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John Deaton, the attorney representing XRP holders, has put forward a compelling argument that could potentially result in a 99.9% legal victory for Ripple in its ongoing legal battle with the SEC. Deaton’s Analysis challenges the prevailing belief that the SEC’s stance in the Ripple case is evenly split 50-50. Instead, he contends that the advantage heavily favors Ripple , resembling a 90-10 split in their favor. If Ripple ends up facing penalties of $20 million or less, this interpretation could lead to a resounding legal win for the company. Deaton’s perspective has been prompted by a recent post by Stuart Alderoty, the Chief Legal Officer of Ripple. It highlighted another legal setback for the SEC in the ongoing lawsuit. This viewpoint resonates with the sentiment prevalent in the cryptocurrency community. Several have been viewing a potential settlement of $20 million as a positive outcome for Ripple. This assessment takes into consideration the broader imp...

According to Bloomberg analysts, communication between fund managers and the SEC regarding a spot bitcoin ETF is becoming more productive. Analysts pointed to Ark Invest and 21Shares adding pages of new text to prospectuses as a positive sign of constructive back-and-forth with regulators. This typically signals that an application is nearing approval. Also read: Latin America Favors Centralized Exchanges Over DeFi: Report Additionally, dialogue with Grayscale is expected to open up after the SEC declined to appeal a court decision involving Grayscale’s proposed bitcoin ETF. I've gotten a lot of questions regarding my current view on Spot # Bitcoin ETF s over the last couple weeks. This is the first sec tion of the note I put out yesterday with @EricBalchunas. TLDR: Our view hasn't changed much https://t.co/dRAm5IsdQf pic.twitter.com/Htsi3n2XxV — James Seyffart (@JSeyff) October 13, 2023 Grayscale decision considered as a game changer The decision...

Prager Metis, one of the auditors that took care of the books for FTX — and had office space in the metaverse — has had a complaint filed against it for failing to follow rules for certified public accountants. These include getting indemnification clauses so that it wasn’t legally bound to the audits, attestations, and reviews it was providing. During this time, the accounting firm took in millions of dollars from dozens of different engagements that were improperly conducted, and while this spells bad news for Prager Metis, it could imply that a far bigger shoe has yet to drop for the accounting industry as a whole. The SEC is moving against auditors This action against Prager Metis isn’t the first time the government regulator has taken on an audit or this year. In June, the SEC settled with Marcum LLP over its “control deficiencies” in regard to SPACs (Special Purpose Acquisition Companies). Marcum took on roughly 600 different SPACs as their audit or, with 2...

In anticipation of the looming U.S. government shutdown , the U.S. Securities and Exchange Commission ( SEC ) is purportedly hastening the debut of Exchange-Traded Funds ( ETF ). According to insights from Bloomberg analysts, should the trajectory remain unchanged, we could witness the launch of the Valkyrie Bitcoin and Ether ETF as early as next week. Previously, Eric Balchunas and James Seyffart of Bloomberg had projected a robust 90% probability for the Ethereum Futures ETFs to roll out in October 2023. Moreover, they anticipate that the Valkyrie Bitcoin futures ETF ($BTF) will pioneer Ethereum exposure, likely on October 3, 2023. Furthermore, CoinGape had relayed that Valkyrie delineated a Form 497, outlining intentions to metamorphose BTF into a dual Bitcoin and Ether Exchange-Traded Fund. However, recent statements by analyst Balchunas suggest an intriguing twist. Given the potential government shutdown, the SEC appears keen on expediting the Ethereum futures ETFs launch. Thi...

The crypto community has gathered to celebrate the recent ruling on XRP's securities status, but lawyers warn there's more to it than meets the eye. Ripple Labs’ split-decision victory against the United States securities regulator is being seen as a significant blow to the regulator’s “war on crypto,” however, crypto lawyers warn it isn't a definitive victory for the industry or the firm y In a landmark ruling on July 13, Judge Torres determined that XRP (XRP) is not a security — at least when sold to the general public. The decision was met with a joyous uproar from XRP token holders and came with a massive surge in the token's price, with industry heavyweights lauding the decision as likely to aid crypto exchanges Coinbase and Binance in their respective lawsuits. Luke Martin, the founder of crypto investment firm Venture Coinist noted that the “core component” of the United States Securities and Exchange Commission's (SEC) claim in its suits against Binance an...

The filing mentioned a surveillance sharing agreement” with an unnamed U.S. spot-based bitcoin trading platform. advertisement Fidelity Investment’s Initial Spot BTC ETF Application  Noteworthy, Fidelity had previously filed an application for the same offering in a private meeting with the U.S. regulator but its request met with a roadblock. At the time, Tom Jessop, the President of Fidelity Digital Assets tried to convince the SEC to approve the BTC derivative product by citing some reasons.  One of the reasons that he highlighted was the growth in the number of Bitcoin holders, another is the increased investor appetite for digital assets and the approval of Bitcoin ETF in other countries. The SEC did not seem to be buying it at that time. Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List ...

Binance CEO Changpeng “CZ” Zhao expressed pleasure at the amicable resolution of a recent emergency relief request from the U.S. Securities and Exchange Commission (SEC) that would have resulted in the freezing of client funds. Binance.US and SEC agree on consent order CZ highlighted the company’s commitment to ongoing operations despite the difficulties and regulatory barriers faced by Binance recently. He emphasized that user funds are safe and secure across all Binance-related services and will remain so in the future. Although we maintain that the SEC's request for emergency relief was entirely unwarranted, we are pleased that the disagreement over this request was resolved on mutually acceptable terms. User funds have been and always will be safe and secure on all Binance-affiliated… — CZ Binance (@cz_binance) June 17, 2023 The cryptocurrency exchange has continuously prioritized the safety and security of user funds during the regulatory rev...

Just days after buying $21 million of Coinbase shares, ARK Invest CEO Cathie Wood has added another $19.9 million in Block Inc. shares across its ETFs. ARK Invest CEO Cathie Wood doesn’t appear to have been swayed by recent crypto regulatory action, after buying another $19.9 million shares of Block Inc. right after buying $21 million of shares in Coinbase. Wood’s latest buying spree comes despite the United States Securities Commission suing two of the industry’s exchange heavyweights — Binance (June 5) and Coinbase (June 6) for offering what the regulator considers to be unregistered securities, among other things. Coinbase's share price has been depressed in the days following the SEC lawsuit, however, Block Inc.'s shares saw a sharp rise in that same time period. ARK Invest’s 305,573 new shares of Block came across six buys between June 7-8, which now represents ARK’s fourth largest holding at 4.81%, according to ARK Invest Daily Trades. Of the new shares , 240,174 were ...

On this week’s episode of The Market Report, Cointelegraph’s resident expert discusses the details of the SEC’s lawsuit against crypto exchange Binance and its CEO, Changpeng Zhao. In the latest episode of The Market Report, analyst and writer Marcel Pechman discusses the impact of the United States Securities and Exchange Commission lawsuit against the Binance exchange. Most likely, the U.S. population will be barred from using the international version of Binance, and those who opt for VPN services will be at risk of being prosecuted. Pechman believes Changpeng “CZ” Zhao and Binance will lose or strike a deal pleading guilty, pay a fine, and be forced to halt services for North American entities — including Paxos and the Binance USD (BUSD) stablecoin. Considering Binance is the absolute leader in spot and derivatives trading, one might call the 5% price correction on April 5 a “vote of confidence,” meaning traders believe Binance international will remain fully operational. Worst-ca...

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Can Ripple pull off a win against the SEC? XRP price has been seeing moderate gains despite a general cryptocurrency market pullback. XRP price extended its gains on March 9, rising around 1.5% to $0.40, despite a general downturn in the cryptocurrency market.   XRP price four-day winning streak The rally in the XRP/USD pair started on March 5 with the XRP market capitalization gaining over 10% in the past four days. XRP/USD daily price chart. Source: TradingView In contrast, the entire crypto market's cap has dropped by about 5% in the same period, with top coins Bitcoin (BTC) and Ether (ETH) losing by 4.5% and 4%, respectively. Ripple scores early win versus SEC  XRP's gains appear as investors pin their hopes on Ripple winning its long-running courtroom battle against the United States Securities and Exchange Commission (SEC). On March 6, U.S. District Judge Analisa Torres issued a ruling on motions filed by Ripple and the SEC to exclude the comments of expert witnesses fro...

SEC vs. Ripple is a well-known dispute that has been going on for more than two years. The SEC charged Ripple with marketing XRP as a sec urity, burdening XRP’s potential for long-term price growth. It is one of the most well-known court battles in the history of cryptocurrencies and a crucial development for industry regulatory worries. A crucial summary decision in the case of Ripple v. SEC is imminent because of fresh developments that could change the outcome. Also read: Making Bitcoin a Legal Tender Increased Tourism by 95%, Says Nayib Bukele In one of the most recent updates, James K. Filan, a US defense attorney, filed a letter backing support for Ripple ’s Fair Notice Defense. #XRPCommunity #SECGov v. # Ripple #XRP Ripple files Letter Regarding recent Supreme Court case that supports Ripple ’s Fair Notice Defense. “This opinion strongly supports Defendants’ fair notice defense. . . . [because] the government’s prior guidance h...

The probe is reportedly looking at certain offerings that Kraken has made to its US customers that could be in breach of securities laws. Cryptocurrency exchange Kraken is reportedly being probed by the United States Securities and Exchange Commission (SEC) over whether it breached rules around the offering of securities.  According to a Feb. 8 Bloomberg report, the probe relates to certain offerings that Kraken has made to U.S. clients. A person with knowledge of the matter said the probe is at an advanced stage and could reach a settlement in the coming days. However, at this stage, it is not clear which offerings are being scrutinized by the securities regulator. When asked about the alleged probe, an SEC spokesperson told Cointelegraph, "The SEC does not comment on the existence or nonexistence of a possible investigation.” Kraken did not immediately respond to a request for comment. U.S. SEC’s Washington headquarters. Source: Wikipedia Gensler said in Dec. 2022 that his main...