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Seeds of Wisdom
RIPPLE HITS BACK AT SEC, FILES CROSS-APPEAL
The feud continues: Ripple Labs has announced plans to file a cross-appeal in its ongoing legal case with the U.S. Securities and Exchange Commission.
This move by Ripple is meant to preserve its legal defenses as the SEC’s own appeal proceeds through the courts. The SEC filed an appeal on Oct. 2 to counter the July 2023 ruling that concluded XRP cannot be classified as a security.
The SEC’s appeal follows the ruling that determined Ripple’s sale of XRP on exchanges did not violate federal securities laws.
Ripple CEO Brad Garlinghouse tweeted that, with the cross-appeal, Ripple is “looking forward to sealing the SEC’s fate and finally putting an end to the SEC’s regulation-by-enforcement agenda.”
The SEC sued Ripple in December 2020, claiming that XRP, Ripple’s cryptocurrency, was sold as an unregistered security. Securities are financial instruments, like stocks or bonds, that must meet strict regulatory requirements before being sold. The key issue in the case is whether XRP qualifies as a security.
Ripple’s cross-appeal ensures it can address all aspects of the case as the legal process continues. According to Ripple’s Chief Legal Officer Stuart Alderoty, the company wants to keep all options open.
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This comes despite the SEC’s contentious stance on what constitutes a token as a security — and despite clear details of the SEC’s appeal.
In appeal cases like this, both parties file notices explaining the basis of their arguments, followed by more detailed legal briefs. Ripple’s next step is to submit these briefs as the appeal progresses. Both Ripple and the SEC will be outlining their positions in the coming weeks.
The ongoing battle
As mentioned earlier, Ripple Labs was sued in 2020 by the SEC for conducting an unregistered securities offering by selling XRP. The SEC claimed that XRP was a security under U.S. law and alleged that Ripple and its executives raised $1.3 billion in capital without proper registration.
Ripple argued that XRP does not meet the criteria for a security under the Howey Test.
Throughout the case, Ripple achieved several important milestones, such as a key ruling by Judge Sarah Netburn in March 2021, which distinguished XRP from Bitcoin and Ethereum, acknowledging its utility and currency-like value.
The court also ordered the release of crucial documents, including internal communications from former SEC director William Hinman, whose comments on Ethereum’s status as a non-security influenced the case.
On July 13, 2023, Judge Analisa Torres ruled that XRP is not a security when sold on exchanges to the public, marking a significant victory for Ripple and the broader crypto industry.
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However, the court ruled that Ripple’s XRP sales to institutional investors violated securities law. Ripple’s legal struggles continued, including the SEC’s attempt to appeal this decision, which was denied in October 2023.
Ultimately, Ripple faced a $125 million fine. However, the ruling marked a turning point in the crypto regulatory landscape, setting a precedent for how digital assets are classified in the U.S. moving forward.
@ Newshounds News™
Source: Crypto News
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SOUTH KOREA ALLOWS DIVISION OF CRYPTO IN DIVORCE SETTLEMENTS
South Korean law allows spouses to claim cryptocurrency and Bitcoin holdings during divorce proceedings, recognizing them as marital assets, law firm says.
Married couples in South Korea can now divide cryptocurrency holdings during divorce proceedings, according to a law firm specializing in the country’s legal system.
South Korean law firm IPG Legal clarified the law regarding cryptocurrencies during divorce cases. Responding to questions from clients, the firm said that under South Korean law, both tangible and intangible assets can be divided during a divorce:
“Under Article 839-2 of the Korean Civil Act, either spouse may request a division of marital assets accumulated during the marriage upon the divorce in Korea.”
The firm pointed to a 2018 ruling by South Korea’s Supreme Court that confirmed cryptocurrency and virtual assets are considered property due to their economic value as intangible assets.
South Korea considers crypto as an intangible asset
As a result, any cryptocurrencies acquired during marriage can be regarded as part of the marital estate. Spouses who are aware of their partner’s crypto exchange wallets can have courts issue a “fact-finding investigation” to ascertain the value of their holdings.
Tracking crypto investments is easier than traditional cash, considering that blockchain technology preserves all transactions and does not allow external factors to modify or delete entries.
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Bank withdrawal records and other forensic investigations also allow for the discovery of unknown sources of crypto holdings.
Partners can choose to either cash out the crypto holdings before splitting or share the tokens directly.
Investigators find hidden Bitcoin in New York divorce
The growing use of cryptocurrency in finance has led to more divorce cases involving digital assets worldwide.
During a New York couple’s divorce proceedings, the wife appointed a forensic accountant to uncover her husband’s hidden Bitcoin holdings.
The wife found that her soon-to-be ex-husband failed to declare 12 BTC — worth about $500,000 — stored in an undisclosed crypto wallet.
“It was never even a thought in my mind because it’s not like we were discussing it or making investments together. It was definitely a shock,” she said.
@ Newshounds News™
Source: CoinTelegraph
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ARGENTINA OVERTAKES BRAZIL IN CRYPTO INFLOWS — CHAINALYSIS
Argentina’s stablecoin market is one of the largest in the world in terms of share of stablecoin transactions, beating the global average by 17%.
Argentina, one of the fastest-growing cryptocurrency markets, has overtaken Brazil as the top Latin American (Latam) country in terms of estimated crypto inflows by users.
Crypto users in Argentina deposited the largest amount of crypto in Latam between July 2023 and June 2024, with inflows totaling $91 billion, Chainalysis reported on Oct. 9.
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With an estimated $91 billion in crypto inflows, Argentina has overtaken Brazil in terms of total crypto value received, ranking slightly ahead of Brazil’s estimated $90 billion during the period.
Argentina’s stablecoin activity is 17% higher than the global average
The rapid growth in crypto adoption in Argentina comes amid a decades-long battle with inflation and local currency devaluation, forcing Argentinians to seek alternative ways of saving, including using the US dollar or dollar-pegged stablecoins.
According to Chainalysis, Argentina’s stablecoin market is one of the largest in the world in terms of share of stablecoin transactions. It is also among the leaders in the Latam region.
Argentina’s share of stablecoin transaction volume amounted to 61.8% between July 2023 and June 2024, slightly above Brazil’s share of 59.8%. Argentina’s stablecoin activity is well above the global average of 44.7% but lower than Columbia’s 66%.
The report highlighted that the share of Argentina’s retail-sized stablecoin transactions — those under $10,000 — is growing faster than any other asset type. This trend suggests that Argentinians are relying on stablecoins to protect their finances from inflation and currency instability. The report stated:
“Their interest in stablecoins highlights the role of crypto in unstable markets and how citizens are able to take better control of their financial futures by embracing cryptocurrency, regardless of official monetary policy.”
Tether prioritizes markets like Argentina over developed economies
Argentina’s growing stablecoin activity comes as stablecoin issuer Tether focuses more on emerging markets like Argentina rather than developed economies like the US.
The operator of the world’s largest US dollar-pegged stablecoin, Tether USDT, Tether recognized Argentina’s need for the “digital dollar,” its CEO Paolo Ardoino told Cointelegraph last week.
“That people want to hold that dollar, not in cash, but in a digital form because it’s much more convenient,” Ardoino said.
Argentina has increasingly positioned itself as a crypto-friendly country. In late 2023, Argentina officially allowed using Bitcoin in legally binding contracts after pro-Bitcoin President Javier Milei took office in December 2023.
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Despite Argentina becoming one of the most active jurisdictions in cryptocurrency usage, the local government is yet to regulate the growing market.
According to Forbes, Argentina struggled to provide regulated cryptocurrency services to its population as of July despite the government making multiple efforts to introduce regulations.
While developed economies like those in Europe have been pushing stablecoin regulations in recent years, Argentina has yet to introduce a stablecoin framework.
@ Newshounds News™
Source: CoinTelegraph
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RIPPLE XRP! THE FED JUST LAUNCHED THEIR DIGITAL CURRENCY | YouTube
@ Newshounds News™
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The Constitution Friday Nights Call with Seeds of Wisdom Team | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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SEN. HAGERTY’S STABLECOIN REGULATION DRAFT AIMS FOR CLARITY, ECHOES HOUSE BILL FRAMEWORK
▪️The draft closely resembles the Clarity for Stablecoins Act worked on in the House of Representatives by Rep. Patrick McHenry, R-N.C., and Maxine Waters, D-Calif.
▪️“It is Senator Hagerty’s version of McHenry-Waters,” spokespeople for Sen. Hagerty said in an emailed statement to The Block.
Crypto-friendly Sen. Bill Hagerty unveiled a discussion draft of legislation to create a regulatory framework for stablecoins that is very similar to work being done in the House of Representatives.
The Tennessee Republican said his draft legislation “provides much-needed clarity” in a statement on Thursday. The draft closely resembles the Clarity for Payment Stablecoins Act worked on in the House of Representatives by Rep. Patrick McHenry, R-N.C., and Maxine Waters, D-Calif.
“It is Senator Hagerty’s version of McHenry-Waters,” spokespeople for Sen. Hagerty said in an emailed statement to The Block. Hagerty also is a member of the Senate Banking Committee, which has jurisdiction over key agencies, including the U.S. Securities and Exchange Commission.
Sen. Hagerty’s draft bill takes the structure of the House bill while also splitting federal supervision between the Federal Reserve for banks and the Office of the Comptroller of the Currency for non-banks, his spokespeople said.
Hagerty’s draft bill would include a provision that says issuers that go over a $10 billion threshold may get a waiver from their federal regulator to then stay under their state’s jurisdiction.
The draft legislation also includes language around maintaining reserves on a one-to-one basis with reserves that have U.S currency.
“Stablecoins have the potential not only to enhance transactions and payment systems, but also to help create new demand for U.S. Treasuries as we work to address our unsustainable deficit,” Sen. Hagerty said in the statement. “For too long, these benefits and the broader promise of stablecoins have been hindered by the lack of clear regulations.”
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Negotiations around passing a stablecoin bill have been complicated over the last few years on Capitol Hill. House Financial Services Chair McHenry and the top D------t of that committee, Rep. Waters, have been working on their bill to create a regulatory framework for stablecoins since 2022.
The bill advanced out of the Republican-led committee last year but has not gained much traction. At the time, Waters called the bill “deeply problematic“ due to a provision that allows state regulators to approve stablecoin issuances without Federal Reserve input.
However, tables might have turned last month during a congressional hearing when Rep. Waters said she wants to “strike a grand bargain on stablecoins” before the end of the year.
Waters said the bill needs to place the Federal Reserve in a “dominant role” and that stablecoins must be backed by safe reserves, such as short-term Treasury bills.
“I’ve made a public statement to you about bipartisanship — let’s see what you do with it,” Waters told McHenry in late September.
Cody Carbone, president at The Digital Chamber said the advocacy group was “encouraged” by the release of the draft legislation.
“While the window for passage in this Congress is limited, Senator Hagerty’s efforts have revitalized the discussion,” Carbone said in a statement to The Block.
“The push for a U.S. stablecoin regulatory framework is bipartisan, and we urge lawmakers to prioritize this important, common-sense legislation through the end of the year.”
Ron Hammond, director of government relations at the Blockchain Association said Sen. Hagerty’s draft was “an important development” especially after comments made by McHenry and Waters to move forward stablecoin legislation before the end of the year.
“While the e------n results will largely determine what is in the realm of possible for the lame duck, it is likely the Republicans will take back the Senate and this effort from Sen Hagerty could be the starting point for a Republican led Senate Banking Committee in 2025 should stablecoins not get addressed in the lame duck,” Hammond said in a statement to The Block.
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Update: Oct. 10 , 10:15 p.m. UTC to include comments from Carbone and Hammond
@ Newshounds News™
Source: The Block
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RIPPLE NEWS: COULD GARY GENSLER’S RESIGNATION OR REMOVAL LEAD TO A DISMISSAL OF THE RIPPLE-SEC LAWSUIT?
The U.S. SEC has filed an appeal in its case against Ripple, after a federal judge ruled that the SEC did not prove Ripple violated securities laws by selling XRP to retail customers.
The SEC’s appeal, submitted to the Second Circuit Court of Appeals, argues that the judge’s decision contradicts established Supreme Court precedents and securities laws.
As we look ahead, several factors could influence the ongoing legal battles in the crypto space. With an e------n approaching, potential changes in leadership could impact the SEC’s direction. If Donald Trump wins, the current dynamics could shift dramatically.
There’s widespread concern about how ongoing litigation is driving innovation out of the United States. According to James Murphy aka MetaLawMan, this situation could lead to one of two outcomes: either Gary Gensler resigns or is removed from his position, replaced by someone less hostile towards crypto. A new leader might prioritize settling or dismissing cases rather than pursuing aggressive actions against the industry.
James said thatthe upcoming presidential e------n’s importance for cryptocurrency regulation. He noted that Kamala Harris recently couldn’t identify any mistakes the Biden Administration made regarding crypto, despite ongoing efforts—dubbed “Operation Choke Point 2.0″—to restrict the industry.
It’s also worth noting that there’s legislation in the works that could clarify jurisdiction over cryptocurrency, suggesting that it might be impractical for judges to decide these matters without clear guidelines from Congress. Given this landscape, there’s a greater than 50% chance that we could see changes that alter the course of these cases.
He added thatinfluential figures like Mark Cuban and Anthony Scaramucci suggest changes might be on the horizon, but he’s doubtful. With the e------n just weeks away, he pointed out that the administration could easily request Gary Gensler’s resignation, and typically, such requests are complied with. However, he expressed frustration that no actions have been taken yet.
@ Newshounds News™
Source: Coinpedia
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BRAZILIAN AUTHORITIES LAUNCH OPERATION TARGETING ENTITIES FACILITATING CRYPTO MONEY LAUNDERING
The Brazilian Federal Police launched Operation Alcacaria this Wednesday, aiming to thwart the action of a network focused on providing money laundering services using cryptocurrency. The operation involved 62 search warrants, 13 arrest warrants, and the seizure of funds of the involved entities in banks.
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Brazilian Authorities E-----e Operation Alcacaria Against Crypto Money Laundering Actors
Brazil is strengthening measures against institutions leveraging crypto to complete financial c----s.
Local media reported that the Brazilian Federal Police launched Operation Alcacaria on Wednesday, targeting several financial operators that provided money laundering services to criminal organizations nationwide.
The operation was e------d jointly with the Federal Revenue Service. The still unnamed organizations targeted by the police are being investigated for their involvement in money laundering, currency evasion, the operation of an i-----l financial institution, and the use of false documents.
In addition, the police are also tracking and investigating exchanges that would also be working with these operators, providing them with digital asset liquidity for money laundering activities. However, no names have been shared publicly.
On this, the Federal Police stated:
These money launderers are allegedly responsible for currency evasion and money laundering for a variety of c----s throughout Brazil, in a practice known as crypto-cable.
The operation was launched simultaneously with a similar initiative called Operation Privilege, which also shared some suspects with this one. 13 preventive arrest warrants and 20 search warrants were issued as part of Privilege, which has a regional anti-crime force at its helm, the Rio Grande do Sul Organized Crime Task Force.
Last month, Brazil also e------d Operation Niflheim, a high-level crackdown on three organizations that had laundered almost $10 billion using crypto, sending these funds to countries like the U.S., the United Arab Emirates (UAE), Hong Kong, and China. This makes Alcacaria the last of three actions launched against cryptocurrency-based money laundering crime in Brazil in less than one month.
@ Newshounds News™
Source: Bitcoin News
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Source: Dinar Recaps
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