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Seeds of Wisdom
XRP SEC NEWS TODAY: BILL MORGAN EXPOSES SEC’S MISSTEPS IN RIPPLE LAWSUIT
Bill Morgan, a pro-crypto attorney, has strongly criticised the new opening brief submitted in the XRP lawsuit by the United States Securities and Exchange Commission. He has even questioned the regulator’s understanding of how the crypto market works.
However, in the last 24 hours, XRP has outperformed almost all the top cryptos, marking an impressive growth of nearly 9.4%. Let’s dive in for more details.
SEC’s New Opening Brief and Bill Morgan’s Criticism
As per the SEC’s opening brief, Ripple violated securities law through its XRP sales. The SEC, through the brief, alleged that Ripple’s representations to investors created an expectation of profits.
Exposing the regulator’s lack of understanding of how the cryptocurrency market functions, Bill Morgan, in an X post, retorted that price rises are often driven by market trends, not issuer promotions.
XRP Whale Movements Amid Legal Developments
Reports say that at least 130 million XRP tokens have been moved by whales during recent legal developments.
Whale activities may influence market sentiment. In the last one hour, the market has dropped by 0.2%.
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Today, the market has experienced a drop of 1.5%.
XRP’s Long-Term Potential and ETF Speculation
Despite volatility and legal uncertainties, market sentiments for XRP remain bullish. According to a JP Morgan analyst, there is a high chance for the launch of an XRP ETF soon.
In conclusion, Ripple’s XRP remains a focal point in the crypto market, driven by legal developments and whale activity. As the case progresses, XRP’s future remains bright with long-term growth potential and increasing interest in an XRP ETF.
@ Newshounds News™
Source: CryptoPedia
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VANECK FILES SEC APPLICATION FOR DIGITAL ASSET ECOSYSTEM ETF
VanEck filed an application with the SEC for an “Onchain Economy” ETF that would invest 80% of its assets in digital transformation companies, joining a wave of recent digital asset ETF proposals from major financial firms.
▪️ VanEck filed for an “Onchain Economy” ETF with the SEC on January 15, 2025, planning to invest 80% in digital asset ecosystem companies
▪️ The fund will focus on software developers, miners, exchanges, infrastructure providers, and payment firms without directly holding cryptocurrencies
▪️ Several other major firms including Bitwise, WisdomTree, and Grayscale have recently filed similar ETF applications
▪️ The proposed ETF will use fundamental research and market trends to select investments in “Digital Transformation Companies”
▪️ The move comes amid speculation about more favorable crypto regulations under the T------------------n
Asset management giant VanEck has submitted an application to the Securities and Exchange Commission (SEC) for a new exchange-traded fund focused on the digital asset industry. The filing, made on January 15, 2025, proposes the creation of the “Onchain Economy” ETF.
Matthew Sigel, who heads VanEck’s digital assets research division, initially shared news of the filing through social media, though the post was later removed. The ETF represents VanEck’s latest attempt to establish a presence in the expanding digital asset investment landscape.
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The proposed fund has outlined clear investment parameters, stating it will direct at least 80% of its assets toward companies operating within the digital asset ecosystem. These investments will target what VanEck terms “Digital Transformation Companies,” encompassing various sectors of the industry.
@ Newshounds News™
Read more: Blockonomi
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MALAYSIA’S PM WANTS TO DEVELOP CRYPTO AND BLOCKCHAIN POLICIES AFTER MEETING WITH CZ AND UAE LEADERS
Prime Minister of Malaysia, Anwar Ibrahim, says he wants to explore policies for crypto and blockchain technology after his meeting with Binance co-founder CZ and the Abu Dhabi government.
According to a report by media outlet New Straits Times, Ibrahim returned to Malaysia after a three-day visit to Abu Dhabi with plans to start developing policies related to cryptocurrency and blockchain technology so that the nation does not get left behind.
Speaking to reporters, the Prime Minister said he had lengthy conversations with the Abu Dhabi government and the former Binance CEO Changpeng “CZ” Zhao about crypto and blockchain technology.
“We have talked about digital transformation, data centres and artificial intelligence. We now face demands which require us to think about making significant changes,” said Ibrahim.
He claimed that he has requested government agencies such as the Treasury, the Securities Commission, and the national bank, Bank Negara, to study how Malaysia can keep up with the rapid developments of the crypto industry.
Ibrahim assured that he will draft a paper on the need for crypto and blockchain technology policies to be presented for review and endorsement by the cabinet as soon as possible. He emphasized the importance of regulations for crypto in order to “safeguard the people’s interests and prevent leakages.”
“This innovation is just like AI, which would revamp the financial world. We should not sit idly by and wait and later be forced to do so after others have done it already,” he said.
@ Newshounds News™
Source: Crypto News
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Source: Dinar Recaps
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BRICS: RUSSIA & MYANMAR TO TRADE IN LOCAL CURRENCY, DITCH US DOLLAR
Myanmar’s Foreign Economic Relations Minister, Kan Zaw revealed that they are negotiating a local currency payment system with Russia. “We have been negotiating the kyat-ruble payment system to facilitate the bilateral trade.
However, the central banks of the two countries have been keeping the current series of discussions at a very low profile,” he said. The discussions will only benefit the BRICS bloc and add another feather to its de-dollarization agenda.
“Bilateral trade between the two countries will be increased through constructive dialogues at the national level by exchanging views on the potential of being able to connect with each other based on the needs of the market, resolving the difficulties encountered, and finding collaborative ways,” said Myanmar’s minister. The initiative aligns with the BRICS ideals of reducing the supply of the US dollar for global trade and transactions.
BRICS: Russia & Myanmar Look to End US Dollar Reliance, Promote Local Currency
Myanmar’s Foreign Economic Relations Minister, Kan Zaw revealed that they are negotiating a local currency payment system with Russia. “We have been negotiating the kyat-ruble payment system to facilitate the bilateral trade.
However, the central banks of the two countries have been keeping the current series of discussions at a very low profile,” he said. The discussions will only benefit the BRICS bloc and add another feather to its de-dollarization agenda.
“Bilateral trade between the two countries will be increased through constructive dialogues at the national level by exchanging views on the potential of being able to connect with each other based on the needs of the market, resolving the difficulties encountered, and finding collaborative ways,” said Myanmar’s minister. The initiative aligns with the BRICS ideals of reducing the supply of the US dollar for global trade and transactions.
In addition, BRICS members Russia and Iran will soon sign a defense deal without incorporating the US dollar. Both countries aim to use their local currencies, the rial and ruble, and not the US dollar.
Read here to know more details about the upcoming defense partnership between Russia and Iran. BRICS is advancing the de-dollarization initiative and is threatening the future prospects of the US dollar. Local currencies could take center stage in the next decade and begin to shake the roots of the US dollar.
@ Newshounds News™
Source: Watcher Guru
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RIPPLE CEO CALLS SEC’S APPEAL ‘INSANITY’ AS LEGAL FIGHT INTENSIFIES
Ripple remains resolute as it dismisses SEC’s latest appeal as groundless repetition of old arguments.
The United States Securities and Exchange Commission (SEC) has submitted its opening brief to challenge a court decision favoring Ripple.
In its Jan. 15 filing, the SEC claims that Ripple’s XRP sales to retail buyers should be classified as unregistered securities transactions.
According to the SEC:
“The district court erred both factually and legally in concluding that defendants’ offers and sales of XRP to public buyers who purchased on crypto asset trading platforms—including retail investors—and Ripple’s offers and sales of XRP for which Ripple received non-cash consideration were not offers and sales of investment contracts.”
The financial regulator also argued that Ripple’s activities fostered profit expectations among buyers, satisfying the criteria for an investment contract under the Howey Test.
Considering this, the financial regulator requested that the Appeals Court vacate the lower court’s erroneous ruling.
The SEC’s appeal follows its partial defeat in July 2023 when Judge Analisa Torres ruled that only XRP sales to institutional investors qualified as securities. The court concluded that sales to retail investors did not violate US federal securities laws, prompting the SEC to seek a reversal of this outcome.
The case began in December 2020 and ended with Ripple fined $125 million in August 2024. However, the SEC’s appeal has added further complexities to the ongoing legal battle.
Ripple’s response
Ripple’s Chief Legal Officer, Stuart Alderoty, has dismissed the SEC’s appeal as a repetition of arguments that have already failed in court.
Alderoty emphasized that Ripple remains resilient, viewing the SEC’s actions as an obstacle to broader regulatory clarity. He stated that the company would respond formally to the brief while continuing to focus on growth in a changing regulatory environment.
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He added:
“The SEC’s lawsuit is just noise. A new era of pro-innovation regulation is coming, and Ripple is thriving.”
Ripple CEO Brad Garlinghouse also echoed this sentiment, saying:
“[The SEC’s brief is] one definition of insanity…. Doing the same thing over and over and expecting different results. Gensler’s SEC really took this to heart.”
@ Newshounds News™
Source: CryptoSlate
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Source: Dinar Recaps
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