Ripple Seeks Dismissal of SEC Lawsuit Alleging XRP Security Status

Ripple – the blockchain technology company behind XRP – is seeking dismissal of the Security and Exchange Commission (SEC)’s 2020 lawsuit against the firm. It claims that XRP does not constitute an “investment contract”, and thus cannot be called unregistered security.  Can Ripple End the Lawsuit? As reported by BNN Bloomberg, Ripple’s weekend filing claims XRP investors do not have rights, and that Ripple is not required to act in their interests. It cited a lack of documents imposing such…

Binance Unfazed By SEC Opposition to Philippines Entry

Major exchange Binance appears unbothered by the stiff opposition it has received in its bid to expand to the Philippines. In a recent interview, the company’s Asia-Pacific executive Leon Foong expressed their eagerness to start operations in the region.  Binance Isn’t Focused on “Lobbying Bodies” Earlier this month, the Philippine Securities and Exchanges Commission (SEC) issued a warning about Binance to the public. The regulators advised residents against using the platform’s services. This came as a response to complaints from policy…

Zipmex Seeks Temporary Protection to Shield Against Creditors

Days after halting withdrawals, Thailand-based crypto exchange platform Zipmex has now filed for a moratorium protection. The filing makes the exchange the latest in a series of failing platforms seeking court protection from their creditors. Zipmex Freezes Withdrawals, Files for Extra Time About a week ago, Zipmex shared the news that it was freezing user withdrawals “until further notice.” At the time, the platform cited unstable market conditions and financial difficulties with a few partner companies. They promised that a…

SEC Chairman: Crypto and Securities Exchanges Should be Treated the Same

Gary Gensler – Chairman of the Securities and Exchange Commission – recently outlined the investment risks associated with crypto trading platforms. He said they resemble the structure and function of stock exchanges, and ought to be regulated in the same manner.  In a video posted Thursday, Gensler explained that crypto platforms, like stock markets, bring buyers and sellers together. Millions of customers regularly trade on such platforms without operating through a broker.  As such, he argues that crypto platforms should…

Cathie Wood Dumps $75M Coinbase Shares Amid SEC Probe

Cathie Wood’s fund management firm Ark Invest has let go of 1.4M of its Coinbase shares. News of this emerged via the firm’s daily trade data release earlier today. Wood Offloads 1.4M Shares Ark is Coinbase’s third-biggest shareholder with COIN holdings nearing 9 million as of late last month. A Bloomberg release revealed that with this liquidation the company conducted its first COIN dump this year. Ark sold the shares in a $75M deal involving 3 of its operational exchange-traded…

SEC Investigates Whether Coinbase Offers Unregistered Securities

The US Securities and Exchange Commission (SEC) is investigating whether Coinbase allows customers to trade unregistered securities. Bloomberg reported on July 26, citing three people familiar with the matter. Allegedly, the regulator started looking into Coinbase’s operations after the exchange listed new tokens. At the moment, Coinbase lets Americans trade over 150 crypto tokens. Should the investigation find that some of these tokens are securities, Coinbase could have to register with the SEC. However, Coinbase Chief Legal Officer Paul Grewal…

Thai SEC Plans to Tighten Regulations for Crypto Companies

Thailand’s Securities and Exchange Commission (SEC) plans to introduce stricter regulations for crypto firms. Bloomberg reported on July 22, citing the SEC’s Secretary-General Ruenvadee Suwanmongkol. The decision to introduce sterner regulations comes after the recent crypto market downturn saw retail investors incur massive losses. According to Suwanmongkol: The extreme volatility of digital-asset prices has spurred the urgent need for improved supervision. Our main focus will be to provide more protection for small investors, some of whom are putting most of…

Fed Vice Chair Calls for “Urgent” Crypto Regulation Following Market Collapse

Lael Brainard – Vice Chairwoman of the Federal Reserve – said the latest crypto market bloodbath “highlights the urgent need” for industry regulation. She claims it must begin to comply with existing financial regulations, mirroring the views of the Securities and Exchange Commission (SEC).  Ensuring Financial Stability Brainard made her comments during a speech at the Bank of England Conference in London on Friday.  “Future financial resilience will be greatly enhanced if we ensure the regulatory perimeter encompasses the crypto…

SEC Rejects Grayscale’s Spot Bitcoin ETF Application

Grayscale has failed to convince the Securities and Exchange Commission (SEC) to accept its spot Bitcoin ETF application. Following months of negotiations and campaigning to kindly persuade regulators, the fund will now take legal action against the commission. Why the Rejection? According to the SEC’s filing on Wednesday, Grayscale failed to prove that its product could protect investors, or prevent market manipulation. “As the Commission has explained, an exchange that lists bitcoin-based ETPs12 can meet its obligations…  by demonstrating that…

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