SEC files settled charges against Mango Markets operators

In 2022, Mango Markets suffered a high-profile exploit perpetrated by Avraham Eisenberg that drained the platform of $100 million.

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Kamala Harris Allegedly Working On Crypto Policies With Industry Advocates Scaramucci

At the TOKEN2049 conference, SkyBridge Capital founder Anthony Scaramucci revealed that US Vice President and Democratic nominee Kamala Harris is working alongside industry advocates on her crypto policies before the November elections. Related Reading: Solana (SOL) Flies 12% To Reclaim $140, Is $160 Next? Kamala Harris Distancing From Warren And Gensler On Thursday, Anthony Scaramucci claimed to be working alongside Kamala Harris to develop her campaigns crypto policies. SkyBridge Capitals founder announced at one of the largest crypto events worldwide that the Democratic nominee has been hearing out industry proponents. Scaramucci and other undisclosed crypto and Bitcoin advocates have been allegedly pushing the US VP to back industry-friendly policies. These talks have been seemingly making progress and going in the right direction, he stated at the event. Moreover, the industry advocates working alongside Harris want to prevent crypto policies from becoming a partisan issue, aiming for crypto in the U.S. to have a bipartisan standard unstrained from political and tribal conflicts. Scaramucci also stated that they are working to distance the Democratic Party from figures like Senator Elizabeth Warren and Gary Gensler, who have had a big role in the USs crackdown on the industry. The Democratic candidates stance on the sector has been heavily speculated since she was nominated. Nonetheless, Harris, whose stance remains undisclosed, has been endorsed by several industry figures, including Ripples co-founder Chris Larsen and Bitcoin bull Mark Cuban. Who Is The Crypto Industrys ‘Favorite’ Candidate? At the TOKEN2049 panel, Scaramucci also commented on his feelings about former US president Donald Trump. He applauded the Republican candidate for understanding the industrys importance, claiming that he has changed the landscape ahead of the elections: Whatever my feelings are about President Trump, I applaud him for understanding how important this industry is for the United States, and I think ironically, hes pulling the Democrats along into a centrist position on regulation. Trumps stance has pushed the Biden-Harris administration toward a more industry-friendly approach in the past few months. In a recent interview with CNBC, Cardanos founder, Charles Hoskinson, also suggested that Trump might be the favorite option from a crypto perspective. To him, the Republican candidate is the clear industry favorite as he has openly embraced the sector, even launching a DeFi project. The community has also launched several Trump-inspired memecoins throughout his campaign, which lead the PolitiFi token sector. Related Reading: Will Bitcoin Break Through $70k? Short-Term Holders Buy Price Holds The Key Since the presidential debate on September 10, the US VP has challenged the Republican candidate’s winning odds. Prediction markets like Polymarket show that Harriss chances of winning surpass Trumps by 3%, with 51% odds in her favor. Nonetheless, Hoskinson considers that regardless of who wins the election, the world will continue to move toward crypto adoption. The world, with or without America, is embracing cryptocurrencies, he stated. As of this writing, Bitcoin, the largest cryptocurrency by market capitalization, is trading at $63,480, an 8% increase in the past week. Featured Image from Unsplash.com, Chart from TradingView.com

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SEC seeks sanctions against Elon Musk over Twitter investigation

Elon Musk and his various companies are currently facing regulatory scrutiny in Brazil, the European Union, and the United States.

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Gary Genslers Crypto Warning: 90 Years of Rules Apply

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), issued a stern warning to crypto exchanges. He emphasized that they must follow the rules set in place. His comments came during an interview with CNBC on Wednesday, where Gensler made clear that protecting the public from bad actors remains a top priority. This […]

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It's time to update the SEC's disclosure process for crypto

SEC Commissioner Mark Uyeda wants to update the agency's S-1 disclosure for cryptocurrency firms. His stance is a positive step toward progress.

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SEC crypto overreach cost small investors $15B: John Deaton

According to a popular pro-crypto attorney and Senate candidate, the SEC's overreach into the crypto industry has cost retail investors over $15 billion in losses.

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SEC softens stance around SAB-121: Galaxy Research

In May, United States congressional lawmakers voted to repeal Staff Accounting Bulletin-121 in a 228-182 bipartisan vote.

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The Real Price Impact For XRP: Expert Shares Timeline For Expected Surge, Heres When

Due to regulatory hurdles, XRP failed to initiate a significant rally alongside other notable cryptocurrency assets like Bitcoin and Ethereum in the 2021 bull cycle. There has been much speculation about when the altcoin will surge again. However, a market expert has recently shared insights into when the actual price impact for XRP will develop, indicating a positive future for the crypto asset. Real Price Impact For XRP On The Horizon SMQKE, an observer and researcher of Current Tech Shift, has disclosed the period for the much-anticipated rally for XRP to come to light, emphasizing the key developments that may influence the value of the digital asset in the future. Related Reading: Crypto Analyst Predicts 42,263% Breakout For XRP Price To $280, Heres The Roadmap The expert bases his prediction on the recent developments around the Ripple-Russia Presentation, which implies that major confirmation was provided that all of the big banks that have teamed up with Ripple, including leading banks that are crucial to the system, such as Standard Chartered, Santander, and Bank of America, are currently running in test mode. “If these major banks are still in the testing phase, it means they have not yet fully integrated Ripples technology into their daily operations,” he added. Because of this, SMQKE believes that XRP has been unable to move significantly despite its potential utility. XRP may be struggling to undergo a major price upswing, but SMQKE asserts that this development is encouraging for XRP’s future because systemically important banks are participating in the ongoing testing. As a result, the researcher is confident that after the tests are over and the big banks have transitioned to full-scale adoption of Ripple’s technology, the real price effect for XRP will take place.  This is because once these tests are successfully concluded, there will be a greater need for XRP as a utility asset in financial transactions, potentially resulting in a sharp increase in the altcoin price. Current State Of The Market In A “Wait And See” Phase According to the expert, the market could be in a “wait and see” phase. This is because investors might be delaying pushing up XRP’s price until they see definite evidence of widespread acceptance and regulatory certainty around the asset. Related Reading: XRP Set To Explode? Top Analyst Predicts $33 Rally The legal litigation between Ripple and the United States Securities and Exchange Commission (SEC) has been a major roadblock for the potential of XRP. SMQKE’s insights suggest that investors await the lawsuit’s conclusion before pouring massive capital into the crypto asset market. If the lawsuit ends and Ripple’s technology integration tests with big banks go live, there is a good chance that the value of XRP will witness a notable price rally, possibly to new all-time highs. Featured image from Adobe Stock, chart from Tradingview.com

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XRP Primed For A Major Breakout, The Next Price Target Will Shock You

Amid recent market volatility, major cryptocurrencies like XRP have seen a wave of optimism among investors and traders as several crypto analysts continue to offer bold predictions regarding the altcoin. Even though XRP has not been able to witness a massive surge since its rally to its current all-time high in 2017, these analysts are confident that a similar move could take place in the ongoing bull cycle. Is XRP On The Brink Of Hitting A New All-Time High? In an audacious prediction, well-known crypto expert and trader, Xaif, delving into the current price action of XRP, has claimed that the crypto asset is preparing for a possible significant breakout, suggesting renewed strength for a major rally ahead. Xaif made the bold prediction after citing a bullish Symmetrical Triangle pattern on the altcoin‘s chart in the weekly timeframe. Related Reading: Can The XRP Price Cross $250? Crypto Analyst Predicts 42,000% Breakout Specifically, this pattern develops when an ascending line connecting the lows and a descending line connecting the highs converge. Also, they suggest a consolidation phase before a potential breakout on the upside or the downside. However, in this scenario, the crypto expert has identified an impending massive breakout for XRP on the upside, indicating a possible strong move for the digital asset in the upcoming days. Analyzing the magnitude of the breakout, Xaif has set his next price target for XRP at the pivotal $150 level in the next 6 months. Xaif’s prediction appears to have caused quite a frenzy in the community as crypto enthusiasts express their strong displeasure with the analyst’s bold forecast. Despite the nature of crypto assets to undergo wild price swings, these enthusiasts have criticized the analyst for his claims believed to impact the community negatively. While the community has slammed his projection, Xaif remains firm, noting that the token is a real-life utility and that the possibility of XRP handling transactions globally will catalyze this massive rally to the $150 threshold and even higher. However, Xaif, in another post, highlighted that XRP is stabilizing with a rising trendline between the $0,5650 support range and the $0.6450 resistance level. Meanwhile, a decline below $0.5650 or the trendline may indicate a negative trend, while a breakout above $0.6450 would suggest a bullish move. The Altcoin Needs To Break Through Key Resistance Levels Whether a move to the $150 level looms, XRP is poised for a bullish breakout. Another crypto analyst, Fiatleak, has forecasted a breakout for altcoin in the short term. Related Reading: Analyst Says XRP Price Will Rally 10,400% To $60, Heres When According to Fiatleak, the altcoin has been displaying strong signs of an upsurge for the past 2 days, due to growing market optimism and recent encouraging developments in the US Securities and Exchange Commission’s (SEC) legal battle with financial behemoth, Ripple. During the period, the analyst stated that the token has been fluctuating between $0.57 and $0.65, and other experts believe that if XRP can overcome significant resistance levels, it may soar to new all-time highs. Featured image from Adobe Stock, chart from Tradingview.com

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Coinbase finds flawed analysis in SEC's proposed exchange definition

In its third letter to the SEC, the crypto exchange said it would withdraw the proposal, which was first released in 2022, and start over again.

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Pro-XRP Lawyer Debunks Ripple-SEC Settlement Rumor For Tomorrow

A rumor claiming a potential settlement between Ripple and the US Securities and Exchange Commission (SEC) scheduled for a closed meeting on July 18 has been debunked by former SEC regional director and pro-XRP lawyer, Marc Fagel. According to Fagel, the likelihood of a settlement being discussed in this particular meeting is highly improbable, despite the community’s hopeful speculations. Ripple-SEC Settlement Is Highly Unlikely The rumor was initially fueled by Brett Hill, an ambassador for the cryptocurrency exchange Bitrue, who suggested via the social media platform X that the SEC’s private meeting might finalize the long-standing legal battle between Ripple and the regulator. Hill cited “reliable sources” and pointed to a screenshot of the SEC’s official meeting announcement, which, however, did not explicitly mention the Ripple case. Related Reading: Expert Foresees XRP Soaring To $250: Technical Analysis Explained Reacting to the speculation, Marc Fagel humorously commented on X, saying, I mean, they’ve had about 150 of these nearly-weekly meetings since the case was filed, and Crypto Twitter was convinced a settlement was being discussed at every one of those meetings, but this is DEFINITELY the one! [Narrator: It’s not the one.] According to the SEC’s announcement, the meeting’s agenda will cover topics such as the institution and settlement of injunctive actions, administrative proceedings, resolution of litigation claims, and other matters related to enforcement proceedings. Although the agenda does include topics that could theoretically encompass a settlement with Ripple, there is no direct evidence to suggest that this is planned for discussion. In contrast, another pro-XRP lawyer, Fred Rispoli, has outlined a potential future date, July 31, for a possible resolution, albeit noting that a “pre-judgment settlement is unlikely.” Rispoli’s prediction includes a possible penalty not exceeding $25 million for Ripple, without any disgorgement. Related Reading: XRP & Litecoin See Social Media FOMO: Bad Sign For Prices? The SEC has been engaged in a legal tussle with Ripple since December 2020. Following the summary one year and 4 days ago, both parties are currently waiting for a remedy and penalty ruling by Judge Analisa Torres. The SEC is pursuing a penalty of $102.6 million against Ripple, markedly lower than the almost $2 billion initially demanded. Ripple has suggested capping the penalty at $10 million, citing the Terraform Labs case as a precedent. Nonetheless, the SEC has dismissed this proposal in its reply brief, stating that such a minimal amount would not align with the objectives of civil penalty statutes. XRP Price Gains Momentum Over the past 12 days, the price of XRP has surged from $0.38 to over $0.61, marking a 61% increase. Although Bitcoin spearheaded the broader recovery in the cryptocurrency market, XRP has emerged as one of the top performers during this period. While no specific news can be directly linked to this price movement, the favorable technical chart setup for XRP, along with potential influence from settlement rumors, have likely contributed to the significant uptick. At press time, XRP traded at $0.61551. Featured image from YouTube, chart from TradingView.com

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Ripple CLO Reacts as Court Slams SEC for Acting Unlawfully

The Ripple Chief Legal Officer, Stuart Alderoty, takes to X to express his views on another criticism of the U.S.…

The post Ripple CLO Reacts as Court Slams SEC for Acting Unlawfully  first appeared on The Crypto Basic.

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SEC Counters Ripples $10M Penalty Proposal as It Defies Purposes of Civil Penalty

The Securities and Exchange Commission (SEC) has countered the proposal of Ripple Labs to lower the penalty against it to $10 million, saying it would not satisfy the purposes of the civil penalty statutes.

Ripples Attempt to Lower the Penalty

The SECs counter came on Friday, only a day after Ripple cited the recent settlement of the regulator with Terraform Labs and its former CEO, Do Kwon, to reduce a previously proposed civil penalty of $876.3 million to $10 million.

Ripples lawyers argued that the penalty proposed against the blockchain company by the regulator was unreasonable when compared to the civil penalty sought against Terraform Labs.

As Ripples opposition explained, in comparable (and even more egregious) cases, the SEC has agreed to civil penalties ranging from 0.6% to 1.8% of the defendants gross revenues, Ripple argued. Terraform fits that pattern.

SECs Counter

In its counter, the regulator pointed out that Terraform is now bankrupt and also agreed to return money to investors. The company further fired the leaders in charge at the time of the violations.

Ripple is agreeing to none of this relief in fact, Ripple is agreeing to nothing, the SEC stressed, adding that the cases of Ripple and Terraform Labs are not an apples-to-apples comparison.

The @SEC is raging. Ripple defended itself - agreeing to nothing. The court gave clarity that XRP is not a security. There are no victims to compensate. And worst of all for the @SEC, Ripple is thriving. But at least @SEC seems to have abandoned its absurd demand for $2B. https://t.co/KVSkB9OqlH

The SEC sealed the settlement deal with Terraform Labs and Do Kwon last week for a hefty sum of more than $4.47 billion, which combines recovery and penalty. Kwon, whose extradition fate from Montenegro hangs in the balance, will have to pay over $204 million himself.

In its long-running case against Ripple, the agency is seeking $1.95 billion in total, out of which $876 million is for recovery, $198 million is for prejudgment interest, and $876 million is for a civil penalty.

In the latest court filing, the SEC pointed out that in the penalty against Terraform Labs, the gross profit of the violative conduct on over $3.5 billion was at nearly a 12 percent ratio. If the same ratio is applied to Ripples $876.3 million in gross profits, which has been asked to disgorge, the civil penalty would be $102.6 million.

That low of a penalty would not satisfy the purposes of the civil penalty statutes, the SEC added.

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Crypto chief bids SEC farewell after 9 years of service

David Hirsch has worked as an enforcement attorney for the SEC since 2015 and started his post as the chief of the crypto asset division in 2022.

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Ripple Cites Terraform Labs' Settlement to Lower Penalty Against It to $10 Million

Ripple Labs is leveraging the recent settlement of the Securities and Exchange Commission (SEC) with Terraform Labs to lower the proposed nearly $2 billion penalty against it to $10 million, a notice of supplemental authority posted yesterday (Thursday) revealed.

A Push to Lower the Settlement Amount

The blockchain company has argued that the hefty $2 billion penalty proposed by the regulator for offering the XRP token to institutions is unreasonable and should be closer to $10 million.

The civil penalty sought by the SEC in Terraform demonstrates the unreasonableness of the civil penalty sought by the SEC in this (Ripples) case, the lawyers of the blockchain company said. As Ripples opposition explained, in comparable (and even more egregious) cases, the SEC has agreed to civil penalties ranging from 0.6% to 1.8% of the defendants gross revenues. Terraform fits that pattern.

Ripple also cited that the allegations against it are different from those against Terraform Labs, which faced charges of civil fraud. Ripple, on the other hand, has only been charged with distributing unregistered securities.

Here, by contrast, the SEC seeks a civil penalty far exceeding that range, even though there are no allegations of fraud in this case and Institutional Buyers did not suffer substantial losses, Ripples lawyers added. Terraform thus confirms that the Court should reject the SECs disproportionate and unprecedented request and that an appropriate civil penalty would be no more than $10 million.

BREAKING: @Ripple files Notice of Supplemental Authority regarding TerraForm Labs Consent Judgment! The SEC v. RIPPLE case could end ANYTIME! #XRP pic.twitter.com/4n5RF5SiHY

A Long-Running Court Battle

Ripple has been fighting a long legal battle with the American regulator. The SEC first moved against the blockchain company in December 2020, alleging the illegal sale of XRP tokens to both retail and institutional investors, raising more than $1.3 billion. According to the regulator, XRP is unregistered securities.

The initial regulatory lawsuit named Ripples CEO, Brad Garlinghouse, and the Co-Founder, Chris Larsen, but charges against them were dropped last October. Last July, the New York federal court ruled that the sale of XRP on exchanges and through algorithms did not violate any American securities law; however, sales to institutions did.

Last March, the SEC proposed $1.95 billion in recovery and civil penalties from the blockchain company, which it heavily opposed.

Meanwhile, on Thursday, a US court approved the settlement between the SEC and Terraform Labs and its former CEO, Do Kwon, for a hefty sum of more than $4.47 billion, which combines recovery and penalty. Kwon, whose extradition fate from Montenegro hangs in the balance, will have to pay over $204 million himself.

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U.S. Judge Signs Off on $4.5B Terraform-Do Kwon Settlement With SEC

A U.S. District Court judge has agreed to a settlement between the Securities and Exchange Commission (SEC), Terraform Labs and its former CEO, Do Kwon, which would have them pay billions in penalties as well as virtually ban them from the crypto industry, according to the court filings. Source: CoinDesk

The post U.S. Judge Signs Off on $4.5B Terraform-Do Kwon Settlement With SEC appeared first on Crypto Breaking News.

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SEC Settles with Terraform Labs and Do Kwon for $4.5 Billion

Terraform Labs and its former CEO, Do Kwon, have agreed to pay about $4.5 billion in recovery and civil penalties to the Securities and Exchange Commission (SEC), thus striking a settlement agreement with the US regulator, according to a court filing yesterday (Wednesday).

Furthermore, Kwon and Terraform Labs would be permanently banned from buying and selling crypto asset securities, including the tokens in the Terra ecosystem.

Another Major Settlement

However, the settlement deal has yet to be approved by US District Court Judge Jed Rakoff of the Southern District of New York (SDNY), who is overseeing the case. The lawyers of the SEC have already filed a letter with the judge for approval.

If approved, the proposed judgment will send an unmistakable deterrent message to not only those who engage in brazen misconduct but also to all those who seek to evade the requirements of the federal securities laws by crafting new standards of behavior for crypto assets that fall under the purview of the federal securities laws, the regulatory lawyers wrote.

Out of the total agreed settlement amount of $4,473,828,306, Kwon personally will have to pay at least $204,320,196.

Initially, the US regulator was seeking $5.3 billion in settlement. However, the legal representatives of the defendants countered that with only $1 million in civil penalties and no recovery or injunction.

Kwons Fate Hangs in a Balance

Kwon was known for building Terraform Labs. However, the project's two cryptocurrencies, TerraUSD and Luna, collapsed in 2022, wiping out about $37 billion in value. The collapse of the algorithmic stablecoin triggered the shuttering and collapse of several other cryptocurrency companies.

After his company collapsed, he disappeared immediately from public sight but was arrested in Montenegro last year while traveling with fake travel documents. Both South Korea and the United States have been trying to extradite him. Meanwhile, he was released from the Montenegro prison on bail due to some technical issues in the extradition ruling against him.

The SEC formally charged Kwon and his company with fraud in April of last year. The trial against Kwon in the US proceeded in his absence.

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Ethereum ETF Approval: SECs 2nd Massive Delay Disrupts Market

Issuers of prospective spot Ethereum exchange-traded funds (ETFs) are still in limbo, waiting for the Securities and Exchange Commission (SEC) to provide feedback on their S-1 filings. According to two sources, these drafts were initially submitted on May 31, with the issuers anticipating comments from the SEC by June 7. Yet, at least two issuers […]

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Spot Ethereum ETF approval 'may be better for Bitcoin' Michael Saylor

The approval of spot Ether ETFs brings in another line of defense for Bitcoin, argues MicroStrategy founder Michael Saylor.

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Consensys Hails Ethereum ETF, SECs Surprising Good 180-Degree

In a significant development for the cryptocurrency market, the U.S. Securities and Exchange Commission (SEC) has approved the first Ethereum (ETH) Spot ETFs, marking a pivotal shift in regulatory stance. Consensys, a leading blockchain technology company, hails this decision as a critical step forward, although it underscores ongoing regulatory inconsistencies. Consensys CEO Joe Lubin remarked, […]

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