Ripple Labs, the blockchain company behind the XRP cryptocurrency, has achieved a significant legal victory in a case brought against it by the U.S. Securities and Exchange Commission (SEC). U.S. District Judge Analisa Torres ruled that Ripple did not violate federal securities law by selling XRP tokens on public exchanges. This landmark decision has sent the value of XRP soaring, with the cryptocurrency experiencing a 75% increase.
While the ruling represents a significant win for Ripple and the cryptocurrency industry as a whole, the SEC did secure a partial victory. The judge held that Ripple violated federal securities law by selling XRP directly to sophisticated investors. The SEC spokesperson expressed satisfaction with this aspect of the ruling, while also stating that the agency is reviewing the decision.
Ripple CEO Brad Garlinghouse hailed the ruling as a massive win not only for Ripple but for the entire U.S. cryptocurrency industry. The decision could potentially provide other crypto firms with ammunition to challenge the SEC’s jurisdiction over their products.
In response to the ruling, Coinbase, the largest U.S. cryptocurrency exchange, announced that it would once again allow trading of XRP on its platform. Coinbase’s chief legal officer, Paul Grewal, stated on Twitter that they had reviewed the judge’s decision and were ready to relist XRP.
The SEC’s case against Ripple alleged that the company and its executives conducted an unregistered securities offering worth $1.3 billion by selling XRP. The outcome of this case has been closely watched by the cryptocurrency industry, which disputes the SEC’s claim that most crypto tokens are securities subject to its investor protection regulations. While the SEC has initiated more than 100 enforcement actions against cryptocurrencies, many of these have ended in settlements.
Judge Torres ruled that Ripple’s sales of XRP on public exchanges did not qualify as offers of securities because purchasers did not have a reasonable expectation of profit tied to Ripple’s efforts. However, she did find that Ripple’s sales of $728.9 million of XRP to hedge funds and sophisticated buyers constituted unregistered sales of securities. Torres also stated that a jury should decide whether Ripple’s executives aided the company’s violation of the law.
The ruling has generated calls within the cryptocurrency industry for Congress to pass legislation to establish clear rules for digital assets. The uncertainty surrounding the classification of tokens as securities or otherwise highlights the need for regulatory clarity in the rapidly evolving crypto space.
Ripple’s legal victory against the SEC marks a significant milestone for the cryptocurrency industry, providing hope and potentially setting a precedent for other crypto firms facing regulatory challenges. As the industry continues to grow and innovate, it becomes increasingly important for regulators and lawmakers to establish a regulatory framework that strikes the right balance between investor protection and fostering innovation.
In a recent report released by the World Bank, East Asia and Pacific (EAP) economies are showcased as beacons of growth, surpassing global averages. However, the region faces impending headwinds, notably from China, casting a shadow over its growth trajectory for 2024.
The European Union (EU) is launching investigations into tech giants Apple, Google, and Meta (Facebook’s parent company) over concerns they might not be following a new law designed to promote fair competition in the digital market.
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In a highly anticipated market debut, Reddit stock took off, closing its first day of trading with a staggering 48% surge from its initial public offering (IPO) price of $34 per share. The social media giant’s stock concluded the day at $50.44, propelling its market capitalization to over $8 billion.
In a significant move in Vietnam’s corporate landscape, Vingroup, the country’s largest conglomerate, has completed the sale of a 41.5% stake and other assets in its retail arm, Vincom Retail, for a staggering $1.6 billion. This transaction ranks among the largest mergers and acquisitions (M&A) deals in Vietnam in recent years, underscoring the dynamism of the country’s economy and corporate sector.
The integration of artificial intelligence (AI) into various facets of healthcare has revolutionized patient care, and its impact on surgery is poised to be profound. Leveraging AI’s capabilities to connect, analyze, and predict based on operating room data holds the promise of enhancing surgical efficiency and clinical decision-making. Recognizing this potential, NVIDIA has partnered with Johnson & Johnson MedTech to explore new AI capabilities within the realm of surgery, with the goal of advancing the company’s connected digital ecosystem for surgical procedures.
Apple is reportedly in discussions with Alphabet, Google’s parent company, regarding the licensing of Google’s “Gemini” artificial intelligence (AI) training model for integration into iPhones.
An Illinois jury has delivered a significant verdict in a case involving Mead Johnson’s Enfamil baby formula, ordering the company to pay $60 million to the mother of a premature baby who died from an intestinal disease after consuming the formula.
In the fast-paced world of software development, innovation is the name of the game. Cognition, a leading tech company, has introduced a groundbreaking solution that promises to transform the industry as we know it: Devin AI, the world’s first AI software engineer. Devin AI is not just another tool in the developer’s toolbox; it’s a game-changer that leverages the power of artificial intelligence and machine learning to automate coding tasks and streamline the development process.
When it comes to acing a job interview, there are certain tactics that can help you stand out and impress prospective employers. From showcasing your passion for the role to demonstrating problem-solving skills, there are plenty of strategies to employ. However, it’s equally important to be mindful of phrases that could raise red flags during the interview process.
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Vietnam received recognition in the 29th World Travel Awards in numerous categories
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First NFT vending machine in the world is now operational in New York
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The LEGO Group today began construction on a new $1 billion factory in Binh Duong, Vietnam
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