s spot trading volume, with an average daily trading volume of $600 million. Despite this resurgence, XRP’s performance lagged behind other major cryptocurrencies, with a 19.5% gain in Q4 2023, compared to Bitcoin’s 56.8% and Ethereum’s 36.5% increases. Amidst these market dynamics, Ripple drew attention to its ongoing legal battle with the SEC, particularly highlighting the implications of Judge Analisa Torres’ ruling that deemed XRP not a security by nature. However, the judge also found that Ripple’s past institutional sales violated securities laws. In response to these legal challenges, Ripple disclosed a preemptive adjustment to its sales approach to institutions. Previously, Ripple sold XRP directly to institutional buyers under specific contracts, a practice that Judge Torres ruled as constituting investment contracts. These sales, totaling $729 million worth of XRP, were deemed unlawful as they were considered to offer an expectation of profit from Ripple’s efforts to enhance XRP’s value. New sales model and legal implications Ripple’s adaptation involves a shift to a model where XRP purchases by institutions are intended for immediate use in facilitating On-Demand Liquidity (ODL) transactions rather than as long-term investments. This change aims to sidestep the securities classification by eliminating the expectation of profit from holding XRP, as these transactions typically last only a few seconds. This strategic pivot, implemented before Judge Torres’ July ruling, signifies Ripple’s effort to comply with securities regulations and mitigate legal risks. The significance of this shift extends beyond regulatory compliance. With the SEC’s ongoing scrutiny and the court’s move to the remedies phase of the litigation, Ripple’s proactive change in its sales model could influence the court’s decision on penalties for past sales. Moreover, the recent court order granting the SEC’s request for documents related to Ripple’s institutional sales highlights the importance of this strategic shift. If Ripple’s new sales model is deemed compliant, it could safeguard the company’s ability to continue its XRP sales without facing a ban or severe penalties. Ripple’s latest quarterly report sheds light on the company’s strategic adjustments and underscores the broader implications for the XRP market and Ripple’s legal standing. As the case progresses to the remedies phase, the outcome will likely significantly impact Ripple’s operations and the regulatory landscape for cryptocurrencies in the United States.

13 days ago
Coinpedia
Coinpedia
followers

The post Ripple Reveals Possible Changes in XRP Sale   appeared first on Coinpedia Fintech News Ripple has recently made some major changes to its approach to selling XRP to institutions, as unearthed in its latest quarterly report for Q4 2023. This change is regarding the pivotal ruling on July 13, 2023, which declared that XRP is not a security, though certain past sales to institutions were marked to have violated securities provisions. Even before the July court ruling, Ripple shook up its XRP sales strategy. Now, all sales will match the court’s legal standards.  The game may have changed with Ripple aligning its sales practices to court standards.  Before the Trial, Ripple Decodes Its XRP Sale Game Plan In the report, Ripple highlights a resurgence in spot trading volume for XRP during the Q4, averaging $600 million daily. At the same time XRP underperformed as compared to other major cryptocurrencies like Bitcoin and Ethereum, which saw significant gains, XRP managed to end Q4 2023 with a 19.5% increase. As per the Q4 report, Ripple altered its approach to selling XRP to institutions before Judge Torres’ ruling. Previously, Ripple sold XRP directly to institutional buyers under written contracts, totaling $729 million worth of XRP, which the court deemed an investment contract.  Impact of Changed Model in the Case Under this model, buyers expected Ripple to utilize the capital to enhance XRP’s price, generating profits. Purchasers of XRP now acquire it solely to facilitate quick and low-cost transactions, holding the asset for only a brief period. This short-term usage means buyers do not anticipate making profits directly from the XRP transactions.  This change in sales strategy suggests that recent or ongoing sales to institutions are not subject to the same securities provisions as past transactions. So, the documents the SEC is asking for during the remedies part of the case might not reveal any evidence that points the finger at Ripple regarding this changed sales strategy.  If Ripple’s revised sales model is confirmed, it could mitigate any further regulatory penalties or bans on its sales, allowing the firm to continue its current sales operations without disruption. Is the SEC’s motion to compel now a defunct case? In response to recent developments in the SEC lawsuit, Ripple is ensuring its XRP sales meet legal standards. The SEC requested Ripple’s financial records to decide on a possible injunction, which could restrict future XRP sales. Concerns arose among the XRP community about potential restrictions on On-Demand Liquidity (ODL) customers if an injunction is issued. However, Attorney Bill Morgan reassured ODL clients that they could access XRP from alternative sources. Since the case is in the remedies phase, both the SEC and Ripple will submit remedies-related briefs from March to April 2024, with the court ultimately deciding on appropriate remedies for Ripple’s violations of securities laws.

13 days ago
Coinpedia
Coinpedia
followers

The post Will the Ripple vs SEC Lawsuit End in 2024? Here’s What Ripple CTO Has To Say appeared first on Coinpedia Fintech News It has been a lengthy count of years for the one witnessing the Ripple vs SEC lawsuit. There is a piece of pleasant news for the many eagerly anticipating the end. Ripple CFO David Schwartz recently made huge waves in the XRP world, predicting that the SEC vs. Ripple lawsuit could be settled this year.  David Schwartz, in his interview with Thinking Crypto’s founder and host, Tony Edward, posited that there is a “reasonable chance” that the case could be settled in 2024. While Schwartz did not elaborate on why he thought this might be the case, several factors could have contributed to his prediction. The remedial stage of the SEC vs Ripple lawsuit  The SEC vs. Ripple case is currently in its remedies stage. According to the court’s schedule, the last motion for remedies is due by April 29, 2024. The SEC will then file any response to Ripple’s opposition to their remedies-related motion.  Once the motion is filed, the judge will decide on the appropriate penalties for Ripple’s securities law violations. Several legal experts who have followed the case have predicted that Judge Analise Torres will hand down the remedies ruling by the beginning of summer 2024. Ripple to Submit Financial Statements Mandatorily On Monday, a New York judge ordered Ripple Labs to provide financial statements and information related to the institutional sale of its XRP tokens as per the latest news on the case. This move came after a lawsuit accused the crypto firm of illegally selling unregistered securities nationwide.  Judge Analisa Torres’ ruling last July that only Ripple’s institutional XRP sales violated U.S. securities laws was widely hailed as a victory in the crypto industry’s push to improve regulators’ understanding of digital assets.  After finding Ripple liable for violations before the lawsuit’s filing in 2020, the documents will help Judge Torres decide whether to impose injunctions or civil sanctions for the period. In early January, the SEC requested to impose sanctions on Ripple.  While many factors might have fueled David’s prediction, only the judge’s decision can conclude the case. Ripple has seen a few moments of triumph in the case, and its supporting community wishes for that to continue.

13 days ago
Cointelegraph
Cointelegraph
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Global payment network Ripple expects compliance in decentralized finance (DeFi) to be the industry’s “biggest breakthrough” of 2024, according to its president Monica Long.  In an interview with Cointelegraph, Long noted that previous hype cycles fueled by initial coin offerings (ICOs) and nonfungible tokens (NFTs) will be replaced by real-world utility at scale, which requires compliance, usability, and integration with existing systems. “In 2024, crypto will break the speculative hype cycles that have defined the booms and busts for the industry since Bitcoin’s invention [...] The biggest breakthrough in 2024 will be pioneering compliance for decentralized finance.” DeFi represents a shift from traditional, centralized financial systems to peer-to-peer finance enabled by blockchain technology. The sector’s market capitalization stands at $79.5 billion at the time of writing, according to data from CoinGecko. It is not by chance that DeFi has drawn attention from regulators worldwide due to potential compliance implications with existing financial laws. The U.S. is taking steps to expand oversight of cryptocurrencies and DeFi. New rules adopted by the Securities and Exchange Commission (SEC) redefining the terms "dealer" and "government securities dealer" demand more market participants to register with the regulator. Ripple’s president Monica Long believes  DeFi regulation is an area  “ripe for innovation this year.” Source: Ripple “As an industry, our mindset must be that compliance is non-negotiable,” argues Long. She said applying existing rules to DeFi use cases, such as decentralized exchange trading, is still a challenge. “It’s an area ripe for innovation this year.” Statista projects that the average revenue per user in the DeFi market will reach $1,378 in 2024. Most of this revenue will come from decentralized exchanges (DEXs), platforms allowing users to trade cryptocurrencies without a central authority. Uniswap, one of the most popular DEXs, generated nearly $10 million in fee income for its liquidity providers over the past seven days. Long predicts that compliance will foster real utility and mass adoption, which requires integration with existing infrastructure and systems. “The way forward is a happy marriage and that’s what we’ve always believed,” she argued.  “You cannot transform how society moves, manages, tokenizes and stores value if you don’t understand the foundations and history of the problem," she said. Magazine: Lawmakers’ fear and doubt drives proposed crypto regulations in US

13 days ago
Learn_With_Fullo
Learn_With_Fullo
followers

Bitcoin (BTC) will undergo its fourth halving cycle in April of this year. The event will reduce rewards for miners by 50%, bringing it to 3.125 BTC. Many analysts anticipate a cryptocurrency market bull run due to BTC’s upcoming halving event and the SEC’s (Securities and Exchange Commission) recent approval of 11 spot BTC ETFs (Exchange Traded Funds).If we enter a BTC-fuelled bull run, we may see other significant cryptocurrencies following BTC’s steps. The larger crypto market often mirrors BTC’s movements, as had happened in the 2021 bull run.Top 3 cryptocurrencies that could surge after Bitcoin’s halvingEthereum (ETH):Ethereum (ETH) is the second largest cryptocurrency by market cap, bested only by Bitcoin (BTC). If BTC begins to rally, there is a high likelihood that ETH will follow. During the previous bull run, both assets reached all-time highs on the same day, Nov. 10, 2021.Although ETH’s price struggled to gain momentum in 2023, there is a high chance it could surge after BTC’s halving, given we enter a bull run.Solana (SOL):Source – Wealth MasterySolana (SOL) was among the best-performing cryptocurrencies of 2023. Last year, SOL’s movements mirrored BTC’s but had growth of many percent more. While BTC is up by around 87% since January last year, SOL is up by over 300%.If BTC begins to rally, SOL may follow suit. Moreover, SOL also had its all-time high just before BTC and ETH did, on Nov. 6, 2021.XRP:Source – Bitcoin.comXRP is one of the few cryptocurrencies that did not hit an all-time high during the 2021bull run. The lack of movement for XRP was likely due to the legal lawsuit between the SEC and Ripple. However, there is a chance that XRP could surge during the next bull run if Ripple receives a favorable verdict in the suit, which is now in the high court. Last year, a US district court partially ruled in favor of Ripple, stating that selling XRP to retail clients did not breach securities laws. If the high court takes a similar stance, XRP may rise to new highs in the next bull run. #Write2Earn #dyor

14 days ago
PhyrexNi
PhyrexNi
followers

It seems that not many people in the Chinese field are paying attention to the information released by the SEC today, but it may be a very, very important thing, so important that it may change the landscape of DeFi. Some friends may question whether it is that exaggerated. You can first take a look at the new rules. The new rules require: "Market participants who play certain trader roles, especially those who play an important role in providing liquidity in the market." Participants must register with the SEC, become members of a self-regulatory organization (SRO), and comply with federal securities laws and regulatory obligations." Do you understand what this means? In theory, this is a requirement for market makers, who must register with the SEC and: "Any person who engages in activities described in the rules is a "dealer" or "dealer in government securities," and In the absence of an exception or exemption, a 15C is required to: register a 15C with the Commission under Section 15(a) or Section 15(a), as applicable; become a member of an SRO; and comply with federal securities laws and regulatory obligations and the applicable SRO and the rules and requirements of the Ministry of Finance." In other words, this requires SEC approval and relevant qualifications before you can engage in the role of "market maker." Seeing that there may still be many friends who don't understand this, this is a requirement for market making. It’s just a business, what does it have to do with DeFi? This is the biggest problem. There is a role in DeFi called "AMM", and the people who make up this role are called "LP". Do you understand now that LP, which provides liquidity to DeFi, also

16 days ago
Decrypt
Decrypt
SEC Requests Dismissal of Debt Box Case, After Sanctions Threats - Decrypt
22 days ago
Coinstages
Coinstages
followers

Understanding the Judgment In a landmark decision that’s sending ripples across the cryptocurrency world, a U.S. federal judge has declared that Terraform Labs, the company behind the controversial Terra and Luna cryptocurrencies, breached federal securities laws. This ruling, handed down by Judge Jed Rakoff of the U.S. District Court for the Southern District of New York, marks a significant moment in the ongoing debate over the classification of digital currencies. The judge’s decision centers on Terraform Labs’ failure to register its LUNA and MIR tokens – integral parts of the Terra ecosystem – as securities, highlighting the increasing scrutiny facing cryptocurrency firms under U.S. law. Details of the Court’s Decision Judge Rakoff’s ruling emerged from a summary judgment, a crucial step that shapes the path to an eventual trial focusing on Terraform’s alleged securities violations. Interestingly, the judge permitted testimony from expert witnesses on both sides, who have analyzed the trading activities leading to the depegging of UST in May 2022. This inclusion of expert analyses could offer deeper insights into the complex dynamics of cryptocurrency trading and its regulatory implications. However, the judge barred testimony from two defense witnesses – one poised to discuss Terraform’s custodial wallet activities, and another ready to explain the broader crypto economy under Terraform. These exclusions might narrow the scope of defense strategies at the trial stage. Implications and Responses The ruling aligns with the broader regulatory perspective that most cryptocurrencies should be considered securities, thus falling under regulatory oversight. However, this judgment specifically addresses only two tokens – Luna and MIR. In response to the ruling, a spokesperson for Terraform Labs expressed strong disagreement, insisting that the UST stablecoin and other tokens in question do not constitute securities. The company also refuted the SEC’s fraud claims as unsupported and vowed to robustly defend against them. This legal skirmish is part of a larger narrative, as the SEC had previously sued Terraform Labs following a series of similar actions against prominent entities in the crypto sphere. The timing of this lawsuit is noteworthy, coming in the wake of the infamous UST depegging incident that plunged the crypto industry into turmoil. ⚠️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. #Terra.Classic #lunch $LUNC

about 2 months ago
Crypto Ahmet
Crypto Ahmet
followers

😳🚀XRP's First Death Cross in 2024 Is Coming; Here is the Price Effect A death cross occurs when a short-term moving average (MA) falls below a long-term ma, indicating bearish effects for the price. xrp's 50-day simple moving average (SMA) has passed below its 200-day SMA, becoming the coin's first death cross since September 2023. The death cross is typically considered a lagging indicator, implying that the downtrend has been in effect for some time and that the cryptocurrency may already be oversold when the death cross appears. Most often, XRP death crosses have initiated a bottoming phase for the price of XRP. November September, for example, XRP fell to a low of $0.483 shortly after a death cross appeared on its charts and reached a high of $0.75 less than two months later in November. XRP has been on a steady decline since November 2023, when it reached a high of $0.75. Since then, the coin has lost more than 34% of its value and has fallen by 2.58% to $ 0.495 in the last 24 hours. What's next for the XRP price? XRP fell below the market price of $0.50 for the first time since October. 19. According to Centiment, XRP has reached 217, experiencing the most whale transactions of $ 1 million on the network, as prices have risen after a judge found that Ripple did not violate any securities laws in July 2023. Centiment noted that the whales did not appear to have panicked. Daily moving averages represent the first major obstacle in the uptrend. If the bulls break through this barrier, XRP can rise to $0.623 in front of $0.70. The bears are expected to defend these levels aggressively. #xrp #Write2Earn #binance

20 days ago

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