The SEC has requested to delay its appeal brief against Ripple until January 2025, hinting at a prolonged legal battle.
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Regulation
US lawmaker claims crypto PACs forced out ’important voices in Congress’
Representative Summer Lee took aim at crypto-backed Super PACs funding media buys that could have contributed to two Democratic lawmakers losing their primaries.
Pennsylvania Representative Summer Lee staunchly criticized cryptocurrency-backed political action committees (PACs) for funding ads “demonizing” candidates in 2024 primaries — often for reasons unrelated to digital assets.
Speaking at an Oct. 24 virtual event hosted by Public Citizen and Americans for Financial Reform, Rep. Lee took aim at the “influence and control” special interest groups like crypto Super PACs used to target lawmakers running for reelection in 2024.
The Pennsylvania Representative claimed that money from the digital asset industry was being used to “silence the few representatives actually fighting to hold them accountable.”
Ripple to file Form C as SEC prepares for appeals battle over XRP sales
Ripple's legal challenge could redefine regulatory boundaries in the crypto industry, potentially limiting the SEC's influence over digital assets.
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US gov’t cites ex-FTX exec’s ‘exemplary cooperation’ before sentencing
Prosecutors asked Judge Lewis Kaplan to consider Nishad Singh’s “substantial assistance” to the government in its case against Sam Bankman-Fried at sentencing.
Prosecutors said former FTX engineering director Nishad Singh, who pleaded guilty and cooperated with authorities, provided “substantial assistance” to the United States government, hinting the judge should be lenient at sentencing.
In an Oct. 23 filing in the US District Court for the Southern District of New York, US Attorney Damian Williams asked Judge Lewis Kaplan to consider Singh’s cooperation, which helped in the prosecution of former FTX CEO Sam “SBF” Bankman-Fried and former FTX Digital Markets co-CEO Ryan Salame. Singh is scheduled to appear before the judge on Oct. 30 for sentencing after pleading guilty to fraud and conspiracy charges in 2023.
According to prosecutors, Singh’s testimony at SBF’s trial was a “core part” of the government’s case by helping the jury understand “how FTX’s code permitted the illegal use of customers’ funds” and “identif[ying] in detail the transactions by Bankman-Fried that involved the use of stolen money.”
Ripple ‘made a mistake’ not talking to regulators early, says CEO
Ripple should have engaged with US regulators a lot earlier, says the firm’s CEO Brad Garlinghouse, adding it’s now “trying to make up for lost time.”
Ripple Labs CEO Brad Garlinghouse conceded that his company should have engaged with United States regulators earlier, and now it and the crypto industry are playing catch-up after being on the receiving end of legal enforcement actions.
“I’ve made far more trips to DC in the past few years than I did in the years before that,” Garlinghouse said in an Oct. 23 appearance at DC Fintech Week.
Ripple is one of the US crypto firms that has been entangled in a legal battle with the Securities and Exchange Commission, a regulator many US crypto executives claim is antagonistic and unfair to the industry.
Former Celsius CEO to return to court on Nov. 13
Judge John Koeltl ordered Alex Mashinsky and prosecutors to appear in court on Nov. 13 to address the former Celsius CEO’s motion to dismiss fraud and market manipulation charges.
Alex Mashinsky, the former CEO of crypto platform Celsius, will appear in a New York courtroom for the first time in months for oral arguments related to his motion to dismiss charges.
In an Oct. 23 filing in the United States District Court for the Southern District of New York, Judge John Koeltl ordered Mashinsky and prosecutors to appear in court on Nov. 13 to “preserve testimony” and address the former Celsius CEO’s motion to dismiss certain charges in the indictment. In January, Mashinsky’s lawyers filed motions to dismiss charges related to commodities fraud and market manipulation.
Source: SDNY
New Privacy Bill Aims to End Government’s Grip on Americans’ Financial Data
The Saving Privacy Act, aimed at curbing federal surveillance of Americans’ financial data, is gaining momentum. Backers argue the government has overreached, violating privacy rights without effectively targeting criminals. Provisions include repealing key financial reporting laws and strengthening Fourth Amendment protections. Supporters highlight the need to protect personal financial data while enabling authorities to pursue […]BRICS leaders push Bitcoin to bypass Western sanctions as Putin calls for alternatives
BRICS leaders advocate Bitcoin use to bypass Western sanctions, highlighting a shift towards decentralized financial systems.
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UK will soon introduce laws to regulate stablecoin, says Circle’s head of policy
The UK's stablecoin regulation could enhance financial stability and innovation, positioning the nation as a leader in digital finance.
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Binance executive released after being detained in Nigeria for over 7 months
The release highlights ongoing legal challenges for Binance, potentially impacting its operations and regulatory relations in Africa.
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