Ripple lawyer slams SEC use of ‘crypto asset security’

September 3, 2024 Coin Telegraph

art sales

Ripple's chief legal officer Stuart Alderoty says the term is “fabricated” with no legal basis.

Ripple Labs' chief legal officer has taken aim at the United States Securities and Exchange Commission (SEC) repeated use of the phrase "crypto asset security", arguing its a fabricated term with no legal grounding.

In a recent Aug. 30 filing, the SEC warned it could challenge any plan by defunct crypto exchange FTX to use stablecoins in repaying creditors, with the regulator noting its portfolio has "crypto asset securities."

Ripple's top lawyer, Stuart Alderoty, argues the SEC is trying to “deceive judges” by using the term.

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Coinbase Legal Chief Criticizes SEC’s Vague Position on FTX Plan — Says Investors Deserve ‘Way Better’

September 2, 2024 Bitcoin.com

Assets

Coinbase’s chief legal officer has criticized the U.S. Securities and Exchange Commission (SEC) for its ambiguous position regarding FTX’s proposal to repay creditors using stablecoins or other cryptocurrencies. Although the SEC did not explicitly deem these transactions illegal, it retained the right to contest them, leading to frustration within the crypto community. This uncertainty has […]

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SEC Warns FTX Bankruptcy Estate it May ‘Challenge’ Distributions to Creditors Involving Crypto Assets

September 2, 2024 The Daily Hodl

Daily Hodl

The U.S. Securities and Exchange Commission (SEC) is signaling potential objection to FTX’s proposed plan to repay creditors with stablecoins. In a new official court filing, the SEC acknowledges that FTX’s Chapter 11 repayment plan may not be illegal while maintaining that the regulatory agency has the right to challenge any transactions involving crypto. “The […]

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SEC Warns FTX Over Legality of Crypto Asset Distribution in Chapter 11 Plan

September 2, 2024 Bitcoin.com

Bankruptcy

The U.S. Securities and Exchange Commission (SEC) has raised concerns over FTX’s plan to pay back claims using its “crypto asset securities.” The SEC’s Senior Trial Counsel, Therese Scheuer, has reserved the right to challenge these transactions under federal securities laws. FTX’s Crypto Repayment Plan Faces Potential SEC Challenge The FTX bankruptcy saga is moving […]

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Former FTX Executive Withdraws Filing, Alleges US Government Broke Its Promises – Judge Sets Hearing Anyway

August 31, 2024 The Daily Hodl

Daily Hodl

Former FTX executive Ryan Salame has withdrawn a previous court filing accusing the US government of walking back its promise not to prosecute his partner, but a judge has scheduled a hearing on the matter anyway. Salame is the former co-CEO of FTX Digital Markets, the Bahamian subsidiary of the bankrupt crypto exchange. Last year, […]

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Judge orders ex-FTX exec to appear after request to vacate guilty plea

August 30, 2024 Coin Telegraph

Coin Telegraph

Despite withdrawing a petition to void his guilty plea, Ryan Salame must appear in a New York courtroom on Sept. 12 as scheduled.

A federal judge has ordered former FTX Digital Markets co-CEO Ryan Salame to appear for a hearing despite withdrawing a request to vacate a guilty plea.

In an Aug. 29 filing in the United States District Court for the Southern District of New York, Judge Lewis Kaplan said Salame was required to appear in court on Sept. 12 as part of the conditions of his release on bail. He was initially scheduled to report to prison to serve a 90-month sentence starting on Aug. 29 but received a delay to Oct. 13 after reporting medical complications because of a dog bite.

On Aug. 21, the former FTX executive’s legal team filed a petition to have the court vacate his guilty plea, alleging authorities agreed not to pursue an investigation into his partner, Michelle Bond. However, after prosecutors unsealed an indictment for campaign finance law violations against Bond on Aug. 22, Salame withdrew his petition and said a ruling on the matter could be made in her case.

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9 months after SBF conviction, Peter Singer defends effective altruism in debate

August 30, 2024 Coin Telegraph

Alice Crary

According to the prominent voice for effective altruism, Sam Bankman-Fried’s version of the philosophy was only one among many.

When former FTX CEO Sam Bankman-Fried was convicted of fraud in November 2023, many critics blamed his ethical philosophy, effective altruism, for his wrong turn in life.

But in a video debate published on Aug. 28 by the nonprofit organization Open to Debate, philosopher Peter Singer defended effective altruism, claiming that Bankman-Fried was an advocate of the “earn to give” movement, which makes up just a small part of the philosophy’s community.

According to Singer, effective altruism is the view that human beings have a moral responsibility to alleviate suffering in the world, but also to make sure that they do so efficiently and rationally.

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Ex-FTX exec scraps vacating guilty plea, refers matter to partner’s case

August 29, 2024 Coin Telegraph

Coin Telegraph

Former FTX Digital Markets co-CEO Ryan Salame pleaded guilty to two felony charges in September 2023 and was sentenced to 90 months in prison in May 2024.

Ryan Salame, the former co-CEO of FTX Digital Markets, has withdrawn a petition to vacate his guilty plea for violations of campaign finance and money-transmitting laws.

In an Aug. 29 filing in the United States District Court for the Southern District of New York, Salame’s legal team told the court his longtime partner, Michelle Bond — also facing criminal charges — “may raise the matter” of his guilty plea in her case. Prosecutors unsealed an indictment against Bond on Aug. 22, alleging violations of campaign finance law related to her 2022 congressional campaign.

“To be clear, Mr. Salame stands by the facts set forth in the Petition and his accompanying declaration,” said the filing. “Mr. Salame is withdrawing the Petition, however, to allow the facts to be developed by Ms. Bond, and a ruling to be made, in her case [...] it makes sense to adjudicate the issues raised in the Petition in the docket in which the indictment is pending.”

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Former FTX Executive Ryan Salame Alleges the US Government Broke Its Promises After DOJ Charges His Partner

August 23, 2024 The Daily Hodl

Bitcoin

Former FTX executive Ryan Salame says the US government has walked back its promise not to charge his partner Michelle Bond. Salame is the former co-CEO of FTX Digital Markets, the Bahamian subsidiary of the bankrupt crypto exchange. Last year, the former executive pled guilty to conspiracy to make unlawful political contributions and defraud the […]

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Hackers Using Github to Steal Crypto—Malware Hidden in Open Source

FTX’s Ryan Salame Seeks to Void Guilty Plea, Citing Government’s Alleged Breach of Plea Agreement

August 23, 2024 Bitcoin.com

bitcoin.com

Ryan Salame, a former executive at the now-defunct cryptocurrency exchange FTX, has filed a motion to withdraw his guilty plea in federal court. Salame claims that prosecutors breached an agreement that led him to plead guilty by resuming an investigation into his domestic partner, Michelle Bond. Ryan Salame Challenges Guilty Plea, Claims Government Reneged on […]

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