Ripple CEO reveals he visited SEC several times before lawsuit struck

Brad Garlinghouse, the CEO of cross-border payments company Ripple, spoke during a panel discussion Monday at the World Economic Forum in Davos, Switzerland. Garlinghouse, who also occupies a role as a member of the company’s board of directors, commented on a wide range of topics, most notably the current status of regulation in the United States versus G20 nations.  Ripple CEO Brad Garlinghouse. Source: Cointelegraph Emphasising the prudent necessity for regulatory frameworks which serve integral principles of “clarity and certainty”, Garlinghouse stated his belief that: “The overwhelming majority of people working within the…

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SEC can’t confirm if video of Bill Hinman is actually Bill Hinman in Ripple case

The U.S. Securities and Exchange Commission (SEC) is unable to confirm or deny if a video predominately featuring Bill Hinman actually features Bill Hinman. Bill Hinman, also known as William Hinman, is the former director of the SEC’s Division of Corporation Finance, and he has become a key factor in the long-running legal dispute between SEC vs Ripple Labs over alleged unregistered securities offerings via XRP tokens. Speaking at the 2018 Fintech Week Conference — while serving at the SEC — Hinman stated that the sale of Ether (ETH) did…

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SEC chair uses crypto enforcement in justification for FY2023 budget

Gary Gensler, chair of the United States Securities and Exchange Commission, or SEC, has cited concerns about cryptocurrency enforcement in its budget request for the next fiscal year. In written testimony for a Wednesday hearing of the U.S. House Committee on Appropriations, Gensler said he supported President Joe Biden’s request to budget more than $2.1 billion for the SEC in FY2023, allowing the regulatory body to increase its enforcement division by 50 people. The SEC chair cited concerns about the crypto space, referring to markets as “highly volatile and speculative”…

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Celsius Network’s crypto mining subsidiary SEC filing suggests plans for IPO

Celsius Mining, the mining subsidiary of crypto lending platform Celsius Network, has filed paperwork with the United States Securities and Exchange Commission, or SEC, suggesting plans for an initial public offering (IPO). In a Monday announcement, Celsius said its mining subsidiary had filed a Form S-1 draft registration statement with the SEC, suggesting the firm may be planning an initial public offering. The SEC requires companies in the United States to file an S-1 registration for shares to be listed on a national exchange, like the Nasdaq or New York…

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Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On

Ripple (XRP) rallied to $0.439217 Friday from $0.377384 on Thursday in the face of an ongoing Securities and Exchange Commission lawsuit following the comments of William Hinman, former SEC Corporate Finance director. Suggested Reading | Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano? Ether are not securities, Hinman said. (Bitrates.com) William Hinman: Ether Not a Security A judge has granted the request of SEC to file a reply concerning the case against Ripple Lab. The case was ignited by the speech of Hinman, stating that Ethereum…

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Could the SEC case against Ripple falter over a conflict of interest?

Newly discovered documents could pose a major roadblock for the Securities and Exchange Commission (SEC) in its case against Ripple if they prove a former commission official had a conflict of interest. The SEC has been embroiled in a legal battle against blockchain company Ripple (XRP) since 2020 in which the crypto company and senior executives Brad Garlinghouse and Christian Larsen were charged with selling XRP tokens as unregistered securities. In a May 10 announcement, corruption watchdog Empower Oversight claimed that documents obtained under a Freedom Of Information request suggested…

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Chairmen from the SEC and CFTC talk crypto regulation at ISDA meeting

The annual meeting of the International Swaps and Derivatives Association (ISDA) began Wednesday in Madrid. United States Securities and Exchange Commission (SEC) chairman Gary Gensler and U.S. Commodity Futures Trading Commission (CFTC) chairman Rostin Behnam were both featured as keynote speakers at the event, with Behnam speaking at the morning session, and Gensler in the afternoon.   Behnam spoke at length about “a request for an amended order of registration as a derivatives clearing organization (DCO) by an entity seeking to offer non-intermediated clearing of margined products to retail participants,”…

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Industry experts weigh in on SEC hiring more crypto cops

The United States Securities and Exchange Commission (SEC) is seeking to hire more people to focus on digital assets, raising the number of personnel charged with safeguarding investors in cryptocurrency markets almost twofold. The SEC’s Cyber Unit, which comprises the Crypto Assets and Cyber team, is expected to hire 20 new people to increase the overall force to 50 dedicated positions, as reported by Cointelegraph on May 3. This development comes as the regulatory body attempts to keep up with the rise in the popularity of virtual assets. The SEC’s…

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Nvidia to pay $5.5M as part of SEC case concerning ‘inadequate disclosures’ around crypto mining

The United States Securities and Exchange Commission, or SEC, has announced that it has settled charges against Nvidia — the company behind graphics cards used by many crypto miners — in regards to “inadequate disclosures.” In a Friday announcement, the SEC said that Nvidia failed to disclose that mining cryptocurrencies was “a significant element of its material revenue growth” based on sales of its graphics processing units, or GPUs, during the 2018 fiscal year. The company has agreed to pay a $5.5 million penalty and will be subject to a…

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SEC approves Valkyrie’s Bitcoin futures ETF

The United States Securities and Exchange Commission has given the green light to Valkyrie’s futures exchange-traded fund (EFT) application. This represents another ETF that has been approved by the SEC, which has previously accepted futures ETFs, but no sign of spot ETFs yet. As per the SEC document published Thursday, the application was filed under the Securities Exchange Act of 1934 using a 19b-4 form, the same law that spot Bitcoin (BTC) ETF prospects are relying on — albeit with little success thus far. Last month, the watchdog gave the…

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