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SEC’s appeal won’t be a setback for XRP holders — Pro XRP lawyer, Ripple applies for crypto license in the United Kingdom, & more.
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SEC’s appeal won’t be a setback for XRP holders — Pro XRP lawyer
Federal Reserve of San Francisco hiring crypto architect for CBDC project
Tweets
https://twitter.com/WatcherGuru/status/1683193569014697984
https://twitter.com/intocryptoverse/status/1682916279097720832
https://twitter.com/GameofTrades_/status/1682395000737517568
https://twitter.com/GameofTrades_/status/1682435270078255104
https://twitter.com/woonomic/status/1682488869235695619
https://twitter.com/WhaleChart/status/1682487321327722497
https://twitter.com/WatcherGuru/status/1682528967775989761
SEC’s appeal won’t be a setback for XRP holders — Pro XRP lawyer
Amid speculations that a potential appeal by the United States Securities and Exchange Commission (SEC) could negatively impact the crypto market, Pro-XRP lawyer John Deaton has made it clear that even in the event of an appeal by the agency, it would not significantly affect XRP holders.
After the judge’s ruling that the programmatic sale of XRP tokens through exchanges does not classify them as securities, a new question emerges regarding the potential legal implications if the SEC decides to appeal against the ruling. Deaton, who represents more than 75,000 XRP tokenholders, elaborated on the possible scenarios and intricacies of enforcing the summary judgment.
Deaton’s explanation suggests that the appeal decision could extend over two years, during which the summary judgment will remain the governing law. It remains uncertain when the SEC will initiate the appeal process in response to the ruling.
In response to the ongoing discussion about the SEC’s authority over tokens, Stuart Alderoty, chief legal officer at Ripple, tweeted that the agency’s jurisdiction is limited to securities. He said if a token isn’t classified as a security, then the SEC should not have a role in its regulation. Claiming jurisdiction where none exists is merely a political power move, which ultimately benefits no one and harms everyone involved.
Ripple applies for crypto license in the United Kingdom
Payments network and technology company Ripple has recently applied for registration as a crypto asset firm with the United Kingdom’s Financial Conduct Authority (FCA), a spokesperson for the firm told Cointelegraph. The company also seeks a payments license in Ireland as part of its massive regional investment.
The registration was submitted after Ripple’s partial win against the United States Securities and Exchange Commission (SEC) over the classification of its XRP token as a security. The decision, viewed as a win by Ripple and the broader crypto community, considered the XRP token a security when sold to institutional investors but not retail investors. The case is still open to appeal by the SEC.
Several laws have been introduced in the U.K. parliament aimed at setting up a crypto-regulated environment in the country. In June, a bill bringing cryptocurrencies under the same rules applied to traditional assets was signed into law after receiving royal assent. The new law gives the U.K. Treasury, the FCA, the Bank of England and the Payments Systems Regulator the authority to introduce and enforce regulations for crypto businesses.
Federal Reserve of San Francisco hiring crypto architect for CBDC project
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