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Ripple Files Cross Appeal In SEC Lawsuit

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3 hours ago

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Ripple’s Chief Legal Officer has revealed that his company has filed a cross-appeal in its case against the US Securities and Exchange Commission (SEC). This provides a new twist to the legal battle that has been ongoing since December 2022.

Ripple Files Cross-Appeal Against SEC

Alderoty revealed in an X post that they filed a cross-appeal against the US SEC today. He stated that they took this step to ensure that “nothing’s left on the table,” including the argument that an investment contract cannot exist without essential rights and obligations.

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The Ripple CLO noted that the SEC had already said they weren’t appealing the ruling that XRP isn’t a security. Therefore, their cross-appeal won’t border on this issue. He added that this remains the law and that an appeal on other issues doesn’t change it.

Meanwhile, Stuart Alderoty mentioned how the US SEC unsuccessfully tried to take an early appeal of Judge Analisa Torres’ rulings on Ripple’s XRP sales on exchanges and other distributions not being securities. He added that the Commission will likely appeal this ruling again. However, he is confident that they will lose again on both rulings.

Alderoty concluded by saying,

We look forward to the federal court of appeals finally putting a stake in the heart of Gensler’s misguided attack on our industry.

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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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Regulation

Dubai’s VARA Crackdowns On 7 Firms After Tightening Crypto Rules

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5 hours ago

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October 10, 2024

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Dubai’s Virtual Assets Regulatory Authority (VARA) has recently taken decisive enforcement action against seven entities operating within the emirate’s cryptocurrency sector. This move comes as a direct response to breaches of newly established licensing and marketing regulations.

Dubai Enforces Crypto Regulations, Fines 7 Firms

Dubai’s Virtual Assets Regulatory Authority (VARA) has imposed strict penalties on seven crypto entities for operating without the necessary licenses and violating marketing regulations. These enforcement actions come after Dubai’s efforts to tighten its regulatory framework to ensure transparency and compliance in its crypto sector. 

The regulator fined the entities 50,000 to 100,000 dirhams (approximately $13,600 to $27,000) and issued immediate cease-and-desist orders.

Additionally, the seven firms, which were not identified by name, are under investigation in collaboration with local authorities. Dubai has made it clear that all activities from these firms must cease immediately. This move highlights Dubai’s determination to enforce its updated crypto regulations, safeguarding the market from unregulated operations.

VARA Strengthens Oversight and Public Awareness

The recent crackdown is part of a broader regulatory push by VARA to ensure that all virtual asset service providers (VASPs) operating in the country comply with the newly implemented crypto regulations. These rules mandate that firms obtain the necessary licensing before providing any services related to virtual assets. 

Additionally, VARA has emphasized that all firms must ensure their marketing efforts align with the guidelines. This will prevent misleading or incomplete information from reaching potential investors.

Concurrently, the public has been warned not to engage with unlicensed VASPs as Dubai continues to protect its reputation as a regulated environment for crypto investments. This enforcement action signals Dubai’s commitment to maintaining the integrity of its financial markets.

Despite the enforcement actions, the UAE City continues to project itself as a global leader in the crypto industry. In the first quarter of this year, two major crypto exchanges, Binance and Crypto.com, secured full regulatory approval from VARA, allowing them to expand their services within the emirate. This move reinforces the Emirates City ambition to become a key player in the global crypto market while ensuring compliance with regulations.

Meanwhile, these developments come even as the global crypto regulatory landscape continues to face challenges. For instance, various countries are struggling with implementing comprehensive frameworks that promote innovation while ensuring stability. In the U.S., the lack of clear guidelines from the SEC has been a point of contention for industry leaders. Internationally, regions like Europe and Asia are also refining their approaches to digital assets, highlighting the ongoing need for transparent regulations.

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Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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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Ex FTX Exec Ryan Salame Asks For Two Months Sentence Delay

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1 day ago

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October 9, 2024

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Ryan Salame, the former co-CEO of FTX Digital Markets, has asked for one more extension of time before he has to start serving his jail term stating that he still needs medical attention. Salame’s lawyer filed the most recent motion with the court to delay the surrender date to December 7, 2024, from October 11. The request comes after Salame was attacked by a dog in June and his doctor has recommended further treatment.

Ex FTX Exec Ryan Salame Asks For Another Sentence Delay

Ryan Salame had requested his first continuance in August after he suffered a dog bite on the face in late June. As stated in the court documents, he needed emergency surgery and the court agreed by allowing him to surrender in October 11 instead of the original date in August. 

The Ex FTX exec legal representatives said that the extension is necessary for medical rehabilitation and treatment.

The new request submitted this week claims that Salame continues to require further medical attention and is not in a state to begin his imprisonment. Salame’s attorney added,

“Salame’s treating physician has advised that Salame needs to be under further treatment to fully recover.”

Government Opposes the Request

The government has, however, protested the second delay, which means that the government has not supported Salame’s request to extend his time of joining prison. The parties had agreed in August to postpone his surrender until October, and the current motion is to have another two months extension. 

The Ex FTX exec latest filing was made only days before Ryan Salame is due to start serving a 7.5-year sentence for embezzlement.

Salame entered a plea agreement in September 2023 when he was convicted of several criminal offenses related to the unlawful provision of political contributions and running an unlicensed money transmitting business. His legal issues are just a part of the consequences of the crypto exchange’s failure, a crypto exchange that was created by Sam Bankman-Fried.

Sentencing and Connection to FTX Scandal

Salame was an important member of the FTX Digital Markets team, which is the core of FTX’s business across the world. He partnered with Bankman-Fried who was given a nearly 25-year jail sentence earlier this year following a fraud conviction. Salame and other executives that including Caroline Ellison and Nishad Singh among others had some legal charges to face as the investigation into the crypto exchange’s collapse unfolded.

While some executives, including Ellison and Singh, await sentencing, Salame’s prison term is set to begin soon unless the court grants his latest request.Concurrently, while Ryan Salame tries to delay the execution of his sentence, the FTX bankruptcy situation remains a topic of discussion.

Subsequently, Salame’s legal battles are part of the larger context of FTX’s collapse, which has left customers and creditors seeking to recover billions in lost funds. However, the US bankruptcy judge John Dorsey has recently sanctioned a bankruptcy plan whereby the crypto exchange’s creditors are set to receive about $6.6 billion. The first payouts are expected to be made in the next couple of weeks. 

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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.





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Mango DAO Rejects Proposal To Pay Commission

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1 day ago

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October 9, 2024

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The Mango DAO has rejected the proposal to pay the US Securities and Exchange Commission (SEC) $700,ooo as part of Mango Market’s settlement with the Commission for their unregistered MNGO token sales. This comes amid the Crypto Com’s recent lawsuit against the Commission following a Wells Notice, which the regulator issued to the crypto exchange.

Mango DAO Rejects Proposal To Pay US SEC As Part Of Settlement

Realms data shows that the Mango DAO has rejected the proposal to pay the US SEC $700,000 as part of the settlement offer proposed by the DAO, Mango Labs, and Blockworks Foundation. They recently settled with the Commission and had agreed to pay this sum and destroy the MNGO tokens following the charges brought by the regulator for the unregistered sale of these crypto assets.

The proposal was meant to authorize the DAO representative to release the funds currently held in escrow ($669,684) to the SEC to satisfy the amount due against the DAO in satisfaction of the settlement terms. The proposal failed as 52.2 million more Yes votes were needed to pass it. There were only 27,774,65 yes votes in favor of the proposal.

Interestingly, smart contract developer Henry revealed in an X post that the proposal was sailing through with over 100 million votes in favor. However, voters withdrew 80 million of the notes 5 hours before the voting period was to close.

This development comes amid the crypto exchange Crypto Com’s decision to sue the US SEC. The exchange mentioned that the lawsuit was in response to the Wells Notice that it received from the Commission, alleging that it had violated securities laws.

However, it is uncertain if the Crypto Com’s decision to fight back against the SEC might have influenced the DAO’s decision to vote against the proposal.

Top Crypto Settlements By US Regulators

US regulators, including the US SEC, have reached several settlements with crypto firms thanks to these regulators’ enforcement actions. A CoinGecko report showed that crypto companies have reached $32 billion in settlements with these US regulators. The largest is the $12.70 billion settlement by FTX and Alameda with the US Commodity Futures Trading Commission (CFTC). These defunct crypto firms agreed to repay this sum to customers and the fraud victims.

Meanwhile, the second largest crypto settlement is the $4.7 billion fine the bankrupt crypto lender Celsius agreed to pay the US SEC. This is closely followed by the $4.3 billion civil settlement that Terraform Labs reached with the SEC earlier this year. According to CoinGecko, the US SEC and other regulators have recorded $19 billion in top crypto settlements this year.

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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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