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SEC will seek to appeal the landmark Ripple decision on whether XRP is a security

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SEC will seek to appeal the landmark Ripple decision on whether XRP is a security

The Securities and Exchange Commission said it will appeal a judge’s controversial Ripple decision, which found that sales of the XRP cryptocurrency did not constitute securities sale in certain circumstances, in a letter filed to the District Court for the Southern District of New York on Wednesday.

The mid-July ruling had represented a temporary victory for the embattled crypto industry, with Judge Analisa Torres finding that sales of Ripple’s XRP token did not constitute it as a security when sold programmatically, or through the open market.

The ruling had immediate ramifications, with prominent crypto exchanges rushing to re-list XRP. The SEC indicated it would appeal the decision, especially as a different SDNY judge expressed doubts over Torres’s arguments in a separate case. In its Wednesday letter, the SEC said it would seek an appeal of the judge’s holding on programmatic sales.

The Ripple case is one of the major battles in the nascent blockchain industry. Founded in 2012, Ripple is one of the highest-profile crypto companies, although its XRP token has come under fire from regulators as well as other digital assets firms. In 2020, the SEC charged the company with raising over $1.3 billion through an offering of unregistered digital asset securities.

Although many in the crypto industry argue that XRP differs from other popular cryptocurrencies such as Bitcoin and Ether due to its centralized structure, the case hinges on one of the central debates for the sector: whether cryptocurrencies should be regulated as securities or as commodities.

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The judge’s ruling, which found that XRP by itself does not constitute a security and that sales of XRP were only securities sales when made to sophisticated investors, appeared to be an opening for the rest of the industry. The SEC currently has active lawsuits against major exchanges such as Coinbase and Binance for offering unregistered securities. Torres’s ruling, however, indicated that such programmatic sales would be outside the jurisdiction of the SEC.

The mid-July ruling was split, with Torres leaving some questions for a later jury trial, including whether two Ripple executives were liable for the unlawful offering and sale of securities. Earlier on Wednesday, she announced her intent to hold the trial in the second quarter of 2024. The fact that the case is not yet settled complicates the appeals process, prompting the SEC’s motion to seek leave to file an interlocutory appeal.

In its letter filed on Wednesday, the SEC said that it would seek to stay the court’s proceedings, including the scheduling order, during its motion and potential appeal. The agency argued that the order’s ruling was of consequence to other pending litigation, including against Coinbase, Binance, and Huobi founder Justin Sun. The agency also noted that a different SDNY judge had exhibited “substantial ground for difference of opinion” on the question of programmatic sales in a separate case involving Terraform Labs, the developer of the failed TerraUSD stablecoin.

According to the schedule set forward in the letter, Ripple’s response will be due Aug. 16, and the SEC will file its opening brief two days later. The appeal would be heard in the U.S. Court of Appeals for the Second Circuit.

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Which Cryptocurrency Under $0.50 Can Turn a $150 Investment Into $150,000 by 2025? Expert Top Picks Are… – Brave New Coin

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Which Cryptocurrency Under alt=

Turning a small investment into a fortune is the dream of many crypto enthusiasts. With various coins priced under $0.50, the opportunity is tantalizing. This article dives into the top expert picks that have the potential to transform a modest $150 into a staggering $150,000 by 2025. Discover which cryptocurrencies are poised for explosive growth.

CYBRO Presale Climbs Past $2.5 Million: A One-in-a-Million DeFi Investment Opportunity

CYBRO is capturing the attention of crypto whales as its exclusive token presale quickly surges above $2.5 million. This cutting-edge DeFi platform offers investors unparalleled opportunities to maximize their earnings in any market condition.

Experts predict a potential ROI of 1200%, with CYBRO tokens available at a presale price of just $0.03 each. This rare, technologically advanced project has already attracted prominent crypto whales and influencers, indicating strong confidence and interest.

Holders of CYBRO tokens will enjoy lucrative staking rewards, exclusive airdrops, cashback on purchases, reduced trading and lending fees, and a robust insurance program within the platform.

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With only 21% of the total tokens available for this presale and approximately 80 million already sold, this is a golden opportunity for savvy investors to secure a stake in a project that’s truly one in a million.

>>>Join CYBRO and aim for future returns up to 1200%

LUNC: Terra Classic’s Role in the Global Payments Ecosystem

Terra Classic, known as LUNC, is a blockchain protocol utilizing stablecoins for price-stable global payments. Combining stability and adoption of fiat with Bitcoin’s resilience, Terra aims for efficient transactions. Its mainnet launched in 2019, and expanded with stablecoins linked to several currencies. In 2022, Terra Classic emerged after a rebranding, with its native token LUNA renamed LUNA Classic. While the new Terra chain focuses elsewhere, LUNC draws parallels to historic blockchain splits. With its unique approach to stablecoins, LUNC offers potential for those seeking an innovative payments system. The design seeks to balance stability and speed, reflecting lessons learned from past crypto market challenges.

Stellar (XLM): A Bridge for Global Fund Transfers

Stellar (XLM) offers a platform for fast, affordable fund transfers by connecting diverse financial systems. It uses blockchain technology to support currencies from around the world, including cryptocurrencies like Bitcoin. Stellar Lumens, its own currency, helps facilitate these transactions. The network aims to improve existing financial setups, not replace them. Both individuals and businesses can benefit, using Stellar for global money transfers or building blockchain apps. The Stellar Development Foundation encourages using the network for things like NFTs and smart contracts. Over the years, Stellar has built meaningful partnerships and processed a massive number of transactions, creating a promising stage for its future growth.

Kaspa: The Future of Fast and Secure Transactions

Kaspa is a proof-of-work cryptocurrency using the GHOSTDAG protocol. Unlike typical blockchains, GHOSTDAG lets blocks coexist rather than reject them. It organizes them while keeping them all. Kaspa uses a blockDAG structure for high-speed and secure transactions. It can currently process one block per second, with goals of increasing that significantly. This allows nearly instant confirmations. Kaspa includes features like Reachability, SPV proofs, and plans for subnetwork support. These enhance its scalability and could simplify layer 2 developments. This innovative approach positions Kaspa as a promising player in the crypto landscape. With this setup, Kaspa offers quick and secure transactions, making it an exciting option for users.

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VeChain’s Blockchain Powers Real-World Solutions in Enterprise

VeChain is a blockchain platform that is transforming how industries track goods. Known for its supply chain solutions, it lets companies monitor products like food, fashion, and cars. With its native token, VET, ranking high in market cap, it’s clear that VeChain has significant use and acceptance. By assigning IDs and sensors to products, it helps verify authenticity and manage recalls, proving vital for luxury and automotive industries. Founded by Sunny Lu, it moved from Ethereum to its own blockchain, VeChainThor. This switch introduced a dual-token system and a proof of authority for better transaction validation. Major partnerships demonstrate its practical applications, making VeChain a key player in blockchain solutions.

Dogecoin’s Rise: From Meme to Major Cryptocurrency Player

Dogecoin started as a light-hearted alternative in the crypto world. Its Shiba Inu logo became a popular symbol online. Unlike Bitcoin, Dogecoin has no supply limit, which means coins are always being produced. It gained attention when its value soared, influenced by Elon Musk and social media buzz. Dogecoin’s playful origins didn’t stop it from becoming one of the top cryptocurrencies by market cap. Its journey shows how community support and online trends can shape financial markets. With many fans worldwide, Dogecoin remains an interesting part of the digital currency landscape.

Conclusion

LUNC, XLM, KAS, and VET have less potential for short-term gains. In contrast, CYBRO offers a unique advantage. As a DeFi platform, it uses AI-powered yield aggregation on the Blast blockchain. This provides lucrative staking rewards, exclusive airdrops, and cashback on purchases. It ensures seamless deposits and withdrawals, focusing on transparency and compliance. CYBRO has attracted strong interest from crypto whales and influencers. Its advanced technology and superior user experience make it a promising project to watch.

Site: https://cybro.io
Twitter: https://twitter.com/Cybro_io
Discord: https://discord.gg/xFMGDQPhrB
Telegram: https://t.me/cybro_io


This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.

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PayPal Introduces Cryptocurrency Trading for US Merchants – Brave New Coin

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PayPal Introduces Cryptocurrency Trading for US Merchants – Brave New Coin

Global payments giant PayPal will allow U.S. business account holders to buy, sell, and hold cryptocurrencies directly from their accounts.

Global payments giant PayPal has unveiled new features allowing U.S. business account holders to buy, sell, and hold cryptocurrencies directly from their accounts.

The move comes as more business clients seek access to crypto services available to consumers. PayPal also intends to expand its cryptocurrency features into regular business operations. According to the statement, this feature will be unavailable in New York State.

PayPal’s peer-to-peer payments app Venmo initially allowed clients to manage cryptocurrency in 2020. Since then, they have “continuously made significant steps to increase cryptocurrency utilization,” the statement read.

“Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly,” said Jose Fernandez da Ponte, senior VP of blockchain, cryptocurrency, and digital currency at PayPal.

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According to PayPal’s statement, the new features of crypto services for business accounts aim to boost crypto’s real-world utility. The company’s latest move is a response to business owners who have been asking for access to crypto services since the platform launched its consumer-level digital currency services.

“Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned a lot about how they want to use their cryptocurrency,” Fernandez da Ponte added.

PayPal stock has climbed roughly 26% this year, suggesting positive sentiment from investors.

Businesses can Now Transfer Cryptocurrency On-Chain to External Wallets

In addition to the new buying and selling ability, U.S. merchants can now transfer cryptocurrencies to third-party wallets. This new functionality extends the flexibility of digital currency transactions for businesses.

“PayPal business account holders can now send and receive supported cryptocurrency tokens to and from external blockchain addresses,” the company mentioned in its statement.

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Last month, Crypto.com teamed up with PayPal to allow US users to make purchases through cryptocurrencies. This alliance expands on earlier joint ventures between the two businesses, which included allowing PayPal to recharge Crypto.com Visa Card. Besides Crypto.com, PayPal’s stablecoin is available within selected exchanges including Coinbase, Bitstamp, and Kraken.

PayPal Cuts Fees by Expanding PYUSD to Solana

In 2023, PayPal launched its own US dollar-denominated stablecoin (PYUSD), in August 2023. PYUSD was issued by a US-regulated entity named Paxos Trust Company. Initially, PYUSD was launched as an ERC-20 token through the Ethereum blockchain.

One limitation of Ethereum-based stablecoins is their high transaction fees. PayPal expanded PYUSD to the Solana network in May 2024 to minimize the cost. This move led to a significant fee reduction (sometimes over 90%). These lower transaction rates on Solana made PYUSD more attractive for regular purchases like coffee or groceries, which boosted the demand for PayPal to introduce crypto services to businesses.

“The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous,” said Sheraz Shere, General Manager of Payments at the Solana Foundation. “Continued adoption from industry participants like PayPal helps realize the next generation of fintech innovation.”

According to BraveNewCoin data, PYUSD’s market capitalization has expanded dramatically since its introduction over a year ago, rising from approximately $45 million in September 2023 to around $700 million at the time of writing.

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Cryptocurrency exchange network accused of helping Russia hit with sanctions

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WASHINGTON (AP) — A network of people and virtual currency exchanges associated with harboring Russian cybercrime were hit with sanctions on Thursday, in a government-wide crackdown on cybercrime that could assist Russia ahead of President Joe Biden’s meeting with Ukrainian President Volodymyr Zelenskyy.

U.S. Treasury sanctioned alleged Russian hacker Sergey Ivanov and Cryptex — a St. Vincent and Grenadines registered virtual currency exchange operating in Russia. Virtual currency exchanges allow people and businesses to trade cryptocurrencies for other assets, such as conventional dollars or other digital currencies.

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Treasury alleges that Ivanov has laundered hundreds of millions of dollars worth of virtual currency for cyber criminals and darknet marketplace vendors for the last 20 years, including for Timur Shakhmametov, who allegedly created an online marketplace for stolen credit card data and compromised IDs called Joker’s Stash. Ivanov laundered the proceeds from Joker’s Stash, Treasury says.

The State Department is offering a $10 million reward for information that would lead to the arrest and possible conviction of the two men and the U.S. Attorney’s Office in Virginia has unsealed an indictment against them.

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Biden said in a statement announcing the sanctions Thursday that the U.S. “will continue to raise the costs on Russia for its war in Ukraine and to deprive the Russian defense industrial base of resources.”

He meets with Zelenskyy Thursday to announce a surge in security assistance for Ukraine and other actions meant to assist the war-torn country as Russia continues to invade.

State Department Spokesman Matthew Miller said, “We will continue to use all our tools and authorities to deter and expose these money laundering networks and impose cost on the cyber criminals and support networks. We reiterate our call that Russia must take concrete steps to prevent cyber criminals from freely operating in its jurisdiction.”

U.S officials have taken several actions against Russian cybercriminals since the start of the invasion in February 2022.

Earlier this year, Treasury’s Office of Foreign Assets Control sanctioned 13 firms — five of which are owned by an already sanctioned person — and two people who have all either helped build or operate blockchain-based services for, or enabled virtual currency payments in, the Russian financial sector, “thus enabling potential sanctions evasion,” according to U.S. Treasury.

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