The U.S. is poised to reassert its dominance in the global crypto arena following the election of crypto-friendly President Donald Trump and the impending departure of SEC Chair Gary Gensler. This seismic shift in leadership is expected to transform the U.S. into a powerhouse for digital assets, attracting innovation and investment that had been stifled under previous regulatory regimes.
The U.S. SEC has dismissed Ripple Labs' request for a lower penalty, asserting that it would be insufficient and should not be compared to its settlement with Terraform Labs. On June 13, Ripple appealed to Judge Analisa Torres for a penalty "no more than $10 million," significantly less than the SEC's proposed $876.3 million civil penalty. Ripple referenced the SEC's settlement with Terraform Labs as a precedent.
Coinbase, the leading U.S. crypto exchange, is embroiled in a significant legal battle with the U.S. Securities and Exchange Commission (SEC). According to Coinbase's Chief Legal Officer (CLO) Paul Grewal, this dispute represents not just a legal challenge but a pivotal moment for the 52 million Americans who own crypto Among other things, the SEC accuses Coinbase of enabling trading in security tokens on its platform without proper registration.
HSBC, recognized globally as a banking heavyweight, is taking a significant step into the future of digital assets. The bank is poised to introduce a pioneering custody service specifically designed for tokenized real-world assets like securities. This initiative is targeted at institutional clients. In a strategic move, HSBC is joining forces with Metaco, a tech company under Ripple Labs' umbrella, to roll out this custody service.
The last days of 2020 saw the U.S. SEC complaint against Ripple Labs Inc. alleging that its XRP is actually a security. A regulatory attack on the entire crypto scene, some analysts argue. Once the 3rd-largest crypto, XRP's market cap plummeted from more than $26 billion to less than $10 billion. Some crypto exchanges such as Coinbase, OKCoin, or Crypto.com have suspended trading in XRP. Is it the end of days for XRP and the crypto bull-run?