Ripple vs. SEC, Figure’s Stablecoin, and SEC’s Crypto Arguments in Binance Case

Key Points

• Ripple vs. SEC Legal Battle:
  • SEC requests Ripple’s financial records, sparking a dispute.
  • Ripple opposes, trial approaches, outcome uncertain.
• SEC’s Inconsistent Arguments in Binance Case:
  • SEC’s inconsistent stance on crypto assets raises questions.
  • Binance seeks dismissal, discussions on regulatory clarity.
  • Criticisms from key figures, SEC’s interpretation under scrutiny.
• Figure’s Interest-Bearing Stablecoin:
  • Figure seeks SEC approval for interest-bearing stablecoin.
  • “Figure Transferable Certificates” offer interest and maturity.
  • Stablecoin alternatives, launching on Provenance Blockchain.

Ripple vs. SEC: Legal Showdown Escalates as Financial Records Demand Heats Up!

In the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC), the SEC has once again requested Ripple to provide important financial records, including statements for 2022 and 2023, as well as contracts related to XRP sales after the lawsuit was filed.

The SEC argues that these documents are crucial to determine whether Ripple has violated securities laws. Ripple initially sought an extension to respond, but later opposed the SEC’s request, claiming that the information is irrelevant to the case and that the SEC is trying to expedite a decision on whether Ripple’s post-complaint sales constitute investment contracts.

This latest development comes just ahead of the upcoming trial between Ripple and the SEC, which is less than three months away. Ripple has previously secured several significant victories in the case, including a ruling that its XRP sales to retail investors did not constitute an offer of investment contracts.

Despite these wins, the legal battle continues to heat up, and the outcome remains uncertain.

In summary, the SEC is pushing for access to Ripple’s financial records, raising the stakes in their legal dispute, which has seen both sides scoring victories in the past.

With the trial approaching, the tension between Ripple and the SEC is intensifying, making it a crucial issue to watch for those following the cryptocurrency industry.

SEC’s Crypto Conundrum: Inconsistent Arguments Leave Community Baffled!

Crypto enthusiasts have raised concerns over the SEC’s inconsistent legal argument during a recent hearing focused on Binance’s case. The SEC claimed that crypto assets represent investment contracts, but this assertion didn’t align with previous judgments.

In response to the SEC’s lawsuit, Binance filed a motion seeking dismissal.

The inconsistency in the SEC’s stance has drawn attention from key figures, including Attorney John Deaton, who represents XRP holders in the SEC v. Ripple case.

Deaton highlighted the SEC’s “embodiment theory” and its lack of legal precedent support.

Fox Business Journalist Eleanor Terrett also noted the inconsistency in the SEC’s arguments, as federal judges had previously ruled that tokens themselves are not securities.

The inconsistencies in the SEC’s legal stance, witnessed in the Binance, Ripple, and LBRY cases, have ignited discussions about regulatory clarity and how the SEC interprets digital assets.

Figure’s Crypto Twist: SEC to Decide Fate of Interest-Paying Stablecoin!

A blockchain-focused financial services company, Figure, has submitted an application to the U.S. Securities and Exchange Commission (SEC) for the creation of an interest-bearing stablecoin. Figure aims to establish a subsidiary, the Figure Certificate Company, to issue “Figure Transferable Certificates” priced at $0.01 each.

These certificates will accrue daily interest, credited to the holder, and paid out monthly in dollars.

They will mature after 20 years and be launched on the Provenance Blockchain, where Figure manages over $9 billion worth of assets.

The certificates are positioned as stablecoin alternatives, a settlement currency, and a payment rail.