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The lack of regulatory clarity prior to that ruling in turn supports Ripples position that the Courts finding of a strict liability violation on some of Ripples sales but far fewer than the SEC alleged were violations does not reflect reckless disregard for the law or warrant harsh remedies. And, of course, the SEC did not even allege recklessness as to Ripple in its Complaint.

The SEC vs. Ripple case is in its final stages. Investors await a court verdict for Ripple breaching US securities laws for selling XRP to institutional investors.

In March 2024, the SEC filed its remedies-related opening brief. The SEC pursued an almost $2 billion penalty and an injunction prohibiting XRP sales to US institutional investors.

Ripple countered the SEC opening brief. In its remedies-related opposition brief, Ripple argued for a $10 million penalty, stating that it did not continue breaching US securities laws after the complaint. Ripple also pointed out that there were no allegations of fraud or recklessness.

The SEC will likely file a response to the Supplemental Notice of Authority. How the SEC argues against the Binance ruling would likely draw plenty of interest.

Will the SEC hint at an appeal against the Binance ruling?

The SEC may reference the SEC vs. Terraform Labs ruling. Judge Rakoff ruled that Terraform Labs and its founder, Do Kwon, violated US securities laws by failing to register TerraUSD and Luna as securities. Significantly, Judge Rakoff also referenced the Programmatic Sales of XRP ruling, opining that Judge Torres made an error in her ruling.

For context, Judge Amy Berman Jackman rejected SEC allegations that secondary market transactions of Binances BNB token meet the criteria for securities under the Howey test.

Judge Jackman also referenced the Programmatic Sales of XRP ruling, surmising,

The court is inclined to agree with the approach of the court in Ripple Labs, since the it-is-what-it-is approach of the SEC appears to be inconsistent with the clear Supreme Court directives [].

Meanwhile, the Binance ruling may also end SEC plans to appeal against the Programmatic Sales of XRP ruling. However, the courts view on the Binance ruling and the SEC vs. Ripple case verdict could be pivotal.

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XRP News Today: Ripple References the Binance Ruling in New Court Filing - FX Empire

San Francisco-based blockchain company Ripple is pushing for clearer regulatory guidelines for cryptocurrencies following a recent court decision in an unrelated case. The move comes amid Ripples ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) regarding the classification of XRP, Ripples native token.

The crux of the issue lies in a June 28 ruling by the U.S. District Court for the District of Columbia. The court partially sided with cryptocurrency exchange Binance, dismissing the SECs claims that certain digital asset sales constituted unregistered securities offerings. This decision, according to Ripple, hinges on the July 2023 summary judgment in the SEC vs Ripple Labs case.

In that case, Judge Analisa Torres differentiated between secondary market sales where investors trade amongst themselves and direct institutional sales by Ripple itself. Notably, the court ruled that XRP, as a tradable token, didnt qualify as a security in the secondary market.

However, the court left the door open for the SEC to pursue Ripple for its direct sales to institutions. This distinction between sale methods aligns with the Binance ruling, where Judge Amy Berman Jackson cited the Ripple case as precedent.

This, according to Ripple, underscores the critical need for clear regulations that distinguish between different types of cryptocurrency transactions. Ripple further emphasizes a point raised by the court: the current SEC approach of relying on litigation to regulate the industry creates uncertainty for both companies and investors.

The lack of clear guidelines makes it difficult to determine whether specific actions violate securities laws. Ripple argues that this very uncertainty weakens the SECs claim that they knowingly disregarded regulations with their XRP sales.

The implication here is that the SECs request for hefty fines exceeding $2 billion might be excessive in light of the unclear regulatory landscape. Currently, Ripple is locked in a separate dispute with the SEC concerning the appropriate remedies in the case.

The outcome of these legal battles will have significant implications for the entire cryptocurrency industry. Clearer regulations will not only provide much-needed guidance for companies like Ripple but also foster a more stable environment for investors navigating the ever-evolving digital asset market.

This back-and-forth between Ripple and the SEC highlights the urgent need for concrete regulations that differentiate between security-like token offerings and utility tokens used for facilitating transactions. Such clarity would establish a fairer legal ground for companies and create a more predictable environment for investors to navigate the crypto space.

If youre interested in the legal landscape surrounding cryptocurrency, check out this article on the recent SEC lawsuit win against Binance: Ripple and SEC Final Arguments Heard, What Comes Next?

Continuing the conversation on cryptocurrency regulations, this article dives into the ongoing Ripple vs. SEC case and the recent final arguments: SEC Wins Key Claims in Lawsuit Against Binance: What Now?

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Ripple Files Notice to SEC in Wake of Recent Binance Ruling - DailyCoin

Prosecutors in Nigeria will move forward with a case brought by the countrys Economic and Financial Crimes Commission (EFCC) against Tigran Gambaryan, a Binance executive detained since February.

A spokesperson for the family told Cointelegraph that Gambaryans legal team began and ended its cross-examination of an EFCC witness on July 2. The government agency has filed money laundering charges against Gambaryan and Binance executive Nadeem Anjarwalla, who escaped custody in March and reportedly fled to Kenya.

Nigeria officials plan to resume Gambaryans trial on July 5. However, his family is reporting that his health has been deteriorating in the roughly 128 days since authorities detained him and Anjarwalla. According to the spokesperson, Gambaryan has had double pneumonia and malaria and reported aches and pains in his foot and back.

In a statement to Cointelegraph, Gambaryans wife, Yuki, said she was not in contact with anyone from the Nigerian government but had been speaking with officials in the U.S. State Department and U.S. Embassy in Abuja. She reported regular calls with Binance staff and the lawyers representing her husband in the EFCC case.

I thought the U.S. Government response was quite slow at first, especially considering that Tigran used to work for the U.S. Government, said Yuki. However, I believe they have noticeably increased their efforts and engagement recently [...] In my eyes, it is evident any issues between Binance and the Nigerian authorities can and should be resolved without Tigran being caught in the middle.

Nigeria authorities initially charged Gambaryan and Anjarwalla with tax evasion and money laundering charges in February after the pair traveled to the country as representatives of Binance. Anjarwalla escaped to Kenya in March and reportedly faces extradition back to Nigeria. In June, Nigerias Federal Inland Revenue Service dropped the tax evasion charges, but the money laundering case was ongoing at the time of publication.

Related: 108 ex-prosecutors, feds echo calls to rescue Binance exec in Nigeria

Many U.S. officials and people interested in the case have criticized Nigerian authorities for holding two executives who willingly traveled to the country accountable for the companys alleged actions. On June 20, U.S. Representatives French Hill and Chrissy Houlahan met Gambaryan in Kuje Prison in Nigeria, calling for authorities to drop the charges and release him immediately on humanitarian grounds.

Yuki Gambaryan launched a petition to bring her husband back to the U.S., which had 4,879 signatures at the time of publication roughly one hundred shy of its goal of 5,000. The results of the petition will presumably be forwarded to the U.S. State Department, President Joe Biden, the EFFCC, and the Nigerian government.

Magazine: Crypto-Sec: Phishing scammer goes after Hedera users, address poisoner gets $70K

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Binance exec trial will resume July 5 as family reports health problems - Cointelegraph

The latest LUNC burn of 1.7 billion tokens from Binance significantly reduces the Terra Classic supply, aligning with increased trading volume.

Binance has completed another significant LUNC (Luna Classic) burn to start in July. The burn event led to a substantial decrease in the total LUNC supply, as highlighted by recent charts posted by community figure Rexyz.

The burn activity has garnered appreciation towards Binance founder and former CEO Changpeng Zhao, as well as current CEO Richard Teng.

The first image posted by Rexyz showcases the total LUNC supply over a 4-hour period. The supply stood at 6,781,807,335,479 LUNC, with a notable decrease of 1,726,507,904 LUNC in the latest candlestick.

This sharp drop within a short time frame indicates a significant burn event, likely involving a large transaction or a series of transactions that reduced the total supply.

The second image presents a broader view, covering the LUNC supply from March 2024 to June 2024. The total supply was recorded at 6,781,738,369,201 LUNC, with a decrease of 1,799,065,981 LUNC in the latest week.

On-chain data confirms that the latest burn, which involved exactly 1,701,046,397 (1.701 billion) LUNC, occurred on July 1 at 10:20 UTC.

The chart provided by Rexyz reveals a consistent decrease in supply over several months, with more pronounced drops towards the end of the period. This aligns with the recent burn event at the start of July, reflecting Binances ongoing efforts to reduce the LUNC supply through increased trading activity.

In addition to Binances burns, the Terra Luna Classic community has been proactive in reducing the LUNC supply. As the native LUNC coin faced challenges from the crypto bears since June, community developers proposed faster ways to decrease supply.

The Terra Classic Foundation recently announced the exclusion of over 12 billion LUNC and 68 million USTC from circulation through specific contracts. These contracts include Anchor bLuna Rewards and Lido Rewards Dispatcher, with funds locked since a Lido DAO proposal passed in June 2022.

Previously, the community voted on Proposal 12098, which aims to review the LUNC burn tax to fund the Oracle pool.

This proposal, initially suggested by StrathCole, seeks to modify the burn tax distribution. It proposed allocating 80% towards burning, 10% to the Community Pool, and 10% to the Oracle Pool, ensuring block rewards consist solely of gas fees.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Terra Classic Sees Major Supply Reduction as Binance Burns 1.7B LUNC - The Crypto Basic

Binance.US said Monday it looks forward to defending itself against the U.S. Securities and Exchange Commission following a court's decision to allow the regulators case against the crypto exchange to proceed.

In a statement posted to social media platform X, Binance.US expressed confidence in its legal position while pushing back against accusations of securities violations.

"We have always utilized the limited guidance that the SEC has offered to the crypto industry to operate our business in a compliant way," Binance.US said. "The fight continues."

Binance's U.S. arm said it was established to serve customers in full compliance with U.S. laws and regulations despite running afoul with the regulator last year.

The SEC sued Binance Holdings Ltd., BAM Trading Services, BAM Management U.S., and founder Changpeng "CZ" Zhao, alleging violations of U.S. securities laws, in June 2023.

The SEC claims that Binance.US customer assets could be improperly accessed and controlled by employees of the global Binance entity outside the U.S.

Binance.US said Monday it maintains a 1:1 reserve for all customer assets and operates robust compliance and risk programs to ensure the safety and security of its platform.

The company also criticized the SECs approach, describing it as "regulation by enforcement" and accusing the Commission of politically motivated overreach under its current leadership by Chairman Gary Gensler.

Binance.US said it has participated in extensive discovery processes, during which time the exchange posits the SEC has yet to present evidence of any wrongdoing.

We remain confident in our position that the SECs case is unsupported by the facts or the law and that the Commission lacks the very authority it is seeking to wield in bringing its action against us, it said.

"We believe this position will be validated by the Court in due course," Binance.US said, highlighting its confidence in a favorable legal outcome.

Despite the legal woes, the company said it would continue to operate smoothly and introduce new features and updates.

The SEC did not immediately return a request for comment.

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Binance.US Says it Looks Forward to its Ongoing Fight With the SEC - Decrypt