(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)
Seeds of Wisdom
RIPPLE’S XRP LAWSUIT ENTERS NEW CHAPTER AS BOTH PARTIES FILE APPEALS
The SEC and Ripple are entering the appeals phase of their XRP lawsuit, with both parties preparing to challenge aspects of the initial ruling in a process that could extend into early 2026
▪️SEC appealing Judge Torres’ ruling in Ripple case
▪️Ripple filed cross-appeal on institutional sales decision
▪️Next step: SEC to file Form C detailing appeal scope
▪️Briefing process could last until July 2025
▪️Final appellate court decision possible in early 2026
The Securities and Exchange Commission (SEC) and Ripple Labs are gearing up for the next phase of their legal battle over XRP, as both parties have filed notices to appeal different aspects of Judge Analisa Torres’ ruling from July 2024.
The case, which has significant implications for the cryptocurrency industry, is now moving to the U.S. Court of Appeals for the Second Circuit.
Stuart Alderoty, Ripple’s Chief Legal Officer, expressed confidence in the company’s position as the case moves forward. “I felt good about our case in the Southern District of New York. I feel even better about our case in the Second Circuit,” Alderoty stated in a recent interview.
He believes the SEC’s appeal will ultimately “backfire” and benefit the crypto industry as a whole.
The appeals process is set to begin with both parties filing Form C documents, which will outline the specific aspects of Judge Torres’ ruling they intend to challenge. The SEC is due to file its Form C on October 16, 2024, with Ripple following suit seven days later. These filings will provide clarity on the focus of each party’s appeal.
Advertisement
______________________________________________________
Following the Form C submissions, a briefing schedule will be established. The SEC will have 90 days to submit its comprehensive legal argument explaining why it believes Judge Torres erred in her decision. Ripple will then have the opportunity to respond to the SEC’s arguments and file its own opening cross-appeal brief.
Alderoty estimates that the briefing process could extend until July 2025, approximately nine months from now. This timeline suggests that a final decision from the appellate court might not come until early 2026, unless the parties reach an agreement to end the legal dispute sooner.
The case has drawn significant attention due to its potential to set precedent for how securities laws are applied to token issuers, particularly within the Southern District of New York, a major financial hub. Judge Torres’ initial ruling found that XRP is “not necessarily a security on its face,” a decision that has been met with both support and skepticism from other judges in similar cases.
While Ripple celebrated aspects of Judge Torres’ ruling, the company was ordered to pay a $125 million fine over XRP transactions that were found to have violated securities laws. The SEC had initially sought a much larger penalty of $2 billion.
As the case moves to the appellate level, both parties are preparing to argue their positions. The SEC maintains that Judge Torres’ ruling “conflicts with decades of Supreme Court precedent and securities laws.”
Ripple, on the other hand, plans to argue that for a digital asset to be considered an investment contract, a contract with rights and obligations is necessary.
@ Newshounds News™
Source: Blockonomi
~~~~~~~~~
Advertisement
______________________________________________________
MICA-COMPLIANT STABLECOINS TAKE MARKET SHARE OF EURO-STABLECOIN SECTOR: KAIKO RESEARCH
Since the implementation of select provisions of the EU’s Markets in Crypto-Assets (MiCA) regulations in June, MiCA-compliant stablecoins, such as Circle’s EURC and Société Générale’s EURCV, have dominated the euro-stablecoin market, according to a Kaiko Research report.
Circle’s EURC and Société Générale’s EURCV now hold a record 67% market share of the euro-stablecoin market, the report added.
@ Newshounds News™
Read more: The Block
~~~~~~~~~
ITALY PLANS TO RAISE CAPITAL GAINS TAX ON BITCOIN FROM 26% TO 42%: REPORT
The Italian tax authority plans to raise capital gains tax on bitcoin to 42% as part of 2025 budget plans.
Crypto capital gains in Italy have been taxed above €2,000 at 26% from the 2023 tax year.
@ Newshounds News™
Read More: The Block
~~~~~~~~~
RIPPLE PRESIDENT UNVEILS PLANS TO INTEGRATE XRP AND RLUSD INTO PAYMENT SOLUTIONS
▪️Ripple, the company behind cross-border solutions has gained attention from market observers after an announcement of the RLUSD launch.
▪️Ripple is committed to ensuring transparency for both investors and users by releasing monthly reports from independent third parties that verify the reserves backing RLUSD.
On October 15, Ripple’s president Monica Long announced the entry of Ripple into the rapidly expanding stablecoin market, a launch of its new enterprise-grade stablecoin called “Ripple USD”(RLUSD). On the social media platform X, Ripple also announced the development of RLUSD, prompting reactions from notable Monica Long and other figures in the cryptocurrency community.
The president disclosed this on the first day of the Miami Ripple Swell 2024 conference. Once the New York Department of Financial Services (NYDFS) approves the stablecoin’s launch, RLUSD will be accessible on several platforms, including Bitstamp, a European cryptocurrency exchange founded in 2011, The Independent Reserve, Bitso, MoonPay, CoinMENA, Bullish, and Uphold.
Additionally, the firm partnered with B2C2, a global leader in institutional liquidity for digital assets, and Keyrock as market makers to facilitate the creation of liquidity and adoption across global markets. It is worth noting that the former Center Consortium CEO David Puth and Former FDIC Chair Sheila Bair are appointed to the RLUSD advisory board.
Ripple’s RLUSD: Highlighted Features
One of the key features of RLUSD is its compliance-first approach. Ripple emphasizes regulatory adherence in the design of the stablecoin, with plans to publish monthly attestations of its reserves by an independent accounting firm. This is particularly relevant as Ripple has navigated complex legal challenges, including an ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC).
Advertisement
______________________________________________________
The introduction of RLUSD is seen as a strategic move to bolster Ripple’s position in the market. The stablecoin aims to provide solutions for cross-border payments, on and off-ramps for cryptocurrency exchanges, DeFi, and real-world asset (RWA) tokenization.
Ripple’s CEO, Brad Garlinghous stated that the stablecoin will first be launched on the XRP Ledger and Ethereum networks, enabling real-time transactions and the conversion between fiat and digital currencies.
RLUSD is designed to connect traditional finance with the digital world, offering a secure way for users to trade in and out of cryptocurrency markets without the stress of price fluctuations. It also aims to encourage quicker adoption of digital currencies by creating an entry point into the blockchain ecosystem.
Ripple’s advisory board members have highlighted the critical need for stability and compliance as the digital economy evolves. Sheila Bair remarked that “stablecoins will play a key role in modernizing financial infrastructure.”
As per our data, Ripple’s trading volume has increased by 7.80% over the last 24 hours with a market cap of $ 30.78 billion. Despite its 0.39% price drop in the last 24 hours, XRP is currently trading at $0.5453.
@ Newshounds News™
Source: Crypto News Flash
~~~~~~~~~
Source: Dinar Recaps
=======================================
US CONGRESSMAN BYRON DONALDS PROPOSES CRYPTO REGULATORY SANDBOX
U.S. Rep. Byron Donalds champions regulatory flexibility for cryptocurrency, endorsing a sandbox approach to foster industry growth.
▪️Byron Donalds proposes a regulatory sandbox for crypto, aiming to transform it into a $500B U.S. industry.
▪️Donald Trump’s campaign raises $7.5M in crypto donations, signaling a pro-crypto stance for the 2024 e------n.
▪️U.S. Rep Donalds criticizes Dems’ crypto regulation approach as politically motivated amid e-------l battles.
In a recent conversation with KMSmithDC, U.S. Congressman Byron Donalds stressed the importance of developing a regulatory sandbox for the crypto industry. Donalds described the industry as a “toddler” that is still young but has a possibility of growing.
Advertisement
______________________________________________________
He pointed out that the cryptocurrency market has the potential to become a half a trillion dollar industry in the US if there are favorable regulations put in place.
Byron Donalds Advocates for Regulatory Flexibility
Byron Donalds emphasized that the use of a more flexible approach to the regulation of the rapidly developing crypto industry is crucial. He noted that the present model adopted by most regulatory bodies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), is too rigid.
According to US Congressman Donalds, a more adaptive system, like a regulatory sandbox, would allow industry participants to set guidelines as they innovate.
”What the industry really needs is a regulatory sandbox”, Donalds said. “You guys make the rules because the industry is going to change so fast over the next five years.” He pointed out that the current regulatory authorities are “not very innovative enough” to match the advancement of technology hence the need for a shift in the system.
Donald Trump Campaign’s Support for Crypto
US Congressman Donalds, an avid supporter of Donald Trump’s 2024 presidential campaign, also discussed how the Trump campaign has adopted cryptocurrency. Moreover, the PAC supporting Trump has allegedly collected $7.5 million in cryptocurrency contributions during July-September 2024.
These donations in BTC, ETH, XRP, and USD stablecoins reveal that Trump has changed his view about digital currencies. Additionally, the prediction market platform, Polymarket, has given a 59.5% chance of Donald Trump to win the U.S e------n while 40.3% chance of Kamala Harris.
This is quite a change from Trump’s previous stance on cryptocurrencies during his tenure as president. The fundraising success, garnered from more than 15 US states and Puerto Rico, places Trump as the candidate favorable to cryptocurrencies as the November 2024 e-------s approach.
In the conversation, Byron Donalds a-----d the D--------c leadership of not taking the regulation of cryptocurrencies seriously. He also dismissed recent remarks by D--------c politicians, including VP Kamala Harris and Senator Sherrod Brown, on digital assets regulation.
Donalds said that, although some D-------s have lately discussed the need for frameworks, such statements are political. “Vice President Harris is saying it now because there are some issues in her polling,” he said. He also pointed out that the criticism coming from Sherrod Brown could have to do with him being in a tight race in Ohio.
Trump’s Plan to Overhaul Regulatory Agencies
According to the US Congressman Donalds, a potential T------------------n would aim at “cleaning house” in major regulatory bodies such as the US SEC and CFTC. In these talkings, there has been a rumour that Robinhood CLO, Dan Gallagher, may become the new US SEC Chair under the leadership of Donald Trump.
Advertisement
______________________________________________________
He believes that regulators should focus solely on their assigned missions rather than expanding their roles. “It’s about making sure that regulators simply do the job of carrying out the mission that the agency was given,” Byron Donalds stated.
He reiterated his belief that current regulatory bodies are falling behind in adapting to the fast-paced developments in the crypto industry. According to Donalds, if Trump wins the presidency, the administration will aim to ensure that these agencies better align with the needs of a rapidly evolving digital economy.
@ Newshounds News™
Source: CoinGape
~~~~~~~~~
SIAM COMMERCIAL BANK LAUNCHES THAILAND’S FIRST STABLECOIN CROSS-BORDER PAYMENT SYSTEM
Siam Commercial Bank has introduced Thailand’s first stablecoin-powered cross-border payment system.
Partnering with SCB 10X and Lightnet, the bank will use stablecoins—digital assets pegged to gold or the U.S. dollar—to facilitate faster, more efficient international transactions, according to a company release.
This solution is built on a public blockchain network, with Fireblocks providing top-tier custody technology to ensure asset security. The new payment system enables 24/7 cross-border transactions, reducing the need for banks to maintain pre-funded accounts with foreign partners, which improves capital efficiency and lowers operational costs.
By eliminating layers of clearance and currency conversion, the service offers customers a faster, cost-effective way to send and receive funds internationally, per Nikkei. Users can transact using local currencies, further simplifying the process.
Thailand’s regulatory sandbox
In August, Thai financial regulators launched a Digital Asset Regulatory Sandbox to encourage crypto adoption in the country. The initiative, backed by a public hearing in May, allowed participants to test crypto services under flexible regulations to help develop Thailand’s digital asset market.
This SCB stablecoin project successfully graduated from the Bank of Thailand’s regulatory sandbox in October 2024, according to the release, and is now fully commercialized. It sets a new standard for the use of blockchain technology in the financial sector and strengthens SCB’s position as a leader in digital banking.
@ Newshounds News™
Source: Crypto News
~~~~~~~~~
Source: Dinar Recaps
Advertisement
______________________________________________________
______________________________________________________
If you wish to contact the author of a post, you can send us an email at voyagesoflight@gmail.com and we’ll forward your request to the author (if available). If you have any questions about a post or the website, you may also forward your questions and concerns to the same email address.
______________________________________________________
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © Dinar Chronicles
