XRP Ruling: Judge Analisa Torres's 2 Options If SEC Wins Appeal

Also Read: XRP Copycat Jumps 520%, Innovative Project or a Red Flag?

advertisement

XRP Token Holders, Not Investors

Recently, US SEC chair Gary Gensler evaded a question on the Ripple lawsuit ruling citing the agency takes a collective decision with all the other commissioners. Interestingly, he repeated his warning to ‘investors’ about the Crypto Market, to which American businessman Mark Cuban took objection. He said,

“(Gary Gensler) is in the habit of exclusively calling token holders investors. He knows that is incorrect, but it serves his purpose.”

John Deaton: The Howey Factors

Reacting to Gensler’s comment on the question of the SEC going for appeal, John Deaton, the attorney representing token holders in the lawsuit, said the judge will have a cushion of the first two Howey tests satisfying the ruling that the programmatic sale of XRP tokens to retail traders is not a securities transaction.

Recommended Articles
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
crypto exchange affiliate programs
Best Crypto Exchange Affiliate Programs In 2023
Must Read
ethereum price crypto news
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
ethereum price crypto news
Crypto Telegram Channels List 2023 [Updated]
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read

“If the SEC won on appeal regarding the 3rd factor, the case gets Remanded for Judge Torres to apply the other two factors, where she likely finds that those factors are lacking – giving us the same practical result we have today.”

As per the Howey test, transactions are deemed to be investment contracts if one invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party.

Also Read: Litecoin (LTC) Halving is Days Away, How High Can Price Rise?

Comments

Post a Comment

Popular posts from this blog

Regulatory Body Grants X (Twitter) Virtual Currency Transmitter License

Rhode Island granted X a virtual currency transmitter license, enabling the sending and receiving of fiat and crypto. The license is a crucial endorsement for entities handling monetary transfers, showing X’s broad financial goals. The approval could be the first step to Musk’s vision of an Everything app. Rhode Island’s financial regulatory authorities have granted X (formerly Twitter) a virtual currency transmitter license, enabling the company to engage in the sending and receiving of both traditional fiat and digital currencies. This license signifies X’s extensive financial aspirations. Final Take: Details are still emerging about what X’s payment Features will look like, but its foundation seems to be expanding steadily. pic.twitter.com/7CnOz5w9Cs — Keyur Rohit (@CryptoKingKeyur) August 30, 2023 The virtual currency transmitter license is an essential requirement for entities involved in the transfer of monetary value. In simpler terms, it acts
Read more

South Korean city to seize crypto from thousands of tax evaders: Report

City authorities of Cheongju are looking to seize cryptocurrency from anyone who owes at least $750 in crypto taxes to the government. The South Korean city of Cheongju, the capital of North Chungcheong province, has said it intends to begin confiscating cryptocurrency from local tax delinquents. The administration of Cheongju has requested seven South Korean crypto exchanges to inquire into holdings of thousands of tax evaders , the local news agency Yonhap reported on Aug. 22. City authorities reportedly ordered trading platforms like Upbit and Bithumb to inquire into crypto assets of 8,520 users who owe at least 1 million won ($750) in local taxes. Following the inquiry, Cheongju authorities plan to confiscate cryptocurrency from tax delinquents, the report notes. According to the city administration, crypto currencies have been increasingly used as a means of concealing property in South Korea. This latest initiative approach aims to ensure that South Korean residents who have e
Read more

Shiba Inu lead developer queries Coinbase's 'Onchain Summer' campaign

Kusama responded to Coinbase’s CEO, Brian Armstrong's update with the statement, "If it isn't a shadowcat, it's a copycat." Shytoshi Kusama, the lead developer of Shiba Inu, has given a response to Coinbase's Onchain Summer campaign . He suggested that Coinbase's campaign seemed to have similarities with the ideas originally presented by the Shiba Inu community. Kusama responded to Coinbase’s CEO, Brian Armstrong's update with the statement, "If it isn't a shadowcat, it's a copycat." On August 3, Armstrong showcased in a tweet the use of the Base bridge, launched the previous day, while highlighting Coinbase's upcoming Onchain Summer initiative. Coinbase is preparing to launch its Ethereum Layer 2 solution, known as Base, on the mainnet. Armstrong recently confirmed that Base is aimed at bringing the next billion users into the blockchain ecosystem. It aims to achieve this goal by offering tools for the development of various W
Read more