Riding The Wave News Summary 169
Some crypto assets are securities, Manhattan judge says, complicating Coinbase and Ripple cases, India makes suggestions for G20 crypto roadmap, & more.
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Tweets
Some crypto assets are securities, Manhattan judge says, complicating Coinbase and Ripple cases
Elizabeth Warren, Bernie Sanders Demand Crackdown on ‘Crypto Tax Evaders’
US DoJ is concerned about a run on Binance should prosecutors bring fraud charges: Report
Tweets
https://twitter.com/KobeissiLetter/status/1686779150370062340
https://twitter.com/intocryptoverse/status/1686522292669407232
https://twitter.com/intocryptoverse/status/1686763780380704768
https://twitter.com/WhaleChart/status/1686713673283174400
https://twitter.com/WhaleChart/status/1686666209087860736
https://twitter.com/WhaleChart/status/1686708725665378305
https://twitter.com/KobeissiLetter/status/1686435580249329668
https://twitter.com/BitcoinNewsCom/status/1686528120973656065
https://twitter.com/GameofTrades_/status/1686391333898928128
https://twitter.com/intocryptoverse/status/1686367861013450753
https://twitter.com/100trillionUSD/status/1686303266416504832
https://twitter.com/Mr_Derivatives/status/1686130907856715783
https://twitter.com/GRomePow/status/1686098457214504960
https://twitter.com/_AustinHerbert/status/1686029074630590465
https://twitter.com/WatcherGuru/status/1685876890471460864
https://twitter.com/GameofTrades_/status/1686021396898390017
Some crypto assets are securities, Manhattan judge says, complicating Coinbase and Ripple cases
A Manhattan federal judge said in an opinion that cryptocurrencies are considered securities regardless of how they are sold. It allows the Securities and Exchange Commission to pursue securities charges against Terraform Labs and its founder Do Kwon and has broad ramifications for crypto legislation and litigation.
U.S. District Judge Jed Rakoff’s decision Monday complicates SEC’s litigation with both Ripple and crypto exchange Coinbase.
The SEC had alleged that Coinbase engaged in the unregistered offer and sale of securities. Coinbase strongly denies that it has listed any crypto asset securities. Coinbase shares are down about 4,5% in Tuesday trading.
The opinion contradicts an earlier ruling from the same district court that said ripple, another cryptocurrency, may not be categorized as a security in all circumstances. It will not impact the prior opinion.
The Ripple ruling was considered a win by the industry because it said a cryptocurrency may or may not be a security depending on who’s buying it. The SEC has argued in cases against Binance, Coinbase and Kraken that many cryptocurrencies listed on popular exchanges are securities.
India makes suggestions for G20 crypto roadmap
India, which currently holds the Group of Twenty (G20) presidency, has supported the Financial Stability Board’s (FSB) recommendations for a global crypto framework published in July. The country also emphasized the necessity of dealing with the risks of digital assets for developing economies.
On Aug. 1, India released its presidency note for input in a roadmap on a global framework for crypto. The document concurs with the guidelines written by the FSB, the Financial Action Task Force (FATF) and the International Monetary Fund (IMF).
However, the note suggests some additions, including an emphasis on developing countries. While the IMF pays attention to developing economies’ specifics in its potential guidelines for crypto, India urges the FSB to implement them as well. It also calls for outreach to all jurisdictions to “generate awareness of risks,” starting from countries with higher crypto adoption and extending the future regulatory approach to the digital economy beyond the scope of the G20.
Elizabeth Warren, Bernie Sanders Demand Crackdown on ‘Crypto Tax Evaders’
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