CRYPTO POLICY

Ripple Labs' chief legal officer Stuart Alderoty said that the court's decision regarding the classification of XRP as a security could potentially impact other ongoing cases with similar themes. This includes the lawsuit filed by the financial regulator against Coinbase and Binance.

While Russia is now on its way to roll out its CBDC, the U.S. Federal Reserve last week launched an instant payment service, called FedNow, which was met with skepticism that it would replace dollar with a potential CBDC.

Sam Bankman-Fried's legal team, in its response to the gag order, requested the court to extend the media gag order to include possible witnesses in the case, including the current CEO of FTX, John Ray III.

U.S. District Judge Analisa Torres ruled in favor of Ripple Labs, highlighting that approximately half of its sales of XRP, the native token of the Ripple blockchain, did not violate the country's investor-protection laws.

"It will be two years from now before a decision is issued by the 2nd Circuit if it's appealed. The Torres Decision is the law until then - at least in the 2nd Circuit," Crypto Law founder John Deaton said.

While some are skeptical of RFK Jr.'s promise, others in the crypto community are excited that it will revolutionize not only the industry but also the financial health of the United States.

The SEC took the first step in its process of deciding whether to approve the proposals submitted by six firms vying to offer spot Bitcoin ETF when it accepted the applications and added their names to the Federal Register.

Last week, Ripple Labs scored a major victory for the cryptocurrency industry in its legal battle against the financial regulator after the court ruled that institutional sales of XRP violated federal securities law but programmatic sales and sales on exchanges did not fall as a sale of securities.

"You never could have said to them, 'Hey, you guys need to register as a securities exchange.' That was within the power of the SEC to do, was it not, " Judge Failla said, highlighting that it made sense for Coinbase to assume that it was in the clear since it received no warning from the SEC before its IPO.

FTC said the fine imposed on Celsius Network would be "suspended to permit Celsius to return its remaining assets to consumers in bankruptcy proceedings."

The court's ruling Thursday is crucial for the cryptocurrency industry since it would help determine how crypto assets should be viewed under the U.S. Securities law.

A few months after the firm received special approval from the U.S. Securities and Exchange Commission, lawmakers are now asking the financial regulator to investigate the business' ties with China.

The Bitcoin stash might have come from the government's biggest seizure in November 2021, during which the authorities confiscated around $3.36 billion in BTC from hacker James Zhong.

According to Ripple CTO David Schwartz, Judge Analisa Torres might deliver her verdict by the end of September 2023.

"This is the second case we are announcing this week to shed light on fraud in the cryptocurrency and digital asset ecosystem," U.S. Attorney Damian Williams said.

"if you can demonstrate that the spot market has similar efficacy to the futures market, it would be hard to resist approving a #bitcoin ETF," the former SEC chairman said.

Shin and seven others are charged with fraud, breach of duty, embezzlement, and violation of the country's Capital Markets Act while Kown is currently in prison in Montenegro for illegal possession of fake travel documents.

With Kwon locked up in Montenegro, authorities are now looking into the possibility that the TFL CEO has outside help in moving funds.

BlackRock's interest in Bitcoin is a bullish move but many are still wondering about the timing of the filing and what could be the reason for this revived interest in providing services related to the world's largest crypto asset by market capitalization.

Crypto enthusiasts believe that having a local stablecoin would help with de-dollarization.

Bitcoin saw a 1.4% gain Monday, with bulls reclaiming the $31,000 resistance level and trading at $31,153. This reflects a 54.4% growth of the crypto asset over the past 30 days with a cumulative yearly gain of 63.5%.

Buterin shared his ETH staking strategy and suggested that he has done it since he has a complicated level of safety.

The lawyer's prediction is a little early compared to the forecast made by another pro-Ripple lawyer and crypto law founder John Deaton, who previously predicted, using data, that Judge Torres' judgment could come out on Sept. 6.

Industry watchers and commentators, however, think that it is just "buying the dip," or the market "overreacting" and pointed out that the news is positive for the applications.

A Binance spokesperson said that the exchange could not share details of its conversations with regulators but claimed that it had the "right team and measures in place to continue our discussions with regulators in Germany."

The XRP community and the broader cryptocurrency industry eagerly await the court ruling in the ongoing legal battle between blockchain firm Ripple Labs and the U.S. Securities and Exchange Commission (SEC) despite that many rumored dates in the past turned out to be wrong.

The federal judge said that Bankman-Fried's arguments "are either moot or without merit," underlining that the 31-year-old crypto executive will stand on trial for 13 federal counts on Oct. 2.

The report, if accurate, is bullish for the cryptocurrency industry, which, over the past weeks, has experienced market turmoil following the regulatory enforcements executed by the US financial watchdog, SEC.

Binance immediately responded to the news and claimed that it was in communication with the Belgian regulator and was saddened by the recent development.