The Blockchain Association is throwing its support behind Ripple Labs, calling the SEC's securities laws interpretation “the single greatest threat to the future of this rapidly growing industry.'
), former CEO Christian Larsen, and current CEO Brad Garlinghouse in Dec. 2020 for allegedly raising $1.3 billion through unregistered securities sales through XRP.
The Howey Test determines what qualifies as an investment contract and is therefore what is subject to U.S. securities laws.Chairman Gary Gensler's viewsThey argue blockchain technologies have many uses across the crypto industry; tokens can be used to pay for goods and services, conveyance of intellectual property rights, inventory tracking, and for a specific purpose in a given blockchain project.
The association also claimsSEC is disregarding clear Supreme Court and Second Circuit precedents stating transactions aboard are beyond the jurisdictional reach of the SEC. "Accordingly, both for liability and damages purposes, this Court should be mindful of the limits of the securities laws," it added.Kristin Smith, executive director of the Blockchain Association, believes this case could have wide-reaching ramifications for the future of crypto, calling the SEC's interpretations of the securities laws, “the single greatest threat to the future of this rapidly growing industry.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Ripple CTO Claims XRP Is Performing in Line with Bitcoin and EthereumThe architect of the XRP Ledger has defended the sluggish price performance of the sixth-biggest cryptocurrency by market capitalization
Baca lebih lajut »
Ripple Claims More Decentralization as XRP Holdings Drop to 50%San Francisco-based fintech firm Ripple has released its third quarter report revealing that its control over its native token, XRP, is diminishing.
Baca lebih lajut »
Crypto Law Experts Suggest SEC Likely To Lose Key Case And Discredit Howey TestRipple is ready to settle and pay fine if SEC declares XRP a currency, says company lawyer. Agency credibility, Gensler reputation at stake.
Baca lebih lajut »
Crypto Law Experts Suggest SEC Likely To Lose Key Case And Discredit Howey TestRipple is ready to settle and pay fine if SEC declares XRP a currency, says company lawyer. Agency credibility, Gensler reputation at stake.
Baca lebih lajut »
WSJ News Exclusive | TuSimple Probed by FBI, SEC Over Its Ties to a Chinese StartupGovernment authorities are investigating whether the U.S. self-driving trucking company defrauded investors by financing and transferring technology to China-backed Hydron.
Baca lebih lajut »
Core Scientific Shares Downgraded After SEC Filing Hints at Possible Bankruptcy – Mining Bitcoin NewsThe bitcoin miner Core Scientific’s SEC filing raises the possibility the company may apply for bankruptcy protection.
Baca lebih lajut »