SEC Financial News

Morgan Stanley will pay $35m to settle allegations that it scrapped computer servers and hard drives without ensuring they no longer held sensitive customer information, regulators said.

The SEC and Ripple legal teams recently submitted their respective Motion for Summary Judgements to the court. Since then, they have been battling on an old front.

                                                  Source: AdobeStock / MigrenArt 

The Securities Exchange Commission (SEC) has made an unprecedented claim that Ethereum transactions take place in the United States as ETH nodes are “clustered more densely” in the United States than any other country. 

Caroline Pham, one of five commissioners at the United States Commodity Futures Trading Commission, or CFTC, met with Ripple CEO Brad Garlinghouse ahead of a court decision which could affect how regulators handle XRP tokens.

As the world waits to see America’s take on cryptocurrency regulation, crypto enthusiasts should keep one thing in mind: The industry can trust Senator Cynthia Lummis. Her proposal with Senator Kirsten Gillibrand, which we’ve all been waiting for action on, is bipartisan in nature.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

In another installment of the long-term legal battle pitting U.S. blockchain company Ripple against the U.S. Securities and Exchange Commission (SEC), both entities have asked for a swift judgment in the agency’s case against the company. 

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject

The community has waited a long time for this, but XRP may finally be showing some strength on the price charts. At the time of writing, for instance, the altcoin was among the market’s top gainers with a 24-hour hike of over 10%. Thanks to the same, the altcoin was trading at a level as high as $0.38. To some observers, this recent hike has corresponded with growing optimism around the impending end of the SEC v. Ripple Labs lawsuit.

The SEC v. Ripple Labs legal battle has entered the summary judgement phase after both parties submitted their respective motions. Defense attorney James Filan informed the community about these submissions with his latest Twitter posts.

On Sept. 8, Coinbase announced it was bankrolling a lawsuit against the United States Treasury Department. The cryptocurrency exchange is funding a lawsuit brought by six people that challenges the sanctions on Tornado Cash. And on Sept. 9, Securities and Exchange Commission (SEC) Chair Gary Gensler announced he was working hard with Congress to create legislation to increase cryptocurrency regulations.

A quick flick through Twitter, any social media investing club, or investing-themed Reddit will quickly allow one to find handfuls of traders who have vastly excelled throughout a month, semester, or even a year. Believe it or not, most successful traders cherry-pick periods or use different accounts simultaneously to ensure there’s always a winning position to display.

As the SEC and Ripple case continues to drag on, new developments are surfacing week-in and week-out. New anonymous players are joining the lawsuit to restrict the exposure to their respective organizations. Safe to say that the case has been brought into life after the release of Motion of Summary Judgement by both parties.

A much-discussed Bitcoin (BTC) spot exchange-traded fund (ETF) could finally see the light of day in the US, after a new ETF filed under rules that would be used for a spot fund just went live on the market.

The framework comes six months after President Biden issued a sweeping executive order on the oversight of cryptocurrencies and is based on reports with recommendations on protecting consumers, investors, businesses financial stability, national security and the environment.The reports call for the SEC and CFTC to "aggressively pursue investigations and enforcement actions against unlawful practices in the digital assets space", and also asks the CFPB and FTC to "redouble their efforts to monitor consumer complaints".Meanwhile, the president will consider asking Congress to amend the Bank Secrecy Act to explicitly apply to digital asset service providers.The Treasury will complete an illicit finance risk assessment on decentralised finance by the end of February 2023 and an assessment on non-fungible tokens by July 2023.While signalling a crackdown on fraud, the White House insists it also wants to "foster responsible digital asset innovation".To this end, the Office of Science and Technology Policy and NSF will develop a Digital Assets Research and Development Agenda, while regulators are being encouraged to provide firms in the space with guidance and best-practice information.On a potential digital dollar, the administration says it encourages the Federal Reserve's research and will support this with a Treasury-led interagency working group to consider the potential implications of a CBDC.The White House also wants to push efforts to improve the efficiency of cross-border payments by working to align global payments practices, regulations, and supervision protocols, while exploring new multilateral platforms that integrate instant payment systems.Secretary of the Treasury Janet Yellen says: "The reports clearly

According to Wave Financial, securing a minority stake is the first step towards a full acquisition of the company, which it hopes to complete by the end of 2022, pending regulatory approval. 

The update is in conflict with guidance released in March of this year, which states that US listed companies which hold cryptocurrencies on behalf of users should account for those assets as a liability on their balance sheet and inform users of the risks.

 

Gary Gensler, the United States Securities and Exchange Commission (SEC) Chairman, on 15 September, stated that cryptocurrencies that allow holders to stake their tokens might be considered a security, as per a Washington Post report. 

Following United States President Joe Biden’s executive order on Ensuring Responsible Development of Digital Assets, federal agencies came up with a joint fact sheet on six principal directions for the crypto regulation in the U.S. It sums up the content of nine separate reports, which have been submitted to the President to “articulate a clear framework for responsible digital asset development and pave the way for further action at home and abroad.”