Regulation
Ripple CEO Garlinghouse Reflects on SEC v Ripple Lawsuit
Brad Garlinghouse, the CEO of Ripple, and Stuart Alderoty, the CLO of Ripple, have recently commented on the one-year anniversary of Judge Torres’ Summary Judgment in the SEC v. Ripple case. This decision marked a pivotal moment in the decision that XRP is not a security.
SEC v Ripple Lawsuit Anniversary
In a post on X (previously Twitter), Ripple’s Chief Legal Officer, Stuart Alderoty, discussed the importance of the Summary Judgment by Judge Torres on 13 July 2023. This significant decision determined that XRP, a cryptocurrency-related to Ripple, is not a security.
As per Alderoty, this decision was significant in the ongoing legal tussle between Ripple and the SEC and brought much-needed relief to the crypto industry.
July 13, 2023 – that day was a very good day – for Ripple and the entire industry. And for me personally, a core memory!
We had the conviction to fight the bully that has harassed and executed an unlawful war on our industry. As I said when it started, I knew we were on the… https://t.co/m4W1eRsIf7
— Brad Garlinghouse (@bgarlinghouse) July 12, 2024
The decision also pointed to the overreach of the SEC under the leadership of Chair Gary Gensler, with other cases, including the recent one involving Binance, citing similar concerns. However, Alderoty pointed out that the courts have been able to curtail the actions of the SEC but noted that the achievement of clarity through the courts is costly and unfeasible in the long-run and calls for legislation.
Ripple’s CEO Brad Garlinghouse Stance
The consequences of Judge Torres’ decision go beyond Ripple. Since the case is not yet closed, and the remedies have not been determined yet, the decision that XRP is not a security will not be challenged by the SEC as they have stated. Garlinghouse also stressed the ability of Ripple and the crypto industry to bounce back, emphasizing that they would be stronger than ever in spite of the SEC’s decision to prosecute.
As pointed out by the CEO of Ripple, in the last year, the SEC under Gensler has beefed up its activities against the crypto industry but has not achieved much success. Garlinghouse added that the SEC’s approach, legal actions, words, and threats have not and will not eliminate the industry.
On the anniversary, Garlinghouse said,
“As I said when it started, I knew that we were on the right side of the law and would be on the right side of history.”
Parties File Administrative Motions
Similarly, according to Coingape, the parties of the Ripple class action lawsuit have filed administrative motions to file under seal. Judge Phyllis Hamilton ordered the parties to address their sealing motions after having previously rejected attempts to redact parts of the parties’ briefs. This process continues with further filings and hearings scheduled to take place in July.
Ripple has pointed out that Judge Torres’ summary judgment in the case of ‘programmatic buyers’ should extend to the present class action suit. The court should, however, rule on these administrative motions separately soon.
Furthermore, the settlement conference has been set before Magistrate Judge Robert Illman with the notice on the exclusion of four experts’ testimony due by July 26.
XRP Price Trend
In the last 24 hours, XRP price has been in a bullish rally, with the price swaying between an intra-day high and low of $0.4774 and $0.4452, respectively.
The XRP price was up 6% from the intra-day at press time, trading at $0.4748. During the rally, XRP’s market capitalization and 24-hour trading volume surged by 6% and 46%, respectively, to $26,500,863,399 and $1,592,515,664.
Read Also: Kraken Executive Says Ethereum ETFs Can Amass $1 Billion Monthly
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
Elon Musk Secures Victory Against US SEC As Court Rejects Sanction Request
The world’s richest man, Elon Musk, has secured victory in a legal battle with the US Securities and Exchange Commission (SEC). This came as the court refused the Commission’s request to sanction Musk regarding the X acquisition deal for $44 billion.
Court Rules In Favor Of Elon Musk Against US SEC
According to a Bloomberg report, US District Judge Jacqueline Scott Corley has refused to sanction Elon Musk for skipping a meeting with the US SEC and option to watch one of his rockets launch instead.
The judge said there was no need to sanction Musk because he had already agreed to reimburse the Commission $2,923 to cover airfare for the three agency lawyers, which he stood up back in December. Corley also noted that the world’s richest man eventually met with these SEC lawyers to give his testimony regarding the X deal on October 3.
Reacting to this development in X post, Elon Musk jokingly said,
SEC. The middle word is definitely “Elon’s”, but I can never remember what the other two words stand for.
Meanwhile, Dogecoin’s creator, Billy Markus, also responded to Musk’s post and labeled the Commission an “annoying organization.” It is worth mentioning that this is the second legal battle Musk has won in the space of a week as investors in the Dogecoin manipulation lawsuit last week withdrew their appeal against the world’s richest man and Tesla.
Meanwhile, Musk’s legal battle with the SEC might not be the last encounter he has with the Commission since he is set to co-lead the Department of Government Efficiency (D.O.G.E). He is likely to oversee how the Commission spends its budget.
In line with this, Ripple’s Chief Legal Officer (CLO) Stuart Alderoty called on Musk to probe the US SEC’s spending. Alderoty believes the Commission has misused taxpayer funds to finance unnecessary enforcement actions.
Donald Trump Also Secures Major Legal Victory
Alongside Elon Musk, US President-elect Donald Trump also recently secured a major legal victory. Judge Juan Merchan has delayed Trump’s sentencing hearing in his hush-money case, which was to take place on November 26.
The judge made this decision to let the incoming US president argue to dismiss the conviction before his inauguration on January 20. This situation is novel, as there has never been a situation in which the incoming president faces sentencing on a criminal conviction.
Meanwhile, earlier in the month, there was also a CNBC report that the Department of Justice (DOJ) is looking to wind down the two federal criminal cases against Trump. This aligns with their policy that they cannot prosecute a sitting president.
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
US SEC Commissioner Jaime Lizárraga Announces Departure Amid Trump Transition
SEC Commissioner Jaime Lizárraga announced his decision to step down on January 17, 2025, as the Donald Trump administration prepares to assume office. A Democrat since 2022, Lizárraga cited personal family reasons for his departure.
Notably, His resignation will reduce the commission to one democratic commissioner, Caroline Crenshaw, and two Republican commissioners, Hester Peirce and Mark Uyeda.
US SEC Faces Leadership Shift as Commissioner Lizárraga Steps Down
According to a recent filing, SEC Commissioner Jaime Lizárraga will officially resign from the US SEC by January 17, 2025. His decision is made at the backdrop of Donald Trump preparing to take office three days later.
This also means change of guard within the commission as the current US SEC Chair Gary Gensler is expected to leave office on January 20, 2025, the Inauguration day of Trump. His resignation comes after weeks of pressure to remove him starting with Trump’s pledge to fire him.
Lizárraga, known for advancing corporate reporting on climate risk and data breaches, cited his wife’s battle with breast cancer as the reason for stepping down. He emphasized need to prioritize his family during this critical time.
Jaime Lizárraga stated,
“For the better part of this year, my wife, Kelly, has confronted serious illness with admirable courage and a strong spirit. In reflecting on the challenges that lie ahead, we have decided that it is in the best interests of our family to close this chapter in my 34-year public service journey.”
Lizárraga’s departure leaves the Securities and Exchange Commission with just one Democratic Commissioner, Caroline Crenshaw. The two remaining Republican members are Hester Peirce and Mark Uyeda. This shift will alter the commission’s political balance and spark potential challenges in advancing or overturning regulatory measures.
With a three-member commission, the commission’s quorum rules mandate full participation to adopt or amend regulations unless there is a formal recusal or disqualification.
Speculation Builds Around the Next Commission Chair
With the departure of both Chair Gary Gensler and Jaime Lizárraga, discussions about the next US SEC Chair have intensified. Names under consideration include Robert Stebbins, a partner at Willkie Farr; former Commissioner Paul Atkins; and Teresa Goody Guillén, a partner at BakerHostetler and a former litigation counsel for the commission.
The new Chair is expected to reshape the crypto regulatory landscape and other pressing financial matters. As the Trump administration ushers in new appointments, the focus will be on implementing balanced and innovation-friendly policies.
Meanwhile, the Blockchain Association has urged the incoming government to address critical issues in cryptocurrency regulation. The association outlined five major priorities for Trump administration. These include, a clear and comprehensive regulatory framework for digital assets, implementing stablecoin legislation, and ending the debanking of cryptocurrency companies.
The association also proposed the formation of a Crypto Advisory Council to enhance collaboration between regulators and stakeholders. A recent CoinGape report revealed that the crypto advisory council will help create a strategic Bitcoin reserve.
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
US SEC Commissioner Jaime Lizárraga to resign in January
- Jaime Lizárraga will resign as SEC Commissioner on January 17, 2025.
- His departure leaves only one Democrat on the SEC amid a Republican-led shift.
- Discussions intensify over the next SEC Chair, with crypto regulation in focus.
In a significant development at the US Securities and Exchange Commission (SEC), Commissioner Jaime Lizárraga has announced that he will step down from his post on January 17, 2025.
His resignation comes shortly after SEC Chair Gary Gensler revealed plans to depart when President-elect Donald Trump is sworn into office.
Lizárraga’s decision to resign has been attributed to personal reasons, specifically his wife’s serious illness, a matter he shared with President Joe Biden.
Jaime Lizárraga, who has served as an SEC Commissioner since 2022, was appointed during the Biden administration and had a term slated to last until 2027. His departure means that the SEC will lose one of the remaining Democratic voices on the five-member commission, leaving Caroline Crenshaw as the only Democratic Commissioner.
The commission will now have three Republicans: Hester Peirce, Mark Uyeda, and the soon-to-be vacated chairmanship under Gensler.
SEC’s leadership change as Trump prepares to assume office
The timing of Lizárraga’s resignation adds to the ongoing shift in the SEC’s leadership, raising questions about the future direction of regulatory policies, especially on issues like cryptocurrency.
Under Gensler, the SEC pursued a stringent stance on crypto, but with the departure of both Gensler and Lizárraga, the upcoming administration may steer the agency in a different direction, particularly in light of Trump’s pro-crypto rhetoric.
The SEC requires only a majority of three commissioners to make decisions, so the incoming Republican majority will hold significant sway over the commission’s agenda.
Lizárraga’s departure, alongside Gensler’s exit, further intensifies the debate over the next SEC Chair. The position is crucial for setting the regulatory tone, particularly on emerging issues like cryptocurrency.
As the Trump administration prepares to fill key positions, speculation grows over potential appointees, with names such as Brian Brooks, the former CEO of Binance.US, and current Republican SEC Commissioners Hester Peirce and Mark Uyeda emerging as potential candidates for the role.
Robinhood Chief Legal Officer Dan Gallagher, who was previously considered one of the top contenders for the SEC chair, has announced his withdrawal from consideration for the role.
This shift signals a new chapter for the SEC, with potential ramifications for both financial markets and regulatory approaches under the incoming administration.
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