24/7 Cryptocurrency News
Stuart Alderoty Slams US SEC As Ripple Weighs Cross Appeal
Published
5 hours agoon
By
adminXRP Lawsuit: Ripple’s Chief Legal Officer, Stuart Alderoty, has voiced his frustration with the U.S. Securities and Exchange Commission (SEC) following the agency’s recent notice of appeal.
Ripple is now contemplating filing a cross-appeal, potentially targeting both Judge Analisa Torres’ ruling on institutional sales or the $125 million penalty imposed in August.
XRP Lawsuit: Stuart Alderoty Slams US SEC
In a recent X post, Ripple CLO Stuart Alderoty addressed the SEC’s decision to appeal parts of the court’s ruling. In this case, the company has until October 18 to let the court know if it will appeal the decision, as per Fox Journalist, Eleanor Terret. According to her, the aspects of Ripple’s appeal could be based on Judge Torres’ findings that the XRP sales to institutional investors were unlawful under securities laws and the $125 million fine.
If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn’t protected investors and instead has damaged the credibility and reputation of the SEC.
Somehow, they still haven’t gotten the message: they lost on everything that… https://t.co/1hW7xVSL9b
— Brad Garlinghouse (@bgarlinghouse) October 2, 2024
The cross-appeal would be wrapped into the same case now heading to the U.S. Court of Appeals for the Second Circuit.
Alderoty stated that he was dissatisfied with the decision of the SEC to pursue the litigation, adding that the complaint was a complete embarrassment to the commission. He noted that the court dismissed allegations of negligence on the part of Ripple, as well as lack of fraud and harmed investors. As much as the US SEC has been adamant, Stuart Alderoty was insistent that Ripple would continue its defense and more so for the rest of the cryptocurrency companies.
Agency’s Appeal and Brad Garlinghouse Response
The SEC filing of its notice of appeal in the XRP Lawsuit is just days before the October 7 deadline, signaling its intent to challenge Judge Torres’ ruling from July 2023. In that ruling, the court found that while XRP’s programmatic sales through exchanges were not securities transactions, sales to institutional investors did violate securities laws. The reason to appeal to the Securities and Exchange Commission can therefore be either or both of these points though more details have not been confirmed yet.
In his response to the decision, Ripple CEO Brad Garlinghouse also stated that the SEC has continued to squander taxpayers’ funds on what they described as a “losing fight.” Garlinghouse further noted that the SEC had not served the interest of investors but instead harmed itself by stating “I’m not surprised. I’m pissed.” He also pointed out that XRP’s status as a non-security for programmatic sales remains unchanged despite the Securities and Exchange Commission’s appeal.
Alderoty also noted the timing of Gurbir Grewal’s resignation, the SEC’s Director of the Division of Enforcement, who stepped down one hour before the SEC filed its appeal on the XRP Lawsuit. Grewal’s departure has raised more questions on the future of the Securities and Exchange Commission and its leadership since Chair Gary Gensler has been under fire over the handling of cryptocurrency and enforcement.
Both Ripple CLO Stuart Alderoty, Brad Garlinghouse and the rest of leadership, have constantly lambasted the Securities and Exchange Commission for its handling of the case, accusing the agency of being in bad faith. This comes as Grewal departs from the agency, leaving room for speculations whether or not there will be changes to the US SEC’s approach to enforcing laws in the crypto space.
XRP Price Tanks Over 10% Post Appeal
After the US SEC notice of appeal on the XRP lawsuit, the token’s price has decreased significantly. At press time, XRP price was trading at $0.5331, an 11% decline from the 24 hour high.
Despite this dip, cryptocurrency commentator CredibleCrypto highlighted Bitwise’s recent filing for an XRP exchange-traded fund (ETF), signaling growing interest in the asset.
Yes, I’m aware of the SEC appeal on the @Ripple case, but at the same time in the last 12 hours (seemingly unbeknownst to a lot of crypto twitter) @BitwiseInvest just filed for an $XRP ETF.
XRP will be the next approved ETF after $BTC and $ETH imo.
As far as narratives go, I… https://t.co/CBwx6IT9nc
— CrediBULL Crypto (@CredibleCrypto) October 2, 2024
The analyst as a result suggested that XRP could be the next cryptocurrency after Bitcoin and Ethereum to receive ETF approval, despite the ongoing legal case. The appeal, according to CredibleCrypto, is unlikely to affect XRP’s market trajectory in the long term.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
You may like
Stablecoins represent 40% of crypto economy in Sub-Saharan Africa
Franklin Templeton Files For Bitcoin & Ethereum Index ETF With SEC
Bitwise’s Spot XRP ETF Registration Statement Unveiled, Price Falls 7%
what’s the difference and which is better?
Vivek: Unsurprisingly, The Bitcoin Price Follows Global Liquidity
Bank of America Confirms Massive Outage and $0.00 Account Balances As JPMorgan Chase, Wells Fargo Customers Report Digital Banking Disruptions
24/7 Cryptocurrency News
Franklin Templeton Files For Bitcoin & Ethereum Index ETF With SEC
Published
2 hours agoon
October 3, 2024By
adminFranklin Templeton Investments, a trillion-dollar asset manager, has filed a proposal to the U.S. Securities and Exchange Commission (SEC) to launch a Bitcoin and Ethereum index exchange-traded fund (ETF). The fund, dubbed Franklin Templeton Bitcoin & Ethereum Crypto Index ETF, aims to give investors an exposure to both Bitcoin and Ethereum, the two largest cryptocurrencies.
Franklin Templeton Files for Bitcoin & Ethereum Index ETF
In a recent filing, Franklin Templeton has proposed launching a new ETF that will allow investors to gain exposure to Bitcoin and Ethereum within a single fund. The assets of the ETF will be Bitcoin, Ethereum, cash and cash equivalents, which are short-term securities with a maturity of less than three months.
This fund will open the door for investors to get involved in both cryptocurrencies without having to own the underlying assets.
BNY Mellon, a firm that offers financial services across the globe, will both hold and distribute the fund, and Coinbase Custody will oversee the digital assets of the ETF. The proposed ETF will be benchmarked to the CF Institutional Digital Asset Index, which tracks the performance of Bitcoin and Ethereum based on prevailing market conditions.
Combining Bitcoin and Ethereum in One Fund
This proposed ETF would be the first of its kind to be invested in both Bitcoin and Ethereum in one index fund. It is intended to let investors have a simpler way of investing in two biggest digital currencies by market capitalization. The asset manager aims to make it easier for institutional and retail investors to gain access to the top cryptocurrencies without having to navigate the volatility and intricacies of cryptocurrency exchanges by offering both assets within one product.
Franklin Templeton Bitcoin & Ethereum Crypto Index ETF will be available in the form of 50,000 share blocks. The price per block will be equivalent to the net asset value (NAV) of the Bitcoin and Ethereum held in the fund. However, the ETF will not participate in staking or other forms of earning income with the digital assets.
Subsequently, the ETF filing is a part of the asset manager’s expansion into blockchain technology. Recently, the firm added the OnChain U.S. Government Money Market Fund to the Aptos blockchain. This decision enhances the flexibility of the fund since the use of tokens means that the fund can be bought and sold on the blockchain.
Regulatory Scrutiny from the US SEC
The launch of the ETF is subject to the approval of the US SEC and focuses on protecting investors against fraud and market manipulation of the underpinning assets. The proposal specifically mentions the oversight agreements with regulated futures markets like CME Bitcoin and Ether Futures within its framework.
Crypto ETFs have had a tough time in the US due to strict laws with the Securities and Exchange Commission being quite skeptical of these products. Furthermore, this move comes at a time when a number of applications for crypto-related ETFs have been filed, including that of Bitwise for an XRP ETF.
The regulator has frequently insisted on having robust measures against fraud and Franklin Templeton’s plan intends to achieve this through using regulated futures markets and a robust system of custody.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
24/7 Cryptocurrency News
Kamala Harris Tax Plan Could Trigger Crypto Market Sell-off
Published
9 hours agoon
October 2, 2024By
adminZac Townsend, CEO and co-founder of Meanwhile, has expressed concerns about Kamala Harris’s proposed 25% unrealized capital gains tax. Townsend, a vocal critic of the plan, warns that the tax could lead to a significant sell-off in crypto markets and harm investors across the board.
Kamala Harris’s 25% Unrealized Gains Tax Proposal
Last month, Vice President Kamala Harris endorsed a bold new fiscal policy that could transform how unrealized capital gains are taxed in the United States. This proposal is part of a broader economic strategy under the current administration. It suggests a 25% tax rate on the appreciated value of unsold assets, including cryptocurrencies.
Critics argue that this move deviates sharply from traditional tax norms, which have typically taxed profits only upon the realization of gains through sales.
The tax specifically targets the assets of Americans whose net worth exceeds $100 million. While it aims to address inequalities within the current tax system, the policy has stirred unrest among investors.
According to Townsend, the implementation of such a tax will compel large-scale asset holders to liquidate portions of their portfolios. This could flood the market with digital currencies, potentially driving down prices and diminishing the value of investments.
For instance, high-profile Bitcoin investors such as the Winklevoss twins, who bought their BTC at just $10, could face a crypto tax bill reaching $1 billion under the new policy. Similarly, Tim Draper, an early investor in Bitcoin with purchases at around $632 per coin, could be hit with a $423 million crypto tax demand. This illustrate the impact of such a tax as these large sell-offs could depress cryptocurrency prices universally.
Additionally, Townsend’s critique extends beyond the immediate financial burdens on wealthy investors. He argues that the tax would alter fundamental investment strategies within the cryptocurrency space. Typically, cryptos are favored for long-term holding due to their potential for high returns over time.
However, with the looming threat of a crypto tax on unrealized gains, the incentive for “holding on” diminishes. This would lead to increased market volatility and a departure from long-term investment strategies.
Political Developments and Market Speculation
In political arenas, Kamala Harris’s tax proposal coincides with fluctuating perceptions of her leadership as she is currently tied in the polls with Donald Trump. The political uncertainty adds another layer of concern for investors as regulatory changes will impact their holdings.
Moreover, Kamala Harris has been urged to host a crypto policy roundtable in October. This event could provide a platform for discussions on the future regulatory landscape for cryptos. Crypto leaders and stakeholders hope that this dialogue will lead to more balanced and inclusive policies.
As the 2024 US elections approach, the crypto industry continues to be a major battleground for both Kamala and Trump. However ,the crypto community has shown more support for the Republican Party candidate. Most recently, analyst Eric Balchunas said that Donald Trump’s victory could influence the fate of XRP and Solana ETFs.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
24/7 Cryptocurrency News
Donald Trump Win Key For XRP & Solana ETFs, Bloomberg Analyst
Published
1 day agoon
October 2, 2024By
adminBloomberg analyst Eric Balchunas has hinted that a potential Donald Trump victory in the upcoming U.S. presidential election could influence the fate of XRP and Solana ETFs.
This comment follows Bitwise’s recent steps toward creating an XRP ETF by registering a trust entity in Delaware. Concurrently, it is ahead of the U.S. Securities and Exchange Commission’s (SEC) deadline to appeal Judge Torres’ ruling that secondary sales of XRP on exchanges are not securities.
Donald Trump Win Key For XRP, Solana ETFs
In the recent thread on X (previously Twitter), Bloomberg analyst Eric Balchunas pointed out that under the current regulation, led by the SEC Chairman Gary Gensler, it has become difficult to approve the new cryptocurrency ETFs, such as the one for SOL and XRP. He pointed out that Gary Gensler has taken a strict stance towards the crypto market and this has affected big players such as Binance and Coinbase.
You’ve heard of the Fed Put. This is like the Trump Call.. filings for XRP or Solana or any other alt coins are basically like a cheap call option on a Trump win as Genz will be gone and anything’s poss. Harris wins no way these get approved, and the “call” expires worthless. https://t.co/mkpCbqEuQ4
— Eric Balchunas (@EricBalchunas) October 1, 2024
But Balchunas has pointed out that former president Donald Trump’s win could result in Gensler being replaced, paving the way for softer rules that would enable approval of ETFs for such altcoins as Solana and XRP. Balchunas compared the situation to a “Trump Call,” meaning that those who applied for XRP or Solana ETFs are more or less betting on Trump’s win, hoping that his administration would select a new chair of the SEC who might be more willing to approve such funds.
He predicts that if Kamala Harris beats Donald Trump, there will be no changes to the existing regulation and thus any possibilities for these ETFs would be lost and the “call” on these filings would be useless. However, with Kamala Harris recent shift in stance and pledge to maintain the US dominance in Blockchain and AI, some hope may linger for a potential approval of the ETFs. Moreover, Anthony Scaramucci confirmed that the Vice President is developing crypto policies which aligns with recent calls for a crypto roundtable by a group of DeFi leaders.
Bitwise Takes Steps Toward XRP ETF
Bitwise has taken a big step towards listing an XRP ETF by registering a trust entity in Delaware. This comes in the wake of other applications from other big investment firms including BlackRock and Fidelity who had earlier submitted applications for Bitcoin and Ether ETFs.
Despite the recent developments, the likelihood of being approved remains uncertain. Moreover, the SEC has until October 7, 2024, to appeal Judge Torres’ July ruling, which determined that secondary sales of XRP on exchanges were not classified as securities. Despite this, many experts, including former SEC officials, expect the agency to appeal the decision, further delaying any progress on an XRP ETF hence downplaying the Donald Trump effect.
Should the SEC opt to appeal, most analysts, including Alex Thorn, of Intangible Coins, believe that the chances of the XRP ETF getting approval would be slim to zero.
Solana ETF Faces Similar Challenges
The Solana ETF, like the XRP ETF, faces a tough path ahead under the current SEC administration. Despite the demand for such investment vehicles, the SEC has been reluctant to approve additional cryptocurrency-based ETFs, even after approving spot Bitcoin and Ethereum ETFs. The president of The ETF Store, Nate Geraci, has stated that under the current administration, the chances of a Solana ETF being approved within the next year or two remain slim.
In Brazil, however, two spot Solana ETFs have already been approved, further highlighting the disparity in regulatory approaches between different jurisdictions.
Similarly, Geraci also pointed out that the political environment could be the key to the approval of these ETFs, especially the result of the 2024 U.S. presidential election. If the former president Donald Trump becomes the president, it may lead to the change in the leadership of the SEC, which in its turn, may lead to more tolerant crypto regulations. On the other hand, Geraci says that if Kamala Harris were to win the presidency, there is no change in the current situation, and the approval of Solana and XRP ETFs would remain highly unlikely.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
Stablecoins represent 40% of crypto economy in Sub-Saharan Africa
Franklin Templeton Files For Bitcoin & Ethereum Index ETF With SEC
Bitwise’s Spot XRP ETF Registration Statement Unveiled, Price Falls 7%
what’s the difference and which is better?
Stuart Alderoty Slams US SEC As Ripple Weighs Cross Appeal
Vivek: Unsurprisingly, The Bitcoin Price Follows Global Liquidity
Bank of America Confirms Massive Outage and $0.00 Account Balances As JPMorgan Chase, Wells Fargo Customers Report Digital Banking Disruptions
Poland’s Pekao Bank using blockchain to preserve art in arctic vault
Kamala Harris Tax Plan Could Trigger Crypto Market Sell-off
SHINOBI: OFF-CHAIN PROTOCOLS WILL ALWAYS BE A BALANCING ACT
Elon Musk-Themed Telegram Game ‘X Empire’ Returns With More Rewards Before Airdrop
Fwog memecoin surges 70% as Pepe Unchained raises $16.8M for new layer 2 blockchain
Is It Time to Buy in EIGEN?
This $1,000 Faraday Backpack Will Protect Your Bitcoin
Bitwise Makes XRP ETF Plans Official With SEC Filing
182267361726451435
Top Crypto News Headlines of The Week
New U.S. president must bring clarity to crypto regulation, analyst says
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Why Did Trump Change His Mind on Bitcoin?
Bitcoin Open-Source Development Takes The Stage In Nashville
Ethereum, Solana touch key levels as Bitcoin spikes
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
Citigroup Executive Steps Down To Explore Crypto
Mostbet Güvenilir Mi – Casino Bonus 2024
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Crypto Market Movers: 5 Altcoins Making Waves This Bull Run
Trending
- 2 weeks ago
182267361726451435
- 24/7 Cryptocurrency News2 months ago
Top Crypto News Headlines of The Week
- News1 month ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Bitcoin2 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Altcoins2 months ago
Ethereum Crash A Buying Opportunity? This Whale Thinks So
- Donald Trump2 months ago
Why Did Trump Change His Mind on Bitcoin?
- Opinion3 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Bitcoin3 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
✓ Share: