When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. Important Disclaimers The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. More importantly, crypto advocates on Capitol Hill could be on firmer ground to push through legislation that ends the SEC’s reign of regulation by enforcement. If presiding Judge Failla grants the Coinbase MTD, US lawmakers may have to open an investigation into the SEC.īy way of background, the SEC alleges that Coinbase operates as an unregistered securities broker, clearing agent, and exchange. Investors await a court ruling on the Coinbase motion to dismiss (MTD). The ongoing SEC v Coinbase ( COIN) case may trump the SEC v Ripple case regarding impact on the US digital asset space. With the US digital asset space in the spotlight, another SEC case is also drawing significant interest. An outcome favoring a new US agency to oversee the US digital asset space could support the US crypto market. Empower Oversight, a non-profit government watchdog, filed a lawsuit against the SEC, claiming former SEC officials were biased against Ripple Labs and XRP.Ĭonsidering the increasing significance of the SEC v Ripple case, US lawmakers could open an investigation into the SEC’s actions across the crypto space. Significantly, Hinman’s former employer, Simpson Thacher, is part of a group that promotes Enterprise Ethereum. However, crypto advocates on Capitol Hill could pursue a Hinman investigation.īill Hinman, former SEC Director of the Division of Corporation Finance, said bitcoin (BTC) and ethereum (ETH) are not securities in a famous 2018 speech. SEC v Ripple: Bill Hinman Remains on the RadarĬalls for an investigation into Bill Hinman have subsided. Deaton’s comments, the XRP community could return their attention to a former SEC director. While the SEC attempts to win the right for an interlocutory appeal, the ongoing SEC v Ripple case may uncover more skeletons in the SEC’s closet. The SEC filed charges against Ripple Labs, Brad Garlinghouse, and Chris Larson in December 2020, coincidentally five years after the 2015 settlement. That really places the lawsuit in perspective now, doesn’t it?” “I’ve always maintained that the SEC and the US Government knew more about Ripple than any other company involved in crypto. “As part of the settlement, Norman Reed, on behalf of Ripple, agreed to hire an independent auditor – approved by the DOJ – who would provide FinCEN with an audit of all XRP sales for FIVE years.” His signature is on the 2015 FinCEN DOJ settlement with Ripple, which classified XRP a “convertible virtual currency.” “Norman Reed used to be the General Counsel of Ripple. This week, Norman Reed, formerly with the DTTC, the New York Fed, the SEC, and Ripple, became the CEO of Binance US.Ĭrypto-Law US founder and Amicus Curiae attorney John E.Deaton spoke about Reed’s association with Ripple, saying, ![]() Ripple case led the crypto community to discuss the latest move by Binance. Significantly, an appeal could extend the SEC v Ripple case into 2025. ![]() ![]() A ruling for the SEC would create more uncertainty about when XRP is or isn’t a security.
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