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Ripple Vs SEC, Torres Decision, XRP Army’s Role

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10 months ago

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The U.S. House of Representatives votes on the Financial Innovation and Technology for the 21st Century Act (FIT21), the first step of a U.S. regulatory framework to achieve regulatory clarity for digital assets. Ripple vs SEC lawsuit, Judge Torres’ summary judgment, and support from XRP army including lawyers have played a crucial role in preparing for the landmark bipartisan crypto bill.

FIT21 Crypto Bill Passes

US House the Financial Innovation and Technology for the 21st Century Act (FIT21), H.R. 4763, will provide regulatory clarity over the regulation of digital assets and protect consumers, becoming the most important crypto bill to date. The Republican-favored crypto bill has become a key discussion affair amid the upcoming election this year.

Some Democrats have also supported the crypto bill that will provide clarity regarding which regulator either the SEC or CFTC has jurisdiction over digital assets. Along with providing consumer and investors protection, it will help distinguish which digital assets are commodities and securities.

US House Ranking Member Maxine Waters says the bill is not fit for purpose and can create massive loopholes. Democrats spoke against the crypto bill. Meanwhile, the White House said it will not issue a veto threat against FIT for the 21st Century Act, if passed in House.

Also Read: Ethereum ETF Approval Date: Is Thursday D-Day for SEC’s Decision?

Mentions of Ripple Vs SEC in Part of FIT21

CryptoLaw, founded by Deaton Law Firm, said Ripple vs SEC lawsuit, Judge Torres’ decision in the case, and XRP Army’s relentless pressure to seek clarity have helped in addressing the creation of the bill.

A section in the crypto bill aims to clarify treatment of digital assets sold pursuant to an investment contract. “A digital asset sold or transferred or intended to be sold or transferred pursuant to an investment contract is not and does not become a security as a result of being sold or otherwise transferred pursuant to that investment contract,” it reads.

Judge Torres affirmed this in the Ripple Vs SEC lawsuit that the token itself is not a security such as programmatic sales by exchanges, but offers and sales of the token to institutions are securities. The XRP community called for amendments in the existing securities law for practicality to new technologies.

CryptoLaw stated that SEC Chair Gary Gensler opposes the FIT21 as he wants to continue arguing against Judge Torres’ summary judgment.

House Committee on Agriculture has criticized Gary Gensler and the SEC for the political nature of their position. It also highlighted that the XRP decision in July 2023 was key development in creating a regulatory framework.

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Also Read: US SEC Faces Probe Over Prometheum’s Plans to Custody ETH

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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

Ripple Secures DFSA License in the UAE

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17 hours ago

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March 13, 2025

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An image of the Dubai International Financial Centre

  • Ripple has secured a major license in the Middle East after getting regulatory nod from the Dubai Financial Services Authority (DFSA).
  • The license allows Ripple to offer regulated crypto payments and services within the Dubai International Finance Centre (DIFC).

Ripple announced on March 13, 2025 that it had secured a major license in the Middle East.

The Dubai Financial Services Authority (DFSA) has greenlit Ripple to offer regulated crypto payments and services within the Dubai International Finance Centre (DIFC).

Ripple becomes the first blockchain-enabled payments provider to snag this crucial DFSA license.

Ripple secures license in Middle East milestone

This DFSA approval marks another of Ripple’s footprint in the Middle East, with this adding to a presence that includes major partnerships in the region.

It enhances the XRP creator’s recognition and aligns with Ripple’s plans to add to its global customer base. The license also means a potentially massive opportunity for XRP adoption.

“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” said Brad Garlinghouse, chief executive officer of Ripple. “Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”

A 2024 Ripple survey found 64% of finance leaders in the Middle East and Africa (MEA) see faster payments as the killer app for blockchain-based currencies. No surprise, then, that over 82% of MEA finance bosses say they’re “very or extremely confident” about integrating this tech into their operations.

“Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets,” said Reece Merrick, Ripple’s managing director for Middle East and Africa.

Merrick added;

“Securing this DFSA license is a major milestone that will enable us to better serve the growing demand for faster, cheaper and more transparent cross-border transactions in one of the world’s largest cross-border payments hubs.”

This license will be great for Ripple’s stablecoin RLUSD, which the company launched late last year. Like other stablecoins, RLUSD could supercharge crypto adoption in the UAE, with users accessing real-time settlement for cross-border payments and remittances.

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OKX Expands Institutional Offerings In Europe With MiFID II License

Published

2 days ago

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March 12, 2025

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OKX crypto exchange has acquired a Markets in Financial Instruments Directive (MiFID II) license by acquiring a Malta-licensed entity. This move allows the company to introduce regulated derivative products and services for institutional clients across the European Economic Area (EEA), pending Malta Financial Services Authority (MFSA) approval.

The regulation news was made during an exclusive event on Manoel Island, Malta, as part of OKX’s strategy to strengthen its presence in the European market.

OKX Acquires MiFID II License To Expand In Europe

According to a recent announcement, OKX secured a MiFID II license through the acquisition of a Malta-based firm that holds the regulatory approval. The entity will become operational later this year after receiving clearance from the Malta Financial Services Authority (MFSA).

The MiFID II license will allow OKX to introduce regulated derivatives and investment solutions for institutional clients across the EEA. This move will enhance institutional market access while maintaining compliance with European financial regulations.

Previously, OKX received a full Markets in Crypto-Assets (MiCA) license, enabling the exchange to provide localized crypto trading services across 30 EU member states. The MiCA license supports various offerings, including spot trading, over-the-counter (OTC) trading, and automated trading solutions.

Amid these regulation news, earlier this month, top crypto exchange Binance announced that it would be delisting all non-MiCA-compliant stablecoin trading pairs for users in the EEA.

Institutional Offerings With Regulatory Compliance

OKX’s expansion under MiFID II aims to align digital assets with traditional financial markets. The company intends to provide institutional-grade services that meet European compliance standards. The newly acquired license will help OKX partner with tier-one financial institutions and introduce new regulated investment products.

With the MiFID II approval, OKX plans to integrate additional risk management features and trading solutions tailored for institutional investors. The exchange seeks to offer advanced derivatives products while ensuring security in line with European regulations.

Additionally, OKX’s institutional clients will gain access to new derivatives trading services under the MiFID II license. The platform currently supports trading for over 240 cryptocurrency tokens, 300 trading pairs, and 60 euro-based trading pairs.

Concurrently, the top crypto exchange plans to expand its fiat on-ramp options. The company allows users to deposit and withdraw euros at no cost through bank transfers while supporting card payments and other local payment methods.

More so, the exchange’s website and mobile app are designed to support local languages, currency displays, and customer service tailored to each European market. The company is set to introduce more localized services, including streamlined Know Your Customer (KYC) processes.

Reacting to the regulation news, Erald Ghoos, OKX Europe CEO added,

“With this license, we are set to deliver institutional-grade services, partner with tier 1 financial institutions, and offer regulated investment solutions that enhance market access and empower investors across the continent.”

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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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Regulation

Acting SEC Chair Mark Uyeda Seeks to Drop Rule That Targets DeFi Exchanges

Published

4 days ago

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March 10, 2025

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Acting U.S. Securities and Exchange Commission (SEC) Chair Mark Uyeda has announced a move to reconsider a proposed rule that could regulate decentralized finance (DeFi) exchanges. The rule, known as Regulation ATS, aimed to broaden the definition of an exchange to include communication protocols used in the crypto sector. Uyeda stated that he directed SEC staff to explore options for abandoning the portion of the proposal related to crypto, citing widespread public criticism.

SEC Chair Mark Uyeda Moves to Drop Rule Targeting DeFi Exchanges

In a recent development in crypto regulations, SEC Chair Mark Uyeda has asked agency staff to explore options for removing part of the proposed Regulation ATS. The rule sought to expand the definition of an exchange to include communication protocols in crypto markets.

Uyeda said that the proposal would have forced DeFi platforms to register as regulated exchanges. The move faced heavy opposition from the crypto industry, with concerns that it could impose excessive compliance burdens. Uyeda acknowledged the criticism and emphasized that the SEC should reconsider its approach.

Meanwhile, in other regulatory news, Thailand’s SEC has officially approved USDT as a recognized cryptocurrency. The decision allows virtual asset service providers in the country to offer Tether’s stablecoin on their platforms, expanding its accessibility for businesses and individuals.

Regulation ATS Expansion Could Have Classified DeFi as Exchanges

Regulation ATS was initially designed to regulate alternative trading systems but was revised under former SEC Chair Gary Gensler. The proposed changes could have extended its scope to DeFi platforms. This would have subjected decentralized exchanges to regulatory oversight similar to traditional financial markets.

Critics warned that the proposed rule could hinder innovation in decentralized finance. Industry leaders argued that forcing DeFi projects to comply with exchange registration and disclosure requirements could be impractical due to their decentralized nature. Uyeda recognized these concerns and indicated that the SEC may step back from its initial position.

Most recently, CoinGape reported that ConsenSys challenged the SEC’s proposed DeFi rule changes, arguing that they exceed the agency’s legal jurisdiction. The company contends that the amendments impose undue regulatory burdens on decentralized protocols, conflicting with existing legal frameworks. ConsenSys has called for the SEC to withdraw the rule entirely, citing risks to innovation and compliance complexities.

Trump-Era and Impact on Crypto Regulations

The SEC has taken a different approach to crypto regulations under the new administration. Uyeda’s move follows a series of policy reversals since the departure of former SEC Chair Gary Gensler. The agency recently rescinded strict crypto accounting guidance and dropped several enforcement actions against industry players.

The shift signals a more relaxed regulatory stance toward digital assets. With the Trump administration in office, the SEC appears focused on easing restrictions that critics viewed as overly aggressive. Uyeda’s latest decision continues this trend, as the agency re-evaluates its approach to crypto oversight.

More so, crypto regulations in the U.S. may see improved clarity as the SEC and CFTC strengthen their collaboration. This effort will eliminate past jurisdictional conflicts and create a more structured oversight framework for digital assets.

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Ronny Mugendi

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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