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RIPPLE NEWS: XRP LEGAL FIGHT CONTINUES AS LAWYER TARGETS SEC FOR $15B LOSSES
▪️Pro-XRP attorney and Senate candidate John Deaton accused the SEC of causing over $15 billion in financial losses to small investors.
▪️He has been vocal about the negative impact of the SEC’s regulatory approach on retail investors and plans to challenge its practices while campaigning against Democratic Senator Elizabeth Warren.
John Deaton, a popular attorney known for his pro-XRP stance, has raised serious allegations against the U.S. Securities and Exchange Commission (SEC). He blamed its crypto regulatory approach and its actions caused substantial financial losses among small investors. Senate candidate Deaton also claims that the SEC’s enforcement actions have caused damages exceeding $15 billion to retail investors.
These allegations come at a time when the SEC has reportedly given up on the appeal while concluding it with a new crypto classification, reported CNF.
XRP Lawyer John Deaton Criticizes The SEC
In a recent post on X (formerly Twitter), he accused the regulatory body of “misconduct.” “The SEC’s misconduct and gross overreach caused small investors over $15 billion,” Deaton stated. He added, “On behalf of those 75,000 small investors I represented, we do not accept the SEC’s apology.”
The pro-XRP lawyer has been vocal about the detrimental effects of the SEC’s regulatory practices, particularly on smaller retail investors.
He has consistently criticized the commission’s abuse of power against crypto. Hence, the XRP lawyer plans to fight the SEC head-on. Moreover, his campaign for the U.S. Senate seat in Massachusetts highlights his concerns about the agency’s lack of accountability.
Thus, he plans to challenge the anti-crypto Democratic Senator Elizabeth Warren, accusing her of being unwilling to scrutinize the SEC’s actions. Deaton also referenced a Writ of Mandamus he filed in early 2021.
He accused the SEC of violating decades of legal precedent by declaring tokens themselves as securities in the 2021 filing. The pro-XRP attorney also maintained that this move went beyond the agency’s authority and created unnecessary confusion.
The lawyer also highlighted his frustration over the SEC’s failure to provide clear regulation. “All I asked was for the SEC to honor the law and make clear that the token itself (XRP) was NOT the security,” Deaton said. In addition, he went on to accuse the agency’s lawyers of targeting him personally during the legal proceedings.
Other Related Developments
In a related development, Paul Grewal, Coinbase’s Chief Legal Officer, shared a court filing suggesting a shift in the SEC’s stance on cryptocurrencies. According to the proposed amendment in the Binance lawsuit, the SEC admitted it no longer considers tokens to be securities, reported CNF.
This marks a major change from its previous position, particularly in relation to XRP, which had been classified as a security in 2020. “The SEC regrets any confusion it may have invited,” the agency stated in the filing.
However, the SEC’s regulatory actions continue with a recent settlement with the trading platform eToro, per the CNF report. The platform agreed to cease trading most cryptocurrencies in the U.S. and pay a $1.5 million fine. However, this move attracted significant backlash as the agency apologized for considering tokens as securities within 24 hours of the amended Binance lawsuit complaint.
Meanwhile, data from Social Capital Markets indicates the total monetary penalties imposed on cryptocurrency firms this year have reached $4.7 billion. It marks a humungous 3,000% rise from the previous year. This included one of its largest enforcement actions wherein the SEC settled a case with Terraform Labs for $4.47 billion.
@ Newshounds News™
Source: Crypto News Flash
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Global News:
DBS bank to launch crypto options, structured products
In Q4 of this year DBS bank (Singapore) plans to offer over the counter (OTC) cryptocurrency option trading and structured notes. This will only be available to certain institutions and high net worth clients.
Based on the descriptions, it will support options settled in cash and others through delivery of the underlying cryptocurrency, with only Bitcoin and Ethereum supported.
Currently clients can already trade spot crypto using the DBS Digital Exchange (DDEx). The bank was one of the first in the world to offer spot cryptocurrency trading services when it launched DDEx in 2020. Now clients where DBS provides crypto custody will be able to hedge their exposures using options.
“Professional investors are increasingly allocating to digital assets in their portfolios,” said Jacky Tai, Group Head of Trading and Structuring, Global Financial Markets, DBS.
“Now, our clients have an alternative channel to build exposure to the asset class and incorporate advanced investment strategies to better manage their digital asset portfolios.”
@ Newshounds News™
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GOLD News:
Zimbabwe aims to maximize gold revenue amid global demand surge
MINES ministry has launched the 2024 Second Gold Mobilisation exercise, aimed at ensuring compliance and maximizing revenue from the gold mining sector.
Reports indicate that gold output is projected at 39 tons in 2024 up from around 33 tons in 2023, largely on the back of ongoing expansion projects and favorable prices.
Gold revenues are expected to surpass US$3 billion in 2024.
Average capacity utilization for the gold sector is expected to reach 95% in 2024 up from 84% in 2023.
The second gold exercise will be conducted in all eight provinces, targeting both large-scale and small-scale miners in order to maximize gold revenue amid global demand surge.
Speaking at the send-off workshop in Harare, Mines minister Winston Chitando said, “It is imperative to note that gold has long been a source of wealth and prosperity for Zimbabwe, and it holds immense potential to fuel our economic growth, create jobs, and improve the lives Zimbabweans.
“The global demand for gold is on the increase as the world is turning to gold as a safe haven.”
He highlighted the global demand for gold, which has driven prices up from $1,900 in September 2023 to $2,500 currently.
“The key to realizing our 2024 gold deliverance target of 35 tonnes is plugging leakages to side markets,” he told the media.
The minister noted that illegal gold extraction and trade undermine Zimbabwe’s efforts to reap benefits from its gold resources.
To address this, he expressed the importance of ensuring that all mined gold is traded through legitimate channels.
He reiterated that Zimbabwe’s currency is anchored on gold, making it crucial that all gold trades occur through Fidelity Gold, the country’s sole authorized exporter.
“The gold neutralization exercise has yielded positive results, demonstrating its effectiveness. Given its significant contribution, the gold sector remains vital to Zimbabwe’s national economic development.
“Gold deliverance through Fidelity Gold Refinery stood at 30.1 tonnes in 2023, with 20.7 tonnes delivered from January to August 2024.
“To the teams, colleagues who are being deployed today, this intervention is of paramount importance, and I wish you all the success,” he said.
The gold mobilization exercise aims to increase revenue, create jobs, and combat illegal gold trading.
@ Newshounds News™
Source: New Zimbabwe
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THIS IS BIG:
XRP AND INTERLEDGER PROTOCOL KEY TO SOLVING CURRENT ISSUE OF DISCONNECTED FINANCIAL NETWORKS. | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team Currency Facts
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