Ripple Wins, Russia Legalizes Crypto Mining
The post Ripple Wins, Russia Legalizes Crypto Mining appeared on BitcoinEthereumNews.com.
This week brought significant updates across the cryptocurrency and blockchain landscape. The SEC vs Ripple case reached a pivotal conclusion with a substantial fine, while Russian President Vladimir Putin legalized crypto mining, marking a major regulatory shift. Tether’s new educational partnership aims to boost blockchain knowledge in Ivory Coast, Binance Labs invested in Solayer to enhance Solana’s restaking capabilities, and Arbitrum teamed up with Circle to enable USDC for gas fees on Orbit Chains. Here’s a summary of the key stories from this week shaping the industry. SEC vs Ripple Battle Ends after 4-Year Long Muddy Fight In the most important turn of events this week, a federal judge closed the lengthy SEC vs Ripple case by imposing a $125M fine on Ripple. This ruling was made by Judge Analisa Torres of the Southern District of New York. Judge Torres found Ripple guilty of violating securities laws through 1,278 institutional XRP sales. The fine of $125.035 million is surprisngly lower than the SEC’s original demand of $1 billion in disgorgement, prejudgment interest, and $900 million in civil penalties. This way, it is a partial win for Ripple as the fine is 80% lower than the recommendations. Earlier, in July 2023, Judge Torres determined that Ripple’s direct sales to institutional clients breached securities laws, but that sales to retail clients via exchanges did not. Judge Torres has also imposed an injunction to prevent Ripple from future violations of securities laws. The injunction requires Ripple to file a registration statement for any future securities sales.Following the announcement, XRP’s price rose by about 20%. Putin Legalizes Crypto Mining in Russia The second most important news from this week is that Russian President Vladimir Putin has signed a landmark law legalizing crypto mining in Russia. The new legislation introduces key concepts such as mining…
Filed under: News - @ August 12, 2024 2:08 am