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SEC Claims Ripple ODL Sales Mirror Past Violations

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9 months ago

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Ripple vs SEC Lawsuit News: New developments have emerged in the ongoing legal battle between Ripple Labs and the Securities and Exchange Commission (SEC). According to a post on X (formerly known as Twitter) by James K. Filan, the SEC has responded to Ripple’s recent filings related to the Terraform Labs Consent Judgment. 

Ripple Vs. SEC: Uncertainty Over ODL Sales Continues

XRP  lawyer Bill Morgan has disclosed that the SEC accuses Ripple of engaging in practices “awfully similar” to previous violations. This ongoing dispute complicates the legal landscape for Ripple’s On-Demand Liquidity (ODL) service.

The SEC claims that Ripple’s current ODL sales practices are similar to those previously deemed violations. Despite warnings from the SEC, the court lacks comprehensive records to determine if these sales violate existing regulations. This complexity adds another layer to the intricate lawsuit between XRP and the SEC. The legal discourse is further complicated by the possibility of the SEC appealing the summary judgment issued in July.

Legal experts predict that the final judgment in the SEC Vs. Ripple Labs case could be issued in July. The SEC might also appeal Judge Torres’s ruling, which stated that XRP programmatic sales are not security contracts. This ongoing uncertainty keeps both parties on edge, with the potential for further legal twists and turns.

XRP Price Dips Amid Legal Uncertainty

Pro-XRP lawyer Fred Rispoli has forecasted a ruling by Judge Torres on remedies by the end of July or early August. He speculates that Judge Torres could issue a poetic ruling on July 13. The SEC is arguing for $2 billion in fines and penalties, while Ripple believes the penalty should not exceed $10 million. Rispoli noted that while a settlement is possible, the odds are currently at zero percent. The SEC and Ripple could still settle arguments that need to be addressed by judges in the ruling.

Despite these developments, the XRP community anticipates the lawsuit may end in the appeals court. The role of Judge Netburn remains uncertain in this context. Rispoli mentioned that Netburn and Torres could confer and determine that the issue before Netburn does not need a ruling. Judge Torres could bypass the expert witness issue and announce a final judgment on remedies and injunctions. However, this would likely only occur if the ruling favors Ripple.

The ongoing legal uncertainty has impacted XRP’s market performance. Currently, XRP price is trading with bearish sentiment, showing a price decrease of 0.43%, now exchanging hands at $0.4759. Over the past 24 hours, XRP has seen highs of $0.4808 and lows of $0.4647. 

Also Read: Bitcoin (BTC) Can Underperform Stocks And Bonds for Another Three Months, Here’s Why

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Regulation

OKX Expands Institutional Offerings In Europe With MiFID II License

Published

8 hours ago

on

March 12, 2025

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OKX crypto exchange has acquired a Markets in Financial Instruments Directive (MiFID II) license by acquiring a Malta-licensed entity. This move allows the company to introduce regulated derivative products and services for institutional clients across the European Economic Area (EEA), pending Malta Financial Services Authority (MFSA) approval.

The regulation news was made during an exclusive event on Manoel Island, Malta, as part of OKX’s strategy to strengthen its presence in the European market.

OKX Acquires MiFID II License To Expand In Europe

According to a recent announcement, OKX secured a MiFID II license through the acquisition of a Malta-based firm that holds the regulatory approval. The entity will become operational later this year after receiving clearance from the Malta Financial Services Authority (MFSA).

The MiFID II license will allow OKX to introduce regulated derivatives and investment solutions for institutional clients across the EEA. This move will enhance institutional market access while maintaining compliance with European financial regulations.

Previously, OKX received a full Markets in Crypto-Assets (MiCA) license, enabling the exchange to provide localized crypto trading services across 30 EU member states. The MiCA license supports various offerings, including spot trading, over-the-counter (OTC) trading, and automated trading solutions.

Amid these regulation news, earlier this month, top crypto exchange Binance announced that it would be delisting all non-MiCA-compliant stablecoin trading pairs for users in the EEA.

Institutional Offerings With Regulatory Compliance

OKX’s expansion under MiFID II aims to align digital assets with traditional financial markets. The company intends to provide institutional-grade services that meet European compliance standards. The newly acquired license will help OKX partner with tier-one financial institutions and introduce new regulated investment products.

With the MiFID II approval, OKX plans to integrate additional risk management features and trading solutions tailored for institutional investors. The exchange seeks to offer advanced derivatives products while ensuring security in line with European regulations.

Additionally, OKX’s institutional clients will gain access to new derivatives trading services under the MiFID II license. The platform currently supports trading for over 240 cryptocurrency tokens, 300 trading pairs, and 60 euro-based trading pairs.

Concurrently, the top crypto exchange plans to expand its fiat on-ramp options. The company allows users to deposit and withdraw euros at no cost through bank transfers while supporting card payments and other local payment methods.

More so, the exchange’s website and mobile app are designed to support local languages, currency displays, and customer service tailored to each European market. The company is set to introduce more localized services, including streamlined Know Your Customer (KYC) processes.

Reacting to the regulation news, Erald Ghoos, OKX Europe CEO added,

“With this license, we are set to deliver institutional-grade services, partner with tier 1 financial institutions, and offer regulated investment solutions that enhance market access and empower investors across the continent.”

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Acting SEC Chair Mark Uyeda Seeks to Drop Rule That Targets DeFi Exchanges

Published

2 days ago

on

March 10, 2025

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Acting U.S. Securities and Exchange Commission (SEC) Chair Mark Uyeda has announced a move to reconsider a proposed rule that could regulate decentralized finance (DeFi) exchanges. The rule, known as Regulation ATS, aimed to broaden the definition of an exchange to include communication protocols used in the crypto sector. Uyeda stated that he directed SEC staff to explore options for abandoning the portion of the proposal related to crypto, citing widespread public criticism.

SEC Chair Mark Uyeda Moves to Drop Rule Targeting DeFi Exchanges

In a recent development in crypto regulations, SEC Chair Mark Uyeda has asked agency staff to explore options for removing part of the proposed Regulation ATS. The rule sought to expand the definition of an exchange to include communication protocols in crypto markets.

Uyeda said that the proposal would have forced DeFi platforms to register as regulated exchanges. The move faced heavy opposition from the crypto industry, with concerns that it could impose excessive compliance burdens. Uyeda acknowledged the criticism and emphasized that the SEC should reconsider its approach.

Meanwhile, in other regulatory news, Thailand’s SEC has officially approved USDT as a recognized cryptocurrency. The decision allows virtual asset service providers in the country to offer Tether’s stablecoin on their platforms, expanding its accessibility for businesses and individuals.

Regulation ATS Expansion Could Have Classified DeFi as Exchanges

Regulation ATS was initially designed to regulate alternative trading systems but was revised under former SEC Chair Gary Gensler. The proposed changes could have extended its scope to DeFi platforms. This would have subjected decentralized exchanges to regulatory oversight similar to traditional financial markets.

Critics warned that the proposed rule could hinder innovation in decentralized finance. Industry leaders argued that forcing DeFi projects to comply with exchange registration and disclosure requirements could be impractical due to their decentralized nature. Uyeda recognized these concerns and indicated that the SEC may step back from its initial position.

Most recently, CoinGape reported that ConsenSys challenged the SEC’s proposed DeFi rule changes, arguing that they exceed the agency’s legal jurisdiction. The company contends that the amendments impose undue regulatory burdens on decentralized protocols, conflicting with existing legal frameworks. ConsenSys has called for the SEC to withdraw the rule entirely, citing risks to innovation and compliance complexities.

Trump-Era and Impact on Crypto Regulations

The SEC has taken a different approach to crypto regulations under the new administration. Uyeda’s move follows a series of policy reversals since the departure of former SEC Chair Gary Gensler. The agency recently rescinded strict crypto accounting guidance and dropped several enforcement actions against industry players.

The shift signals a more relaxed regulatory stance toward digital assets. With the Trump administration in office, the SEC appears focused on easing restrictions that critics viewed as overly aggressive. Uyeda’s latest decision continues this trend, as the agency re-evaluates its approach to crypto oversight.

More so, crypto regulations in the U.S. may see improved clarity as the SEC and CFTC strengthen their collaboration. This effort will eliminate past jurisdictional conflicts and create a more structured oversight framework for digital assets.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Gemini Cofounder Reveals How Much David Sacks Will Lose In Crypto Gains In Four Years

Published

4 days ago

on

March 9, 2025

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Controversy has trailed the announcement of a Crypto Strategic Reserve with critics taking swipes at crypto czar David Sacks over allegations of unjust enrichment. Gemini cofounder Cameron Winklevoss has waded in to defend Sacks, noting that the crypto czar is losing a fortune in gains by preventing a conflict of interest.

Gemini Founder Says Sacks Could Lose Up To $1 Billion In Crypto Gains

Amid swirling speculations of unjust enrichment, Sacks confirmed the sale of all his cryptocurrency holdings to avoid a conflict of interest. Gemini Founder Cameron Winklevoss remarked that Sacks’ decision to sell off all cryptocurrencies would cost him gains running into a billion dollars.

“David Sacks is going to easily lose out on $1 billion in crypto gains over the next 4 years,” said Winklevoss. “He sold all of his crypto holdings (including $85 million of his personal holdings) prior to becoming AI and crypto czar.”

Sacks has previously confirmed the sale of his digital asset holdings while denying Multicoin exposure after divesting his stake. According to Sacks, he cumulatively sold $200 million worth of cryptocurrencies while disposing of $85 million worth of personal assets. He confirmed that he liquidated his holdings in crypto funds, including Bitwise and Blockchain Capital, before assuming office.

Cameron says Sacks is at the helm of a policy shift for cryptocurrencies in the US but will not reap any benefits from the windfall of changes.

“He is doing tremendous work and will not be sharing in any of the economic upsides to avoid even the slightest appearance of a conflict,” said the Gemini cofounder.

Sacks Leads The Charge For New Crypto Policy Without Pecuniary Benefits

David Sacks has hit the ground running since his appointment as crypto and AI czar, playing a key role in setting up the White House Crypto Summit. His efforts led to the establishment of a Strategic Bitcoin Reserve and the US Digital Asset Stockpile.

Sacks disclosed that the US has lost over $17 billion from the previous sale of confiscated Bitcoins. The concerted efforts of Sacks are expected to trigger new institutional interest in the ecosystem, sending prices to new all-time highs by the end of Trump’s first tenure.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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