Dave - Cryptocurrency Enthusiast
Stuart Alderoty, the general counsel of Ripple, has stated that unless a federal judge finds that XRP broke any federal securities laws, the litigation between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs may be coming to a close.
The US federal court has also given the Chamber of Digital Commerce (CDC) permission to participate in the action as an amicus curia. District Judge Analisa Torres approved the CDC's request for permission to submit an amicus curiae brief.
Ripple, on the other hand, disagreed with the SEC's proposal that it may ask for more time and pages if other amici curiae submit papers. Ripple went on to say that the SEC's response is just another blatant attempt to drag out the settlement of this matter and that the court ought to reject the plea.
To avoid having a full trial, the SEC and Ripple filed Summary Judgment Motions with the U.S. District Court for the Southern District of New York. Ripple, according to Alderoty, does not meet the criteria outlined by the Howey Test in the Supreme Court decision. The test aids in determining if something qualifies as a security and, as such, is only an investment contract.
Additionally, Stuart Alderoty noted, "Perhaps they [the SEC] believed they [could] convey a bigger message to the entire market. But I believe they've learned that if you question a well-resourced corporation, that well-resourced firm can put up a pretty solid defense and really expose the SEC, that what it is doing, in this case, is not implementing the law.”
Alderoty stated that the SEC is attempting to change the law as he closed his remarks. The regulator is acting in a litigious manner rather than upholding the law to get the desired outcome.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
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For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
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