Regulation
US SEC Launches New Unit to Tackle Cyber and Crypto-Related Misconduct
The U.S. Securities and Exchange Commission (SEC) has announced the formation of the Cyber and Emerging Technologies Unit (CETU) to address cyber-related fraud and protect retail investors. The new unit will focus on misconduct involving digital assets, artificial intelligence, and other emerging technologies.
Laura D’Allaird has been appointed as the chief of CETU, which replaces the Crypto Assets and Cyber Unit. The new unit consists of 30 fraud specialists and attorneys from various SEC offices.
US SEC New Unit to Tackle Cyber and Crypto-Related Misconduct
The SEC stated that CETU will play a key role in tackling fraud linked to blockchain technology, crypto assets, and online scams. The unit will also focus on cybersecurity compliance for regulated entities and public issuers.
According to SEC Acting Chairman Mark T. Uyeda, CETU will work alongside the Crypto Task Force led by Commissioner Hester Peirce. “The unit will not only protect investors but will also facilitate capital formation and market efficiency by clearing the way for innovation to grow,” Uyeda said.
The SEC has maintained an active stance in overseeing digital markets. With the rise of artificial intelligence and machine learning, CETU will ensure these technologies are not misused to deceive investors.
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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.
US SEC Chair nominee Paul Atkins has revealed his intention to prioritize providing regulatory clarity for the crypto industry. This came following Atkins’ nomination hearing before the US Senate Banking Committee.
Paul Atkins To Prioritize Regulatory Clarity For Crypto Industry
During his Senate Banking Committee nomination hearing, Paul Atkins stated that a top priority of his chairmanship will be to work with his fellow commissioners and Congress to provide a “firm regulatory foundation for digital assets through a rational, coherent, and principled approach.
This comes just as CoinGape reported that the US SEC plans to shift its focus from crypto enforcement actions to traditional cases. Under past Chair Gary Gensler, the Commission adopted the regulation by enforcement approach instead of providing clarity for the industry.
However, Atkins is looking to change that, with his mission already aligning with the moves the agency, under Acting Chair Mark Uyeda, has made so far to create a regulatory-friendly environment for the industry.
During the hearing, Committee Chairman Tim Scott alluded to the backlash that the SEC faced under Gensler. Paul Atkins admitted that all prior issues were disturbing and committed to working on boosting the agency’s image. He added that he wants to go back to the basics and ensure that the Commission works in line with its mission.
Atkins Crypto Holdings Revealed
Coingape recently reported that Paul Atkins holds almost $6 million in crypto investments, according to a disclosure released on Tuesday. Between $250,000 and $500,000 is equity in crypto custodian Anchorage Digital.
Meanwhile, the US SEC Chair nominee previously held a board position at the BlackRock-backed tokenization firm and had nearly $250,000 to $500,000 in call options. $1 million to $5 million of these investments came from stakes in Off the Chain Capital, where he is a limited partner.
It is unclear if Paul Atkins will offload these crypto investments if the US Senate confirms him as the next US SEC Chair. However, Senator Elizabeth Warren described his financial conflicts of interest as “breathtaking.”
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.
Ripple has dropped its cross-appeal against the US Securities and Exchange Commission (SEC) following the latter’s decision to drop its case against the crypto firm last week. The firm’s Chief Legal Officer (CLO), Stuart Alderoty, also revealed what will happen with the $125 million penalty the Court awarded against them.
Ripple Drops Cross Appeal Against The US SEC
In an X post, Ripple’s CLO, Stuart Alderoty, revealed that his firm has now agreed to drop its cross-appeal against the US SEC after the Commission decided to drop the appeal without conditions.
This development officially ends the long-running legal battle between the crypto firm and the SEC, as the latter has also agreed to drop the Ripple lawsuit in its entirety.
Alderoty also revealed what will happen to the monetary judgment, which Judge Analisa Torres awarded against the crypto firm. He stated that the Commission will keep $50 million of the $125 million fine, which is already in an interest-bearing escrow in cash, while Ripple will collect the balance of $75 million.
Meanwhile, the US SEC will ask the Court to lift the standard injunction it imposed against the crypto firm at the Commission’s request. This move is subject to the Commission vote, the drafting of final documents, and routine court processes.
Significance Of This Development
Besides ending the Ripple lawsuit, the SEC’s agreement to request that the Court drop the standard injunction against the crypto firm paves the way for a surge in XRP’s adoption since the company can now proceed to carry on its on-demand liquidity (ODL) sales as usual.
Legal experts had predicted that Ripple was holding out on settlement to get the Commission to lower the fine and request the Court to drop the injunction. As such, these developments undoubtedly represent a massive victory for the firm.
CEO Brad Garlinghouse recently discussed the company’s future. He predicted that their US operations would grow in the coming months following the end of the lawsuit and thanks to imminent crypto legislation.
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.
Regulation
Brad Garlinghouse Discusses Ripple’s Future, Crypto Legislation & Blockchain Technology As Lawsuit Ends
Ripple CEO Brad Garlinghouse recently discussed what is next for his firm and how crypto legislation could also positively impact the crypto industry’s trajectory and the future of blockchain technology. This comes just days after the US SEC agreed to drop the long-running Ripple lawsuit.
Ripple CEO Brad Garlinghouse Reveals What As SEC Drops Lawsuit
In a FOX Business interview, Brad Garlinghouse discussed what next for his firm following the SEC’s decision to drop the Ripple lawsuit. He noted that about 95% of the company’s customers are overseas, as the lawsuit hindered their US operations.
However, he suggested that will likely change moving forward as they grow their operations in the country. Garlinghouse remarked that they have already been witnessing domestic interest since US President Donald Trump took office. The Ripple CEO revealed they have signed more deals since then than in the six months preceding Trump’s inauguration.
The company is expected to grow further in the US after the SEC agreed to drop the Ripple lawsuit. Brad Garlinghouse predicts that his firm’s innovative technology will play out over the next ten to twenty years in terms of how it integrates and rewires the US financial structure in terms of payments, real estate, and securities transactions.
The Ripple CEO again took time to highlight how Trump’s crypto-related executive orders, especially the creation of the Strategic Bitcoin Reserve and Digital Asset Stockpile, have created a more friendly environment for crypto firms in the US.
He noted that financial institutions are now more open to crypto technology. As CoinGape reported, the OCC has cleared Federal Banks to engage in crypto activities.
On Stablecoin Legislation & Its Impact
Brad Garlinghouse commended the efforts of legislators like Senator Cynthia Lummis and Rep French Hill to provide regulatory clarity. These lawmakers are championing the market structure and stablecoin bills to create a regulatory framework that will guide crypto firms. Senator Lummis also recently reintroduced the Bitcoin Act to codify Trump’s vision of a Strategic Bitcoin Reserve.
The Ripple CEO welcomed the idea of regulatory clarity, stating that it would reassure customers that they can engage with them in good faith. He remarked that these customers would feel more comfortable using their technologies without fear of regulators attacking them. Garlinghouse added that this would also enable more job creation, innovation, and capital formation in the US.
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.
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