With a 3% winning chance, is this a W for crypto? SEC doubles down against Binance 👜 CBI bags 930k in a crypto case 🔦 Wind and Choko Wallet on our radar 💻 Web3 jobs & wraps for you
Let’s jump into the courtroom where the SEC is doomed to lose, catch CBI in action, and, oh, SEC is also after Binance, in fact, doubling down on their legal battle. 🤭 Also, explore the coolest web3 products we curated for you, so that you can level up in web3!
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Ripple's Courtroom Drama: A Case for Rethinking SEC Oversight?
Does Ripple have an advantage in the case as there are no obvious errors, according to Morgan? Well, the catch here is the broader implications this might have on the SEC’s role in crypto regulation. 👀
What’s happening?
Bill Morgan, a lawyer closely following the SEC’s case against Ripple, revealed that the chance of the SEC winning an appeal stands at 3%-14%
The SEC has been relentless in its pursuit of Ripple, alleging that the sale of XRP tokens amounts to selling unregistered securities.
Ripple's business took a nosedive, with major crypto exchanges delisting XRP, causing the token's value to plummet.
Then came a series of victories for Ripple, culminating in the SEC dropping charges against the company’s executives. 👀
Why the Fuss?
The legal community is amazed by the SEC's decision to appeal. Why go for an appeal when leading legal minds estimate the odds to be as low as 3%?
Bill Morgan, along with Jeremy Hogan, another legal analyst, argue that the SEC’s chances are slim to none, given that Ripple doesn’t meet key aspects of the Howey test for being a security.
👉🏻 Remember, Ripple is more than a token. It’s a payment protocol, which implies that its value extends beyond mere speculation. It seems the SEC underestimated this nuanced difference.
And that’s not the only thing at stake here! 🤭
The court might give a final judgment next year, eliminating the possibility of a trial altogether.
Additionally, the SEC’s multiple losses question its own understanding of crypto assets as securities. 🤷♀️
What's the Real Stake?
Is the SEC’s dogged pursuit a valid regulatory move, or an attempt to apply outdated legal frameworks to emerging tech?
💡 Let's not forget, effective regulation arises from understanding, adaptability, and, yes, legal precision—not from wielding a sledgehammer approach.
🤝 Ripple needs a regulatory framework that recognizes its inherent complexities and its potential to redefine cross-border transactions.
Next Moves
With the SEC's low chances of winning, Ripple seems poised for a comeback. But the community and the crypto world at large remain divided. 😤
Will this case set a precedent for how the SEC approaches crypto, or is it an outlier bound by its unique legal intricacies?
A Pivotal Moment!
The Ripple case could serve as a pivotal moment in crypto regulation.
Will the SEC take this as a lesson to evolve its understanding of crypto assets, or will it continue on its current trajectory, risking further disconnect with technological realities?
Well, all we wanna know what do you think about it? 🤔
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India's Central Bureau of Investigation (CBI) has made an arrest in a 930k crypto fraud case, seizing assets and intensifying scrutiny in a market already on edge due to rising scams. The arrested Ahmedabad man, identified as Ramavat Shaishav, aka James Carlson, was apprehended on October 21st. The crackdown underscores growing regulatory vigilance as crypto scams continue to rattle market confidence in India. 🚔
As FTX spiralled into crisis last November, the crypto exchange courted investment giants Google and BlackRock for its elusive C1 funding round, according to court evidence. The round "never closed," revealed FTX’s former general counsel, Can Sun, during Sam Bankman-Fried's ongoing criminal trial. Federal prosecutors presented a spreadsheet detailing FTX's fundraising attempts, casting a new light on the desperate final days of the once-promising exchange.
The U.S. Securities and Exchange Commission (SEC) is intensifying its legal battle against Binance, Binance.US, and CEO Changpeng "CZ" Zhao. The regulator is seeking court approval to file an omnibus brief aimed at dismissing motions by the crypto giants to drop the lawsuit. Meanwhile, Magistrate Judge Faruqui has granted a seal on certain documents, adding another layer of secrecy to the high-stakes case. 🏛️
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Let’s get into Posty’s fresh pecks from the world of web3!
🏦 Binance is ending its Visa debit card services in Europe, effective until Dec. 20. The card's termination impacts 1% of Binance’s users. This setback comes as partnerships begin to wane for the world's largest crypto exchange.
🚓 FTX's former engineering director Nishad Singh faces up to 75 years in prison. Singh's testimony aims to link Sam Bankman-Fried to Alameda Research and the alleged misuse of FTX user funds. Singh is reportedly negotiating for no jail time as part of a plea agreement with prosecutors.
🪙 Worldcoin to transition from USDC to native WLD token for paying Orb Operators “independent ecosystem participants” for the scanned irises starting November. The move is part of a "transitional phase" since the project's launch on July 24.
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