Regulation
CTO Defends Joe Biden’s Gag Order In Trump Trial
In a surprising move, Ripple CTO David Schwartz has publicly defended President Joe Biden amid controversy surrounding Donald Trump‘s ongoing criminal trial. The trial is centered on allegations that Trump mishandled classified documents. Moreover, it has drawn significant media attention and political discourse, particularly after a recent development involving special counsel Jack Smith and U.S. District Judge Aileen Cannon.
Ripple CTO Defends Joe Biden’s Actions
Ripple CTO David Schwartz entered the fray by defending Biden’s actions as the latest news came in. In response to criticism of Biden’s involvement in the trial, Schwartz argued that Trump’s rhetoric warranted a firm response. In addition, he took to social media platform X and referred to the special counsel’s efforts to limit Trump’s public statements
Moreover, Schwartz stated, “But it’s totally fine to impose a gag order on his top political opponent.” However, the Ripple CTO’s statement comes after the news of the gag order’s rejection. The controversy drew further debate when a user questioned Schwartz on how Biden’s actions squared with the precedent set by Sheppard v. Maxwell. It was a landmark Supreme Court case that addressed the impact of media coverage on a fair trial.
The user questioned, “Explain to me how, under Sheppard v. Maxwell, a criminal defendant’s right to a fair trial isn’t violated when THE PRESIDENT OF THE UNITED STATES sponsors a press conference outside the courthouse, the day before the jury begins deliberations, to demand a conviction.”
Thereafter, Schwartz responded by highlighting the nuances of the Sheppard v. Maxwell decision. The Ripple CTO noted, “Sheppard v. Maxwell also included problems with rulings, in courtroom conduct and direct communications with the jury.” Furthermore, the Ripple CTO connected the dots between the recent news and the press conference, making a conclusion.
He added, “If you think those elements were essential to its holding, then that would explain how Sheppard v. Maxwell wouldn’t apply to this press conference.” However, other prominent figures in the crypto space supported Trump over Biden, stemming from the latter’s anti-crypto previous efforts.
Also Read: Ripple CEO Garlinghouse Confident on Crypto’s Win in Elections and XRP Lawsuit
Update On Trump Trial
On May 28, Tuesday, Judge Cannon denied a gag order request from special counsel Jack Smith. The gag order sought to prevent Trump from making inflammatory statements about the FBI’s search of his Mar-a-Lago property in 2022. Furthermore, Trump has repeatedly claimed, including in fundraising appeals, that President Biden was “locked & loaded ready to take me out” and that FBI agents were authorized to shoot him during the raid.
FBI unsubstantiated these claims described them as typical language limiting the use of force. Nonetheless, these claims have raised concerns among prosecutors that Trump’s rhetoric could pose “a significant, imminent, and foreseeable danger to law enforcement.”
Judge Cannon cited a “lack of meaningful conferral” with the defense in her decision to deny the gag order. This highlighted the ongoing tension between the judicial process and Trump’s public statements. Amidst this legal drama, President Biden’s campaign made a strategic decision to engage more directly with the trial’s proceedings.
For the first time in six weeks, Biden’s team showed up outside Trump’s New York City criminal hush money trial. Moreover, they aim to refocus the presidential race on Trump’s role in the January 6, 2021, U.S. Capitol insurrection. Additionally, the Biden campaign sent actor Robert De Niro and two former police officers who responded to the Capitol attack to emphasize the stakes of the upcoming election.
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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.
Kamala Harris has recently surged ahead of President Joe Biden in the prediction markets. This marks a significant shift in the political landscape as the 2024 U.S. presidential election race intensifies. However, the fight between Republican candidate Donald Trump and Biden isn’t over yet.
Kamala Harris Oversteps Biden In Betting Markets
On Predict It, Kamala Harris U.S. 2024 election winning bets surged to 22 cents while Biden’s dropped to 21 cents. Furthermore, Trump took the lead with a major gap as the bet was priced 59 cents on his win. Nevertheless, it could be too early to deem Harris as Trump’s ultimate opponent.
According to a new Reuters poll, President Biden is now neck-and-neck with his Republican challenger, Donald Trump, in the upcoming November election. This poll also reveals a shifting sentiment among Democrats, with approximately one-third believing Biden should consider stepping aside following a ‘ridiculous’ debate performance.
The debate in question has sparked internal discussions among Democrats. Moreover, some Biden loyalists are now questioning his viability for re-election in 2024. In addition, sources within the party indicate that Vice President Kamala Harris is emerging as the preferred candidate to step in should Biden decide to withdraw from the race.
Biden recently offered an explanation for his debate performance, admitting he “wasn’t very smart” for undertaking extensive travel before the event. “I didn’t listen to my staff… and then I almost fell asleep on stage,” he remarked during an event with Representative Don Beyer. “It’s not an excuse, but an explanation,” he added.
Also Read: U.S. Election Won’t Alter Positive Crypto Regulations, Says Mike Novogratz
The U.S. Election Race Intensifies
The political momentum appears to be shifting towards Trump, who now holds a 3-point advantage over Biden in key battleground states and a 2-point lead nationally. This change underscores a critical dynamic in the race: voter motivation. Currently, Republicans show higher enthusiasm, with more indicating they will “definitely” vote compared to their Democratic counterparts.
Over 90% of Biden and Trump supporters are firmly opposed to voting for the other candidate. Despite this strong partisan divide, the overall stability of the election race has not significantly changed. Biden experienced a brief uptick in support in June after Trump was convicted of felonies in New York. However, this did not significantly alter the broader election dynamics.
In light of the recent debate and shifting polls, the Democratic Party faces a pivotal decision regarding its candidate for the 2024 election. Kamala Harris’s rise in the prediction markets signals growing support within the party and among political analysts. If Biden’s campaign continues to face challenges, Harris may become the Democratic frontrunner.
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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.
Coinbase and Ripple Labs are using Binance’s pivotal legal victory to challenge ongoing cases with the U.S. Securities and Exchange Commission (SEC). Both companies argue that the SEC’s approach needs more clarity and consistency, necessitating formal rulemaking to better define the regulatory perimeter for digital assets.
Ripple, Coinbase Cite Binance Case Against SEC
Ripple Labs and Coinbase have intensified their legal defenses by referencing a recent court order involving Binance, which achieved a partial dismissal in its SEC lawsuit. The companies argue that this precedent highlights the need for the SEC to establish clear regulations. In its latest court filing, Ripple emphasized the judge’s remark that cryptocurrency does not align seamlessly with existing securities laws, such as those established by the 1946 Howey Test. This test is crucial for determining whether a transaction qualifies as an investment contract and thus falls under securities regulation.
Coinbase has concurrently voiced concerns over the SEC’s expansive interpretation of securities laws applied to the crypto industry. The exchange asserts that this broad application could be more extensive and better defined, pushing for a definitive rulemaking process to provide legal clarity. In its appeal, Coinbase cited the recent Binance ruling to bolster its case for rulemaking, arguing that the decision underscores the inconsistencies in current regulatory applications.
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Coinbase Demands Clarity in SEC Regulatory Battle
The SEC has engaged with various cryptocurrency platforms and assets, deeming some of their operations as securities offerings without proper registration. In the case of Ripple, the SEC’s lawsuit initiated in December 2020 alleged that Ripple raised over $1.3 billion through sales of its XRP token, which the SEC classified as an unregistered security. However, in a significant turn, Judge Analisa Torres ruled that certain “programmatic sales” of XRP did not constitute securities transactions, introducing a nuanced interpretation Ripple now seeks to leverage to challenge broader SEC claims.
Coinbase faces similar regulatory scrutiny. The SEC argues that the platform operated as an unregistered securities exchange, a claim that Coinbase refutes, urging a formal rulemaking process to clarify these regulatory boundaries. Both Coinbase and Ripple use recent judicial outcomes, notably the Binance case, to argue for a more structured and transparent regulatory framework from the SEC, stressing that the current state of affairs is inefficient and unclear.
Crypto Firms Rally Around Binance Court Decision
The partial victory for Binance in its own SEC lawsuit has become a strategic reference point for other crypto entities embroiled in legal challenges with the regulator. Despite Judge Amy Berman Jackson’s decision to proceed with most of the SEC’s claims against Binance, her dismissal of the charge regarding secondary sales of Binance Coin (BNB) as securities has been perceived as a significant legal precedent. Coinbase and Ripple have particularly highlighted this aspect of the ruling in their ongoing litigation.
Further developments are anticipated, with a scheduled conference for the SEC’s case against Binance set for July 9. Meanwhile, Coinbase and Ripple continue to press for regulatory clarity, which they argue is crucial for the industry’s stability and growth.
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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.
Galaxy Digital founder and CEO Mike Novogratz believes the U.S. crypto sector is poised for positive regulatory developments regardless of the outcome of the upcoming presidential election. Speaking on CNBC’s ‘Squawk Box,’ Novogratz expressed confidence in the future of crypto regulation, citing a bipartisan approach as a key factor.
Mike Novogratz Predicts Bipartisan Crypto Support in US
Mike Novogratz emphasized that the crypto industry enjoys support from both major political parties in the U.S. He acknowledged that while some Democrats, notably Senator Elizabeth Warren and a small group of others, have been critical of the industry, the majority are pro-innovation and pro-crypto. This broad support suggests favorable regulatory changes are imminent, regardless of who wins the next election.
The billionaire CEO underscored the importance of a bipartisan stance on crypto, arguing that partisan disagreements should not hinder the industry’s growth. He stated that crypto needs to be a bipartisan issue to avoid regulatory instability, which can deter innovation and investment. Mike Novogratz’s remarks highlight the growing recognition of the potential benefits of crypto technology across the political spectrum.
Despite the current regulatory uncertainties and occasional government crackdowns, Mike Novogratz is optimistic about the future. He believes the situation is shifting towards more clarity and support for the crypto sector. This optimism is driven by the increasing number of lawmakers who recognize the importance of fostering innovation and the potential economic benefits of the burgeoning industry.
Novogratz pointed out that the frustrations stemming from regulatory ambiguity are being addressed as more politicians understand the significance of crypto. He predicts the next administration will enact favorable crypto legislation regardless of political affiliation. This legislative support is expected to provide the industry the stability needed to thrive and innovate.
Also Read: Binance Unveils Changes In Turkey In Compliance With Regulation
Novogratz: Bitcoin Essential Amid Economic Concerns
Commenting on Bitcoin’s recent performance, Mike Novogratz referred to the price surge following the approval of a Bitcoin ETF, which pushed the cryptocurrency’s value above $73,000 in March. Bitcoin (BTC) will likely trade within the $55,000 to $73,000 range until new market-moving news emerges. This range reflects a period of consolidation after a significant upward move.
Mike Novogratz reiterated his belief that Bitcoin remains a crucial asset for any investment portfolio, especially given the current economic conditions. He highlighted concerns about the growing U.S. debt and government spending, which he described as akin to “spending like drunken sailors.” In such a financial environment, Novogratz argues that Bitcoin offers a hedge against fiscal irresponsibility and inflation.
Also Read: Circle Rolls Out New Ad Calling on Common Sense US Stablecoin Regulation
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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