Both the SEC and Ripple will have a chance to argue whether the finance regulator is entitled to file an appeal this month; the court expects SEC v Ripple to go to trial sometime in Q2 of 2024.
Lawyers for Ripple Labs filed a letter with the federal judge overseeing its lawsuit against the U.S. SEC, opposing the regulator's expected interlocutory appeal of a July 13 ruling in the case.
The amici group, comprising six "law scholars," argued that for an arrangement to be an investment contract, the investor must receive a contractual undertaking to an enterprise's profits or assets.
The memo sets the starting point for considering whether Bitcoin is a security: it highlights a speech given by SEC Chairman Jay Clayton in 2018 where he said that Bitcoin does not qualify as a security because it functions as a replacement for currency.
The Howey test is a standard method to determine whether an asset is a security or not, but one must also look deeper into the entire history of a token to identify distinctive "offerings."
Coinbase's Aug. 4 motion with the U.S. District Court for the Southern District of New York argued that the subject matter of the SEC's complaint "falls outside the agency's delegated authority."
The federal judge in charge of looking at the SEC v Ripple case dismissed the prospect that secondary market and programmatic sales could amount to securities.
The U.S. Securities and Exchange Commission delivered its latest filing to the federal court overseeing its civil charges against Coinbase for listing and offering unregistered securities to the public.
While speculation remains rampant in the 'crypto' industry, not all digital assets traded on exchanges are shams, but this could only be proven through their utility.
Ripple execs are hyping up the U.S. SEC communications relating to a speech given by Bill Hinman in 2018, in which he said that he did not believe BTC or ETH were securities.
Charging the world's two largest exchanges—Coinbase and Binance—poses a question of what makes a digital asset a security following the SEC's refusal to make a similar move against BTC and ETH.
The U.S. Securities and Exchange Commission (SEC) filed 13 charges against Cayman-registered Binance Holdings Ltd, Delaware-registered BAM Trading Services—which operates the U.S.-facing Binance.US digital assets exchange—and Changpeng Zhao.
