Exciting Updates on SEC Cases Involving Ripple and Ethereum
The latest news from the crypto market discusses new developments in the ongoing cases between the SEC and Ripple, as well as Ethereum’s classification as a security token.
The SEC Concludes Investigations on ETH: Launch of Spot ETFs on the Horizon
- The SEC is dropping all investigations into the Ethereum Foundation, determining that ETH does not fit the definition of a security token.
- Consensys, a cryptographic developer, reported this significant development that will allow blockchain developers to work without regulatory limitations.
- Gary Gensler, the SEC chairman, never clearly defined Ethereum’s status, unlike other cryptocurrencies like Ripple, Cardano, and Dash.
Ethereum Cleared for ETF Listings
After six years of uncertainty, the SEC closing investigations on Ethereum paves the way for the cryptocurrency’s listing on spot ETF markets.
- The SEC had previously approved ETFs with ether as the underlying asset, but the listing was pending.
- Asset managers like BlackRock and Fidelity are gearing up for Ethereum’s arrival on Wall Street.
- The listing could happen by autumn, marking a significant step for Ethereum’s mainstream acceptance.
The SEC Abandons Ethereum but Pursues Ripple: Massive Fine Looms
- Ripple is still under the SEC’s scrutiny, with efforts to classify XRP as a security ongoing.
- The SEC is seeking a fine of over $100 million from Ripple for selling XRP without proper licensing.
- Ripple has contested this fine and proposed a lower amount, citing a previous agreement with Terraform Labs.
Ripple’s Ongoing Legal Battle
Despite legal disputes and fine proposals, the SEC is determined to classify Ripple’s XRP as an unregistered security.
- Judge Phyllis Hamilton dismissed compensation claims in class actions but kept the main case alive.
- The focus is on Brad Garlinghouse’s promotion and sale of XRP tokens, adding complexity to the case.
- The trial will ultimately determine the status of Ripple’s digital currency as a security.
Hot Take: Moving Forward in the Crypto Legal Landscape
As the SEC continues its legal battles with Ripple and Ethereum, the crypto market faces uncertainty and regulatory challenges.
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