SEC Appeals Ruling on XRP Transactions as Investment Contracts
The U.S. Securities and Exchange Commission (SEC) has filed an appeal with the appellate court, requesting that it overturn the ruling made by the district court. The district court had determined that transactions involving XRP, which were purchased by public investors through crypto asset trading platforms, do not qualify as “investment contracts” under the Howey test. This decision was based on the argument that the investors were unaware of whether Ripple, the company behind XRP, was the seller of the tokens. In its appeal, the SEC is also seeking a legal ruling that Ripple’s XRP transactions should indeed be classified as the sale of investment contracts.
SEC Poised for Crypto Policy Overhaul Under New Republican Leadership
Top Republican officials at the SEC are preparing to overhaul the agency’s cryptocurrency policies, with potential changes beginning soon after President-elect Donald Trump’s inauguration. Commissioners Hester Peirce and Mark Uyeda, supported by Trump’s crypto-friendly pick for SEC chair Paul Atkins, are looking to clarify when a cryptocurrency qualifies as a security and review ongoing crypto enforcement cases. They are expected to initiate rule-making processes, rescind costly accounting guidance, and possibly end the crackdown on the crypto industry that was championed by SEC chair Gary Gensler. The changes could take months to fully implement, and the SEC is likely to continue holding fraudsters accountable, despite calls to ease regulations.
Texas Senator Charles Schwertner Introduces Bill SB 778 to Create U.S. First State-Level Bitcoin Strategic Reserve
Texas Senator Charles Schwertner took to Twitter to announce the submission of Bill SB 778, which seeks to establish the first-ever state-level Bitcoin strategic reserve in the United States. If the bill is approved, it could place Texas at the cutting edge of the digital economy, potentially driving economic growth and promoting greater financial freedom for the state. This move could set a significant precedent for other states, positioning Texas as a leader in the evolving world of digital assets.
