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$XRPUSD USA Gov. Docs: $10000+ per token for optimum token efficiency!
$XRPUSD USA Gov. Docs: $10000+ per token for optimum token efficiency!
$JPM is Pure Evil part 3 ...
$XRPUSD and Shiba Inu Coin This person is a true Threat To Democracy!
JP Morgan CEO Jamie Dimon Says Feds Should 'Close Down' Bitcoin.
JP Morgan CEO has again slammed crypto and Bitcoin, saying he'd "close it down" if he were in charge of making laws.
By Mat Di Salvo
Dec 6, 2023
JP Morgan Chase CEO Jamie Dimon has again slammed crypto—today saying that he’d “close it down” if he were the U.S. government.
“The true use case for it [crypto] is criminals, drug traffickers, money laundering, tax avoidance,” Dimon told lawmakers during a Senate Banking Committee hearing Wednesday.
“If I was the government, I’d close it down,” he added. “I’ve always been opposed to crypto, Bitcoin, etcetera.”
Dimon’s comments came after Elizabeth Warren (D-Mass.) asked the billionaire bank boss why “terrorists, drug traffickers and rogue nations” like crypto.
He went on to add that you can move money “almost instantaneously” with digital assets and that it was “somewhat anonymous.”
Dimon’s latest comments are not the first time he’s criticized Bitcoin and other cryptocurrencies: he famously called Bitcoin a “fraud” back in 2017, and criticized his own daughter because she bought a bit of the biggest cryptocurrency by market cap.
The chief of the world’s biggest bank also once questioned whether Bitcoin would really have its supply capped at 21 million coins, saying: “Maybe it’s gonna get to 21 million and Satoshi’s picture is gonna come up and laugh at you all.”
Despite criticizing Bitcoin and decentralized cryptocurrencies, Dimon has praised its underlying technology and his bank has used blockchain for projects such as its JPM Coin, a digital coin that runs on a permissioned blockchain (a distributed ledger that is not publicly accessible like Ethereum or Bitcoin.)
The crypto industry’s X (formerly Twitter) users were quick to point this out—especially highlighting the amount of times JP Morgan and other banks have been fined by regulators for breaking rules.
Crypto advocates often push back at the notion that Bitcoin or other digital assets are disproportionately used by criminals, highlighting the fact that Bitcoin, in particular, operates on a transparent ledger and transactions can very easily be tracked.
Some government officials in the past, notably former CIA Director Michael Morell, have suggested that Bitcoin is actually a “boon” for law enforcement, considering how transparent it really is.
End Of Line.
$JPM is Pure Evil part 2 ...
XRPUSD and Shiba Inu Coin More News on Jamie "Demon" Dimon. Cheers!
Hundreds of billions of dollars worth of fines have been paid by the four biggest banks in the US as JPMorgan’s chief executive sounds off against digital assets, saying they are for criminals.
According to corporate misconduct data aggregator Violation Tracker, the big four banks of the US – Bank of America, Wells Fargo, Citigroup, and JPMorgan – have paid a staggering $181 billion worth of fines since the year 2000.
The data unveils that Bank of America has paid total of 324 fines worth $87.2 billion since the start of the millennium while Wells Fargo has been fined 261 times for a total of $27.5 billion.
Violation Tracker also reveals that Citigroup was found to be in violation 181 times, paying $26.9 billion worth of fines while JPMorgan has been hit with a total of 272 fines worth $39.3 billion.
The Violation Tracker covers a range of civil and criminal banking offenses including foreign bribery, money laundering, corporate tax evasion, securities violations, accounting fraud, price-fixing, employment discrimination and more.
The new numbers come as JPMorgan CEO Jamie Dimon tells Congress during a recent meeting that crypto assets are tools for bad actors that he would shut down if he could.
As stated by Dimon, per CNBC,
“I’ve always been deeply opposed to crypto. Bitcoin, etc. You pointed out the only true use case for it is criminals – drug traffickers, money laundering, tax avoidance, and that is a use case because it is somewhat anonymous, not fully, and because you can move money instantaneously.
And because it doesn’t go all these systems [that] have built up over many years – know your customer (KYC), sanctions, OFAC (Office of Foreign Asset Control) – they can bypass all of that. If I was the government, I’d close it down.”
Dimon did not provide evidence for his claims that crypto assets are widely used for criminal activity.
Last year, the crypto research firm Chainalysis determined that while 5% of the global gross domestic product is laundered every year in fiat currency, just 0.05% of all crypto transactions involve money laundering.
End Of Line.
$JPM is Pure Evil part 1 ...
XRPUSD and Shiba Inu Coin More Great Support from Congress! Cheers!
Don't let the SEC, Jamie "Demon" Dimon, Elizabeth "Pocahontas" Warren steal your wealth, enslave you and force you to accept the Biblical Mark Of The Beast with their evil, vile and wicked USA CBDC!
A U.S. lawmaker has slammed the Securities and Exchange Commission (SEC) for having a deliberate policy preference to provide less clarity to the crypto market. “The SEC is not adhering to the law. That’s why it keeps losing in court,” said Congressman Tom Emmer as he questioned SEC Chair Gary Gensler’s personal agenda.
‘SEC Has a Deliberate Policy Preference to Provide Less Clarity to the Marketplace’
House Majority Whip Tom Emmer (R-MN) slammed the U.S. Securities and Exchange Commission (SEC)’s approach to the regulation of the crypto industry on Tuesday at a hearing of the House Subcommittee on Digital Assets, Financial Technology and Inclusion titled “Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape the Future of Financial Services.”
The lawmaker posted on social media platform X after the hearing:
If it wasn’t obvious before, it’s certainly obvious now: The SEC has a deliberate policy preference to provide LESS clarity to the marketplace instead of more clarity. Complete disservice to our great capital markets.
Among the witnesses who testified in the congressional hearing was Valerie A. Szczepanik, director of the SEC’s Strategic Hub for Innovation and Financial Technology (Finhub).
Referencing a speech titled “Digital Asset Transactions: When Howey Met Gary” given by William Hinman in June 2018 when he was the director of the Division of Corporation Finance at the SEC, Emmer explained that in this speech, Hinman discussed “how tokens can morph from securities to non-securities and he stated that ether is not a security.”
Citing Szczepanik’s review of Hinman’s draft speech, the congressman quoted her as saying at the time that providing “less detail in a speech is better because the concept of a token morphing from a security to a non-security was a new concept and would generate a lot of discussions.” Emmer emphasized:
You thought the SEC should give less clarity to the market rather than more … When the industry complains about a lack of clarity, I see this as a deliberate policy reference. Does the current SEC chair share that view?
Szczepanik declined to comment on the current chair’s view.
Congressman Emmer proceeded to ask Szczepanik whether Finhub has “issued any guidance since Chair Gensler took office to clarify how security laws apply to crypto.” After the Finhub director failed to provide an answer, Emmer said: “I take the answer is no, because it is no. It seems to be rulemaking through enforcement actions.”
Concerning Hinman’s speech stating that ether is not security, Emmer asked Szczepanik: “Is that your view today?” However, she declined to answer, stating that she couldn’t comment on a particular asset. The congressman concluded:
The SEC is not adhering to the law. That’s why it keeps losing in court. Does the chairman of the SEC tell you to adopt positions to further a specific goal, his own personal goal rather than allegiance to the law?
End Of Line.
XRPUSD and Shiba Inu Coin More News on Jamie "Demon" Dimon. Cheers!
Hundreds of billions of dollars worth of fines have been paid by the four biggest banks in the US as JPMorgan’s chief executive sounds off against digital assets, saying they are for criminals.
According to corporate misconduct data aggregator Violation Tracker, the big four banks of the US – Bank of America, Wells Fargo, Citigroup, and JPMorgan – have paid a staggering $181 billion worth of fines since the year 2000.
The data unveils that Bank of America has paid total of 324 fines worth $87.2 billion since the start of the millennium while Wells Fargo has been fined 261 times for a total of $27.5 billion.
Violation Tracker also reveals that Citigroup was found to be in violation 181 times, paying $26.9 billion worth of fines while JPMorgan has been hit with a total of 272 fines worth $39.3 billion.
The Violation Tracker covers a range of civil and criminal banking offenses including foreign bribery, money laundering, corporate tax evasion, securities violations, accounting fraud, price-fixing, employment discrimination and more.
The new numbers come as JPMorgan CEO Jamie Dimon tells Congress during a recent meeting that crypto assets are tools for bad actors that he would shut down if he could.
As stated by Dimon, per CNBC,
“I’ve always been deeply opposed to crypto. Bitcoin, etc. You pointed out the only true use case for it is criminals – drug traffickers, money laundering, tax avoidance, and that is a use case because it is somewhat anonymous, not fully, and because you can move money instantaneously.
And because it doesn’t go all these systems [that] have built up over many years – know your customer (KYC), sanctions, OFAC (Office of Foreign Asset Control) – they can bypass all of that. If I was the government, I’d close it down.”
Dimon did not provide evidence for his claims that crypto assets are widely used for criminal activity.
Last year, the crypto research firm Chainalysis determined that while 5% of the global gross domestic product is laundered every year in fiat currency, just 0.05% of all crypto transactions involve money laundering.
End Of Line.
XRPUSD and Shiba Inu Coin More News on Jamie "Demon" Dimon. Cheers!
Hundreds of billions of dollars worth of fines have been paid by the four biggest banks in the US as JPMorgan’s chief executive sounds off against digital assets, saying they are for criminals.
According to corporate misconduct data aggregator Violation Tracker, the big four banks of the US – Bank of America, Wells Fargo, Citigroup, and JPMorgan – have paid a staggering $181 billion worth of fines since the year 2000.
The data unveils that Bank of America has paid total of 324 fines worth $87.2 billion since the start of the millennium while Wells Fargo has been fined 261 times for a total of $27.5 billion.
Violation Tracker also reveals that Citigroup was found to be in violation 181 times, paying $26.9 billion worth of fines while JPMorgan has been hit with a total of 272 fines worth $39.3 billion.
The Violation Tracker covers a range of civil and criminal banking offenses including foreign bribery, money laundering, corporate tax evasion, securities violations, accounting fraud, price-fixing, employment discrimination and more.
The new numbers come as JPMorgan CEO Jamie Dimon tells Congress during a recent meeting that crypto assets are tools for bad actors that he would shut down if he could.
As stated by Dimon, per CNBC,
“I’ve always been deeply opposed to crypto. Bitcoin, etc. You pointed out the only true use case for it is criminals – drug traffickers, money laundering, tax avoidance, and that is a use case because it is somewhat anonymous, not fully, and because you can move money instantaneously.
And because it doesn’t go all these systems [that] have built up over many years – know your customer (KYC), sanctions, OFAC (Office of Foreign Asset Control) – they can bypass all of that. If I was the government, I’d close it down.”
Dimon did not provide evidence for his claims that crypto assets are widely used for criminal activity.
Last year, the crypto research firm Chainalysis determined that while 5% of the global gross domestic product is laundered every year in fiat currency, just 0.05% of all crypto transactions involve money laundering.
End Of Line.
XRPUSD and Shiba Inu Coin More Great Support from Congress! Cheers!
Don't let the SEC, Jamie "Demon" Dimon, Elizabeth "Pocahontas" Warren steal your wealth, enslave you and force you to accept the Biblical Mark Of The Beast with their evil, vile and wicked USA CBDC!
A U.S. lawmaker has slammed the Securities and Exchange Commission (SEC) for having a deliberate policy preference to provide less clarity to the crypto market. “The SEC is not adhering to the law. That’s why it keeps losing in court,” said Congressman Tom Emmer as he questioned SEC Chair Gary Gensler’s personal agenda.
‘SEC Has a Deliberate Policy Preference to Provide Less Clarity to the Marketplace’
House Majority Whip Tom Emmer (R-MN) slammed the U.S. Securities and Exchange Commission (SEC)’s approach to the regulation of the crypto industry on Tuesday at a hearing of the House Subcommittee on Digital Assets, Financial Technology and Inclusion titled “Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape the Future of Financial Services.”
The lawmaker posted on social media platform X after the hearing:
If it wasn’t obvious before, it’s certainly obvious now: The SEC has a deliberate policy preference to provide LESS clarity to the marketplace instead of more clarity. Complete disservice to our great capital markets.
Among the witnesses who testified in the congressional hearing was Valerie A. Szczepanik, director of the SEC’s Strategic Hub for Innovation and Financial Technology (Finhub).
Referencing a speech titled “Digital Asset Transactions: When Howey Met Gary” given by William Hinman in June 2018 when he was the director of the Division of Corporation Finance at the SEC, Emmer explained that in this speech, Hinman discussed “how tokens can morph from securities to non-securities and he stated that ether is not a security.”
Citing Szczepanik’s review of Hinman’s draft speech, the congressman quoted her as saying at the time that providing “less detail in a speech is better because the concept of a token morphing from a security to a non-security was a new concept and would generate a lot of discussions.” Emmer emphasized:
You thought the SEC should give less clarity to the market rather than more … When the industry complains about a lack of clarity, I see this as a deliberate policy reference. Does the current SEC chair share that view?
Szczepanik declined to comment on the current chair’s view.
Congressman Emmer proceeded to ask Szczepanik whether Finhub has “issued any guidance since Chair Gensler took office to clarify how security laws apply to crypto.” After the Finhub director failed to provide an answer, Emmer said: “I take the answer is no, because it is no. It seems to be rulemaking through enforcement actions.”
Concerning Hinman’s speech stating that ether is not security, Emmer asked Szczepanik: “Is that your view today?” However, she declined to answer, stating that she couldn’t comment on a particular asset. The congressman concluded:
The SEC is not adhering to the law. That’s why it keeps losing in court. Does the chairman of the SEC tell you to adopt positions to further a specific goal, his own personal goal rather than allegiance to the law?
End Of Line.
XRPUSD and Shiba Inu Coin More Great Support from Congress! Cheers!
Don't let the SEC, Jamie "Demon" Dimon, Elizabeth "Pocahontas" Warren steal your wealth, enslave you and force you to accept the Biblical Mark Of The Beast with their evil, vile and wicked USA CBDC!
A U.S. lawmaker has slammed the Securities and Exchange Commission (SEC) for having a deliberate policy preference to provide less clarity to the crypto market. “The SEC is not adhering to the law. That’s why it keeps losing in court,” said Congressman Tom Emmer as he questioned SEC Chair Gary Gensler’s personal agenda.
‘SEC Has a Deliberate Policy Preference to Provide Less Clarity to the Marketplace’
House Majority Whip Tom Emmer (R-MN) slammed the U.S. Securities and Exchange Commission (SEC)’s approach to the regulation of the crypto industry on Tuesday at a hearing of the House Subcommittee on Digital Assets, Financial Technology and Inclusion titled “Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape the Future of Financial Services.”
The lawmaker posted on social media platform X after the hearing:
If it wasn’t obvious before, it’s certainly obvious now: The SEC has a deliberate policy preference to provide LESS clarity to the marketplace instead of more clarity. Complete disservice to our great capital markets.
Among the witnesses who testified in the congressional hearing was Valerie A. Szczepanik, director of the SEC’s Strategic Hub for Innovation and Financial Technology (Finhub).
Referencing a speech titled “Digital Asset Transactions: When Howey Met Gary” given by William Hinman in June 2018 when he was the director of the Division of Corporation Finance at the SEC, Emmer explained that in this speech, Hinman discussed “how tokens can morph from securities to non-securities and he stated that ether is not a security.”
Citing Szczepanik’s review of Hinman’s draft speech, the congressman quoted her as saying at the time that providing “less detail in a speech is better because the concept of a token morphing from a security to a non-security was a new concept and would generate a lot of discussions.” Emmer emphasized:
You thought the SEC should give less clarity to the market rather than more … When the industry complains about a lack of clarity, I see this as a deliberate policy reference. Does the current SEC chair share that view?
Szczepanik declined to comment on the current chair’s view.
Congressman Emmer proceeded to ask Szczepanik whether Finhub has “issued any guidance since Chair Gensler took office to clarify how security laws apply to crypto.” After the Finhub director failed to provide an answer, Emmer said: “I take the answer is no, because it is no. It seems to be rulemaking through enforcement actions.”
Concerning Hinman’s speech stating that ether is not security, Emmer asked Szczepanik: “Is that your view today?” However, she declined to answer, stating that she couldn’t comment on a particular asset. The congressman concluded:
The SEC is not adhering to the law. That’s why it keeps losing in court. Does the chairman of the SEC tell you to adopt positions to further a specific goal, his own personal goal rather than allegiance to the law?
End Of Line.
$XRPUSD and Shiba Inu Coin This person is a true Threat To Democracy!
JP Morgan CEO Jamie Dimon Says Feds Should 'Close Down' Bitcoin.
JP Morgan CEO has again slammed crypto and Bitcoin, saying he'd "close it down" if he were in charge of making laws.
By Mat Di Salvo
Dec 6, 2023
JP Morgan Chase CEO Jamie Dimon has again slammed crypto—today saying that he’d “close it down” if he were the U.S. government.
“The true use case for it [crypto] is criminals, drug traffickers, money laundering, tax avoidance,” Dimon told lawmakers during a Senate Banking Committee hearing Wednesday.
“If I was the government, I’d close it down,” he added. “I’ve always been opposed to crypto, Bitcoin, etcetera.”
Dimon’s comments came after Elizabeth Warren (D-Mass.) asked the billionaire bank boss why “terrorists, drug traffickers and rogue nations” like crypto.
He went on to add that you can move money “almost instantaneously” with digital assets and that it was “somewhat anonymous.”
Dimon’s latest comments are not the first time he’s criticized Bitcoin and other cryptocurrencies: he famously called Bitcoin a “fraud” back in 2017, and criticized his own daughter because she bought a bit of the biggest cryptocurrency by market cap.
The chief of the world’s biggest bank also once questioned whether Bitcoin would really have its supply capped at 21 million coins, saying: “Maybe it’s gonna get to 21 million and Satoshi’s picture is gonna come up and laugh at you all.”
Despite criticizing Bitcoin and decentralized cryptocurrencies, Dimon has praised its underlying technology and his bank has used blockchain for projects such as its JPM Coin, a digital coin that runs on a permissioned blockchain (a distributed ledger that is not publicly accessible like Ethereum or Bitcoin.)
The crypto industry’s X (formerly Twitter) users were quick to point this out—especially highlighting the amount of times JP Morgan and other banks have been fined by regulators for breaking rules.
Crypto advocates often push back at the notion that Bitcoin or other digital assets are disproportionately used by criminals, highlighting the fact that Bitcoin, in particular, operates on a transparent ledger and transactions can very easily be tracked.
Some government officials in the past, notably former CIA Director Michael Morell, have suggested that Bitcoin is actually a “boon” for law enforcement, considering how transparent it really is.
End Of Line.
$XRPUSD and Shiba Inu Coin This person is a true Threat To Democracy!
JP Morgan CEO Jamie Dimon Says Feds Should 'Close Down' Bitcoin.
JP Morgan CEO has again slammed crypto and Bitcoin, saying he'd "close it down" if he were in charge of making laws.
By Mat Di Salvo
Dec 6, 2023
JP Morgan Chase CEO Jamie Dimon has again slammed crypto—today saying that he’d “close it down” if he were the U.S. government.
“The true use case for it [crypto] is criminals, drug traffickers, money laundering, tax avoidance,” Dimon told lawmakers during a Senate Banking Committee hearing Wednesday.
“If I was the government, I’d close it down,” he added. “I’ve always been opposed to crypto, Bitcoin, etcetera.”
Dimon’s comments came after Elizabeth Warren (D-Mass.) asked the billionaire bank boss why “terrorists, drug traffickers and rogue nations” like crypto.
He went on to add that you can move money “almost instantaneously” with digital assets and that it was “somewhat anonymous.”
Dimon’s latest comments are not the first time he’s criticized Bitcoin and other cryptocurrencies: he famously called Bitcoin a “fraud” back in 2017, and criticized his own daughter because she bought a bit of the biggest cryptocurrency by market cap.
The chief of the world’s biggest bank also once questioned whether Bitcoin would really have its supply capped at 21 million coins, saying: “Maybe it’s gonna get to 21 million and Satoshi’s picture is gonna come up and laugh at you all.”
Despite criticizing Bitcoin and decentralized cryptocurrencies, Dimon has praised its underlying technology and his bank has used blockchain for projects such as its JPM Coin, a digital coin that runs on a permissioned blockchain (a distributed ledger that is not publicly accessible like Ethereum or Bitcoin.)
The crypto industry’s X (formerly Twitter) users were quick to point this out—especially highlighting the amount of times JP Morgan and other banks have been fined by regulators for breaking rules.
Crypto advocates often push back at the notion that Bitcoin or other digital assets are disproportionately used by criminals, highlighting the fact that Bitcoin, in particular, operates on a transparent ledger and transactions can very easily be tracked.
Some government officials in the past, notably former CIA Director Michael Morell, have suggested that Bitcoin is actually a “boon” for law enforcement, considering how transparent it really is.
End Of Line.
$COOP This person is a true Threat To Democracy.
JP Morgan CEO Jamie Dimon Says Feds Should 'Close Down' Bitcoin.
JP Morgan CEO has again slammed crypto and Bitcoin, saying he'd "close it down" if he were in charge of making laws.
By Mat Di Salvo
Dec 6, 2023
JP Morgan Chase CEO Jamie Dimon has again slammed crypto—today saying that he’d “close it down” if he were the U.S. government.
“The true use case for it [crypto] is criminals, drug traffickers, money laundering, tax avoidance,” Dimon told lawmakers during a Senate Banking Committee hearing Wednesday.
“If I was the government, I’d close it down,” he added. “I’ve always been opposed to crypto, Bitcoin, etcetera.”
Dimon’s comments came after Elizabeth Warren (D-Mass.) asked the billionaire bank boss why “terrorists, drug traffickers and rogue nations” like crypto.
He went on to add that you can move money “almost instantaneously” with digital assets and that it was “somewhat anonymous.”
Dimon’s latest comments are not the first time he’s criticized Bitcoin and other cryptocurrencies: he famously called Bitcoin a “fraud” back in 2017, and criticized his own daughter because she bought a bit of the biggest cryptocurrency by market cap.
The chief of the world’s biggest bank also once questioned whether Bitcoin would really have its supply capped at 21 million coins, saying: “Maybe it’s gonna get to 21 million and Satoshi’s picture is gonna come up and laugh at you all.”
Despite criticizing Bitcoin and decentralized cryptocurrencies, Dimon has praised its underlying technology and his bank has used blockchain for projects such as its JPM Coin, a digital coin that runs on a permissioned blockchain (a distributed ledger that is not publicly accessible like Ethereum or Bitcoin.)
The crypto industry’s X (formerly Twitter) users were quick to point this out—especially highlighting the amount of times JP Morgan and other banks have been fined by regulators for breaking rules.
Crypto advocates often push back at the notion that Bitcoin or other digital assets are disproportionately used by criminals, highlighting the fact that Bitcoin, in particular, operates on a transparent ledger and transactions can very easily be tracked.
Some government officials in the past, notably former CIA Director Michael Morell, have suggested that Bitcoin is actually a “boon” for law enforcement, considering how transparent it really is.
End Of Line.
$XRPUSD and Shiba Inu Coin More Great Legal News! Cheers!
Deaton Reacts as Court Threatens to Sanction SEC For Lying
Popular legal expert John Deaton sheds light on how courts have continued to call out the Securities and Exchange Commission for lying.
XRP holders’ attorney John Deaton has taken to the X platform to react to a federal judge threatening to sanction the SEC’s lawyers involved in the case against crypto project Debt Box.
Court Threatens Sanction Against SEC Lawyers
On November 30, Judge Robert Shelby warned SEC lawyers in the Debt Box lawsuit that he may sanction them for convincing a court to freeze the company’s assets under false and misleading pretenses.
In an attempt to secure a temporary restraining order, the SEC claimed that Debt Box was closing its accounts and moving its funds out of the United States.
However, the SEC refused to mention that Debt Box’s accounts were being closed by banks. The regulator also failed to note that the funds were moved to a credit union and not out of the United States. Following the SEC’s claim, a federal court froze the company’s bank accounts in August.
With Debt Box proving that the SEC lied to obtain the temporary restraining order, the judge dissolved the order.
Commenting on the development, Judge Shelby pointed out that the SEC’s misrepresentation caused Debt Box irreparable harm and undermined the integrity of the case’s proceedings. Hence, the court threatened to sanction the SEC’s lawyers in the case.
Courts Call Out SEC For Lying
Reacting, Attorney Deaton said the SEC has been called out for lying by every court that has dealt with it in the past three years. Per Deaton, anyone surprised that a federal judge threatened to sanction the SEC for lying has not been attentive in the past three years
End Of Line.
$XRPUSD and Shiba Inu Coin More Great Legal News! Cheers!
Deaton Reacts as Court Threatens to Sanction SEC For Lying
Popular legal expert John Deaton sheds light on how courts have continued to call out the Securities and Exchange Commission for lying.
XRP holders’ attorney John Deaton has taken to the X platform to react to a federal judge threatening to sanction the SEC’s lawyers involved in the case against crypto project Debt Box.
Court Threatens Sanction Against SEC Lawyers
On November 30, Judge Robert Shelby warned SEC lawyers in the Debt Box lawsuit that he may sanction them for convincing a court to freeze the company’s assets under false and misleading pretenses.
In an attempt to secure a temporary restraining order, the SEC claimed that Debt Box was closing its accounts and moving its funds out of the United States.
However, the SEC refused to mention that Debt Box’s accounts were being closed by banks. The regulator also failed to note that the funds were moved to a credit union and not out of the United States. Following the SEC’s claim, a federal court froze the company’s bank accounts in August.
With Debt Box proving that the SEC lied to obtain the temporary restraining order, the judge dissolved the order.
Commenting on the development, Judge Shelby pointed out that the SEC’s misrepresentation caused Debt Box irreparable harm and undermined the integrity of the case’s proceedings. Hence, the court threatened to sanction the SEC’s lawyers in the case.
Courts Call Out SEC For Lying
Reacting, Attorney Deaton said the SEC has been called out for lying by every court that has dealt with it in the past three years. Per Deaton, anyone surprised that a federal judge threatened to sanction the SEC for lying has not been attentive in the past three years
End Of Line.
$XRPUSD and Shiba Inu Coin More Huge Legal News! Cheers!
Judge scolds SEC for apparent deception in crypto case, threatens to sanction agency.
The SEC is suing crypto firm DEBT Box for allegedly defrauding investors out of nearly $50 million.
BY
LEO SCHWARTZ
AND
JEFF JOHN ROBERTS
December 01, 2023 4:47 PM EST
SEC Chair Gary Gensler has engaged in an aggressive campaign of enforcement actions against crypto firms. Tom Williams—Getty Images
A federal judge has rebuked the Securities and Exchange Commission over its treatment of a crypto firm, expressing concern the agency had made “materially false and misleading representations” in order to freeze millions of dollars in assets belonging to the project.
The case, filed in Utah federal court, concerns a firm called Digital Licensing Inc., or DEBT Box. In its complaint, filed this summer, the SEC alleged the project had defrauded investors out of nearly $50 million by selling unregistered securities called “node licenses.”
As part of the initial process, the SEC successfully obtained a temporary restraining order and asset seizure through a so-called ex parte application—meaning the crypto firm was not informed of the proceedings and was not able to challenge them in court at the time.
These types of one-sided proceedings are uncommon and typically take place when a government agency fears that notifying the defendant will result in their destroying evidence or whisking assets overseas. Meanwhile, a temporary restraining order requires a party to show a high likelihood of “irreparable harm”—a high bar to clear.
?
In his Thursday order, U.S. District Judge Robert Shelby explained he had agreed to grant the SEC’s request because the agency’s lawyer, Michael Welsh, had said the crypto company was actively closing bank accounts—including 33 in the last 48 hours—as part of a bid to move the firm to Abu Dhabi and beyond the reach of U.S. regulators.
This turned out to be untrue, however. In his order, Shelby argued that some of the SEC’s arguments were “entirely without merit and misstate the record.” He wrote that subsequent legal proceedings revealed that no bank accounts had been closed during the 48-hour window and that the company had already transferred much of its operations months before. He also found that it was banks, not the company, that had closed certain accounts and that one alleged overseas transfer of $720,000 the SEC had used to justify the ex parte seizure had actually been a domestic transfer.
Shelby wrote that he was “troubled” by the SEC attorney’s misrepresentation of the account closures because there was another attorney on-screen, as well as two investigative staffers off-screen, who did not clarify or correct the attorney’s statement, nor was it addressed in later filings.
The judge also argued that the SEC has accused the crypto company of blocking investigators from viewing its social media sites, saying the agency had not shown any evidence to suggest the firm had even known about any investigation.
Given all this, Shelby concluded that the SEC had possibly deceived the court in its description of the facts used to justify the earlier orders.
“The court is concerned the Commission made materially false and misleading representations that violated Rule 11(b) and undermined the integrity of the proceedings,” wrote Shelby, citing a federal court rule that says written facts submitted to a judge must be supported by evidence.
SEC faces sanctions
The document issued by Shelby came in the form of a “show cause order”—a request that in this case demands the SEC provide reasons why the Utah court should not punish the agency for its behavior. While such orders are not uncommon, they are typically directed at private parties and very rarely at government agencies.
The order on Thursday concludes with a list of questions asking the SEC to respond to specific examples of apparent falsehoods, including the agency’s claims made about the closed bank accounts and the social media blocking.
While the tone of Shelby’s order is restrained, the judge appears to have been angered by the fact that the SEC submitted the apparent misstatements in an ex parte context and for a temporary restraining order—legal processes that courts are mostly reluctant to grant as they deprive defendants of due process. In his filing, the judge states that he is “concerned” the SEC “undermined the integrity of the proceedings.”
The federal rule cited by Shelby doesn’t provide specific sanctions for given violations but rather proposes a range of measures from a financial penalty to a directive that “suffices to deter repetition of the conduct.”
End Of Line.
$XRPUSD and Shiba Inu Coin More Huge Legal News! Cheers!
Judge scolds SEC for apparent deception in crypto case, threatens to sanction agency.
The SEC is suing crypto firm DEBT Box for allegedly defrauding investors out of nearly $50 million.
BY
LEO SCHWARTZ
AND
JEFF JOHN ROBERTS
December 01, 2023 4:47 PM EST
SEC Chair Gary Gensler has engaged in an aggressive campaign of enforcement actions against crypto firms. Tom Williams—Getty Images
A federal judge has rebuked the Securities and Exchange Commission over its treatment of a crypto firm, expressing concern the agency had made “materially false and misleading representations” in order to freeze millions of dollars in assets belonging to the project.
The case, filed in Utah federal court, concerns a firm called Digital Licensing Inc., or DEBT Box. In its complaint, filed this summer, the SEC alleged the project had defrauded investors out of nearly $50 million by selling unregistered securities called “node licenses.”
As part of the initial process, the SEC successfully obtained a temporary restraining order and asset seizure through a so-called ex parte application—meaning the crypto firm was not informed of the proceedings and was not able to challenge them in court at the time.
These types of one-sided proceedings are uncommon and typically take place when a government agency fears that notifying the defendant will result in their destroying evidence or whisking assets overseas. Meanwhile, a temporary restraining order requires a party to show a high likelihood of “irreparable harm”—a high bar to clear.
?
In his Thursday order, U.S. District Judge Robert Shelby explained he had agreed to grant the SEC’s request because the agency’s lawyer, Michael Welsh, had said the crypto company was actively closing bank accounts—including 33 in the last 48 hours—as part of a bid to move the firm to Abu Dhabi and beyond the reach of U.S. regulators.
This turned out to be untrue, however. In his order, Shelby argued that some of the SEC’s arguments were “entirely without merit and misstate the record.” He wrote that subsequent legal proceedings revealed that no bank accounts had been closed during the 48-hour window and that the company had already transferred much of its operations months before. He also found that it was banks, not the company, that had closed certain accounts and that one alleged overseas transfer of $720,000 the SEC had used to justify the ex parte seizure had actually been a domestic transfer.
Shelby wrote that he was “troubled” by the SEC attorney’s misrepresentation of the account closures because there was another attorney on-screen, as well as two investigative staffers off-screen, who did not clarify or correct the attorney’s statement, nor was it addressed in later filings.
The judge also argued that the SEC has accused the crypto company of blocking investigators from viewing its social media sites, saying the agency had not shown any evidence to suggest the firm had even known about any investigation.
Given all this, Shelby concluded that the SEC had possibly deceived the court in its description of the facts used to justify the earlier orders.
“The court is concerned the Commission made materially false and misleading representations that violated Rule 11(b) and undermined the integrity of the proceedings,” wrote Shelby, citing a federal court rule that says written facts submitted to a judge must be supported by evidence.
SEC faces sanctions
The document issued by Shelby came in the form of a “show cause order”—a request that in this case demands the SEC provide reasons why the Utah court should not punish the agency for its behavior. While such orders are not uncommon, they are typically directed at private parties and very rarely at government agencies.
The order on Thursday concludes with a list of questions asking the SEC to respond to specific examples of apparent falsehoods, including the agency’s claims made about the closed bank accounts and the social media blocking.
While the tone of Shelby’s order is restrained, the judge appears to have been angered by the fact that the SEC submitted the apparent misstatements in an ex parte context and for a temporary restraining order—legal processes that courts are mostly reluctant to grant as they deprive defendants of due process. In his filing, the judge states that he is “concerned” the SEC “undermined the integrity of the proceedings.”
The federal rule cited by Shelby doesn’t provide specific sanctions for given violations but rather proposes a range of measures from a financial penalty to a directive that “suffices to deter repetition of the conduct.”
End Of Line.
$XRPUSD and Shiba Inu Coin more Great Legal News! Cheers!
Coinbase v. SEC: Crypto Exchange Makes Big Step Toward Victory
News
Sun, 08/13/2023 - 13:42
Gamza Khanzadaev
Crypto giant Coinbase gains momentum as legal scholars challenge SEC's argument
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Renowned legal expert and advocate for digital assets James "MetaLawMan" Murphy has shared his insights on the recent progress in the legal feud between the SEC and crypto exchange giant Coinbase. The contentious battle, which centers around the classification of crypto tokens, has witnessed a pivotal moment with a compelling amicus brief presented by six esteemed securities law scholars.
Related
Unending Crypto Oversight Predicted by Former SEC Official
Legal scholars hailing from esteemed institutions such as Yale, the University of Chicago, UCLA, Fordham, Boston University and Widener have collaboratively submitted a potent amicus brief. This brief dismantles the SEC's "investment contract" proposition and tactfully traces the historical evolution of the term, dissecting its meaning both before and after the enactment of the federal Securities Act in 1933.
The scholars' analysis culminates in three resolute conclusions. Firstly, by 1933, the interpretation of an "investment contract" had congealed in state courts, denoting a contractual agreement entitling investors to a proportionate share of the seller's ensuing income, profits, or assets. Secondly, post the landmark Howey decision in 1946, a consistent thread linking investment contracts remains — an investor's involvement necessitates an enduring contractual claim on the enterprise's income, profits, or assets.
Lastly, the Supreme Court's identification of every "investment contract" invariably hinges on a contractual commitment that ensures an enduring stake within the enterprise.
Murphy enthusiastically champions this amicus brief, asserting that it could potentially prove to be the decisive blow to the SEC's contention that crypto tokens traded on secondary markets inherently constitute investment contracts. With this well-crafted legal argument, Coinbase appears to be making significant strides toward emerging victorious in its ongoing legal bout with the SEC.
About the author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.
He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
News
08/14/2023 - 15:14
SHIB on Verge of Golden Cross, XRP Briefly Jumps to $50 on Gemini, Cardano Successfully Mints BTC: Crypto News Digest by U.Today
Valeria Blokhina
News
08/14/2023 - 14:45
SHIB Trillionaire Moves Whopping 750 Billion Shiba Inu Tokens, Here's What's Happening
Gamza Khanzadaev
News
08/14/2023 - 14:30
Hedera (HBAR) 17% Spike Amid Falling Market, Here's What's Behind It
Tomiwabold Olajide
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SHIB on Verge of Golden Cross, XRP Briefly Jumps to $50 on Gemini, Cardano Successfully Mints BTC: Crypto News Digest by U.Today
News
Mon, 08/14/2023 - 15:14
Valeria Blokhina
The latest crypto news and updates over the weekend in the U.Today news digest!
Cover image via www.freepik.com
Read U.TODAY on
Google News
Contents
Shiba Inu (SHIB) is on verge of golden cross
XRP briefly skyrockets to $50 on Gemini after listing
Cardano successfully mints BTC as big phase unfurled by network
Shibarium release countdown: Top exchange teases Shiba Inu token listing
U.Today provides you with an overview of the past weekend's crypto events with the top four news stories.
Shiba Inu (SHIB) is on verge of golden cross
After adding 28% to its price over the last eight days, Shiba Inu found itself on the verge of a "golden cross" pattern. This has historically been a positive sign, pointing to the possible beginning of a strong upward trend. The rise of Shiba Inu was backed by a substantial increase in trading volume, as well as increased liquidity and market depth, which gave the meme coin the much-needed momentum. Together, these factors have opened the door for a potential golden cross, which could attract a new wave of investors and traders looking to capitalize on a possible upward trend.
Related
Shiba Inu (SHIB) Rockets to Record Highs Ahead of Thrilling Shibarium Debut
XRP briefly skyrockets to $50 on Gemini after listing
In an unexpected turn of events, XRP saw its price briefly surging to $50 on Gemini shortly after being listed on the exchange. However, the sudden price jump was just a glitch in Gemini's system, which could be caused by a range of factors: from order book imbalances to technical issues like latency and user interface errors. As previously reported by U.Today, XRP was added to the exchange on Thursday after multiple teasing posts on X social media platform. From now on, Gemini's customers can trade XRP for multiple currency pairs, including USD, GBP, EUR and more.
Cardano successfully mints BTC as big phase unfurled by network
On Aug. 8, Cardano saw the mainnet launch of the anetaBTC protocol, which brings on-chain wrapped BTC to blockchains. This marks a major milestone for Cardano, as it brings Bitcoin to the Cardano ecosystem, allowing users to effortlessly interact with both coins. This is not the only good news for Cardano enthusiasts; according to anetaBTC's official X account, on Aug. 12, Bitcoin was successfully minted on the Cardano mainnet. Per the post, the amount minted equals 1.706 cBTC, with cBTC standing for Bitcoin wrapped through the anetaBTC protocol. In total, 6.19 cBTC have been minted on the Cardano mainnet so far.
Shibarium release countdown: Top exchange teases Shiba Inu token listing
In a recent X post, KuCoin crypto exchange hinted at the possibility of listing Shiba Inu ecosystem tokens. The post shows a picture resembling a calendar, with a Shiba Inu dog placed under the date of Aug. 12. The community also spotted an icon of a dog bone positioned under the dates of Aug. 15-16, which coincides with the release window of highly anticipated Shibarium Layer 2 solution. This made SHIB fans suggest that KuCoin could be set to list the BONE token in conjunction with the Shibarium launch. However, the cells referring to Aug. 13 and 14 remained empty, which raised another round of speculation. Some argued that the exchange may also add LEASH token to its list of supported cryptos on one of the remaining dates.
About the author
Valeria Blokhina
Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain
News
08/14/2023 - 14:45
SHIB Trillionaire Moves Whopping 750 Billion Shiba Inu Tokens, Here's What's Happening
Gamza Khanzadaev
News
08/14/2023 - 14:30
Hedera (HBAR) 17% Spike Amid Falling Market, Here's What's Behind It
Tomiwabold Olajide
News
08/14/2023 - 14:05
Coinbase Launches Trading Services in Canada
Godfrey Benjamin
Follow us and get all crypto news 24/7
Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only. The opinions expressed by our writers are their own and do not represent the views of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. We do not recommend investing money you cannot afford to lose.
U.Today website is operated by Golden Axis Advertising L.L.C Level 41, Emirates Tower, Sheikh Zayed Road, Dubai, UAE
Protected by copyright laws of the international treaties. This website may only be used pursuant to the subscription agreement and any reproduction, copying, or redistribution (electronic or otherwise, including on the World Wide Web), in whole or in part, is strictly prohibited without the express written permission of Golden Axis Advertising L.L.C
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$XRPUSD and Shiba Inu Coin more Great Legal News! Cheers!
Coinbase v. SEC: Crypto Exchange Makes Big Step Toward Victory
News
Sun, 08/13/2023 - 13:42
Gamza Khanzadaev
Crypto giant Coinbase gains momentum as legal scholars challenge SEC's argument
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Renowned legal expert and advocate for digital assets James "MetaLawMan" Murphy has shared his insights on the recent progress in the legal feud between the SEC and crypto exchange giant Coinbase. The contentious battle, which centers around the classification of crypto tokens, has witnessed a pivotal moment with a compelling amicus brief presented by six esteemed securities law scholars.
Related
Unending Crypto Oversight Predicted by Former SEC Official
Legal scholars hailing from esteemed institutions such as Yale, the University of Chicago, UCLA, Fordham, Boston University and Widener have collaboratively submitted a potent amicus brief. This brief dismantles the SEC's "investment contract" proposition and tactfully traces the historical evolution of the term, dissecting its meaning both before and after the enactment of the federal Securities Act in 1933.
The scholars' analysis culminates in three resolute conclusions. Firstly, by 1933, the interpretation of an "investment contract" had congealed in state courts, denoting a contractual agreement entitling investors to a proportionate share of the seller's ensuing income, profits, or assets. Secondly, post the landmark Howey decision in 1946, a consistent thread linking investment contracts remains — an investor's involvement necessitates an enduring contractual claim on the enterprise's income, profits, or assets.
Lastly, the Supreme Court's identification of every "investment contract" invariably hinges on a contractual commitment that ensures an enduring stake within the enterprise.
Murphy enthusiastically champions this amicus brief, asserting that it could potentially prove to be the decisive blow to the SEC's contention that crypto tokens traded on secondary markets inherently constitute investment contracts. With this well-crafted legal argument, Coinbase appears to be making significant strides toward emerging victorious in its ongoing legal bout with the SEC.
About the author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.
He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
News
08/14/2023 - 15:14
SHIB on Verge of Golden Cross, XRP Briefly Jumps to $50 on Gemini, Cardano Successfully Mints BTC: Crypto News Digest by U.Today
Valeria Blokhina
News
08/14/2023 - 14:45
SHIB Trillionaire Moves Whopping 750 Billion Shiba Inu Tokens, Here's What's Happening
Gamza Khanzadaev
News
08/14/2023 - 14:30
Hedera (HBAR) 17% Spike Amid Falling Market, Here's What's Behind It
Tomiwabold Olajide
Like
utoday.en
Follow
@utoday_en
Subscribe
utoday
Join
@utoday_en
SHIB on Verge of Golden Cross, XRP Briefly Jumps to $50 on Gemini, Cardano Successfully Mints BTC: Crypto News Digest by U.Today
News
Mon, 08/14/2023 - 15:14
Valeria Blokhina
The latest crypto news and updates over the weekend in the U.Today news digest!
Cover image via www.freepik.com
Read U.TODAY on
Google News
Contents
Shiba Inu (SHIB) is on verge of golden cross
XRP briefly skyrockets to $50 on Gemini after listing
Cardano successfully mints BTC as big phase unfurled by network
Shibarium release countdown: Top exchange teases Shiba Inu token listing
U.Today provides you with an overview of the past weekend's crypto events with the top four news stories.
Shiba Inu (SHIB) is on verge of golden cross
After adding 28% to its price over the last eight days, Shiba Inu found itself on the verge of a "golden cross" pattern. This has historically been a positive sign, pointing to the possible beginning of a strong upward trend. The rise of Shiba Inu was backed by a substantial increase in trading volume, as well as increased liquidity and market depth, which gave the meme coin the much-needed momentum. Together, these factors have opened the door for a potential golden cross, which could attract a new wave of investors and traders looking to capitalize on a possible upward trend.
Related
Shiba Inu (SHIB) Rockets to Record Highs Ahead of Thrilling Shibarium Debut
XRP briefly skyrockets to $50 on Gemini after listing
In an unexpected turn of events, XRP saw its price briefly surging to $50 on Gemini shortly after being listed on the exchange. However, the sudden price jump was just a glitch in Gemini's system, which could be caused by a range of factors: from order book imbalances to technical issues like latency and user interface errors. As previously reported by U.Today, XRP was added to the exchange on Thursday after multiple teasing posts on X social media platform. From now on, Gemini's customers can trade XRP for multiple currency pairs, including USD, GBP, EUR and more.
Cardano successfully mints BTC as big phase unfurled by network
On Aug. 8, Cardano saw the mainnet launch of the anetaBTC protocol, which brings on-chain wrapped BTC to blockchains. This marks a major milestone for Cardano, as it brings Bitcoin to the Cardano ecosystem, allowing users to effortlessly interact with both coins. This is not the only good news for Cardano enthusiasts; according to anetaBTC's official X account, on Aug. 12, Bitcoin was successfully minted on the Cardano mainnet. Per the post, the amount minted equals 1.706 cBTC, with cBTC standing for Bitcoin wrapped through the anetaBTC protocol. In total, 6.19 cBTC have been minted on the Cardano mainnet so far.
Shibarium release countdown: Top exchange teases Shiba Inu token listing
In a recent X post, KuCoin crypto exchange hinted at the possibility of listing Shiba Inu ecosystem tokens. The post shows a picture resembling a calendar, with a Shiba Inu dog placed under the date of Aug. 12. The community also spotted an icon of a dog bone positioned under the dates of Aug. 15-16, which coincides with the release window of highly anticipated Shibarium Layer 2 solution. This made SHIB fans suggest that KuCoin could be set to list the BONE token in conjunction with the Shibarium launch. However, the cells referring to Aug. 13 and 14 remained empty, which raised another round of speculation. Some argued that the exchange may also add LEASH token to its list of supported cryptos on one of the remaining dates.
About the author
Valeria Blokhina
Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.
News
08/14/2023 - 14:45
SHIB Trillionaire Moves Whopping 750 Billion Shiba Inu Tokens, Here's What's Happening
Gamza Khanzadaev
News
08/14/2023 - 14:30
Hedera (HBAR) 17% Spike Amid Falling Market, Here's What's Behind It
Tomiwabold Olajide
News
08/14/2023 - 14:05
Coinbase Launches Trading Services in Canada
Godfrey Benjamin
Follow us and get all crypto news 24/7
Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only. The opinions expressed by our writers are their own and do not represent the views of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. We do not recommend investing money you cannot afford to lose.
U.Today website is operated by Golden Axis Advertising L.L.C Level 41, Emirates Tower, Sheikh Zayed Road, Dubai, UAE
Protected by copyright laws of the international treaties. This website may only be used pursuant to the subscription agreement and any reproduction, copying, or redistribution (electronic or otherwise, including on the World Wide Web), in whole or in part, is strictly prohibited without the express written permission of Golden Axis Advertising L.L.C
© 2017-2022 Golden Axis Advertising L.L.C. All rights reserved.
Terms and conditionsPrivacy Policy
XRPUSD and Shiba Inu Coin Great Legal News! Cheers!
US Judge Rules XRP 'Not Necessarily a Security on Its Face,' Sending XRP Supporters Into Celebration
According to a recent ruling handed down by U.S. judge Analisa Torres, the crypto asset XRP is not “necessarily a security on its face.” In the ruling, both parties, the U.S. Securities and Exchange Commission (SEC) and Ripple Labs’ motions for summary judgment were granted in part and denied in part. The order states that the court cannot conclude that XRP is a security under the law insofar as “programmatic sales” are concerned. However, institutional sales are a different matter.
Uncertainty Remains: Judge Grants Partial Summary Judgment in XRP Security Case
The judge presiding over the SEC lawsuit against Ripple Labs and executives Chris Larsen and Brad Garlinghouse has detailed that the court cannot classify XRP as a security.
The order details that the plain words of the Howey test make it clear, but as for XRP the “subject of a contract, transaction, or scheme is not necessarily a security on its face.” The judge also granted in part and denied in part the SEC and Ripple Labs’ summary judgments.
“Accordingly, the SEC’s motion for summary judgment on the aiding and abetting claim against Larsen and Garlinghouse is denied,” the order from judge Torres details. The order states that the court cannot conclude that XRP is a security as a matter of law, and that there are genuine disputes of material fact regarding whether XRP is a security.
The court also noted that the Howey test must be applied to the specific context of XRP transactions, and that the parties have presented conflicting evidence on the relevant factors. The judge acknowledged the distinction between programmatic sales and institutional sales. The judge’s ruling stated that while institutional sales could be deemed security transactions, programmatic sales and distributions to employees fell outside that classification.
“Since 2017, Ripple’s Programmatic Sales represented less than 1% of the global XRP trading volume,” the order states. “Therefore, the vast majority of individuals who purchased XRP from digital asset exchanges did not invest their money in Ripple at all. An Institutional Buyer knowingly purchased XRP directly from Ripple pursuant to a contract, but the economic reality is that a Programmatic Buyer stood in the same shoes as a secondary market purchaser who did not know to whom or what it was paying its money.”
Torres’s order added:
Therefore, having considered the economic reality and totality of circumstances, the court concludes that Ripple’s Programmatic Sales of XRP did not constitute the offer and sale of investment contracts.
Following the court’s judgement, XRP supporters celebrated the decision and XRP’s price jumped nearly 30% higher against the U.S. dollar after the announcement. While Torres judgement was celebrated, the court granted and denied the parties’ cross-motions for summary judgment because there were genuine disputes of material fact regarding whether XRP is a security.
The court announced that it will issue a separate order at a later date to set a trial date and related pre-trial deadlines. While XRP supporters celebrate, this case is likely to continue.
What are your thoughts on the judge’s ruling regarding XRP’s security classification? Share your thoughts and opinions about this subject in the comments section below.
XRPUSD and Shiba Inu Coin Great Legal News! Cheers!
US Judge Rules XRP 'Not Necessarily a Security on Its Face,' Sending XRP Supporters Into Celebration
According to a recent ruling handed down by U.S. judge Analisa Torres, the crypto asset XRP is not “necessarily a security on its face.” In the ruling, both parties, the U.S. Securities and Exchange Commission (SEC) and Ripple Labs’ motions for summary judgment were granted in part and denied in part. The order states that the court cannot conclude that XRP is a security under the law insofar as “programmatic sales” are concerned. However, institutional sales are a different matter.
Uncertainty Remains: Judge Grants Partial Summary Judgment in XRP Security Case
The judge presiding over the SEC lawsuit against Ripple Labs and executives Chris Larsen and Brad Garlinghouse has detailed that the court cannot classify XRP as a security.
The order details that the plain words of the Howey test make it clear, but as for XRP the “subject of a contract, transaction, or scheme is not necessarily a security on its face.” The judge also granted in part and denied in part the SEC and Ripple Labs’ summary judgments.
“Accordingly, the SEC’s motion for summary judgment on the aiding and abetting claim against Larsen and Garlinghouse is denied,” the order from judge Torres details. The order states that the court cannot conclude that XRP is a security as a matter of law, and that there are genuine disputes of material fact regarding whether XRP is a security.
The court also noted that the Howey test must be applied to the specific context of XRP transactions, and that the parties have presented conflicting evidence on the relevant factors. The judge acknowledged the distinction between programmatic sales and institutional sales. The judge’s ruling stated that while institutional sales could be deemed security transactions, programmatic sales and distributions to employees fell outside that classification.
“Since 2017, Ripple’s Programmatic Sales represented less than 1% of the global XRP trading volume,” the order states. “Therefore, the vast majority of individuals who purchased XRP from digital asset exchanges did not invest their money in Ripple at all. An Institutional Buyer knowingly purchased XRP directly from Ripple pursuant to a contract, but the economic reality is that a Programmatic Buyer stood in the same shoes as a secondary market purchaser who did not know to whom or what it was paying its money.”
Torres’s order added:
Therefore, having considered the economic reality and totality of circumstances, the court concludes that Ripple’s Programmatic Sales of XRP did not constitute the offer and sale of investment contracts.
Following the court’s judgement, XRP supporters celebrated the decision and XRP’s price jumped nearly 30% higher against the U.S. dollar after the announcement. While Torres judgement was celebrated, the court granted and denied the parties’ cross-motions for summary judgment because there were genuine disputes of material fact regarding whether XRP is a security.
The court announced that it will issue a separate order at a later date to set a trial date and related pre-trial deadlines. While XRP supporters celebrate, this case is likely to continue.
What are your thoughts on the judge’s ruling regarding XRP’s security classification? Share your thoughts and opinions about this subject in the comments section below.
Why does the XAGUSD Silver Board not allow Viewing and Posts?
The iHub Android Button for the Board is grayed out.
The XAUUSD Gold Board works OK for both viewers and posters.
Why the difference?
Why does the XAGUSD Silver Board not allow Viewing and Posts?
The iHub Android Button for the Board is grayed out.
The XAUUSD Gold Board works OK for both viewers and posters.
Why the difference?
Why no Silver Board access?
XRPUSD and Shiba Coin News!
Shiba Inu Introduces ‘Shibacals’ to Link NFTs to Real-World Items; SHIB Jumps
Developers shared plans for an NFC-linked authentication service in a Thursday update.
By Shaurya Malwa
Jun 22, 2023 at 8:27 a.m. UTC
(Shutterstock)
Shiba Inu ecosystem developers are working on a service that can be used to link real-world assets to NFTs to help prove ownership as part of their Shibarium ecosystem rollout.
Shibarium is a planned layer 2 blockchain focused on metaverse and non-fungible token (NFT) applications that will use shiba inu (SHIB), bone (BONE) and leash (LEASE) tokens to operate. The blockchain is expected to go live later this year, the developers say.
In a Thursday update, lead developer Shytoshi Kusama shared that the so-termed “Shibacals: Authenticated Collectibles” will employ NFC chips to digitally authenticate physical items – which could boost the value of these collectibles. Near Field Communication allows devices to interact wirelessly over a very short distance.
For example, Shibacals can be used to generate a tag for a real-world product, such as a T-shirt, which is tied to a user’s NFT collection in a way that authenticates the owner of the T-shirt and the NFT as the same person. On resale, these tags can be verified on the blockchain so buyers can differentiate between original products and copies.
“The NFT craze is, in part, due to the verifiable ownership and scarcity that digital items on the blockchain offer,” Kusama explained in the update. “But, what about physical objects? As mass adoption unfolds (preferably on Shibarium), and scammers move from wallets to tangible items, how will we authenticate these items?”
Shibacals tags will not be limited to the Shibarium ecosystem and could be used to verify products on any blockchain, according to the article.
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Shiba Inu ecosystem tokens jumped on Wednesday following the update. SHIB surged 11% to post the biggest gains among major tokens, while BONE and LEASH jumped 9% and 5.5% respectively, CoinGecko data shows.
Edited by Parikshit Mishra.
Read more about
Shiba InuNFTsNFCShibarium
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
@2023 CoinDesk
XRPUSD and Shiba Coin News!
Shiba Inu Introduces ‘Shibacals’ to Link NFTs to Real-World Items; SHIB Jumps
Developers shared plans for an NFC-linked authentication service in a Thursday update.
By Shaurya Malwa
Jun 22, 2023 at 8:27 a.m. UTC
(Shutterstock)
Shiba Inu ecosystem developers are working on a service that can be used to link real-world assets to NFTs to help prove ownership as part of their Shibarium ecosystem rollout.
Shibarium is a planned layer 2 blockchain focused on metaverse and non-fungible token (NFT) applications that will use shiba inu (SHIB), bone (BONE) and leash (LEASE) tokens to operate. The blockchain is expected to go live later this year, the developers say.
In a Thursday update, lead developer Shytoshi Kusama shared that the so-termed “Shibacals: Authenticated Collectibles” will employ NFC chips to digitally authenticate physical items – which could boost the value of these collectibles. Near Field Communication allows devices to interact wirelessly over a very short distance.
For example, Shibacals can be used to generate a tag for a real-world product, such as a T-shirt, which is tied to a user’s NFT collection in a way that authenticates the owner of the T-shirt and the NFT as the same person. On resale, these tags can be verified on the blockchain so buyers can differentiate between original products and copies.
“The NFT craze is, in part, due to the verifiable ownership and scarcity that digital items on the blockchain offer,” Kusama explained in the update. “But, what about physical objects? As mass adoption unfolds (preferably on Shibarium), and scammers move from wallets to tangible items, how will we authenticate these items?”
Shibacals tags will not be limited to the Shibarium ecosystem and could be used to verify products on any blockchain, according to the article.
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Shiba Inu ecosystem tokens jumped on Wednesday following the update. SHIB surged 11% to post the biggest gains among major tokens, while BONE and LEASH jumped 9% and 5.5% respectively, CoinGecko data shows.
Edited by Parikshit Mishra.
Read more about
Shiba InuNFTsNFCShibarium
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
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Shaurya Malwa
Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Follow @shauryamalwa on Twitter
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
@2023 CoinDesk
XRPUSD and Shiba Inu Coin BlackRock News. Cheers!
https://www-forbes-com.cdn.ampproject.org/v/s/www.forbes.com/sites/digital-assets/2023/06/22/a-new-wave-major-bank-reveals-a-15-trillion-earthquake-could-be-headed-for-the-bitcoin-ethereum-bnb-xrp-cardano-dogecoin-tron-solana-and-polygon-price/amp/?amp_gsa=1&_js_v=a9&usqp=mq331AQGsAEggAID#amp_tf=From%20%251%24s&aoh=16874654177431&csi=0&referrer=https%3A%2F%2Fwww.google.com&share=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fdigital-assets%2F2023%2F06%2F22%2Fa-new-wave-major-bank-reveals-a-15-trillion-earthquake-could-be-headed-for-the-bitcoin-ethereum-bnb-xrp-cardano-dogecoin-tron-solana-and-polygon-price%2F
‘A New Wave’—Major Bank Reveals A $15 Trillion Earthquake Could Be Headed For The Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Tron, Solana And Polygon Price
Billy Bambrough
Senior Contributor
I write about how bitcoin, crypto and blockchain can change the world.
Jun 22, 2023,08:10am EDT
06/22 update below. This post was originally published on June 20
Bitcoin, ethereum and other major cryptocurrencies were rocked last week by news the world's largest asset manager, BlackRock, is delving further into the world of crypto.
More ...
XRPUSD and Shiba Inu Coin BlackRock News. Cheers!
https://www-forbes-com.cdn.ampproject.org/v/s/www.forbes.com/sites/digital-assets/2023/06/22/a-new-wave-major-bank-reveals-a-15-trillion-earthquake-could-be-headed-for-the-bitcoin-ethereum-bnb-xrp-cardano-dogecoin-tron-solana-and-polygon-price/amp/?amp_gsa=1&_js_v=a9&usqp=mq331AQGsAEggAID#amp_tf=From%20%251%24s&aoh=16874654177431&csi=0&referrer=https%3A%2F%2Fwww.google.com&share=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fdigital-assets%2F2023%2F06%2F22%2Fa-new-wave-major-bank-reveals-a-15-trillion-earthquake-could-be-headed-for-the-bitcoin-ethereum-bnb-xrp-cardano-dogecoin-tron-solana-and-polygon-price%2F
‘A New Wave’—Major Bank Reveals A $15 Trillion Earthquake Could Be Headed For The Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Tron, Solana And Polygon Price
Billy Bambrough
Senior Contributor
I write about how bitcoin, crypto and blockchain can change the world.
Jun 22, 2023,08:10am EDT
06/22 update below. This post was originally published on June 20
Bitcoin, ethereum and other major cryptocurrencies were rocked last week by news the world's largest asset manager, BlackRock, is delving further into the world of crypto.
More ...
XRPUSD and Shiba Inu Coin UK News!
UK Crypto, Stablecoin Laws Approved by Parliament's Upper House
The Financial Services and Markets Bill stands to recognize crypto as a regulated activity and stablecoins as a means of payment under existing laws.
By Camomile Shumba
AccessTimeIconJun 19, 2023 at 2:39 p.m.
Updated Jun 19, 2023 at 2:45 p.m.
UK Parliament Building and Big Ben, London, England (Ugur Akdemir/Unsplash)
UK Parliament Building and Big Ben, London, England (Ugur Akdemir/Unsplash)
U.K. parliamentarians have voted through a new bill that could recognize crypto as a regulated activity in the country.
The approval of the Financial Services and Markets Bill (FSMB) on Monday by Parliament’s upper chamber, the House of Lords, means the bill is going to enter the final stages before it is put into law.
The wide-ranging bill, spanning over 340 pages, was introduced in July to take advantage of Brexit freedoms and give regulators more power over the U.K. financial system. While the original bill included a proposal to regulate stablecoins under the country’s payments rules, amendments to treat all crypto as a regulated activity and measures to supervise crypto promotions were added later as the bill progressed through Parliament.
The U.K. wants the FSMB to give regulators the powers that they need to be able to set crypto rules that the Treasury, the government's finance arm, has been consulting on. New specific rules for the crypto sector could come within 12 months, Economic Secretary to the Treasury Andrew Griffith told CNBC in April. The U.K. is trying to catch up with the European Union, which recently finalized its Markets in Crypto Assets regulation that has a predominant focus on stablecoins.
Next, the FSMB will be returned to the lower house of Parliament to agree on a final version. Once both houses agree on the document, it will be sent to the King to be approved and passed into law. The bill can be sent back and forth between the chambers of Parliament until a consensus is reached.
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Read more: UK Crypto Firms to Get Broad Laws, May Need New Authorization
Edited by Sandali Handagama.
Read more about
regulations
Crypto
UK
Stablecoins
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.
Follow @camomileshumba on Twitter
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
@2023 CoinDesk
TikTokIcon
XRPUSD and Shiba Inu Coin UK News!
UK Crypto, Stablecoin Laws Approved by Parliament's Upper House
The Financial Services and Markets Bill stands to recognize crypto as a regulated activity and stablecoins as a means of payment under existing laws.
By Camomile Shumba
AccessTimeIconJun 19, 2023 at 2:39 p.m.
Updated Jun 19, 2023 at 2:45 p.m.
UK Parliament Building and Big Ben, London, England (Ugur Akdemir/Unsplash)
UK Parliament Building and Big Ben, London, England (Ugur Akdemir/Unsplash)
U.K. parliamentarians have voted through a new bill that could recognize crypto as a regulated activity in the country.
The approval of the Financial Services and Markets Bill (FSMB) on Monday by Parliament’s upper chamber, the House of Lords, means the bill is going to enter the final stages before it is put into law.
The wide-ranging bill, spanning over 340 pages, was introduced in July to take advantage of Brexit freedoms and give regulators more power over the U.K. financial system. While the original bill included a proposal to regulate stablecoins under the country’s payments rules, amendments to treat all crypto as a regulated activity and measures to supervise crypto promotions were added later as the bill progressed through Parliament.
The U.K. wants the FSMB to give regulators the powers that they need to be able to set crypto rules that the Treasury, the government's finance arm, has been consulting on. New specific rules for the crypto sector could come within 12 months, Economic Secretary to the Treasury Andrew Griffith told CNBC in April. The U.K. is trying to catch up with the European Union, which recently finalized its Markets in Crypto Assets regulation that has a predominant focus on stablecoins.
Next, the FSMB will be returned to the lower house of Parliament to agree on a final version. Once both houses agree on the document, it will be sent to the King to be approved and passed into law. The bill can be sent back and forth between the chambers of Parliament until a consensus is reached.
Recommended for you:
Crypto Investors Can Rely on ‘Frankly Nothing’ in Current Regulatory Environment, Says Former FDIC Official
Skyweaver Is a Great Blockchain Game, and an OK Regular Game
Winklevoss Twins Lent Their Crypto Platform Gemini $100M: Bloomberg
Read more: UK Crypto Firms to Get Broad Laws, May Need New Authorization
Edited by Sandali Handagama.
Read more about
regulations
Crypto
UK
Stablecoins
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.
Follow @camomileshumba on Twitter
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
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About
About
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Do Not Sell My Personal Information
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
@2023 CoinDesk
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XRPUSD and Shiba Inu Coin Latest Gensler News! Cheers!
theblock.co
REGULATION • JUNE 19, 2023, 11:09AM EDT
Former SEC advisor: Legal doctrine could end Gensler’s crypto crackdown
by James Hunt
The Block
Quick Take
The major questions doctrine could put an end to the ongoing crypto crackdown led by SEC Chairman Gary Gensler.
The doctrine challenges the extent of regulatory authority and requires agencies to obtain explicit authorization from Congress for major national, economic or political matters.
A former advisor to the U.S. Securities and Exchange Commission is shedding light on a legal doctrine that challenges the authority of regulatory agencies and could potentially put an end to SEC Chairman Gary Gensler's crypto crackdown.
J.W. Verret, associate professor of law at George Mason and former advisory committee member to Gensler and other SEC commissioners, broke down the importance of the major questions doctrine in the latest episode of The Scoop podcast. The conversation centered around the recent lawsuits brought by the SEC against Binance and Coinbase over alleged securities law violations.
The major questions doctrine relates to “how courts look at what executive agencies do in the so-called independent agencies and consider how much deference to give the things that they do,” Verret said. These agencies, such as the SEC, receive broad mandates from Congress to regulate certain areas. However, the specifics are often left vague, which has resulted in a significant expansion of regulations through agency rulemaking over the years, he added.
Historically, the Chevron doctrine, a fairly deferential approach to agency actions in Verret's view, provided a framework for courts to grant agencies broad discretion. However, the major questions doctrine — seen as a competing doctrine — has gained traction among conservative and libertarian-minded judges, Verret suggested. It argues that if an agency seeks to regulate a matter without specific authorization from Congress, especially if it involves national, economic or political importance, it must first obtain explicit approval from Congress.
Implications for crypto regulation
The major questions doctrine could have significant implications for the SEC's regulatory actions in the crypto space. While agencies like the SEC derive their authority from broad mandates, the major questions doctrine demands clear congressional authorization for major regulatory decisions. It could challenge the SEC's reach and authority in regulating digital assets that operate on decentralized blockchains, Verret said.
Drawing on examples where regulatory actions went “a step beyond what Congress intended,” Verret highlighted the Howey Test as a good analogy. The test determines whether a financial instrument qualifies as a security. It dates back to 1946, relating to the Howey Company’s sale of citrus groves to buyers who would then lease back the land to Howey — long before the advent of decentralized crypto networks.
Similarly, the major questions doctrine challenges the SEC's jurisdiction on cryptocurrencies existing solely on decentralized blockchains, Verret said. “I think it's an argument that Coinbase and Binance are going to run with.”
The major questions doctrine is not likely to be discussed until the SEC's lawsuits against Coinbase and Binance.US reach the appellate courts, which could be a long way away, Verret said, "but it's one of the things that looms over these cases, without a doubt."
Verret ended the interview by saying he would continue to trade on Coinbase, despite the SEC’s action against it.
“I mostly trade on DeFi now, but Coinbase was a part of my early journey into crypto and I'm not going to stop," he said. In fact, I'm excited to trade more on Coinbase now as a result of this.”
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Read more at theblock.co
XRPUSD and Shiba Inu Coin Latest Gensler News! Cheers!
theblock.co
REGULATION • JUNE 19, 2023, 11:09AM EDT
Former SEC advisor: Legal doctrine could end Gensler’s crypto crackdown
by James Hunt
The Block
Quick Take
The major questions doctrine could put an end to the ongoing crypto crackdown led by SEC Chairman Gary Gensler.
The doctrine challenges the extent of regulatory authority and requires agencies to obtain explicit authorization from Congress for major national, economic or political matters.
A former advisor to the U.S. Securities and Exchange Commission is shedding light on a legal doctrine that challenges the authority of regulatory agencies and could potentially put an end to SEC Chairman Gary Gensler's crypto crackdown.
J.W. Verret, associate professor of law at George Mason and former advisory committee member to Gensler and other SEC commissioners, broke down the importance of the major questions doctrine in the latest episode of The Scoop podcast. The conversation centered around the recent lawsuits brought by the SEC against Binance and Coinbase over alleged securities law violations.
The major questions doctrine relates to “how courts look at what executive agencies do in the so-called independent agencies and consider how much deference to give the things that they do,” Verret said. These agencies, such as the SEC, receive broad mandates from Congress to regulate certain areas. However, the specifics are often left vague, which has resulted in a significant expansion of regulations through agency rulemaking over the years, he added.
Historically, the Chevron doctrine, a fairly deferential approach to agency actions in Verret's view, provided a framework for courts to grant agencies broad discretion. However, the major questions doctrine — seen as a competing doctrine — has gained traction among conservative and libertarian-minded judges, Verret suggested. It argues that if an agency seeks to regulate a matter without specific authorization from Congress, especially if it involves national, economic or political importance, it must first obtain explicit approval from Congress.
Implications for crypto regulation
The major questions doctrine could have significant implications for the SEC's regulatory actions in the crypto space. While agencies like the SEC derive their authority from broad mandates, the major questions doctrine demands clear congressional authorization for major regulatory decisions. It could challenge the SEC's reach and authority in regulating digital assets that operate on decentralized blockchains, Verret said.
Drawing on examples where regulatory actions went “a step beyond what Congress intended,” Verret highlighted the Howey Test as a good analogy. The test determines whether a financial instrument qualifies as a security. It dates back to 1946, relating to the Howey Company’s sale of citrus groves to buyers who would then lease back the land to Howey — long before the advent of decentralized crypto networks.
Similarly, the major questions doctrine challenges the SEC's jurisdiction on cryptocurrencies existing solely on decentralized blockchains, Verret said. “I think it's an argument that Coinbase and Binance are going to run with.”
The major questions doctrine is not likely to be discussed until the SEC's lawsuits against Coinbase and Binance.US reach the appellate courts, which could be a long way away, Verret said, "but it's one of the things that looms over these cases, without a doubt."
Verret ended the interview by saying he would continue to trade on Coinbase, despite the SEC’s action against it.
“I mostly trade on DeFi now, but Coinbase was a part of my early journey into crypto and I'm not going to stop," he said. In fact, I'm excited to trade more on Coinbase now as a result of this.”
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Read more at theblock.co
XRPUSD and Shiba Inu Coin Gensler’s Quotes!
What a A$$hole Tool!@#$%^(*)
Consensus Magazine
Gary Gensler’s Evolving Position on Crypto – in Quotes
The SEC chair has gone from supporting the technology at MIT to a full-swing offensive on the crypto industry.
By Anna Baydakova
Jun 6, 2023 at 7:50 p.m. UTC
Updated Jun 6, 2023 at 9:31 p.m. UTC
Securities and Exchange Commission (SEC) Chair Gary Gensler testifies before the Senate Banking, Housing, and Urban Affairs Committee, on Capitol Hill, September 15, 2022 in Washington, DC. (Kevin Dietsch/Getty Images)
This week, the U.S. Securities and Exchange Commission (SEC) launched two major legal actions against Binance and Coinbase, accusing the exchanges of flouting U.S. securities laws.
At the heart of this offensive is one man: Gary Gensler, who was appointed chair of the SEC in February 2021.
Gensler today looks like the crypto industry’s worst enemy, issuing what sounds like a blanket disavowal of crypto’s whole point-of-being. “We don’t need more digital currency…we already have digital currency, it’s called the U.S. dollar,” Gensler said Tuesday June 6.
Read more: SEC Sues Coinbase on Unregistered Securities Exchange Allegations
“We have not seen, over the centuries, that economies and the public need more than one way to move value.”
But Gensler wasn’t always so trenchant a critic.
Before he started in the SEC hot seat, he was fresh from teaching courses on digital currency at the Massachusetts Institute of Technology and consulting with that school’s Digital Currency Initiative.
Here was the tone that Gensler struck in an op-ed for CoinDesk in December 2019: “Though literally thousands of projects have yet to land on broadly adopted use cases, I remain intrigued by Satoshi’s innovation’s potential to spur change – either directly or indirectly as a catalyst. The potential to lower verification and networking costs is worth pursuing, particularly to lower economic rents and data privacy costs, and promote economic inclusion."
“Further, shared blockchain applications might help jumpstart multiparty network solutions in fields that historically have been fragmented or resilient to change. Even in this slightly less ambitious form – acting as an innovative irritant to incumbents and traditional technologies – cryptocurrencies and blockchain technology have already prompted real change and can continue to do so," he added.
These words don’t sound like they come from someone who sees no use for crypto.
In March 2021, in his nomination speech before the U.S. Congress, Gensler praised the transformative role of financial technology, not pointing at crypto in particular, saying that “markets – and technology – are always changing. Our rules have to change along with them” and that “financial technology can be a powerful force for good – but only if we continue to harness the core values of the SEC in service of investors, issuers and the public.”
Read more: Daniel Kuhn - Are Centralized Exchanges in the U.S. Doomed?
Having said that, since his first year as a head of the SEC, Gensler has been consistent in his stance that most cryptocurrencies fit the definition of securities, crypto exchanges need to register with the SEC and stablecoins are “poker chips” for gambling on crypto, which present systemic risk for the economy. He’s sticking to these points in his latest remarks.
Gensler also called for Congress to take steps towards a clearer regulation framework for crypto exchanges, noting that “right now there’s not a market regulator around these crypto exchanges and thus there’s really no protection around fraud or manipulation.”
Around the same time, Gensler said in his Congress testimony that the U.S. government, together with the Congress, should come up with more definitive rules for crypto. “I believe that the SEC, working with the CFTC [U.S. Commodity Futures Trading Commission] and others, can stand up more robust oversight and investor protection around the field of crypto finance,” Gensler said.
He also has been consistent in believing his agency has jurisdiction over crypto. “The SEC’s authorities in this space are clear,” he said at a House Financial Services Committee hearing in October 2022.
Somewhere in between Gensler’s nomination and this spring, the SEC chairman has changed his mind about the need for clarity, or realized what he was looking for can’t be achieved. The dramatic collapse of FTX, the exchange founded by Sam Bankman-Fried, in November no doubt forced Gensler to act, as lawmakers criticized the SEC for not waking up to FTX’s wrongdoing sooner and failing to protect investors in that enterprise.
In September 2022, Gensler hinted at the potential designation of ether (ETH) as a security. The SEC chair said that proof-of-stake (PoS) tokens could be securities, following the Ethereum blockchain’s monumental shift to that consensus mechanism from proof-of-work (PoW). However, Gensler did not comment on Ethereum specifically at the time.
Then he proceeded to chastise the crypto industry in short videos released on Twitter.
Last fall, Gensler said that the crypto industry has had all the clarity it even needed all along. In his prepared remarks to the Practicing Law Institute in September 2022 he said: “Nothing about the crypto markets is incompatible with the securities laws.”
Read also: Most Influential 2021: Gary Gensler
“Some in the crypto industry have called for greater ‘guidance’ with respect to crypto tokens. For the past five years, though, the commission has spoken with a pretty clear voice here,” he added.
Talking to the Congress in April 2023, Gensler conspicuously avoided answering whether he believes ether is a security or not. In contrast, the CFTC, with which, according to Gensler, the SEC has been working together towards a better industry oversight, has first signaled its opinion on the matter years ago, saying in a 2018 court case that ether is a commodity and sticking to this approach ever since.
Now, Gensler’s approach to crypto sounds openly hostile as he’s arguing that the rules as to what is and isn’t a security have been known and communicated to crypto fully. Talking to CNBC Tuesday, Gensler said “there’s been clarity for years” for crypto, and exchanges just “need to come into compliance.”
Recommended for you:
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?
Edited by Ben Schiller.
Read more about
AnalysisSEC
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
?
Anna Baydakova
Anna Baydakova is an investigative reporter with a special focus on Eastern Europe and Russia. Anna owns BTC and an NFT.
Follow @baidakova on Twitter
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
?
About
About
Masthead
Contributors
Careers
Company News
Stay Updated
Consensus
CoinDesk Studios
Newsletters
Follow
Get In Touch
Contact Us
Advertise
Accessibility Help
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The Fine Print
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Terms Of Use
Do Not Sell My Personal Information
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
@2023 CoinDesk
?
XRPUSD and Shiba Inu Coin Gensler’s Quotes!
What a A$$hole Tool!@#$%^(*)
Consensus Magazine
Gary Gensler’s Evolving Position on Crypto – in Quotes
The SEC chair has gone from supporting the technology at MIT to a full-swing offensive on the crypto industry.
By Anna Baydakova
Jun 6, 2023 at 7:50 p.m. UTC
Updated Jun 6, 2023 at 9:31 p.m. UTC
Securities and Exchange Commission (SEC) Chair Gary Gensler testifies before the Senate Banking, Housing, and Urban Affairs Committee, on Capitol Hill, September 15, 2022 in Washington, DC. (Kevin Dietsch/Getty Images)
This week, the U.S. Securities and Exchange Commission (SEC) launched two major legal actions against Binance and Coinbase, accusing the exchanges of flouting U.S. securities laws.
At the heart of this offensive is one man: Gary Gensler, who was appointed chair of the SEC in February 2021.
Gensler today looks like the crypto industry’s worst enemy, issuing what sounds like a blanket disavowal of crypto’s whole point-of-being. “We don’t need more digital currency…we already have digital currency, it’s called the U.S. dollar,” Gensler said Tuesday June 6.
Read more: SEC Sues Coinbase on Unregistered Securities Exchange Allegations
“We have not seen, over the centuries, that economies and the public need more than one way to move value.”
But Gensler wasn’t always so trenchant a critic.
Before he started in the SEC hot seat, he was fresh from teaching courses on digital currency at the Massachusetts Institute of Technology and consulting with that school’s Digital Currency Initiative.
Here was the tone that Gensler struck in an op-ed for CoinDesk in December 2019: “Though literally thousands of projects have yet to land on broadly adopted use cases, I remain intrigued by Satoshi’s innovation’s potential to spur change – either directly or indirectly as a catalyst. The potential to lower verification and networking costs is worth pursuing, particularly to lower economic rents and data privacy costs, and promote economic inclusion."
“Further, shared blockchain applications might help jumpstart multiparty network solutions in fields that historically have been fragmented or resilient to change. Even in this slightly less ambitious form – acting as an innovative irritant to incumbents and traditional technologies – cryptocurrencies and blockchain technology have already prompted real change and can continue to do so," he added.
These words don’t sound like they come from someone who sees no use for crypto.
In March 2021, in his nomination speech before the U.S. Congress, Gensler praised the transformative role of financial technology, not pointing at crypto in particular, saying that “markets – and technology – are always changing. Our rules have to change along with them” and that “financial technology can be a powerful force for good – but only if we continue to harness the core values of the SEC in service of investors, issuers and the public.”
Read more: Daniel Kuhn - Are Centralized Exchanges in the U.S. Doomed?
Having said that, since his first year as a head of the SEC, Gensler has been consistent in his stance that most cryptocurrencies fit the definition of securities, crypto exchanges need to register with the SEC and stablecoins are “poker chips” for gambling on crypto, which present systemic risk for the economy. He’s sticking to these points in his latest remarks.
Gensler also called for Congress to take steps towards a clearer regulation framework for crypto exchanges, noting that “right now there’s not a market regulator around these crypto exchanges and thus there’s really no protection around fraud or manipulation.”
Around the same time, Gensler said in his Congress testimony that the U.S. government, together with the Congress, should come up with more definitive rules for crypto. “I believe that the SEC, working with the CFTC [U.S. Commodity Futures Trading Commission] and others, can stand up more robust oversight and investor protection around the field of crypto finance,” Gensler said.
He also has been consistent in believing his agency has jurisdiction over crypto. “The SEC’s authorities in this space are clear,” he said at a House Financial Services Committee hearing in October 2022.
Somewhere in between Gensler’s nomination and this spring, the SEC chairman has changed his mind about the need for clarity, or realized what he was looking for can’t be achieved. The dramatic collapse of FTX, the exchange founded by Sam Bankman-Fried, in November no doubt forced Gensler to act, as lawmakers criticized the SEC for not waking up to FTX’s wrongdoing sooner and failing to protect investors in that enterprise.
In September 2022, Gensler hinted at the potential designation of ether (ETH) as a security. The SEC chair said that proof-of-stake (PoS) tokens could be securities, following the Ethereum blockchain’s monumental shift to that consensus mechanism from proof-of-work (PoW). However, Gensler did not comment on Ethereum specifically at the time.
Then he proceeded to chastise the crypto industry in short videos released on Twitter.
Last fall, Gensler said that the crypto industry has had all the clarity it even needed all along. In his prepared remarks to the Practicing Law Institute in September 2022 he said: “Nothing about the crypto markets is incompatible with the securities laws.”
Read also: Most Influential 2021: Gary Gensler
“Some in the crypto industry have called for greater ‘guidance’ with respect to crypto tokens. For the past five years, though, the commission has spoken with a pretty clear voice here,” he added.
Talking to the Congress in April 2023, Gensler conspicuously avoided answering whether he believes ether is a security or not. In contrast, the CFTC, with which, according to Gensler, the SEC has been working together towards a better industry oversight, has first signaled its opinion on the matter years ago, saying in a 2018 court case that ether is a commodity and sticking to this approach ever since.
Now, Gensler’s approach to crypto sounds openly hostile as he’s arguing that the rules as to what is and isn’t a security have been known and communicated to crypto fully. Talking to CNBC Tuesday, Gensler said “there’s been clarity for years” for crypto, and exchanges just “need to come into compliance.”
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Edited by Ben Schiller.
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
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XRPUSD and Shiba Coin more SEC great news! ...
COINBASE CEO SLAMS SEC, SAYS GENSLER-LED AGENCY CAUSED UNTOLD HARM TO THE US
Coinbase CEO Slams SEC, Says Gensler-Led Agency Caused Untold Harm to the US
Chayanika Deka Apr 21, 2023 19:52
Gary Gensler is facing a barrage of criticism over his agency’s crackdown on crypto platforms.
The crypto community has left no stone unturned in lambasting the US Securities and Exchange Commission (SEC) and, more importantly, its Chief Gary Gensler. The latter’s actions were dissented by members of his own agency.
Gensler even received political pushback for his actions. But the SEC boss continued to defend the crackdown on digital assets markets, saying he had never seen an industry so routinely break securities laws.
SEC Approach of Regulation by Enforcement
As Coinbase prepares for a court battle with the SEC, its CEO Brian Armstrong had some strong words for the regulatory agency. The executive believes the SEC has caused “untold harm” to the country by opting to regulate the digital asset space by way of enforcement rather than through proactive collaboration between regulators and industry leaders.
In a recent tweet, Armstrong said,
“Spent the day in DC meeting with members of Congress. We need regulatory clarity in the U.S. for the centralized players in crypto for many reasons – consumer protection, national security, economic growth, etc. The SEC has caused untold harm to America with its policy of regulation by enforcement. We will fight to fix that.”
The top executive at the biggest US crypto exchange also raised the prospect of relocating outside the country unless the regulatory climate changes after the SEC warned it of potential securities law violations.
Coinbase is not the only industry representative that has been critical of the financial regulator and its policies.
Web3 venture capital firm Paradigm recently said that SEC’s attempt to “brute force crypto assets that may not even constitute ‘securities’ into an ill-fitting disclosure framework is bad policy.” It also claimed that the agency failed to provide crypto entrepreneurs with a viable path to compliance.
Meanwhile, United States Representative Warren Davidson also announced his intention to introduce legislation to oust Gensler from his position in a bid to “correct a long series of abuses.”
SEC’s Crypto War
The SEC and Chairman Gensler’s crypto stance was heavily condemned by Republican members of Congress during Tuesday’s Congressional hearing. In the opening remark, the House Committee on Financial Services Chairman Patrick McHenry (R-NC) called the SEC’s approach to crypto exchanges “nonsensical” and lashed out at the lack of clarity.
Despite mounting criticisms, the agency remains unrelenting in its war on crypto. SEC Chair Gary Gensler defended the crackdown on cryptocurrency markets while reiterating his belief that the agency has sufficient authority to deal with the industry. He also maintained that regulatory clarity exists while adding that he had never seen an industry so routinely break securities laws.
XRPUSD and Shiba Coin more SEC great news! ...
COINBASE CEO SLAMS SEC, SAYS GENSLER-LED AGENCY CAUSED UNTOLD HARM TO THE US
Coinbase CEO Slams SEC, Says Gensler-Led Agency Caused Untold Harm to the US
Chayanika Deka Apr 21, 2023 19:52
Gary Gensler is facing a barrage of criticism over his agency’s crackdown on crypto platforms.
The crypto community has left no stone unturned in lambasting the US Securities and Exchange Commission (SEC) and, more importantly, its Chief Gary Gensler. The latter’s actions were dissented by members of his own agency.
Gensler even received political pushback for his actions. But the SEC boss continued to defend the crackdown on digital assets markets, saying he had never seen an industry so routinely break securities laws.
SEC Approach of Regulation by Enforcement
As Coinbase prepares for a court battle with the SEC, its CEO Brian Armstrong had some strong words for the regulatory agency. The executive believes the SEC has caused “untold harm” to the country by opting to regulate the digital asset space by way of enforcement rather than through proactive collaboration between regulators and industry leaders.
In a recent tweet, Armstrong said,
“Spent the day in DC meeting with members of Congress. We need regulatory clarity in the U.S. for the centralized players in crypto for many reasons – consumer protection, national security, economic growth, etc. The SEC has caused untold harm to America with its policy of regulation by enforcement. We will fight to fix that.”
The top executive at the biggest US crypto exchange also raised the prospect of relocating outside the country unless the regulatory climate changes after the SEC warned it of potential securities law violations.
Coinbase is not the only industry representative that has been critical of the financial regulator and its policies.
Web3 venture capital firm Paradigm recently said that SEC’s attempt to “brute force crypto assets that may not even constitute ‘securities’ into an ill-fitting disclosure framework is bad policy.” It also claimed that the agency failed to provide crypto entrepreneurs with a viable path to compliance.
Meanwhile, United States Representative Warren Davidson also announced his intention to introduce legislation to oust Gensler from his position in a bid to “correct a long series of abuses.”
SEC’s Crypto War
The SEC and Chairman Gensler’s crypto stance was heavily condemned by Republican members of Congress during Tuesday’s Congressional hearing. In the opening remark, the House Committee on Financial Services Chairman Patrick McHenry (R-NC) called the SEC’s approach to crypto exchanges “nonsensical” and lashed out at the lack of clarity.
Despite mounting criticisms, the agency remains unrelenting in its war on crypto. SEC Chair Gary Gensler defended the crackdown on cryptocurrency markets while reiterating his belief that the agency has sufficient authority to deal with the industry. He also maintained that regulatory clarity exists while adding that he had never seen an industry so routinely break securities laws.
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COINBASE CEO SLAMS SEC, SAYS GENSLER-LED AGENCY CAUSED UNTOLD HARM TO THE US
Coinbase CEO Slams SEC, Says Gensler-Led Agency Caused Untold Harm to the US
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Chayanika Deka Apr 21, 2023 19:52
Gary Gensler is facing a barrage of criticism over his agency’s crackdown on crypto platforms.
??
The crypto community has left no stone unturned in lambasting the US Securities and Exchange Commission (SEC) and, more importantly, its Chief Gary Gensler. The latter’s actions were dissented by members of his own agency.
Gensler even received political pushback for his actions. But the SEC boss continued to defend the crackdown on digital assets markets, saying he had never seen an industry so routinely break securities laws.
SEC Approach of Regulation by Enforcement
As Coinbase prepares for a court battle with the SEC, its CEO Brian Armstrong had some strong words for the regulatory agency. The executive believes the SEC has caused “untold harm” to the country by opting to regulate the digital asset space by way of enforcement rather than through proactive collaboration between regulators and industry leaders.
In a recent tweet, Armstrong said,
“Spent the day in DC meeting with members of Congress. We need regulatory clarity in the U.S. for the centralized players in crypto for many reasons – consumer protection, national security, economic growth, etc. The SEC has caused untold harm to America with its policy of regulation by enforcement. We will fight to fix that.”
The top executive at the biggest US crypto exchange also raised the prospect of relocating outside the country unless the regulatory climate changes after the SEC warned it of potential securities law violations.
Coinbase is not the only industry representative that has been critical of the financial regulator and its policies.
Web3 venture capital firm Paradigm recently said that SEC’s attempt to “brute force crypto assets that may not even constitute ‘securities’ into an ill-fitting disclosure framework is bad policy.” It also claimed that the agency failed to provide crypto entrepreneurs with a viable path to compliance.
Meanwhile, United States Representative Warren Davidson also announced his intention to introduce legislation to oust Gensler from his position in a bid to “correct a long series of abuses.”
SEC’s Crypto War
The SEC and Chairman Gensler’s crypto stance was heavily condemned by Republican members of Congress during Tuesday’s Congressional hearing. In the opening remark, the House Committee on Financial Services Chairman Patrick McHenry (R-NC) called the SEC’s approach to crypto exchanges “nonsensical” and lashed out at the lack of clarity.
Despite mounting criticisms, the agency remains unrelenting in its war on crypto. SEC Chair Gary Gensler defended the crackdown on cryptocurrency markets while reiterating his belief that the agency has sufficient authority to deal with the industry. He also maintained that regulatory clarity exists while adding that he had never seen an industry so routinely break securities laws.
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Chayanika Deka
Chayanika has been working as a financial journalist for three years. A graduate in Political Science and Journalism, her interest lies in regulatory implications with a focus on technological evolution in the crypto realm. Contact:Linkedin
TAGS:Brian ArmstrongCoinbaseRegulationsSEC
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Shiba Coin goes Hollywood! ...
Shiba Inu goes Hollywood and Shibarium can run it by overtaking Dogecoin – Is SHIB poised to explode in price?
By GODFREY BENJAMIN
21. April 2023
CNBC has waded into the Dogecoin and Shiba Inu supremacy debate.
With Shiba Inu now being noticed in Hollywood, surpassing DOGE may be a matter of time.
The fight for supremacy between the two most prominent memecoins including Dogecoin (DOGE) and Shiba Inu (SHIB) is shaping up to be a very important one that is now being identified by the mainstream media. In a recent move that can delight members of the Shib Army, top media outlet CNBC waded into the debate and gave a verdict noting that SHIB has the potential to outpace Dogecoin, but for the long term.
Dogecoin is one of the very first digital currencies in the industry and by far the biggest memecoin by market capitalization. Atop the current gloomy market outlook, Dogecoin is changing hands at a price of $0.08411 at a market cap of $11.69 billion. Shiba Inu on the other hand is trading at a price of $0.00001063 and its market capitalization is worth just about $6.29 billion.
While the fundamentals that guided both digital currencies are to serve as a fun token for the crypto and Web 3.0 ecosystem, their inherent use cases are now gradually expanding. Both memecoins are now featured as a means of payment by different merchants across the world, and as such, lending credence to their individual legitimacies.
Shiba Inu: Utility and associated traction
As a memecoin, there is no doubt that Shiba Inu is outpacing Dogecoin as far as its reach is concerned. The younger token has spawned its web off the regular tag of just being a payment token and it has launched two crucial innovations that are only found or associated with ambitious crypto projects.
These include its metaverse initiative dubbed Shib The Metaverse and Shibarium, its Layer-2 blockchain protocol built on the Ethereum blockchain. Both innovations are notably progressing at different momentum and according to Marcie Jastrow, the Shiba Inu Metaverse advisor, Shib The Metaverse has been catching the attention of top personalities in Hollywood.
According to Jastrow who was featured in the recently concluded National Association of Broadcasters (NAB) which was held in Las Vegas from April 15 to 19, the interest of Hollywood veterans as it concerns the metaverse project is growing and she highlighted how Shibarium can help bring this to pass.
More ...
https://www.crypto-news-flash.com/shiba-inu-goes-hollywood-and-shibarium-can-run-it-by-overtaking-dogecoin-is-shib-poised-to-explode-in-price-report
Shiba Coin Dark Pool News! ...
Dark Pools hoovering up all the excess Coins and then Boom Goes The Dynamite!
Blackrock and Coinbase here to make
Mega Bucks!
Cheers!
.01, .05, .10, 1.00 ...
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$Shiba News! Shiba Inu Investor Regrets Selling Early: ‘I Would Have Made $1 Billion’
Vinod Dsouza
March 17, 2023
Source: Pixabay
A cryptocurrency investor who purchased Shiba Inu during its initial days revealed that he deeply regrets selling the token early. The investor had purchased $2,000 worth of SHIB in January 2021 a few weeks before it started to rally. SHIB was trading at $0.000000000077295 (10 zeroes) at that time but little did the investor know that the token would quickly delete six ‘zeroes’ within 10 months.
Also Read: Shiba Inu: You Can Now Become a SHIB Millionaire With Only $10
An investment of $2,000 got the user to accumulate 25,874,894,883,239 (25 trillion tokens) at that time in January 2021. The investor revealed that when SHIB dropped in price the next few days after his purchase, he panicked and sold all the tokens for a loss.
In his defense, SHIB was among the worst-performing cryptocurrencies in 2020 and the investor didn’t want to risk his money. Therefore, he was fearful and pulled out assuming, that his investment could tank and never recover. For context, SHIB’s price value dropped at a percentage of a $100 investment dropping to $2 in two months.
Also Read: Shiba Inu: AI Predicts SHIB Price For March 31, 2023
Shiba Inu: Investor Misses Making $1 Billion By Selling Early
Source: Unsplash
Call it misfortune or bad decision, the 25 trillion tokens would have been worth $1 billion in the same year in October 2021. SHIB reached its all-time high of $0.00008616 after 10 months of him dumping trillions of tokens. It spiked 67,000,000% (67 million percent) and the $2,000 could have ballooned to $1 billion. The investor gave his reaction in a TikTok video in October 2021 after seeing the token reach its all-time high.
Also Read: How Much ‘Percent’ Must SHIB Rise To Reach $0.01?
“I just got a message from a couple of mates and they told me that Shiba Inu has gone up 67 million percent since January. Now in January (2021) I was browsing Reddit and came across a recommendation for buying meme currencies. One of them was SHIB. At that time I put $2,000 into it and I left it for a couple of weeks. It went down and I sold it for a loss.”
He added, “It turns out that would now be worth $1 billion if I hadn’t sold it.” The investor ended the video by saying, “Now how to live with that?” You can watch the video below.
Also Read: Early Bitcoin Adopter Urges Investors To Buy SHIB
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XRPUSD and Shiba Coin are American Freedom and its Future!
Florida Governor Ron DeSantis Introduces State Legislation Banning CBDCs
DeSantis said CBDCs are all about “surveilling” and “controlling” the populace.
By André Beganski
Mar 20, 2023
Florida Governor Ron DeSantis proposed legislation on Monday that would ban central bank digital currencies (CBDCs) from the Sunshine State, portraying it as a measure to safeguard Floridians’ financial privacy.
The legislation would prohibit in Florida any CBDC that the U.S. Federal Reserve could introduce and any created by a foreign government, outlawing the technology entirely from being used as a form of money within the state.
DeSantis introduced the legislation from behind a podium with the phrase “Big Brother’s Digital Dollar” plastered across it. He skewered the technology as a vehicle that could lead to government overreach and pave the way for financial surveillance.
“What [a] central bank digital currency is all about is surveilling Americans and controlling Americans,” he said. “You're opening up a major can of worms, and you're handing a central bank huge, huge amounts of power, and they will use that power.”
In interviews with Decrypt, ShapeShift founder Erik Voorhees has also called CBDCs “Orwellian,” and whistleblower Edward Snowden has called them “cryptofascist currencies.”
CBDCs are similar to stablecoins in that they are pegged to the price of a sovereign currency like the U.S. dollar. But CBDCs are issued and maintained by a nation state or central bank instead of minted by private companies on decentralized networks like Tether’s USDT or Circle’s USDC, the two largest stablecoins by market cap.
The Fed has explored the idea of a CBDC since 2016, and the U.S. central bank has repeatedly said it would need approval from congress before launching one. Analysts have said the technology could foster more financial inclusion—banking the unbanked—but critics oppose it due to the possibility of financial surveillance and an expansion of government control.
Though the Fed has said it’s still in the early stages of researching a CBDC and hasn’t determined whether launching one would be worth it, the idea that a digital dollar is a threat to civil liberties has gained traction in Republican circles. China launched its own CBDC, the Digital Yuan, last year, which supporters of a U.S. CBDC have referenced to suggest the U.S. risks falling behind on the technology, while critics have said it simply illustrates China’s continued capital controls.
During his remarks, DeSantis called out the crypto executive order from President Biden last year that directed government agencies to get aligned on a crypto roadmap. It included a section titled “Exploring a U.S. Central Bank Digital Currency (CBDC).”
Without explicitly naming names, DeSantis said that CBDCs would be used to “exercise their agenda” if introduced, including, he argued, limiting the amount of gasoline a person could purchase or preventing them from buying a firearm.
The Florida governor called on other states to enact similar legislation prohibiting CBDCs. He said that Texas seemed likely to follow, given conversations he’s had with Dan Patrick, the state’s lieutenant governor.
DeSantis hasn’t yet declared whether he’ll run to become the GOP’s next presidential nominee. Still, he’s considered one of the leading candidates based on recent surveys, according to Morning Consult’s 2024 GOP Primary Tracker.
And DeSantis isn’t the only conservative voice that’s recently taken aim against a CBDC in the U.S.
Republican House Majority Whip Tom Emmer (R-MN) reintroduced legislation last month limiting the Fed’s ability to issue a CBDC directly to American consumers. And earlier this month, Emmer spoke before the Cato Institute about CBDCs, where he said the technology would erode Americans’ financial privacy.
Fox News host Tucker Carlson recently connected the collapse of Silicon Valley Bank to the potential rollout of a CBDC on his show “Tucker Carlson Tonight.” While he cautioned, “we’re not alleging a conspiracy here,” he also alleged that bank consolidation will lead to more government control and a CBDC being launched.
“If people don’t start making a lot of noise and exerting a lot of pressure, it’ll mean... a currency that politicians control,” Carlson said. “Sign up for the CBDC app today to get your food stamps.”
XRPUSD and Shiba Coin are American Freedom and its Future!
Florida Governor Ron DeSantis Introduces State Legislation Banning CBDCs
DeSantis said CBDCs are all about “surveilling” and “controlling” the populace.
By André Beganski
Mar 20, 2023
Florida Governor Ron DeSantis proposed legislation on Monday that would ban central bank digital currencies (CBDCs) from the Sunshine State, portraying it as a measure to safeguard Floridians’ financial privacy.
The legislation would prohibit in Florida any CBDC that the U.S. Federal Reserve could introduce and any created by a foreign government, outlawing the technology entirely from being used as a form of money within the state.
DeSantis introduced the legislation from behind a podium with the phrase “Big Brother’s Digital Dollar” plastered across it. He skewered the technology as a vehicle that could lead to government overreach and pave the way for financial surveillance.
“What [a] central bank digital currency is all about is surveilling Americans and controlling Americans,” he said. “You're opening up a major can of worms, and you're handing a central bank huge, huge amounts of power, and they will use that power.”
In interviews with Decrypt, ShapeShift founder Erik Voorhees has also called CBDCs “Orwellian,” and whistleblower Edward Snowden has called them “cryptofascist currencies.”
CBDCs are similar to stablecoins in that they are pegged to the price of a sovereign currency like the U.S. dollar. But CBDCs are issued and maintained by a nation state or central bank instead of minted by private companies on decentralized networks like Tether’s USDT or Circle’s USDC, the two largest stablecoins by market cap.
The Fed has explored the idea of a CBDC since 2016, and the U.S. central bank has repeatedly said it would need approval from congress before launching one. Analysts have said the technology could foster more financial inclusion—banking the unbanked—but critics oppose it due to the possibility of financial surveillance and an expansion of government control.
Though the Fed has said it’s still in the early stages of researching a CBDC and hasn’t determined whether launching one would be worth it, the idea that a digital dollar is a threat to civil liberties has gained traction in Republican circles. China launched its own CBDC, the Digital Yuan, last year, which supporters of a U.S. CBDC have referenced to suggest the U.S. risks falling behind on the technology, while critics have said it simply illustrates China’s continued capital controls.
During his remarks, DeSantis called out the crypto executive order from President Biden last year that directed government agencies to get aligned on a crypto roadmap. It included a section titled “Exploring a U.S. Central Bank Digital Currency (CBDC).”
Without explicitly naming names, DeSantis said that CBDCs would be used to “exercise their agenda” if introduced, including, he argued, limiting the amount of gasoline a person could purchase or preventing them from buying a firearm.
The Florida governor called on other states to enact similar legislation prohibiting CBDCs. He said that Texas seemed likely to follow, given conversations he’s had with Dan Patrick, the state’s lieutenant governor.
DeSantis hasn’t yet declared whether he’ll run to become the GOP’s next presidential nominee. Still, he’s considered one of the leading candidates based on recent surveys, according to Morning Consult’s 2024 GOP Primary Tracker.
And DeSantis isn’t the only conservative voice that’s recently taken aim against a CBDC in the U.S.
Republican House Majority Whip Tom Emmer (R-MN) reintroduced legislation last month limiting the Fed’s ability to issue a CBDC directly to American consumers. And earlier this month, Emmer spoke before the Cato Institute about CBDCs, where he said the technology would erode Americans’ financial privacy.
Fox News host Tucker Carlson recently connected the collapse of Silicon Valley Bank to the potential rollout of a CBDC on his show “Tucker Carlson Tonight.” While he cautioned, “we’re not alleging a conspiracy here,” he also alleged that bank consolidation will lead to more government control and a CBDC being launched.
“If people don’t start making a lot of noise and exerting a lot of pressure, it’ll mean... a currency that politicians control,” Carlson said. “Sign up for the CBDC app today to get your food stamps.”