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Tag: sec

  • Why $50 XRP By December 2025 Isn’t ‘Hopium’ If ETFs Get Greenlight: Analyst

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    XRP’s price outlook is in focus as the US Securities and Exchange Commission lines up decisions on multiple spot ETF applications in late October 2025. Analysts say the outcome of that cluster could decide whether billions of dollars in institutional funds flow into the token before year-end.

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    Filings Point To October Decision

    Reports show that six issuers have active S-1 filings or amendments waiting for review. The list includes Bitwise, WisdomTree, 21Shares, Canary Capital, CoinShares, and Franklin Templeton.

    The timing of these filings, following the SEC’s dismissal of its case against Ripple, has raised expectations that issuers are preparing for a launch window tied to October’s calendar.

    Demand Shock Could Stress Supply

    Industry insiders project that more than $5 billion could enter through spot ETFs in the first month alone. Estimates run as high as $10–18 billion by the end of 2025 if approvals are granted and appetite is strong.

    XRP market cap currently at $169 billion. Chart: TradingView

    XRP’s effective supply is limited, with about 35 billion tokens still locked in escrow and much of the circulating amount held by exchanges and large investors. This thin float means a sudden demand wave could trigger sharp price swings.

    Analyst Upbeat About A $50 Target

    Veteran Bitcoin investor Pumpius has tied these supply and demand pressures to a bold forecast. He believes that if ETFs launch in the fourth quarter and inflows reach $10–18 billion, XRP could climb to $50 by December 2025 — and it is not “hopium“.

    From today’s price of $2.80, that would be a 1,680% rise, lifting market capitalization from $168 billion to about $3 trillion.

    Pumpius says the setup mirrors Bitcoin and Ethereum before their ETF approvals, pointing to the recent launch of XRP futures on CME and Coinbase Derivatives as proof that institutional infrastructure is already in place.

    Skepticism Over The Timeline

    Many market participants have pushed back against the forecast, arguing that the timeline is too short for XRP to grow that much.

    Critics on social platforms point out the difficulty of scaling from a $168 billion market to $3 trillion in just over a year. Some also question whether early ETF inflows will meet the higher-end projections cited by Pumpius.

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    What Approval Would Mean

    Should the SEC approve the filings in October, ETFs could channel regulated exposure for pensions, wealth managers, RIAs, and corporate treasuries.

    That would test XRP’s liquidity, potentially forcing larger holders to adjust positions as new demand arrives. If the applications are denied, expectations for a breakout rally would likely be pushed further out.

    For now, XRP continues to trade at $2.84. With the SEC’s October cluster approaching, traders are weighing whether the path to $50 is a realistic outcome or just a bold scenario tied to one investor’s high-stakes call.

    Featured image from Meta, chart from TradingView

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    Christian Encila

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  • Week 1 picks against the spread: Texas, Clemson, Notre Dame look enticing as West Coast schedule carries limited intrigue

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    Week 1 features a series of marquee matchups, all of them in the eastern half of the country. On the West Coast, the intrigue level is low.

    Subscribe to continue reading this article.

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    Jon Wilner

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  • Canary Files for US-Focused Crypto ETF

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    Canary Capital has made another crypto-related filing with the U.S. Securities and Exchange Commission (SEC).

    The firm has applied for an ‘American-Made Crypto ETF,’ which will include digital assets with ties to the United States.

    Made-in-America ETF

    A recent document shows that the asset manager has lodged an S-1 registration statement with the SEC to launch the Canary American-Made Crypto ETF (MRCA). The proposed fund will focus on projects in the Made-in-America Blockchain Index.

    Nate Geraci, president of NovaDius Wealth Management, explained that this will include crypto assets that originate in the U.S., coins where the majority of their supply is minted in the country, through their native validation mechanism, and ones where the majority of the protocol’s operations are in the region. He added that “next year’s gonna be wild,” referencing the upcoming developments in the ETF market.

    Bloomberg analyst Eric Balchunas also commented on the company’s submission, noting that the success of current crypto ETFs has opened the door to a wave of creative combinations. However, he admitted it’s unclear which coins would qualify for the Made-in-America ETF.

    Canary shared that custody will be handled by a South Dakota-chartered trust company, while CSC Delaware Trust Company will serve as the fund’s trustee. The shares are expected to trade on Cboe BZX under the MRCA ticker. The asset manager also indicated that the trust may seek to generate staking rewards by validating transactions on the respective blockchain networks of the portfolio digital assets.

    U.S. Crypto ETFs to Gain from Favorable Policies

    In its filing, Canary Capital proposes that U.S.-based crypto projects may be better positioned due to increasing regulatory clarity and political support, especially following recent pro-crypto initiatives under President Donald Trump. The firm suggests that projects with strong American ties are more likely to engage constructively with regulators, potentially reducing legal risks.

    The American-Made Crypto ETF represents the latest in a long list of crypto funds that the asset manager is looking to offer. This development follows another application for a Trump Coin ETF, tied to the President’s meme coin launched in January 2025. The company has also lodged for such investment products linked to Solana (SOL), Ripple’s XRP, SUI, and Tron (TRX), all of which are currently under SEC review.

    Elsewhere, experts have predicted an upcoming surge in approvals for these funds over the next two months. Geraci pointed to several factors driving the optimism, including the nearing completion of a full regulatory framework for spot crypto ETFs and a clearer regulatory landscape.

    This occurs against a backdrop of good performance for these investment products so far in 2025. A recent report revealed that crypto-related offerings now make up 10 of the top 20 ETFs in the overall market based on inflows.

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    Wayne Jones

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  • Here’s What Powell’s Possible Rate Cuts Could Mean For The Shiba Inu Price

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    The crypto market moved quickly after Jerome Powell hinted that interest rate cuts may finally come. Many assets moved immediately, and the Shiba Inu price was among the top gainers. According to this post on X, more than just a price chart, this moment reminded many that SHIB’s strength lies in market timing and its loyal community support.

    Powell’s Hint Sparks Instant Shiba Inu Price Momentum

    When Powell suggested that long-awaited rate cuts may soon be possible, the market responded quickly. Investors waiting for a clear signal rushed to position themselves, and SHIB wasted no time showing its power. The coin’s price surged with a 12% green candle in a quick move that shows how possible rate cut hints from policymakers can send crypto prices soaring fast.

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    It was not just a random jump in price but a reminder of how closely tied SHIB is to larger economic shifts. When the Federal Reserve shows signs of easing, money tends to flow into risk assets, and SHIB has proven it can move with conviction. The sharp rise showed that the price can move much more quickly when the proper signals appear and that the meme coin is more active and responsive than many expected.

    The move suggests global signals could directly influence the Shiba Inu price. In this case, just a few words from Jerome Powell were enough to spark a strong reaction as his comments spread across markets and caught the eye of traders everywhere. It shows that when there are hints of a possible US interest rate cut, SHIB reacts quickly and moves in to align with the market trend.

    The ShibArmy Behind Shiba Inu’s Price Strength

    The X post states that price action can be exciting, but its community truly makes SHIB stand out. While price swings often draw attention, Shiba Inu’s true strength lies in its community. The ShibArmy has shown steady support even during uncertain times, and this loyalty helps SHIB stay strong and resilient in the crypto market. Instead of waiting for the world to tell them when to move, the ShibArmy stays active and prepared.

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    This strength is not new. From the beginning, Ryoshi’s vision for Shiba Inu was more than charts and numbers; it was about creating a project and a community that could endure and be ready when the world finally noticed. The latest reaction to Powell’s hint reflects that same vision, with holders not simply chasing prices but being committed to the bigger picture.

    The ShibArmy understands that charts can rise and fall, but true resilience comes from staying together and believing in the long-term story. Powell’s possible rate cuts may have lit the spark for the latest surge, but the community’s loyalty keeps the fire burning. As others wait on the sidelines for more signals, SHIB’s supporters repeatedly prove they are always ready for what comes next.

    SHIB erases gains triggered by Powerll’s speech | Source: SHIBUSDT on TradingView.com

    Featured image from Dall.E, chart from TradingView.com

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    Sandra White

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  • Whistleblower Plaintiff Moves for “Public Interest” Designation in Federal Case Involving DOJ & SEC Misconduct Allegations

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    MURRIETA, Calif., August 18, 2025 (Newswire.com)
    –
    Federal whistleblower Richard R. Lawless has filed a motion in the United States District Court for the Central District of California seeking to have his civil rights lawsuit against the United States formally designated as a case of public interest.

    The case involves allegations that senior officials at the Department of Justice, the Securities and Exchange Commission, and the Department of the Treasury knowingly concealed evidence of fraudulent Puerto Rico municipal bonds prior to the passage of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). These actions allegedly deprived more than 170,000 creditors of their property rights, undermined federal market regulation, and misled Congress.

    The lawsuit’s importance is heightened by three ongoing Inspector General investigations-two within the Department of Justice and one within the SEC-as well as an active California State Bar Association investigation into the conduct of four Assistant U.S. Attorneys involved in this case. A pending Ninth Circuit Judicial Misconduct proceeding (Case No. 25-90081) against the presiding judge further underscores the case’s public importance.

    “This is not just my case-it’s about government accountability and the right of the public to know how billions in taxpayer and investor funds were handled,” Lawless said.

    If granted, the motion would require the court to ensure public notice of hearings, remote access to proceedings, and prompt publication of all non-sealed filings.

    Case Information:
    Richard R. Lawless v. United States of America
    Case No. 5:25-cv-01599-JWH-SP
    U.S. District Court, Central District of California

    Contact:
    Richard R. Lawless
    30279 Redding Avenue
    Murrieta, CA 92563
    (951) 440-5230
    richardrlawless@gmail.com

    Source: Medlaw Publishing

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  • Coinbase Chief Demands Accountability from Future SEC Chair Over ‘Frivolous’ Crypto Cases

    Coinbase Chief Demands Accountability from Future SEC Chair Over ‘Frivolous’ Crypto Cases

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    Coinbase CEO Brian Armstrong has called for the next US Securities and Exchange Commission (SEC) chair to address the agency’s perceived inconsistencies in its approach to digital assets.

    Armstrong’s criticism stems from the securities regulator’s shifting stance throughout the years which has caused frustration within the community.

    SEC’s Contradictions on Crypto

    His tweet, which accompanied a compilation of conflicting SEC statements on the issue, argued that the new chair should “withdraw all frivolous cases and issue an apology to the American people.” Armstrong laid out several examples of the SEC’s evolving position.

    In 2018, the SEC stated that a digital asset “all by itself is not a security.” However, in 2021, the regulator declared that a digital asset “embodi(es)” and “represents the investment contract.” This is followed by three contradictory statements in 2024 alone.

    For instance, in February 2024, the SEC stated a digital asset is “just computer code.” Then, five days later, it said the digital asset “itself ‘represents the investment contract.’” Finally, eight months later, the SEC declared the digital asset “itself ‘is not’ the security.”

    The agency has also been inconsistent in determining whether Bitcoin is considered a security. In 2023, it stated that “(T)he SEC has never claimed (Bitcoin) is a security.” However, in 2024, the agency asserted “Maybe ‘(T)here’s not an answer.’” Notably, just four days later, it took yet another stance, proclaiming “‘(T)hat’s not a security.’”

    The Coinbase CEO’s demand for an apology and withdrawal of “frivolous cases” reflected a broader sentiment within the community, which has long accused the SEC of overreach and a lack of clarity in its regulatory approach. Armstrong believes that restoring trust in the agency is crucial, as the damage done to the country’s financial landscape cannot be easily undone.

    Shift in Leadership with Election Looming

    The comments come at a crucial moment, with the US presidential election just around the corner. The Democrats have developed a reputation for their hostility towards cryptocurrency, an approach that many fear could undermine the US dollar’s status as the world’s dominant global reserve asset. Throughout her presidential campaign, Kamala Harris has made very few remarks on crypto-related issues.

    On the other hand, Donald Trump has managed to curry favor with the crypto community this year. Most recently, he pledged to terminate Gensler’s tenure on his first day if re-elected and vowed to appoint a chair who believes that America should “build the future, not block the future.”

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    Chayanika Deka

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  • SEC chair warns of ‘AI washing’

    SEC chair warns of ‘AI washing’

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    LAS VEGAS — Securities and Exchange Commission Chair Gary Gensler is warning companies against “AI washing” or making false claims about their AI technology use.  AI washing refers to companies overstating their AI usage and capabilities to make their products seem more intelligent than they actually are, according to New York City-based law firm Foley […]

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    Vaidik Trivedi

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  • Bitcoin ETF Inflow Streak Breaks With Nearly $80 Million Outflows

    Bitcoin ETF Inflow Streak Breaks With Nearly $80 Million Outflows

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    Este artículo también está disponible en español.

    The recent increase in the appeal of spot Bitcoin exchange-traded funds (ETFs) in the United States has temporarily ceased.

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    On Tuesday, these funds underwent a reversal, resulting in net outflows of $79.01 million, following an extraordinary seven-day streak of positive inflows. Farside Investors are the source of this data, a company that specializes in the analysis of ETF flows.

    A Brief Obstacle

    The $79 million outflow represents a significant shift in sentiment among investors who had previously demonstrated a strong interest in Bitcoin ETFs. Over the span of two days last week, the market attracted around $1 billion in inflows, implying a robust demand for these financial products.

    The main cause of this negative change was Ark and 21Shared’s ARKB, which resulted in a substantial $134.7 million outflow.

    Source: Farside Investors

    BlackRock’s IBIT, the best-performing bitcoin ETF by net assets, drew $43 million. Fidelity’s FBTC and VanEck’s HODL, which received $8.8 million and $3.8 million, respectively, also helped. There were no new flows on the remaining eight funds, including Grayscаle’s GBTC, during the day.

    Nevertheless, Bitcoin ETFs could bring in more than $21 billion to date. This number clearly signifies the rising use of Bitcoin as a new asset class and it is only going to see more hedge funds take larger positions.

    US-traded spot Bitcoin ETFs have also seen significant interest from institutional investors, with 20% of the market owned by them as of October 22.

    Institutional Demand Is Still Strong

    Regardless, while the latest ETF flow swings have been significant in themselves, they can not distract from what is an ongoing push towards institutional Bitcoin adoption. Among the main companies who have made large investments in these funds are Goldman Sachs and Millennium Management.

    The SEC’s approval of options trading on 11 Bitcoin ETFs will help investors manage their Bitcoin exposure, boosting interest.

    Through more efficient position hedging made possible by options trading, investors can help to steady the market and lower volatility over time. Analysts argue that this would draw more institutional money to the industry, therefore supporting Bitcoin’s reputation as a credible investment tool.

    BTCUSD trading at $67,156 on the daily chart: TradingView.com

    Bitcoin ETF: Looking Ahead

    Although outflows may cause concern, many analysts are positive about Bitcoin ETFs. Options trading’s SEC approval is a turning point that could improve market efficiency and liquidity.

    More institutional players coming into the space are likely to change the dynamics. The current pause in inflows could be a temporary phenomenon only; investors are repositioning their strategies given the shift in market conditions.

    Related Reading

    The outlook for spot Bitcoin ETFs, looking into the long term, appears quite positive with the current uptick in adoption from the institutional space and trading of Bitcoin at or near three-month highs.

    The recent outflows from spot Bitcoin ETFs may indicate a temporary setback; however, the prevailing trend of heightened institutional interest and regulatory support indicates that this asset class is here to stay. Investors will be intently monitoring the rapid evolution of this market for any new developments.

    Featured image from The Rio Times, chart from TradingView

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    Christian Encila

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  • Widespread FBI Investigation: Over $25 Million in Crypto Seized, Three Companies Charged

    Widespread FBI Investigation: Over $25 Million in Crypto Seized, Three Companies Charged

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    Three crypto companies and 15 individuals have been charged with extensive fraud and market manipulation. This follows an unprecedented investigation by the US Federal Bureau of Investigation (FBI), which involved creating a new digital token to help expose criminal activity in the sector.

    Federal prosecutors in Boston announced charges against Gotbit, ZM Quant, and CLS Global, as well as their leaders and employees. This led to four arrests, five guilty pleas, and the seizure of over $25 million in crypto.

    Acting US Attorney Joshua Levy highlighted that the defendants engaged in sham trades to artificially inflate trading volumes of various tokens, ultimately leaving innocent investors “holding the bag.”

    According to the report by the South China Morning Post, Levy characterized the case as a blend of modern technology and traditional fraud, specifically referencing a “pump and dump” scheme that has long plagued financial markets.

    As part of the investigation, the FBI established a crypto company called NexFundAI, which operated a token on the Ethereum blockchain that ZM Quant, CLS Global, and another firm, MyTrade, agreed to manipulate. This token was closely monitored to prevent retail investors from buying it before trading was disabled.

    The Securities and Exchange Commission (SEC) has also filed related civil cases. Among the companies charged was Saitama, whose market value soared to $7.5 billion primarily due to the manipulation of its tokens by its leadership, including CEO Manpreet Singh Kohli, who was arrested in the UK.

    Meanwhile, Gotbit’s CEO, Aleksei Andriunin, was apprehended in Portugal, while two of his company’s employees in Russia were also charged as part of the ongoing investigation. Federal prosecutors in Boston outlined that from 2018 to 2024, Gotbit engaged in “wash trading” and other manipulative practices on behalf of crypto clients in a bid to boost token trading volumes.

    Several other individuals involved in market-making operations, including Liu Zhou and Riqui Liu, have also been charged.

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    Chayanika Deka

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  • Law student, veteran will pilot flyover at college football game

    Law student, veteran will pilot flyover at college football game

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    Alabama law student, veteran will pilot flyover at football game against South Carolina

    SOUTH CAROLINA. NICE SUNSET OUT THERE, BUT YOU DON’T HAVE TO WAIT UNTIL KICKOFF TO SEE SOME HIGH FLYING ACTION AS WVTM 13 S ZOE BLAIR REPORTS THE PREGAME ACTION HAS SOME SPECIAL MEANING FOR ONE UA STUDENT. THAT’S THE SOUND THOUSANDS OF FANS WILL HEAR BEFORE ALABAMA KICKS OFF AGAINST SOUTH CAROLINA. FLYOVERS HAPPEN EVERY GAME, BUT FOR KYLE WISE, THIS ONE WILL BE SPECIAL. YOU KNOW, THERE’S NO BETTER WAY TO DO MY THIRD YEAR OF LAW SCHOOL THAN TO, YOU KNOW, FLY A HELICOPTER OVER THE STADIUM. WISE SERVED SEVEN MONTHS IN COMBAT IN AFGHANISTAN, BUT FOR THE PAST THREE YEARS, HE’S BEEN HERE IN TUSCALOOSA PURSUING A LAW DEGREE AT THE UNIVERSITY OF ALABAMA IN CASE LAW SCHOOL WASN’T HARD ENOUGH. HE SPENT MOST WEEKENDS TRAVELING TO SOUTH CAROLINA, WHERE HE IS A COMMANDER IN THE NATIONAL GUARD. I WIND UP GOING BACK 2 OR 3 TIMES A MONTH, GET OUT OF CLASS, GET IN THE CAR, GET OUT OF THE CAR, HOP IN AN AIRCRAFT, GO FLY A LITTLE BIT, DO THE SAME THING THE NEXT DAY. THAT’S A LOT OF TIME IN SOUTH CAROLINA. THAT’S ALSO WHAT MAKES WISE SAY THIS WEEKEND’S MISSION IS A FULL CIRCLE MOMENT. IT’S, YOU KNOW, CLOSING OUT THE LAST YEAR OF LAW SCHOOL AND, YOU KNOW, BEING ABLE TO BRING A BIG PIECE OF MY SOUTH CAROLINA LIFE OVER TO THIS SIDE. IT’S ALSO A BIG MOMENT FOR HIS FAMILY. I’VE GOT MY DAD COMING. MY WIFE WILL BE IN THE STANDS, AND BOTH OF THEM JUST BY VIRTUE OF, YOU KNOW, ME BOUNCING AROUND A LOT, HAVEN’T SEEN ME FLY A LOT. THOUGH. SATURDAY IS STILL A MISSION FOR WISE, AS AN ALABAMA FAN, IT’S ONE HE’S EAGERLY WAITING FOR. I’M PUMPED. I MEAN, IT’S IT’S GOING TO BE A GREAT EIGHT SECONDS WHERE, YOU KNOW, EVEN THOUGH IT’S GOING TO BE PRETTY MISSION FOCUSED BECAUSE THAT TIMELINE IS GOING TO BE VERY TIGHT. YOU KNOW, IT’LL BE FUN TO LOOK OUT AND, YOU KNOW, JUST A LITTLE BURST OF PATRIOTISM ACROSS 100,000 PEOPLE. WISE AND HIS COMPANY WILL TAKE OFF OVER BRYANT-DENNY STADIUM DURING THE NAT

    Alabama law student, veteran will pilot flyover at football game against South Carolina

    Kyle Wise, a University of Alabama law student and National Guard commander, will pilot a helicopter flyover at the Alabama vs. South Carolina game on Saturday.”There’s no better way to do my third year of law school than to, you know, fly a helicopter over the stadium,” Wise said.Wise served seven months in combat in Afghanistan and has spent the past three years in Tuscaloosa, Alabama, pursuing a law degree. This weekend’s mission is significant for Wise, who spends a lot of time in South Carolina.”It’s closing out the last year of law school and being able to bring a big piece of my South Carolina life over to this side,” Wise said. The event is also important for his family.”I’ve got my dad coming. My wife will be in the stands. Both of them, just by virtue of me bouncing around a lot, haven’t seen me fly a lot,” Wise said.As an Alabama fan, Wise is eagerly anticipating the flyover.”I’m pumped. I mean, it’s going to be a great eight seconds, even though it’s going to be pretty mission-focused because that timeline is going to be very tight. It’ll be fun to look out and just a little burst of patriotism across 100,000 people,” Wise said. Wise and his company will take off over Bryant-Denny Stadium during the national anthem on Saturday.

    Kyle Wise, a University of Alabama law student and National Guard commander, will pilot a helicopter flyover at the Alabama vs. South Carolina game on Saturday.

    “There’s no better way to do my third year of law school than to, you know, fly a helicopter over the stadium,” Wise said.

    Wise served seven months in combat in Afghanistan and has spent the past three years in Tuscaloosa, Alabama, pursuing a law degree.

    This weekend’s mission is significant for Wise, who spends a lot of time in South Carolina.

    “It’s closing out the last year of law school and being able to bring a big piece of my South Carolina life over to this side,” Wise said.

    The event is also important for his family.

    “I’ve got my dad coming. My wife will be in the stands. Both of them, just by virtue of me bouncing around a lot, haven’t seen me fly a lot,” Wise said.

    As an Alabama fan, Wise is eagerly anticipating the flyover.

    “I’m pumped. I mean, it’s going to be a great eight seconds, even though it’s going to be pretty mission-focused because that timeline is going to be very tight. It’ll be fun to look out and just a little burst of patriotism across 100,000 people,” Wise said.

    Wise and his company will take off over Bryant-Denny Stadium during the national anthem on Saturday.

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  • Fisker faces more bad news as the SEC starts investigating its business practices

    Fisker faces more bad news as the SEC starts investigating its business practices

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    The past week hasn’t been the kindest to the electric vehicle industry. Now, it’s capped off with news that the EV startup Fisker is the subject of an investigation from the US Securities and Exchange Commission (SEC).

    reported that SEC officials sent several subpoenas to Fisker. The filing doesn’t specifically say what the subpoenas are asking for or looking into but it’s clear that the SEC has launched an investigation into the floundering EV maker that .

    Fisker has been struggling to keep its head above water ever since last year’s disastrous rollout of its Ocean SUV that failed to score more than a few thousands sellers even though it produced well over 10,000 units. Following its Q4 earnings report last year that saw a gross margin loss of 35 percent, the car maker announced it would lay off 15 percent of its workforce the following March as it shifted to a direct-to-consumer sales strategy.

    A Fisker spokesperson declined to comment on the matter to TechCrunch saying they could not “comment on the existence or nonexistence of a possible investigation.”

    Fisker isn’t the only EV maker to suffer a noticeable setback. Tesla saw a major stumble with .

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    Danny Gallagher

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  • SEC’s Enforcement Chief Exits as Ripple Appeal Looms

    SEC’s Enforcement Chief Exits as Ripple Appeal Looms

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    The U.S. Securities and Exchange Commission’s (SEC) Director of Enforcement, Gurbir Grewal, has announced his resignation, effective October 11, 2024.

    His sudden exit comes at a critical moment for the regulator, as it is filing an appeal in its high-profile case against Ripple.

    Grewal Leaving as SEC Appeals Ripple Decision

    The departure was announced in an October 2 press statement by the agency, with Chair Gary Gensler describing Grewal as an “accomplished public servant.”

    The SEC also named Sanjay Wadhwa, the current Deputy Director and a 21-year stalwart of the Commission, as the interim replacement.

    Sam Waldon, the Enforcement Division’s Chief Counsel, will take up Wadhwa’s position until a substantive replacement can be found.

    With only nine days’ notice, Grewal’s sudden exit has raised eyebrows among legal experts and crypto commentators. Chief among them was prominent crypto lawyer Jake Chervinsky, who took to X to voice his concern about the timing of the director’s leaving. Calling it “not normal.”

    Chervinsky suggested that it could signal the end of the SEC’s “campaign of unlawful harassment and misrepresentation.”

    Grewal reportedly resigned only hours before the SEC filed a notice of appeal in its case against Ripple.

    As Fox reporter Eleanor Terrett noted, the notice does not explicitly state which issues the Commission plans to appeal. It could contest the ruling on Ripple’s programmatic sales of its native XRP token, the amount the company was ordered to pay for breaching the law on institutional sales, or even both.

    Legal Minds React to SEC Appeal

    Regardless of its intentions, the appeal has drawn sharp criticism from other legal experts in the space. In a September 3 post on X, Jeremy Hogan, a lawyer closely following the Ripple case, labeled it a “big mistake.” He suggested the move held more risks than benefits.

    He noted that, statistically, the SEC is more likely to lose the appeal, especially given the “fact-heavy” nature of Judge Torres’ original ruling.

    However, the attorney pointed out that even if the SEC ultimately wins, it would only result in more financial penalties for Ripple without offering additional investor protection.

    He also suggested that the crypto payments company could raise its “Blue Sky” law defense, leveraging state securities laws that predate federal regulations. If successful, Hogan feels the gambit could significantly weaken the SEC’s regulatory powers over the broader crypto market.

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    Wayne Jones

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  • XRP Price Crashes 12% as SEC Appeals in the Ripple Lawsuit

    XRP Price Crashes 12% as SEC Appeals in the Ripple Lawsuit

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    On Oct. 2, the US Securities and Exchange Commission filed a notice of appeal in the Ripple lawsuit seeking to overturn an earlier ruling.

    The agency has appealed a 2023 verdict set by Judge Torres, which ruled that secondary sales of Ripple’s XRP token did not constitute securities sales.

    The judge ruled that XRP failed to satisfy all the conditions for the SEC’s Howey test to be classified as an investment contract.

    The filing was shared by defense lawyer James Filan on X.

    Ripple Fights Back

    Ripple chief legal officer Stuart Alderoty said the appeal was “disappointing, but not surprising.”

    He added that this just prolongs what is “already a complete embarrassment for the agency.”

    “The Court already rejected the SEC’s suggestion that Ripple acted recklessly, and there were no allegations of fraud and, of course, there were no victims or losses.”

    He said that the SEC “continues to engage in litigation warfare against the industry” before adding that the firm is evaluating whether to file a cross-appeal.

    Ripple CEO Brad Garlinghouse also addressed X on Oct. 3, stating that if SEC chair Gary Gensler and the regulator were rational, “they would have moved on from this case long ago.”

    He vowed to continue fighting as long as necessary:

    “While we’ll fight in court for as long as we need, let’s be clear: XRP’s status as a non-security is the law of the land today – and that does not change even in the face of this misguided – and infuriating – appeal.”

    Candidate for Massachusetts Senator John Deaton unleashed a tirade on X, stating that a candidate wouldn’t typically comment on an appeal:

    “However, I’m not your typical candidate and I spent hundreds of pro bono hours and over $75K of my own money, fighting gross overreach and misconduct at the SEC.”

    Almost four years after suing Ripple and making the above ridiculous claims, SEC lawyers apologized (in a different case) for suggesting tokens themselves were securities, he said before adding:

    “Because the SEC is pursuing an anti-crypto agenda, it will now waste more taxpayer money. Gary Gensler is a disgrace.”

    XRP Tanks

    The news has rattled XRP holders who have been aggressively selling the asset, resulting in a 12% slump on the day.

    The asset was trading above $0.60 on Oct. 2 but crashed to bottom out at just below $0.53 during early trading in Asia on Thursday morning.

    XRP is currently at a three-week low and still trading down 84% from its January 2018 all-time high despite recent ETF applications.

    Source: CoinGecko
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  • DraftKings Settles SEC Charges Over Selective Information Sharing

    DraftKings Settles SEC Charges Over Selective Information Sharing

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    DraftKings has settled with the US Securities and Exchange Commission (SEC) for $200,000 after facing charges about the selective sharing of private information through CEO Jason Robins’ social media accounts. 

    DraftKings’ CEO Posts Spark SEC Concerns Over Unequal Investor Information

    The problem came from posts on Robins’ personal X (formerly Twitter) and LinkedIn profiles, which his followers could see breaking Regulation Fair Disclosure (Regulation FD). This rule says companies must tell all investors important information at the same time to stop certain groups from getting an unfair edge.

    The posts in question appeared on July 27, 2023, before the company had shared its financial results for the second quarter of that year. DraftKings’ PR firm shared through CEO Jason Robins’ social media accounts messages about strong growth in existing markets. They pointed out big year-over-year revenue jumps from states where DraftKings already did business. The company did not share these facts with all investors until a week later when DraftKings put out its quarterly earnings report. The SEC did not like this delay. They stressed that companies need to make sure all investors get the same information at the same time.

    DraftKings’ Regulatory Challenges Ignite Discussions on Fair Disclosure

    Even though DraftKings asked for the posts to be taken down, the regulator pointed out that this did not fix the problem. The company did not tell the public about it soon enough. 

    John Dugan, who works as the associate director for enforcement at the SEC’s Boston office, commented: “Information about growth in sales as a public company can be extremely important to investors. It is essential that, when companies disseminate material, nonpublic information, they do so fairly to all investors.”

    The SEC issued an order accusing DraftKings of breaking Section 13(a) of the Securities Exchange Act and Regulation FD. DraftKings did not admit to or deny the findings, but it agreed to stop future violations and to train employees who handle corporate communications.

    This penalty adds to DraftKings’ mounting legal problems, as the company faces lawsuits from major sports groups, including the NFL and MLB Players Associations, about using players’ names and images in its fantasy sports and NFT products. 

    Even with these legal obstacles, DraftKings remains a key player in the sports betting world. Still, the company’s pick-and-choose approach to social media posts highlights the increasing attention on how businesses share information that could affect the market in today’s digital landscape.

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    Silvia Pavlof

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  • Pro-Ripple Lawyer to Continue SEC Fight Over $15B XRP Investor Losses

    Pro-Ripple Lawyer to Continue SEC Fight Over $15B XRP Investor Losses

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    Massachusetts Republican Senate candidate John Deaton has indicated his intention to hold the U.S. Securities and Exchange Commission (SEC) accountable for its role in wiping out $15 billion from XRP retail investors.

    In a September 16 interview on the “Good Morning Crypto Show,” the lawyer made it clear that he’s ready to continue his battle with the SEC until retail investors receive the compensation they deserve.

    XRP Investors Left Behind by SEC Actions

    Deaton, who represented more than 75,000 XRP token holders as an amicus curiae or “friend of the court” in the SEC’s lawsuit against Ripple Labs, did not mince words when discussing the financial harm caused by the agency’s aggressive litigation against the crypto firm.

    He claimed that the SEC’s overreach and “misconduct” cost thousands of XRP holders as much as $15 billion when the coin’s value plummeted as a result of the lawsuit.

    Furthermore, he added that his clients “do not accept the SEC’s apology” for its handling of the case. This was in response to the agency’s recent clarification of its use of the term “crypto asset securities” in its various lawsuits against digital asset companies.

    In a footnote in its amended complaint against Binance, the Commission said it regretted any confusion it may have caused from its use of the term. Deaton called it “intentional misconduct” and demanded the firing of those at the SEC responsible for making such decisions.

    The attorney has consistently argued that the Commission’s actions hurt everyday investors. He suggested that the financial blow caused to XRP holders by the watchdog’s case is something for which it must be held accountable.

    He added that he is awaiting the results of an Inspector General (IG) investigation into the matter, which could potentially open the door for further legal action on behalf of XRP investors and possible reparations for losses they may have suffered.

    A Senate Race with High Stakes

    In his campaign for the U.S. Senate, Deaton has positioned himself as a champion of the ordinary man, focusing heavily on transparency and accountability from government agencies.

    He says his criticisms of the SEC is a reflection of his broader view on regulatory overreach in the financial sector. Additionally, he believes the regulator’s handling of crypto is indicative of a system that prioritizes enforcement over protecting everyday investors.

    During the interview, the former Marine reiterated plans to introduce laws to clarify the distinction between commodities and securities in the crypto space. This, he argued, would protect retail digital asset holders from regulatory overreach in the future.

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  • XRP Price To Crash To $0.33 Before Surge To $9 Post-SEC Appeal; Analyst Reveals

    XRP Price To Crash To $0.33 Before Surge To $9 Post-SEC Appeal; Analyst Reveals

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    Este artículo también está disponible en español.

    Earlier in August, the XRP community got some positive news when the court ruled that Ripple Labs should pay a $125 million fine to the United States Securities and Exchange Commission (SEC) for selling unregistered securities. However, the regulator has been unhappy with this decision, leading to an appeal of the court’s decision. Naturally, the appeal has pushed back the finish line for the 4-year battle, but the end could still be very bullish for the XRP price.

    The XRP Crash Before The Surge

    While the SEC and Ripple continue to battle it out in court, a pseudonymous crypto analyst on the TradingView website who goes by the name AnalysisParalysis has shared their expectation for the XRP price. In this case, the crypto analyst expects that the altcoin’s price will rally. But not without first suffering a decline due to the SEC appeal.

    Related Reading

    According to the analyst, the SEC appeal is expected to come sometime before October 6, 2024, during which time they expect the XRP price to struggle. “I believe this will be the catalyst this time around that causes XRP to crash just before its going to go on a massive upward movement,” the analyst said.

    The initial crash here is expected to cross 30%, pushing the price as low as $0.33. However, after this, fireworks are expected to follow as the XRP price begins its uptrend. From here, the altcoin is expected to clear the $1 easily, moving toward new all-time highs in the process.

    As for how high the XRP price could go, the crypto analyst believes that it could rise as high as $8.80. If this happens, it would mean a 2,566% increase from the $0.33 lows expected after the price crash. The analyst speculates that the timeframe for the altcoin’s price to touch this new all-time high is sometime in summer 2025. So, somewhere between June and September 2025.

    The State Of The Ripple Vs. SEC Lawsuit

    Currently, the battle between Ripple and the SEC rages on as the regulator has appealed the court’s decision that secondary programmatic sales of XRP tokens do not count as a securities offering. The outcome of the appeal is still heavily debated but securities lawyer Marc Fagel has offered various possibilities.

    Related Reading

    On an X (formerly Twitter) post, Fagel stated;

    “The Court of Appeals could conclude the district court erred in stating that XRP is not itself a security; and if it is, then the holding on programmatic sales gets reversed. But they could also reverse the programmatic sales without addressing the question of XRP being a security per se (as seems more likely).”

    However, way the appeal does play out, the consensus remains that a final end to the battle between the crypto firm and the regulator would be good for the XRP price. Projections following the outcome have ranged from a price tag of $1 to as high as $100.

    Price maintains uptrend despite market decline | Source: XRPUSDT on Tradingview.com

    Featured image created with Dall.E, chart from Tradingview.com

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    Scott Matherson

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  • This Exchange Will Stop Trading Almost All Crypto Assets After $1.5M SEC Settlement

    This Exchange Will Stop Trading Almost All Crypto Assets After $1.5M SEC Settlement

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    Within the next six months, the United States arm of the financial services company, eToro, would cease trading almost all crypto assets on its platform due to a new order from the Securities and Exchange Commission (SEC).

    According to a press release from the SEC, eToro has violated federal securities laws since at least 2020. As a result, the exchange would pay a fine of $1.5 million and make a limited set of cryptocurrencies available for trading.

    SEC Announces Settlement With eToro

    The SEC accused eToro of operating as an unregistered broker and clearing agency and facilitating the buying and selling of crypto assets as securities on its online trading platform. While the exchange offered these services, it failed to comply with the registration provisions of the federal securities laws.

    In line with the settlement, eToro has agreed to cease violating federal securities laws. Henceforth, the exchange will only offer Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH) to its users.

    Following the SEC’s order, eToro’s customers have only 180 days to sell other assets that are to be eliminated from the platform, or the exchange will liquidate the cryptocurrencies and return the proceeds to users. The SEC said the online trading platform neither admitted nor denied the allegations but just agreed with the settlement.

    “By removing tokens offered as investment contracts from its platform, eToro has chosen to come into compliance and operate within our established regulatory framework. This resolution not only enhances investor protection, but also offers a pathway for other crypto intermediaries. The $1.5 million penalty reflects eToro’s agreement to cease violating applicable federal securities laws as it continues its U.S. operations,” said Gurbir Grewal, Director of the SEC’s Division of Enforcement.

    More Regulatory Issues

    Over the past few years, eToro has taken steps to remain compliant with the SEC’s laws. In June 2023, the exchange imposed restrictions on several crypto assets classified as securities in the agency’s lawsuits against rival trading platforms Coinbase and Binance.

    The assets include Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC). Notably, the firm had already delisted Ripple (XRP), Cardano (ADA), and Tron (TRX) for several reasons in the months prior.

    Meanwhile, eToro is not just facing regulatory heat from the SEC; the Australian Securities and Investments Commission sued the platform last month for harming investors through its products.

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    Mandy Williams

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  • SEC Requests Court to Deny Coinbase’s ‘Broad’ Subpoena Request

    SEC Requests Court to Deny Coinbase’s ‘Broad’ Subpoena Request

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    The U.S. Securities and Exchange Commission (SEC) has asked a New York court to reject Coinbase’s subpoena, which seeks to compel the agency to produce documents related to crypto assets.

    The SEC described them as covering “essentially all documents that in any way relate to crypto assets.”

    SEC Opposes Coinbase’s Subpoena Request

    The motion filed on Monday represents the latest development in the legal battle between the SEC and Coinbase. The exchange is attempting to subpoena the agency and its employees, including Chair Gary Gensler, for communications and other records that could aid its defense.

    The SEC has particularly objected to the request for Gensler’s personal communications, labeling the subpoena as a blatant impropriety.

    In a letter to the court on June 28, the Commission argued that Judge Katherine Polk Failla of the Southern District of New York (SDNY) should deny Coinbase’s request. Failla, perplexed by the company’s demand for Gensler’s personal communications, particularly those before his tenure as SEC Chairman, held a pre-trial conference by phone on July 11 to discuss the conflicting requests.

    Failla remarked that she was surprised by the motion during the July 11 conference, and not in a good way. She found the arguments, as articulated in the July 3 response, to border on the fatuous and was not moved by any of them.

    Following the conference, the Judge directed Coinbase to refine its approach, instructing its lawyers to file a motion to compel as a preliminary step in resolving the discovery dispute. Coinbase complied and submitted its motion on July 23, slightly narrowing the scope of its request but maintaining its fundamental stance.

    Coinbase’s Ongoing Fight with SEC

    Last year, the SEC filed civil charges against Coinbase, accusing the crypto exchange of operating as an unregistered securities exchange, broker, and clearing agency and with the unregistered sale of securities in connection with its staking products.

    In April, the exchange submitted its first request for the production of documents to the SEC. Two months later, Coinbase indicated its intention to subpoena Gensler’s personal communications related to crypto from his entire tenure, including the four years before his appointment as SEC Chairman.

    Additionally, Coinbase served a similar subpoena to the Massachusetts Institute of Technology (MIT), where Gensler taught a blockchain technology class before joining the SEC. Recently, the company informed the court that it would no longer seek records related to Gensler’s role outside the Commission.

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  • U.S. charges short seller Andrew Left of Citron Research in $16 million stock manipulation scheme

    U.S. charges short seller Andrew Left of Citron Research in $16 million stock manipulation scheme

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    Prominent short seller Andrew Left, the founder of Citron Research, has been charged by the U.S. Department of Justice with multiple counts of securities fraud for a $16 million stock market manipulation scheme.

    The Department of Justice said in a statement on Friday that Left is charged with one count of engaging in a securities fraud scheme, 17 counts of securities fraud and one count of making false statements to federal investigators.

    Separately, the SEC charged Left on Friday with a $20 million scheme to defraud his followers by publishing false and misleading statements about his stock trading recommendations. Short sellers like Left make bets stocks will decline in value based on their analysis that a business may have underlying financial problems or simply because they believe the shares are overvalued.

    Left, an investor who was a frequent guest commentator on television channels including CNBC and Fox Business, built a following for his contrary calls on stocks such as GameStop — a darling of meme-stock followers — and Chinese property developer Evergrande. But securities regulators allege that after Left and Citron published opinions on 23 companies whose stock prices subsequently moved more than 12% on average, they quickly reversed their positions to profit from those stock moves.

    “Left bought back stock immediately after telling his readers to sell, and he sold stock immediately after telling his readers to buy,” the SEC claimed in a Friday statement. 

    The alleged bait-and-switch scheme netted Left and his firm $20 million in profits, said Kate Zoladz, director of the SEC’s Los Angeles regional office, in a statement.

    “Andrew Left took advantage of his readers. He built their trust and induced them to trade on false pretenses so that he could quickly reverse direction and profit from the price moves following his reports,” Zoladz added.

    Citron didn’t immediately respond to a request for comment.

    If convicted, Left faces a maximum penalty of 25 years in prison on the securities fraud scheme count, 20 years in prison on each securities fraud count, and five years in prison on the false statements count.

    — With reporting by the Associated Press.

    Aimee Picchi

    Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.

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  • Analyst Upbeat On XRP Rally Despite SEC Meeting Cancellation

    Analyst Upbeat On XRP Rally Despite SEC Meeting Cancellation

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    Nobody in the XRP community expected the SEC to cancel a meeting behind closed doors on July 18 without giving any reason. Some people think this move has something to do with the approval process for spot Ethereum ETFs.

    Related Reading

    Crypto Community Clueless On Meeting Cancellation

    There has been an obvious shakeup in the cryptocurrency market because of the sudden about-face. XRP, Ripple’s native coin, fell 8% to $0.58, its 24-hour low. Trade volume was down as well, yet it rose 20%, showing investors’ interest amid uncertainties.

    There is a lot of talk in the market that the SEC’s decision might have something to do with the process of approving spot Ethereum ETFs.

    Some of these funds have already been given preliminary approvals and were supposed to start trading next week. The US regulator may have canceled the meetings as a smart move in light of these events.

    XRP market cap currently at $30.9 billion. Chart: TradingView.com

    Market Experts Keep A Close Eye On The Altcoin

    Technical experts are paying close attention to how the price of XRP changes in this unstable market. Javon, a renowned analyst, identified a chart pattern that resembles XRP’s recent bull run.

    The symmetrical triangular pattern expanding since 2018 matches the 2014–2017 trend. The first pattern led to a rapid rise that sent XRP from about $0.005 to a staggering high of $3.347, a rise of almost 43,000%.

    If the past is any indication, another rise could be coming soon. According to Javon’s prediction, the price of XRP could climb to a level above $237. Even though this prediction is very high, it fits with how things have been in the past and shows that things could go up from where they are now.

    XRP: Resistance And Support

    The technical indicators at hand provide XRP buyers with a mixed bag of data. In terms of support, the altcoin is still higher above the 50% Fibonacci retracing line and the 100-hour Simple Moving Average. Strong support is spotted at $0.5820 and $0.5850. These figures are quite significant as they highlight major areas where the price may settle and maybe even rise.

    XRP up in the last week. Source: Coingecko

    On the other hand, the coin meets strong opposition at different levels. Right now, there is resistance around $0.620. There are also bigger blocks at $0.6350, $0.6420, and possibly even $0.6550 and $0.680.

    Related Reading

    If there is a clear break above these support levels, more gains could happen. But if XRP fails to break through these levels, there may be a drop to the downside. The price is likely to find support near $0.600, and it will likely go down even more if it falls below $0.5850.

    Featured image from Quick Tips, chart from TradingView

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    Christian Encila

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