Financial news

Financial news

cryptoinfo
@cryptoinfo
Jul 26, 2024
The legal brawl between Ripple and the U.S. Securities and Exchange Commission (SEC) nears a climax. The financial regulator’s latest court filing marks the final submission before the presiding judge considers the remedies phase of this monumental lawsuit.
SEC Wants To Make Ripple’s Financial Records Public
The Securities and Exchange Commission has submitted its opposition to Ripple’s motion to seal some financial documents, according to a May 20 filing.
The SEC contends that Ripple’s request to “conceal financial and securities sales information” from the public is unlawful and that the material in question such as financial figures and other details are essential to requested remedies. Citing Lugosch v. Pyramid Co. of Onondaga, the regulator also stressed the historical significance of public access, particularly in cases of regulatory enforcement. “The common law right of public access to judicial documents is firmly rooted in our nation’s history,” said the SEC.
The suit, which was lodged in late 2020, revolves around the SEC’s assertions that Ripple conducted an unregistered securities offering via the sale of the XRP cryptocurrency. Ripple scored a partial win in July 2023, when Judge Analisa Torres found that XRP was not a security in itself, but that institutional XRP sales constituted investment contracts.
As per the earlier released joint schedule, Ripple, the SEC, and any third parties were expected to file letter briefs on May 20, 2024, opposing omnibus letter motions to seal. This represents the final deadline for the joint proposal decided on by both parties.
Final Clash Before Long-Awaited Verdict
While the SEC agrees to seal five exhibits, it challenges the fintech firm’s request to conceal key financial figures and contract terms noted in the remedy deliberations. This includes details that would disclose Ripple’s current financial health, the volume of recent XRP sales, and the specifics of revenues and expenses—all considered vital for assessing the company’s compliance and deciding potential penalties.
SEC also argues that Ripple failed to show reasonable evidence of how exposing the information to the public would result in significant injury warranting sealing. The agency further added that the financial records are outdated, and some evidence is already available to the public. “Stale business records cannot support the necessary finding of harm,” the SEC posited.
In terms of the next steps in the case, the crypto industry will be closely watching as Judge Analisa Torres makes her ruling on the remedies. The stakes are incredibly high, with the SEC requesting a fine of up to $2 billion. Ripple, however, contested the SEC’s “Draconian remedial requests”, suggesting that any fines should not exceed $10 million.
Although the exact time of Judge Torres’ judgment is not known, Ripple’s recent statements reveal that they expect a resolution in the coming few months.
At the time of writing, the XRP price is holding above $0.54, after gaining 6.1% on the day. XRP enthusiasts remain optimistic about the token’s future despite its recent sluggish performance. The conclusion of the Ripple v. SEC lawsuit could be the catalyst for propelling XRP to the elusive $3 milestone.
1
cryptoinfo
@cryptoinfo
May 01, 2024
On April 30, Zhao appeared in court for sentencing. Departme
On April 30, Zhao appeared in court for sentencing. Department of Justice (DOJ) prosecutors wanted him to spend three years behind bars, but his defense insisted on no prison time.
Judge Richard Jones disagreed with the Justice Department’s request to increase Zhao’s sentence. He said there was no evidence that the Binance founder was ever informed of the specific illegal activity occurring on the exchange. The judge again rejected the DOJ’s request to sentence Zhao to 36 months.
The judge thanked the prosecution for their voluminous report and forecasted a possible sentence. In many respects, Jones said he agreed with the prosecution’s opinion.
1
cryptoinfo
@cryptoinfo
Apr 25, 2024
In the ongoing legal tussle between Ripple (XRP) and the U.S
In the ongoing legal tussle between Ripple (XRP) and the U.S. SEC, the stakes are high as the SEC pursues a staggering $2 billion fine against the blockchain company.
The list of claims includes $876 million in compensatory damages, $198 million in interest on the amount mentioned, and another $876 million in civil penalties.
The company’s response, outlined in a court filing dated Apr. 22, proposes a different approach: advocating for a civil penalty not exceeding $10 million.
Stuart Alderoty, Ripple’s Chief Legal Officer, suggested the company’s position in a statement on X, highlighting that the case lacks allegations or findings of recklessness or fraud.
cryptoinfo
@cryptoinfo
Apr 05, 2024
Ripple plans to introduce a stablecoin pegged to the US doll
Ripple plans to introduce a stablecoin pegged to the US dollar this year, as projections estimate the market will surpass $2.8t by 2028.
The stablecoin will be fully collateralized by US dollar deposits, along with short-term US government treasuries and other cash equivalents, Ripple said on Thursday.
“These reserve assets will be audited by a third-party accounting firm, and Ripple will publish monthly attestations,” Ripple said. It did not specify which firm would conduct the audits.
The move positions Ripple as a competitor to established leaders in the stablecoin market, like Tether and Circle. Notably, PayPal entered the fray last year with the launch of its own USD-backed stablecoin, PayPal USD (PYUSD), on Ethereum.
cryptoinfo
@cryptoinfo
Mar 20, 2024
March 22, 2024, marks a crucial moment in the ongoing legal
March 22, 2024, marks a crucial moment in the ongoing legal duel between the Securities and Exchange Commission (SEC) and Ripple. Leading the charge is defense attorney James K. Filan, shedding light on looming deadlines that will shape the course of this legal drama.
A structured timeline outlines the dance of filings and redactions:
March 22, 2024: SEC unveils its opening remedies-related brief under seal.
March 25, 2024: Parties identify necessary redactions.
March 26, 2024: SEC releases a public, redacted version of the brief.
April 22, 2024: Ripple unveils its public, redacted opposition brief, unless confidential.
May 6, 2024: SEC delivers its reply brief under seal.
May 8, 2024: SEC releases a public, redacted reply brief.
This timeline allows for motions and redaction proposals, culminating in the mandatory filing of public, redacted versions.
tarasguk
@tarasguk
2h
на класі Revenue + % Prod. & Business + % Intelligent Cloud
на класі Revenue + % Prod. & Business + % Intelligent Cloud + % Pers. Computing + % Azure + % LinkedIn + % Xbox C&S + %EBIT + % marg. . % (
1
tarasguk
@tarasguk
4h
Маск буде битись з горилою у новому відосі Містера Біста Схо
Маск буде битись з горилою у новому відосі Містера Біста Схоже, що політика його вже втомила і кетамін вимагає нових пригод
tarasguk
@tarasguk
7h
ІТ-шечка тримається+ , % місяць до місяця- , % рік до рокуАп
ІТ-шечка тримається+ , % місяць до місяця- , % рік до рокуАпокаліптичні прогнози не справджуються, але й росту поки не помітно
1
tarasguk
@tarasguk
7h
Трамп вже знайшов винного в падінні ВВП у першому кварталіЦе
Трамп вже знайшов винного в падінні ВВП у першому кварталіЦе виявляється все Байден Я нагадаю, що із днів першого кварталу вже в повноваженнях був Трамп
tarasguk
@tarasguk
7h
Вперше за роки ВВП США негативний за квартал - , %Очікували
Вперше за роки ВВП США негативний за квартал - , %Очікували ріст , % Дякуємо дєду за побєду, пліз стоп вінінг
tarasguk
@tarasguk
7h
Трамп заявив, що буде новим Папою Римським Не жарт. Сказав,
Трамп заявив, що буде новим Папою Римським Не жарт. Сказав, що був би найкращим Папою. Цю ідею вже публічно підтримали впливові республіканці
tarasguk
@tarasguk
7h
Ох і складно зараз європейським автовиробникам. Китайці, на
Ох і складно зараз європейським автовиробникам. Китайці, на противагу, досить добре себе почувають + %
tarasguk
@tarasguk
15h
Наступна суперниця Марти біломоскалиха Сабалєнка, а в Еліни
Наступна суперниця Марти біломоскалиха Сабалєнка, а в Еліни японка Утідзіма. Побажаємо дівчатам успіху, грають сьогодні ввечері
1
tarasguk
@tarasguk
2d
RIP банківська таємниця Якщо ви продаєте на OLX, Prom, Rozet
RIP банківська таємниця Якщо ви продаєте на OLX, Prom, Rozetka чи здаєте на Airbnb, Booking чи таксуєьте на Uklon, Bolt чи доставляєте на Glovo, Bolt і ви не ФОП, то податкова отримає доступ до ваших рахунків і руху коштів по них. Зареєструвати ФОП в Дія можна у кілька кліків. Think about it
tarasguk
@tarasguk
2d
PainPal - dead money for a reason Починаючи з року темпи рос
PainPal - dead money for a reason Починаючи з року темпи росту виручки від платежів скорочувалася, а цього кварталу вперше показали відʼємний ріст. Весь цей час компанія була дешевою, але якщо ця дешевизна викликана падінням бізнесу, то сподіватись на ріст акцій дуже наївно
1
tarasguk
@tarasguk
2d
️ За березень уряд виплатить мільйонів гривень кешбекуБерезе
️ За березень уряд виплатить мільйонів гривень кешбекуБерезень виявився найпотужнішим місяцем для отримувачів кешбеку