Fintech firm Ripple is garnering more support from the crypto and finance industry in its ongoing battle with the United States Securities and Exchange Commission (SEC). On Nov. 4, Ripple chief executive Brad Garlinghouse proudly tweeted that the number of companies, developers, exchanges, associations, and investors officially supporting the firm has reached 12. The pile of amicus briefs being filed is mounting up according to Ripple Labs general counsel Stuart Alderoty. An amicus brief is a legal document filed in appeals cases to aid the court by providing extra relevant information or arguments. These briefs are filed by amicus curiae, …

Crypto influencers may need to practice what they preach and “do their own research” when it comes to sharing their crypto tips. According to several digital asset lawyers, the popular disclaimer “this is not financial advice” — may not actually protect them in the eyes of the law. United-States-based securities lawyer Matthew Nielsen from Bracewell LLP told Cointelegraph that while its “best practice” for influencers to disclose that “this is not financial advice,” simply saying the term will not protect them from the law as the “federal and state securities laws heavily regulate who can offer investment advice.” Australian financial …

Bitdeer, a crypto mining firm spun off from China-based mining manufacturer Bitmain, may see its public offering on the Nasdaq delayed a year depending on a vote from shareholders of the Blue Safari Group Acquisition Corp. In a Nov. 2 Securities and Exchange Commission filing, Blue Safari said it will be holding a shareholding meeting before the end of 2022 to vote on whether to extend the deadline of its deal with Bitdeer. The mining firm announced in November 2021 that it had entered into a definitive merger agreement with Blue Safari in order to go public through a special …

United States Securities and Exchange Commission chair Gary Gensler cited major enforcement actions against crypto firms as part of the “economic realities” of securities regulation. In written remarks for the Practising Law Institute’s Annual Institute on Securities Regulation on Nov. 2, Gensler used examples of SEC enforcement against crypto lending firm BlockFi and a former Coinbase employee in justifying the agency’s actions on violations of U.S. securities laws. Under Gensler, the SEC would take a “treat like cases alike” approach to enforcement actions regardless of the form of securities, funds, or investors. “When BlockFi failed to register the offers and …

United States-based crypto exchange Coinbase has become the latest organization to stand behind Ripple Labs n its legal battle against the Securities and Exchange Commission (SEC), which could wrap up as soon as the first half of 2023. Paul Grewal, Coinbase’s chief legal officer in a series of tweets on Oct. 31 said the exchange had asked the presiding judge for permission to file an amicus brief, saying the case was a “textbook” definition of “just how critical fair notice is.” Earlier today, @coinbase asked Judge Torres for permission to file an amicus brief in the SEC case over XRP. …

The Securities and Futures Commission of Hong Kong has set up requirements for entities considering a public offering of an exchange-traded fund (ETF) tied to cryptocurrency futures. In an Oct. 31 circular, the SFC said that in addition to previously imposed requirements on unit trusts and mutual funds for authorization of a crypto futures ETF, management companies in Hong Kong would need to “have a good track record of regulatory compliance” as well as three years of experience managing ETFs, with consideration for similar investment vehicles. The financial regulator hinted it would follow in the Chicago Mercantile Exchange’s footsteps by …

Ripple Lab’s XRP token holdings have dropped below 50% of the total circulating supply for the first time in the company’s history. Ripple has faced criticism in the past by some that have raised questions over the firm’s significantly large ownership of XRP tokens, arguing that it gives the company centralized control over its XRP Ledger (XRPL). In a Q3 report published on Oct. 27, Ripple once again refuted that criticism, while also pointing out that its XRP holdings continue to decline, falling below 50 billion tokens, or 50% of the total supply. “Critics have pointed to the company’s XRP …

Commodity Futures Trading Commission’s (CFTC) Christy Goldsmith Romero has pointed to the collapse of the Terra ecosystem and its flow-on effects as an example of how contagion risks within crypto markets are similar to those experienced by the traditional financial (TradFi) system during the global financial crisis (GFC) of 2008. Romero suggested in a speech given at the International Swaps and Derivatives Association’s (ISDA) Crypto Forum on Oct. 26 that increased links between crypto markets and TradFi increases the risk posed by crypto to overall financial stability, noting: “The digital asset market remains relatively small and contained from the level …

Prometheum Ember ATS announced the launch of its alternative trading system (ATS) on Oct. 26. The new ATS is registered by the United States Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority. Prometheum Ember ATS will offer digital asset securities trading, clearing, settlement and custody. The new ATS has partnered with Anchorage Digital Bank to help it provide its service, which is meant to “seamlessly integrate with legacy securities trading systems.” The ATS promised that it “enables institutions to trade digital asset securities under Federal Securities Laws.” It will initially support digital assets …

The United States Securities and Exchange Commission’s (SEC’s) more-than-enthusiastic crackdown on the crypto industry is being seen as a positive signal for the majority of crypto investors, according to a new survey. Around 60% of 564 survey respondents in the latest MLIV Pulse survey from Bloomberg said they viewed the recent flurry of crypto crackdowns as a positive sign for investing in the asset class. Around 65% of retail investors signaled they were “more likely” to invest with “greater enforcement against crypto” compared to 56% of professional investors. Conversely, only 35% of retail and 44% of professional investors said they …

Ethereum went through a key network upgrade on Sept. 15, shifting from its proof-of-work (PoW) mining consensus to a proof-of-stake (PoS) one. The key upgrade is dubbed the Merge. The Merge was slated as a critical change for the Ethereum network that would make it more energy efficient, with later improvements to scalability and decentralization to come. A little over a month later, however, some industry observers fear the PoS transition has pushed Ethereum toward more centralization and higher regulatory scrutiny. The Merge replaced the way transactions were verified on the Ethereum network. Instead of miners putting in their computational …

San Francisco-based fintech firm Ripple has inched closer to victory in its ongoing battle with the U.S. Securities and Exchange Commission (SEC). On Oct. 21, Ripple General Counsel Stuart Alderoty confirmed on Twitter that they finally have the elusive documents after "18 months and 6 court orders," though noted they remain confidential at the SEC’s insistence. “It was well worth the fight to get them,” he exclaimed, adding: “I’ve always felt good about our legal arguments, and I feel even better now. I always felt bad about the SEC’s tactics, and I feel even worse about them now.” The fought-over …