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Search resuls for: "Stuart Alderoty"


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The SEC is seeking fines and penalties worth $2 billion from Ripple Labs, its legal chief said. Stuart Alderoty said the SEC wanted to "punish and intimidate Ripple" and the wider crypto sector. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe US's top financial watchdog is seeking penalties worth billions of dollars from Ripple Labs, the company behind the XRP cryptocurrency, its chief legal officer said. Stuart Alderoty wrote on X that the Securities and Exchange Commission asked US District Judge Analisa Torres to fine Ripple $2 billion.
Persons: Stuart Alderoty, XRP, , Analisa Torres Organizations: SEC, Ripple Labs, Service, Securities and Exchange Commission, Business
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrypto regulation in the U.S.: We have lost our way, Ripple's chief legal officer saysStuart Alderoty, Ripple's chief legal officer, says "we've lost our way because we have politics and power being elevated over sound policy."
Persons: Stuart Alderoty, we've Locations: U.S
The crypto industry is in a tug-of-war with the SEC and its Democratic chair Gary Gensler, who has described the crypto market as a "Wild West" riddled with fraud. Saying most crypto tokens are securities, the SEC has cracked down on crypto trading platforms, including the top U.S. exchange Coinbase, in an effort to bring the industry under its oversight. Crypto firms have long disputed the SEC's jurisdiction but until Thursday no court had supported that view. The two sources, for example, said firms are considering ways to use the Judge's ruling for their defense. However, she also ruled Ripple's direct sales of XRP to investors should have been registered as securities, handing the SEC a partial victory.
Persons: Coinbase, Gary Gensler, Robert Frenchman, Mukasey Frenchman, Analisa Torres, XRP, Crypto, Teresa Goody Guillén, Spokespeople, Binance, Carol Goforth, Stuart Alderoty, Philip Moustakis, Jody Godoy, Chris Prentice, Hannah Lang, Tom Hals, Michelle Price, David Gregorio Our Organizations: U.S . Securities, Exchange Commission, SEC, Ripple Labs, Democratic, Mukasey Frenchman LLP, San Francisco, U.S, District, Baker, Hostetler, University of Arkansas, Reuters, Circuit, Seward, Washington , D.C, Thomson Locations: Mukasey, New York, Washington, New York , Connecticut, Vermont, Washington ,
The news sent the price of XRP, a token designed for cross-border payments, up some 70% to about 92 cents. Torres’ ruling did fall partly in the SEC’s favor, as she found that some of Ripple’s sales — to hedge funds and other sophisticated buyers — did violate securities laws. Gensler has said that most crypto tokens — with bitcoin as a notable exception — are securities that fall under the SEC’s jurisdiction. ‘Some much needed sunlight’Despite the nuance of Torres’ ruling, crypto investors are cheering it as a long overdue win. “This ruling, although nuanced, provides some much needed sunlight and cheer into the altcoin space, those non-Bitcoin tokens.”
Persons: Analisa Torres, XRP, Gary Gensler, Torres ’, Stuart Alderoty, , “ XRP, “ We’ll, Gensler, Teresa Goody Guillén, Coinbase, Torres, Sam Bankman, Alex Mashinsky, Mashinsky, Antoni Trenchev Organizations: New, New York CNN, Securities and Exchange Commission, Southern, of, SEC Locations: New York, of New York, United States
WASHINGTON, June 8 (Reuters) - Other U.S. crypto exchanges are likely to be in the firing line after the Securities and Exchange Commission (SEC) this week sued Coinbase and Binance, two of the world's largest crypto exchanges, for allegedly breaching its rules. Both Coinbase and Binance deny the SEC's allegations and have pledged to vigorously defend themselves in court. The Coinbase and Binance suits this week expand that list to include some commonly traded tokens, such as Solana, Cardano and Polygon. While big crypto companies can afford to fight the SEC, smaller companies have filed for bankruptcy following SEC enforcement actions, including crypto exchange Beaxy. "I think if there's a real value in these crypto tokens, then compliance will build trust and the business model might change," he said.
Persons: Coinbase, Binance, Jason Allegrante, Gary Gensler, , Scott Freeman, Crypto, Kraken, OKCoin, Ripple's, Stuart Alderoty, Piper Sandler, Gensler, Bernstein, Katharine Wooller, Hannah Lang, John McCrank, Susan Heavey, Michelle Price, Stephen Coates Organizations: Securities and Exchange Commission, SEC, Cornerstone Research, Department of Justice, JST, Justice Department, Piper Sandler Global, Fintech Conference, CNBC, U.S, Executives, Thomson Locations: Solana, Cardano, U.S, United States, New York, Washington
Jack Taylor | Getty Images News | Getty ImagesU.S.-based crypto company Ripple no longer derives most of its income from America and is looking to expand its reach in Europe, its top lawyer said. Its commitment to invest in Europe comes despite a deep downturn in crypto markets that's been referred to as "crypto winter." watch nowThe Irish central bank previously handed a VASP license to crypto exchange Gemini. Last week, the shock collapse of Sam Bankman-Fried's crypto exchange FTX sent cryptocurrencies into a tailspin. As a private company, Ripple doesn't disclose its revenues publicly.
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