Regulation
Legal Expert Confirms Ripple SEC Case Still Active Despite Website Changes
The Ripple SEC case remains active despite recent changes to its categorization on the SEC’s website. Legal experts have however confirmed that the lawsuit continues in court, despite rumors of its removal from the regulator’s site.
Ripple SEC Case Still Listed on Official Channels
Rumors emerged that the SEC had taken down the information about the lawsuit against Ripple Labs from its website. Some pointed out that the case was no longer listed in the “Litigation Releases”, while other crypto-linked cases, including those against Coinbase, remained there.
Nevertheless, it is still possible to find the Ripple SEC case file under other sections of the website, including “Award Claims” and “Cases on Appeal”. Hogan & Hogan lawyer Jeremy Hogan agreed with this on X (previously Twitter), saying,
“It could be something within the SEC, but it has no bearing on the lawsuit.” The court doesn’t care what the SEC does on its website.”
The SEC first filed the case in December 2020 and accused Ripple Labs and its executives, namely Brad Garlinghouse and Christian A. Larsen, of conducting $1.3bn unregistered securities sales through XRP, the company’s native cryptocurrency.
Ripple SEC Case Status Unaffected in Court
Despite the changes that have been made on the SEC website, which led to speculations that the case may be dismissed, the case is still on. The case is filed in PACER, the federal court’s electronic filing system and there has been no change in the status of the case.
The recent schedule order from the U.S. Court of Appeals has put time limits on the appeal processes in the Ripple SEC case. The matter is that Ripple and its executives are obliged to file their briefs before April 7, 2025; otherwise, the appeals will be denied. As legal commentators have pointed out, this supports the contention that the case continues, regardless of changes to the website.
The case has been unpredictable with both the parties having been granted favorable judgments at one time or the other. In a 2023 decision, a judge said that retail sales of XRP by Ripple were not a violation of the securities laws while the institutional sales were. This led to Ripple having to pay $125 million in fines and both parties appealed some of the ruling.
Website Changes Spark Debate Over Regulatory Shifts
The changes to the SEC website come amid growing discussion among industry participants about what the SEC is likely to focus on under the Trump administration. Several people on social media platforms have opined that by taking Ripple’s case off one part of the SEC website, the SEC might be changing tactics.
”Is Ripple free from the SEC?” an influencer on X posted. When I searched for ‘Ripple’ in the litigation section, do you know what I found? Nothing! This raised the question as to whether the SEC might be planning on dismissing the case outright.
Amid these developments, large cryptocurrency holders, known as whales, have reportedly purchased 120 million XRP tokens. The purchases coincided with a statement from a former Ripple executive, who hinted at upcoming positive developments for the Ripple community.
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.
The U.S. Securities and Exchange Commission (SEC) has acknowledged Nasdaq’s 19b-4 filing for the Canary Litecoin ETF. This marks a key step in the process of approving a spot Litecoin ETF, as the agency now seeks public input before making a decision.
SEC Requests Public Comments on Canary Litecoin ETF
The SEC has asked for public comments on the Canary Litecoin ETF filing. Comments must be submitted within 21 days after the proposal is published in the Federal Register.
This step is part of the regulatory process for approving or rejecting the exchange-traded fund (ETF).
Nasdaq initially submitted the 19b-4 form on January 16, 2025. This document is required when an exchange requests a rule change to list and trade a new product. Once the SEC acknowledges the filing, the review period begins, which can take up to 240 days.
First Altcoin ETF Filing Acknowledged by SEC
Eric Balchunas, a senior ETF analyst at Bloomberg, noted that this is the first time the SEC has acknowledged a 19b-4 filing for an altcoin ETF.
This suggests progress in the approval process for crypto ETFs beyond Bitcoin and Ethereum.
“Throw in the comments from SEC on the S-1, and this filing is by far the furthest along checking all the boxes,” Balchunas said in a post on X. He also questioned whether the SEC would take the full 240-day review period or reach a decision sooner.
This Is A Developing 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.
Regulation
Pro-crypto Howard Lutnick Calls For Audit Of US Stablecoins Pro-crypto Howard Lutnick Calls For Audit Of US Stablecoins
Howard Lutnick, Donald Trump’s pick for Commerce Department Chief, advocated for stablecoin regulations in the United States. During his confirmation hearing today, Lutnick suggested that US stablecoins should undergo regular audits and be backed by US Treasuries.
Amid Trump’s stablecoin advancements, Howard Lutnick highlighted the significance of stablecoin regulation. The Trump pick’s suggestion underscores the necessity of a secure and reliable financial ecosystem.
Stablecoins Should Be Audited: Howard Lutnick
In his confirmation hearing, Howard Lutnick, the CEO of Cantor Fitzgerald and Trump’s nominee for Commerce Secretary, advocated for stablecoin regulation. Specifically, he suggested that US dollar-backed assets should be audited and backed by US Treasuries, emphasizing the need for greater oversight.
Further, Lutnick pushed back against allegations that stablecoin issuers facilitate illicit activities, asserting that malicious actors are misusing these assets for their own purposes. He added, “It’s like blaming Apple because criminals use Apple phones.”
Moreover, Lutnick championed the growth of artificial intelligence in the US. He believes that AI could tackle the growing illicit activities that utilize blockchain.
Cantor Fitzgerald CEO Defends Tether
While Howard Lutnick’s connections with the stablecoin issuer Tether has recently raised concerns, he supported the platform. He stated, “Tether did no business with anyone that wasn’t KYC-appropriate.” He added that he has mandated Tether to comply with US regulations. In addition, drawing a parallel with traditional finance, Howard Lutnick stated, “We don’t pick on the US Treasury when criminals use the US dollar.”
Recently, Senator Elizabeth Warren expressed concerns regarding Lutnick’s deep involvement with Tether. In a letter written on January 21, she wrote,
While you have agreed to divest your interest in Cantor Fitzgerald, which holds a 5% stake in Tether, and serves as Tether’s asset manager, this divestment does not end the questions about your deep personal ties to the company or its affiliates.
Donald Trump Promotes Stablecoin Development
In a recent development, Donald Trump signed an executive order to promote the growth of cryptocurrencies, including stablecoins. In his crypto-focused proposal, Trump highlighted his intention to “promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide.”
Trump also projected his skeptic approach to central bank digital currencies (CBDCs). He strictly banned agencies from issuing and establishing CBDCs.
Donald Trump’s crypto promotion and Howard Lutnick’s stablecoin regulation agenda are poised to strengthen the US crypto market. The community remains anxious about Trump’s further actions that could significantly impact the global crypto industry.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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.
Following its 2-day FOMC meeting, the US Federal Reserve has decided to keep interest rates unchanged. The Fed is expected to hold off on cutting rates for the most part of this year following three consecutive rate cuts last year.
Fed Rate Cut: Federal Reserve Keeps Rates Unchanged
In a press release, the Federal Reserve announced that it will keep interest rates steady at the 4.25% to 4.5% range. This decision is in line with expectations, as traders predicted that there was a 99.5% chance the Fed would reach this decision.
This comes despite calls from US President Donald Trump for the Fed to lower rates while reaffirming his commitment to make the US the crypto capital. The Fed’s decision to keep interest rates unchanged is significant for the crypto market, considering how such a move could create a bearish sentiment among investors.
Investors are less likely to invest in risk assets like cryptocurrencies in such situations, especially if the Fed is hawkish. Now, all eyes will be on the Federal Reserve Chair Jerome Powell’s speech to determine where the US Central Bank stands regarding its outlook on the economy.
The crypto market could witness a significant rebound if Powell projects a dovish stance from the Fed in his speech. However, the Bitcoin price risks another decline if the Fed Chair projects a hawkish stance.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. 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 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.
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