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Court Issues Order in Favor of Ripple, CEO Brad Garlinghouse

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XRP Lawsuit: In the latest development in the In re Ripple Labs Inc Litigation, the court has granted an order in favor of defendants Ripple Labs, XRP II LLC, and CEO Brad Garlinghouse. The order came pursuant to a joint request by both parties to proceed for final judgment and a stay on the plaintiff’s class claims.

Judge Grants Order on Final Judgment and Stay in XRP Lawsuit

In the latest court filing in the In re Ripple Labs Litigation, Judge Phyllis Hamilton has granted a joint motion for entry of final judgment and to stay. The court affirms the judgment in favor of defendants Ripple Labs, XRP II LLC, and CEO Brad Garlinghouse.

“The Court finds that final judgment should be entered pursuant to Rule 54(b) with regard to Plaintiff’s class claims that were resolved in Defendants’ favor in the Court’s Order and Opinion Granting In Part and Denying In Part Defendants’ Motion for Summary Judgment.”

The court ordered in favor of Ripple and Brad Garlinghouse on plaintiff class action claims in the XRP lawsuit. The class claims include unregistered offers and sales of securities, liabilities of Ripple and Brad Garlinghouse as control person, and California securities law violations.

XRP lawsuit. In re Ripple LabsXRP lawsuit. In re Ripple Labs

Last month, Ripple requested the court to issue final judgment on plaintiff class action claims and a stay on individual state law claim until resolution. Also, the court asked the parties to consider an alternative resolution to the ongoing dispute related to an individual claim.

The court also set January 21 next year as the trial date, dismissing attendant pretrial dates. The court will declare new dates after the resolution of any or all appeals of the class claims.

Can Ripple Vs SEC Lawsuit Be Dismissed?

The US SEC has made some similar claims in the SEC v. Ripple Labs lawsuit, bringing charges against CEO Brad Garlinghouse and Executive Chairman Chris Larsen. The market participants slammed the agency for appealing the ruling by Judge Analisa Torres.

The debate surrounding the end or dismissal of the XRP lawsuit picked pace due to Donald Trump’s promise of crypto regulatory clarity. In addition, Trump also said to fire Gary Gensler after entering the White House. Gary Gensler was asked to resign as the SEC Chair by American Securities Association (ASA) President Chris Iacovella.

Expert lawyers and Ripple CTO David Schwartz assert the lawsuit will likely get dismissed. Attorney Fred Rispoli said the Ripple SEC case can be withdrawn or settled at any time. While he believes the XRP lawsuit withdrawal is “unrealistic” though settlement seems likely.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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.





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Gary Gensler Reaffirms Crypto Regulatory Stance Amid Resignation Calls

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3 hours ago

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November 14, 2024

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Ahead of Donald Trump’s team taking office, US SEC Chair Gary Gensler has reiterated his commitment to regulating the cryptocurrency market, stating that stricter oversight is necessary to protect investors. Speaking at the Practicing Law Institute’s Annual Institute on Securities Regulation in New York, Gensler highlighted the importance of clear “rules of the road” for the industry. 

Gensler has also pointed out that many of these assets are securities and should, as such, be regulated by existing securities laws, which include the disclosure and registration rules.

US SEC Chair Gary Gensler’s Stance on Crypto Regulation

US SEC Chair Gary Gensler has argued that the cryptocurrency market needs regulatory safeguards similar to those in traditional financial markets. He emphasized that while Bitcoin is the only asset that does not fall under the category of securities, other forms of digital assets should be considered securities based on the current legal framework.

Gensler said, “Court after court has agreed with our actions to protect investors,” pointing out that the SEC is empowered to implement these laws in the crypto sector.

Gensler pointed out that most other digital assets outside of Bitcoin have yet to demonstrate clear utility and could potentially threaten investors. His comments are made just as a last attempt to build regulatory frameworks before the new Trump administration takes office, with candidates like Robinhood CLO Dan Gallagher emerging as the leading candidates to replace Gensler.

Gary Gensler Highlights SEC Accomplishments

In his speech, US SEC Chair Gary Gensler outlined some of the regulatory measures he has implemented since taking office. He mentioned new requirements for enhancing the quality of information companies provide, such as those concerning executive compensation and data breaches. 

Gensler also discussed improvements in market infrastructure, including the accelerated settlement period for stocks and stricter rules for Treasury clearing.

Besides his achievements, Gensler also mentioned that he was proud of his work at the SEC, calling it “a remarkable agency.” He thanked his colleagues and noted that the US SEC will still play a significant part in ensuring that there are proper protections for investors in the United States. Gary Gensler’s comments amid speculations that he could resign this week.

Resignation Calls and Future of the SEC

Since Donald Trump’s re-election, Gary Gensler has come under pressure to resign, including from ex-SEC official John Reed Stark. Stark, an outspoken opponent of Gensler’s regulation of the cryptocurrency industry, said that Gensler should leave the position to make it easier for the new SEC chairman to come in. 

Gary Gensler has, however, not given any signs of quitting his position despite the calls for his resignation. Some have opined that he may resign in the event that Trump appoints a new SEC chairperson with a friendly disposition towards cryptocurrencies. Donald Trump has expressed his desire to create a conducive environment for cryptocurrency, which will lead to changes in the agency’s policies and the firing of Gensler.

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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.





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US PPI Inflation Comes In At 2.4%; Will It Hinder Bitcoin Rally To $100K?

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7 hours ago

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November 14, 2024

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The latest US Producer Price Index (PPI) data showed that the inflation has come in at 2.4%, up from the September reading of 1.9%. This comes a day after the US CPI inflation figure showed a spike in the inflationary figure for the first time in eight months. Besides, the market concerns are also fueled as this set of data is also crucial for the Fed’s decision on their monetary stimulus plan.

However, despite the hotter-than-anticipated CPI inflation data, Bitcoin has continued its run towards the north, hitting a new ATH of $93,000.

US PPI Inflation Came In At 2.4%

The latest data by the Labor Department showed that the US PPI inflation came in at 0.2% in October, after noting no change in the prior month and the highest since August 2024. On a year-over-year (YoY) basis, the inflation was at 2.4%, marking a jump from the 1.9% figure of September.

The Core Producer Price Index, which excludes the foods and energy prices, came in at 0.3%, as compared to 0.1% in the prior month and up from the market expectations of 0.2%. On a YoY basis, the reading showed that the Core inflation was at 3.1% in October, up from 3% in September and the market expectations of 2.8%.

However, the hotter-than-anticipated US PPI inflation data has further fueled market speculations over the US Fed’s next move with their policy rate plans. Notably, the latest US CPI inflation figures also came in hot, indicating a hawkish decision on the upcoming Fed rate cut decisions.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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.





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BTC Hits $93K, WIF Rally, PNUT Up 133%

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15 hours ago

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November 14, 2024

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Cryptocurrency prices today continue to spark significant discussions among market traders and investors globally. While Bitcoin (BTC) price hit a new ATH over the past day, top altcoins mainly illustrated gaining trajectories. Besides, the newly listed meme coin Peanut the Squirrel (PNUT) emerged as the day’s top gainer, alongside dogwifhat (WIF) rally.

As a result, the global crypto market cap jumped 3% to $2.98 trillion over the last day. However, the total market volume fell, slipping nearly 3.5% to $308.42 billion. Here’s a closer look into some of the most renowned cryptocurrencies and their price movements on November 14.

Cryptocurrency Prices Today: BTC Hits New ATH, Altcoins Jump

BTC price hit a new ATH of $93.4K, sparing market optimism globally. Meanwhile, Ethereum (ETH) appears to have tackled some turbulence. Nevertheless, SOL and XRP prices maintained a hold in the green zone amid high sentiment. Simultaneously, the meme coin sector showcased remarkable gains, adding to market optimism on prices today. Here’s a brief report on the top coins by market cap and their price action today.

Bitcoin Price Today

BTC price gained nearly 4% in the past 24 hours and is now trading near $90,000. The coin’s intraday low and high were $86,256.93 and $93,434.36, respectively. Notably, this 24-hour high also marks a new ATH for the flagship crypto. Further, Bitcoin’s market cap rested at $1.78 trillion today. Intriguingly, BTC’s market dominance saw a 0.3% increase in value to 59.78% today.

Further, Sosovalue data shows that spot BTC ETFs recorded $510.11 million in inflow. The ETFs saw sixth consecutive inflows, aligning with the coin’s rising price movement.

Meanwhile, veteran trader Peter Brandt predicted amid a bullish market that BTC price remains poised for further gains, sparking optimism on future movements.

Ethereum Price Today

ETH price chart conversely indicated a 2% leap in value and is currently trading at $3,239. The coin’s 24-hour low and high were $3,121.67 and $3,337.88, respectively. Ethereum’s market cap was evaluated as $385.58 billion today.

However, the coin faces slight turbulence despite spot ETH ETFs recording strong inflows of $146.9 million on Wednesday. Meanwhile, it’s noteworthy that Bitwise Asset Management, a crypto exchange-traded fund (ETF) issuer, recently acquired Ethereum staking service Attestant, sparking market discussions.

Solana Price Today

The crypto SOL price witnessed a remarkable 8% uptick in value and is now trading at $219. The coin’s 24-hour low and high were $201.47 and $220.34, respectively. Solana’s market cap stood at $103.35 billion today. In light of the token’s relisting on Robinhood, an optimistic market wave appears to have engulfed the crypto recently.

XRP Price Today

Simultaneously, XRP price witnessed gains worth 4% intraday and is now resting at $0.6961. The coin’s 24-hour low and high were $0.6426 and $0.7435, respectively. XRP’s market cap reached $39.59 billion today. Further, a recent XRP price analysis by CoinGape suggests that a potential rally to $1.5 looms amid a bullish crypto market.

Meme Coins Performance Today

Dogecoin (DOGE) price witnessed gains worth 8% intraday and is now trading at $0.3863. Further, even Shiba Inu (SHIB) soared 3% to $0.00002534. Meanwhile, PEPE, WIF, and BONK surged 14%-77% over the past day, solidifying investor optimism over the coins’ prices today.

Top Cryptocurrency Gainer Prices Today

Peanut The Squirrel

PNUT price soared 170% in the past 24 hours, reaching $2.20. The coin’s intraday low and high were $0.7716 and $2.47, respectively. Notably, the meme token soars phenomenally following Elon Musk’s support for Peanut the Squirrel to the crypto on X.

Pepe Coin

Simultaneously, PEPE price rocketed 77% over the past 24 hours and is now trading at $0.00002339. The coin’s 24-hour low and high were $0.00001253 and $0.00002524, respectively. The meme coin soared in tandem with its listing on Coinbase recently.

dogwifhat

WIF price upsurged 38% over the past day to reach $4.07. The coin’s 24-hour low and high were $2.89 and $4.68, respectively. Coinbase announced to list WIF token amid huge demand, sparking a rally in the token.

Top Cryptocurrency Loser Prices Today

Cronos

CRO price tanked 15% in the past 24 hours and is now sitting at $0.1526. The coin’s 24-hour low and high were $0.1519 and $0.1837, respectively.

Kaspa

KAS price cracked 6% intraday to rest at $0.1273. The coin’s 24-hour low and high were $0.1244 and $0.136, respectively.

Stellar

XLM price waned 5% over the past day to reach $0.1234. Its intraday low and high were $0.1211 and $0.133, respectively.

Besides, the hourly time frame charts indicated that BTC slipped 0.10% while ETH jumped 0.88%, sparking contrasting speculations over cryptocurrency prices today. Nevertheless, market watchers remain bullish as Q4 sees a highly optimistic market post-Trump’s win in the U.S. elections.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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.





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