Regulation
Ripple CEO Brad Garlinghouse Spotlights Another Win Against US SEC, Gensler
Ripple’s CEO, Brad Garlinghouse has called out the U.S. Securities and Exchange Commission (SEC) of hypocrisy in handling cryptocurrency regulations. Garlinghouse made this remark in light of the recent events in the SEC’s lawsuit against Binance where the regulatory body wanted to alter the initial complaint.
Ripple CEO Brad Garlinghouse Slams SEC
Ripple CEO Garlinghouse has taken a swipe at the U.S. Securities and Exchange Commission (SEC) for what he says are inconsistent and confusing regulatory practices. In a recent statement, Garlinghouse mentioned the SEC’s hypocritical approach, noting that SEC Chair Gary Gensler said that the rules are clear, but the SEC does not appear to be able to enforce them consistently.
For this reason, Ripple CEO has stated that the SEC’s actions lead to “more industry confusion,”
More evidence of SEC hypocrisy.
Chair Gensler testifies the rules are clear, yet his SEC can’t figure them out and applies them haphazardly, festering more industry confusion.
A political agenda and/or bad faith litigation tactics. Def not a “faithful allegiance to the law”. https://t.co/iX8IdvaW92
— Brad Garlinghouse (@bgarlinghouse) July 30, 2024
This action by the SEC is in a bid to prevent a courtroom ruling on whether SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI are securities under the Howey Test.
SEC Seeks to Amend Binance Complaint
On Monday, the SEC announced its intention to amend its original complaint against Binance. This development delays a court ruling on whether the tokens are securities.
The SEC’s filing noted that it plans to move to alter the complaint to address “Third Party Crypto Asset Securities” concerns so as not to necessitate an immediate court ruling on the matter. Binance pointed out that the SEC’s decision to amend the complaint indicates that the possible changes are not limited to the tokens in the case.
During this controversy, backing Ripple CEO stance, Former President Donald Trump also joined other critics of the SEC Chair Gary Gensler. At the Bitcoin Conference 2024, Trump announced that if he was to return to power, he would replace Gensler on his first day in office due to what he called the SEC’s “anti-crypto campaign. “
Trump also stated that he will nominate a new SEC chair who will embrace innovation and the future of digital assets in the United States. Other influential personalities in the crypto space agreed with this view, including billionaire Mark Cuban, who called for the removal of Gensler for overstepping his bounds as a regulator.
Ripple vs. SEC Lawsuit Nears Conclusion
At the same time, the legal war between Ripple and the SEC started in December 2020 also seems to be close to a turning point. The partial victory that Ripple secured in 2023 when a judge stated that XRP does not satisfy all elements of the Howey Test for securities when sold to the general public is the preparation for the final decision.
However, there are still some concerns regarding the sales of XRP to institutional investors. However, the Ripple CEO, Brad Garlinghouse, remain hopeful that the matter will be resolved while legal analysts expect that there may be an appeal after the court’s final ruling.
Judge Phyllis Hamilton of the U. S. District Court for the Northern District of California also permitted a civil lawsuit against Ripple to go to trial. This lawsuit claims that Ripple CEO engaged in securities fraud by making false statements during an interview in 2017. Nevertheless, Ripple’s legal representatives continue to argue that XRP does not fall under the Howey Test and is therefore not a security, a position in line with Judge Analisa Torres’s decision made in the previous year.
Read Also: Binance Labs Invests In This Liquid Staking Protocol
Kelvin Munene Murithi
Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.
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.
USDC issuer Circle is reportedly set to file its initial public offering (IPO) in April as part of the firm’s plans to finally go public. The stablecoin issuer is allegedly already working with top financial institutions to achieve this move.
Circle To File IPO In Late April
According to a Fortune report, Circle is looking to file its IPO in late April, although the listing period remains uncertain. The report noted that when a company files to go public, its shares usually begin trading four weeks later, indicating that the listing could occur in May. However, there is also a scenario where the IPO process could drag on for months.
The stablecoin issuer is reportedly working with investment banks JPMorgan Chase and Citi to achieve its long-anticipated IPO. The firm had previously tried to go public in 2021 under a SPAC arrangement with a shell company.
The US SEC failed to sign off on this arrangement back then, and the company eventually scrapped these IPO plans by the end of 2022 when the crypto exchange FTX collapsed and the broader crypto market experienced a downturn.
Revelation about Circle’s IPO plans comes just days after the stablecoin issuer partnered with NYSE’s parent company to explore USDC’s use in traditional finance (TradFi). Meanwhile, the USDC stablecoin recently launched in Japan following approval from the country’s regulator. Notably, USDC is the first and only global dollar stablecoin approved under Japan’s stablecoin framework.
An Easier Path Now For The Stablecoin Issuer
Circle will likely face less resistance for its IPO plans under the current SEC administration. Under acting Chair Mark Uyeda, the Commission has shown its willingness to work hand in hand with crypto firms, which was missing under Gary Gensler’s administration.
US SEC Chair nominee Paul Atkins has also shown his willingness to change the approach that Gensler’s administration adopted towards crypto firms. During his nomination hearing, the SEC Chair nominee promised to prioritize providing regulatory clarity for the industry.
Circle’s IPO listing would be the biggest since the top crypto exchange Coinbase went public in 2021. Interestingly, Coinbase owns an equity stake in the crypto firm.
The firm’s USDC is currently the second-largest stablecoin by market cap, only behind Tether’s USDT. The stablecoin industry is heating up as more financial institutions look to develop their own stablecoin.
Donald Trump’s World Liberty Financial recently revealed plans to launch its USD1 stablecoin, while asset manager Fidelity is also considering doing so.
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.
Cryptocurrency investors in Japan are bracing for impact following a plan to reclassify digital assets as financial products. While the plan has elicited excitement from cryptocurrency enthusiasts in the Far East, the ambitious plan will have to scale several legislative hurdles.
Japan Targets Reclassification Of Cryptocurrencies As Financial Products
According to a report by Nikkei, Japan’s Financial Services Agency (FSA) is inching toward classifying cryptocurrencies as financial products. Per the report, the FSA intends to achieve the reclassification via an amendment to the Financial Instruments and Exchange Act.
Currently, digital assets in Japan are considered crypto assets conferred with property rights and seen as payment means. Under the FSA’s plans, cryptocurrencies in Japan will be treated as financial products in the same manner as traditional financial products.
The FSA says it will adopt a slow and steady approach toward the reclassification, carrying out “a private expert study group” to test the waters. If everything goes according to plan, the FSA will submit the amended bill to Parliament in early 2026.
The classification of cryptocurrencies as financial products will have far-reaching consequences for the local ecosystem. Experts say treating cryptocurrencies as financial products will bring Japan closer to a crypto ETF launch amid a changing regulatory landscape.
Furthermore, the move may lower current cryptocurrency taxation for local investors since existing capital market rules will apply to the asset class.
A Fresh Bill For Crypto Insider Trading Is Underway
Apart from the reclassification, the FSA disclosed plans for new legislation against insider trading. The move flows treating cryptocurrencies as financial products and will strengthen existing investor protection rules.
“It is a direction to establish a new insider trading regulation that prohibits trading based on unpublished internal information,” said the FSA. “We will develop laws to prevent unfair transactions.”
However, Japan’s cryptocurrency scene is heating up to a boil, driven by local and international players. Last week, stablecoin issuer Circle secured approval from the FSA for USDC with top exchanges set to list the stablecoin.
Japan’s Metaplanet has tapped Eric Trump to join its Strategic Board of Advisors as it continues to load up Bitcoin.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
In what is being dubbed a major development in the crypto regulation space, the Governor of the US state of Kentucky, Andy Beshear, has signed the ‘Bitcoin Rights’ bill into law. The law promises to safeguard protections for Bitcoin (BTC) users.
Bitcoin Rights Bill Comes Into Effect
Crypto regulations continue to evolve under pro-crypto US President Donald Trump’s administration. In the latest development, Kentucky has become the newest state to enshrine protections for digital asset users.
In an X post published on March 24, crypto advocacy group Satoshi Action Fund announced that Governor Beshear had signed the much-anticipated Bitcoin Rights bill into law. The post stated:
The right to self-custody, run a node, and use of digital assets is now protected for millions of Americans without fear of discrimination.
The bill was first introduced to the Kentucky House by Rep. Adam Bowling on February 19. According to the bill’s description, it seeks to safeguard users’ rights to use digital assets and self-custody wallets. Additionally, it aims to prohibit local zoning changes that discriminate against crypto mining operations.
The legislation outlines guidelines for running a digital asset node and excludes digital asset mining from money transmitter license requirements. It also clarifies that crypto mining or staking is not considered an offer or sale of securities.
On February 28, the bill passed Kentucky’s House of Representatives with a unanimous vote of all 91 representatives in favor. It later passed the Kentucky Senate on March 13, receiving backing from all 37 senators.
Kentucky’s proactive stance toward cryptocurrencies isn’t new. Earlier this year, the state became the 16th US state to introduce legislation seeking to create a Bitcoin strategic reserve.
Meanwhile, neighboring state Arizona is also joining the crypto movement. A recent X post by Bitcoin Laws revealed that Arizona’s House Rules Committee has passed two Bitcoin reserve bills — SB1373 and SB1025. These bills will now head to a full floor vote.
Renewed Optimism Under Trump Administration
Following Trump’s victory in the November presidential election, cryptocurrency regulations in the US are evolving rapidly, with many states introducing legislation aimed at strengthening their digital asset ecosystems and attracting crypto businesses.
Positive changes in crypto regulations are encouraging industry businesses to expand. For instance, leading crypto trading platform Coinbase recently announced plans to hire 1,000 employees in the US.
The Trump administration has also witnessed several lawsuits being dropped against major crypto entities, including Kraken, Coinbase, Gemini, and others. At press time, Bitcoin trades at $87,399, down 0.2% in the past 24 hours.
Featured Image from Unsplash.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
VanEck Sets Stage for BNB ETF with Official Trust Filing
Pi Network Faces Community Backlash, Is Pi Coin Price Heading to Zero?
XRP Recovery Stalls—Are Bears Still In Control?
Institutional Risk Aversion Drives $218 Million Bitcoin ETF Outflows
PENDLE Price Jumps 8% Today Amid Huge Whale Accumulation
Experts Raise Red Flags Over Finances
-
Market22 hours agoBitcoin Price Battles Key Hurdles—Is a Breakout Still Possible?
-
Bitcoin20 hours ago$500 Trillion Bitcoin? Saylor’s Bold Prediction Shakes the Market!
-
Market23 hours agoIs CZ’s April Fool’s Joke a Crypto Reality or Just Fun?
-
Bitcoin21 hours agoBig Bitcoin Buy Coming? Saylor Drops a Hint as Strategy Shifts
-
Market19 hours agoCoinbase Stock Plunges 30% in Worst Quarter Since FTX Collapse
-
Altcoin18 hours agoWill XRP, SOL, ADA Make the List?
-
Market20 hours agoFake Gemini Bankruptcy Emails Target Users
-
Market13 hours agoEthereum Struggles to Break Out as Bear Trend Fades
Arabic
Chinese (Simplified)
Dutch
English
French
German
Italian
Portuguese
Russian
Spanish
Vietnamese
✓ Share: