Regulation
Elizabeth Warren Wins Third Senate Term Over Crypto Ally John Deaton
Democratic Senator Elizabeth Warren secured her third Senate term on Tuesday, defeating Republican candidate and cryptocurrency advocate John Deaton in Massachusetts.
CoinGape has confirmed Elizabeth Warren’s victory, which maintains her position as one of the Senate’s leading voices on financial oversight and cryptocurrency regulation. Warren, a prominent critic of the cryptocurrency industry, overcame Deaton, who campaigned with support from influential figures within the crypto sector.
Elizabeth Warren Wins Senate Term Over John Deaton
Throughout her political career, Warren has taken a firm stance against the cryptocurrency industry, citing concerns about its potential for financial crime and regulatory evasion. She has been active in pushing legislation to increase oversight on digital assets.
Notably, Warren has championed an anti-money laundering bill that seeks to extend Bank Secrecy Act (BSA) requirements, including know-your-customer (KYC) rules, to entities in the crypto space, such as miners, validators, and wallet providers. This regulatory push aims to bring the crypto industry in line with traditional financial sectors, a point she has reiterated in debates and public appearances.
During an October debate, Warren highlighted Deaton’s ties to the crypto industry, stating, “He’s saying he has really made crypto folks mad, so mad that they came here to Massachusetts and are funding 90% of his campaign to try to take back this Senate seat to take it away from me.” Subsequently, Elizabeth Warren used her opponent’s connections to the industry to emphasize her stance that crypto must follow established financial rules.
This Is A Breaking News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ripple has dropped its cross-appeal against the US Securities and Exchange Commission (SEC) following the latter’s decision to drop its case against the crypto firm last week. The firm’s Chief Legal Officer (CLO), Stuart Alderoty, also revealed what will happen with the $125 million penalty the Court awarded against them.
Ripple Drops Cross Appeal Against The US SEC
In an X post, Ripple’s CLO, Stuart Alderoty, revealed that his firm has now agreed to drop its cross-appeal against the US SEC after the Commission decided to drop the appeal without conditions.
This development officially ends the long-running legal battle between the crypto firm and the SEC, as the latter has also agreed to drop the Ripple lawsuit in its entirety.
Alderoty also revealed what will happen to the monetary judgment, which Judge Analisa Torres awarded against the crypto firm. He stated that the Commission will keep $50 million of the $125 million fine, which is already in an interest-bearing escrow in cash, while Ripple will collect the balance of $75 million.
Meanwhile, the US SEC will ask the Court to lift the standard injunction it imposed against the crypto firm at the Commission’s request. This move is subject to the Commission vote, the drafting of final documents, and routine court processes.
Significance Of This Development
Besides ending the Ripple lawsuit, the SEC’s agreement to request that the Court drop the standard injunction against the crypto firm paves the way for a surge in XRP’s adoption since the company can now proceed to carry on its on-demand liquidity (ODL) sales as usual.
Legal experts had predicted that Ripple was holding out on settlement to get the Commission to lower the fine and request the Court to drop the injunction. As such, these developments undoubtedly represent a massive victory for the firm.
CEO Brad Garlinghouse recently discussed the company’s future. He predicted that their US operations would grow in the coming months following the end of the lawsuit and thanks to imminent crypto legislation.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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.
Regulation
Brad Garlinghouse Discusses Ripple’s Future, Crypto Legislation & Blockchain Technology As Lawsuit Ends
Ripple CEO Brad Garlinghouse recently discussed what is next for his firm and how crypto legislation could also positively impact the crypto industry’s trajectory and the future of blockchain technology. This comes just days after the US SEC agreed to drop the long-running Ripple lawsuit.
Ripple CEO Brad Garlinghouse Reveals What As SEC Drops Lawsuit
In a FOX Business interview, Brad Garlinghouse discussed what next for his firm following the SEC’s decision to drop the Ripple lawsuit. He noted that about 95% of the company’s customers are overseas, as the lawsuit hindered their US operations.
However, he suggested that will likely change moving forward as they grow their operations in the country. Garlinghouse remarked that they have already been witnessing domestic interest since US President Donald Trump took office. The Ripple CEO revealed they have signed more deals since then than in the six months preceding Trump’s inauguration.
The company is expected to grow further in the US after the SEC agreed to drop the Ripple lawsuit. Brad Garlinghouse predicts that his firm’s innovative technology will play out over the next ten to twenty years in terms of how it integrates and rewires the US financial structure in terms of payments, real estate, and securities transactions.
The Ripple CEO again took time to highlight how Trump’s crypto-related executive orders, especially the creation of the Strategic Bitcoin Reserve and Digital Asset Stockpile, have created a more friendly environment for crypto firms in the US.
He noted that financial institutions are now more open to crypto technology. As CoinGape reported, the OCC has cleared Federal Banks to engage in crypto activities.
On Stablecoin Legislation & Its Impact
Brad Garlinghouse commended the efforts of legislators like Senator Cynthia Lummis and Rep French Hill to provide regulatory clarity. These lawmakers are championing the market structure and stablecoin bills to create a regulatory framework that will guide crypto firms. Senator Lummis also recently reintroduced the Bitcoin Act to codify Trump’s vision of a Strategic Bitcoin Reserve.
The Ripple CEO welcomed the idea of regulatory clarity, stating that it would reassure customers that they can engage with them in good faith. He remarked that these customers would feel more comfortable using their technologies without fear of regulators attacking them. Garlinghouse added that this would also enable more job creation, innovation, and capital formation in the US.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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.
A change of guard at the US Securities and Exchange Commission (SEC) is powering a shift away from cryptocurrency enforcement. Under new leadership, the US SEC is narrowing its focus on traditional securities cases driven by a handful of factors.
US SEC Turns Its Gaze Away From Crypto Enforcement
According to a Reuters report, the US SEC is bringing down the curtain on its five-year rampage against the cryptocurrency industry. Going forward, the Commission will focus its resources on traditional cases involving corporate and individual securities fraud.
The SEC’s interim Enforcement Director Sam Waldon revealed that the Commission will give priority to individual cases. During the Gary Gensler administration, the SEC directed the bulk of its resources toward crypto enforcement against industry giants.
With Gensler out of the picture and new brass coming on board, the SEC is changing its stance. Paul Atkins is set to face a nomination hearing at Capitol Hill this week, signaling a breath of fresh air for the Commission.
For starters, a string of case dismissals against cryptocurrency companies, particularly the Ripple SEC case, accentuates a change in strategy. Furthermore, declarations that memecoins are not securities and exempting Proof-of-Work mining from securities obligations underscores the point.
Securities Watchdog Does Not Have The Numbers To Sustain Crypto Enforcement
Apart from new leadership, a key factor in the Commission’s changing stance lies in its dwindling staff strength. The SEC is recovering from a gale of exodus following plans by President Donald Trump and Elon Musk to reduce the government’s workforce.
“Creativity is probably not where we want to be,” said Waldon, hinting at a steep drop in employee numbers.
A restructuring of the defunct Crypto Assets and Cyber Unit and the launch of a Crypto Task Force signals a change in direction. The Crypto Task Force is pursuing roundtables with ecosystem players rather than regulation by enforcement that characterized the SEC.
The SEC has to respond to a FOIA request filed by Coinbase seeking clarity over the financial implications of its five-year enforcement over the cryptocurrency industry.
Aliyu Pokima
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.
GameStop To Buy Bitcoin After Disappointing Q4 Earnings Report
Pi Network Releases Update On Domain Auction, Pi Coin To Rebound To $1?
SEC Will Return $75 Million to Ripple in the XRP Lawsuit
Here’s Why The Dogecoin Price Surged Over 10%
Top 3 PumpFun Meme Coins to Watch Before March Ends
Solana Co-Founder Challenges Layer 2s—Are They Even Needed?
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Market23 hours agoBinance Will List and Airdrop Particle Network’s PARTI Token
-
Market18 hours agoEthereum Price Back Above $2,000—Breakout or Just a Temporary Bounce?
-
Market12 hours agoBitcoin Price Dips After Rally—Is This the Perfect Entry Point?
-
Market17 hours agoBitcoin Price Breaks Out with First Spot ETF Inflows in A Month
-
Altcoin12 hours agoCan Chainlink (LINK) Price Hit $44 Amid This Crucial Partnership?
-
Altcoin17 hours agoIs Ethena Price At Risk? Trump’s World Liberty Financial Sells 184K ENA Sparking Concerns
-
Market24 hours agoTrump Media Partners With Crypto.com, Cronos Jumps By 18%
-
Market14 hours agoXRP Price Consolidates—Breakout Incoming or More Choppy Moves?
✓ Share: