10T Holdings’ Post

Interesting how Ripple CEO is seeking to milk it for what it's worth. So let me guess here. 1% of the tokens were sold illegally, while the 99% of potential holders, were awaiting the efforts being made by Ripple, from the sale of the 1%, so as to expect the coin to moon. Smells like a Securities to me. U.S. Securities and Exchange Commission *** "ruling that the XRP (XRP) token is not a security, in regard to retail sales on digital asset exchanges." https://lnkd.in/eTRzipvR

#Crypto whales transfer over 253 million #XRP tokens, worth $136 million, in multiple transactions. This move has sparked speculation amidst XRP's declining value. Notable movements include 100 million XRP shifted among unknown wallets and nearly 47 million XRP transferred from #Binance to undisclosed wallets. This hints at strategic buying amid SEC vs. Ripple case. Read full story: https://lnkd.in/gDSPZpq8

SEC’s Gensler Says He’s Disappointed With Ripple Ruling on Retail Investors SEC chair says regulator still assessing the judge’s decision Reiterates that crypto companies should comply with SEC rules Securities and Exchange Commission Chair Gary Gensler said he’s “disappointed” with a judge’s ruling that Ripple Labs Inc.’s XRP token wasn’t a security when sold to retail investors on exchanges. The regulator sued Ripple in 2020, claiming the firm broke its rules when it raised money by selling the digital token without registering it as a security. The crypto industry has been closely following the case, which has potential to settle some of the long-standing questions over when digital assets are and aren’t subject to the SEC’s strict investor protection standards. #business #finance #financialservices

We’ve got some incredible updates for you in our September roundup. Let’s dive in! Instant Withdrawals - Our new Instant Withdrawals feature allows you to instantly transfer funds directly to your bank account using your debit card. Say goodbye to waiting up to 3 business days - move your funds in a flash! Learn more about Instant Withdrawals here: https://lnkd.in/dn4NuZ5n Airdrops - Evernode took a snapshot of the XRP Ledger on September 1 at 8am UTC, Ledger #82237135, for their $EVRS airdrop. Uphold will support the $EVRS airdrop, and the Evernode team has stated they will provide further details. Uphold supported the 7th of 31 planned FlareDrops, and successfully distributed it to our users! New Asset Listings - Uphold continues to add to its over 250 supported assets with PYUSD, FLUX, MNT, DYDX, and GLMR! PYUSD aims to offer a stable and secure digital representation of the US dollar. FLUX enables the purchase of resources, node collateralization, transactions on FluxOS, and is used to reward miners and node operators within the Flux ecosystem. MNT is used for network fees, ecosystem growth, and governance features within the Mantle Network, a Layer 2 scaling solution. DYDX serves governance and staking functions on the dYdX platform, and can provide holders with discounts on trading fees. GLMR is the native currency of Moonbeam, a Polkadot-based smart contract platform, and is used to perform transactions on the network. Here’s to another great month at Uphold! Crypto assets are unregulated, highly volatile, and subject to significant risks, which may not be suitable for you. Not available in all jurisdictions.

Great insight into the Ripple decision, what it means and where it could lead.

Happy #halloween 🎃 to all of you hardworking people out there! Get plenty of treats, but be aware of the tricks. Here is today's #newsletter from #GateUS. #Bitcoin Overview: In October, Bitcoin (#BTC) surged 26.5%, with key indicators, including the BTC futures premium and Grayscale #GBTC discount, achieving one-year peaks. Despite the positive momentum, BTC remains approximately 50% below its November 2021 record high. The recent U.S. Federal Reserve interest rate adjustments and the U.S. Treasury's $1.6 trillion debt auction plans shape investor sentiment. Stanley Druckenmiller's critique of the Treasury's strategy accentuates BTC's potential as a value store amidst growing institutional consideration.   #SBF Litigation: During the New York trial addressing #FTX crypto exchange's downfall, Sam "SBF" Bankman-Fried confronted allegations of an $8 billion disparity in #Alameda Research's accounts. Assistant U.S. Attorney Danielle Sassoon spotlighted potential misconduct connected to the Bahamian authorities. Legal discussions centered on FTX's jurisdictional terms, upheld by Judge Kaplan. Conclusions will be presented on Wednesday, with jury deliberations expected to commence as early as Thursday.   Other Updates: 1.    #Circle Internet Financial will terminate #USDC minting support for personal accounts, pivoting to institutional clientele. Consumers can obtain USDC via platforms like crypto exchanges and e-wallets. This strategy aligns with #Tether's minimum #USDT transaction requirement. 2. SEC's Staff Accounting Bulletin 121 is set for a congressional assessment following U.S. Senator Cynthia Lummis's endeavors and the Government Accountability Office's (#GAO) subsequent ruling. Although the bulletin mirrors staff perspectives, it isn't an official SEC directive. 3.    Invesco and Galaxy's spot Bitcoin ETF, represented by the ticker #BTCO, has been added to the Depository Trust and Clearing Corporation's (#DTCC) platform. This listing was absent on October 25th, indicating its addition within the past six days. However, this listing does not guarantee future approval of the ETF. 4.    The U.S. Commodity Futures Trading Commission (#CFTC), according to an October 31st statement, disbursed $16 million in 2023 to whistleblowers for tips leading to successful enforcement, with a significant portion related to crypto infractions. Commissioner Christy Goldsmith Romero highlighted the pivotal role of whistleblowers in detecting and mitigating fraud, underscoring their contributions to customer and market protection. While two whistleblowers earned a combined $15 million in September, the specifics of the cases remain undisclosed.

🚀 The SEC v. Ripple ruling: A game-changer for the crypto industry! 📈 The recent decision in the Ripple case has provided much-needed clarity on the classification of cryptocurrencies as securities. The court's application of the Howey test has defined what actions should be considered securities or not, setting a precedent for future cases. 🏦 Institutional Sales: The court ruled that purchases of XRP directly from Ripple were considered securities. This decision highlights the expectation of profit based on Ripple's efforts and the use of purchasers' funds to finance Ripple's operations. 💱 Sales on Crypto Exchanges: Good news for crypto enthusiasts! The court determined that buying XRP tokens on crypto exchanges is not a security. Programmatic buyers were found to have no intention to profit from Ripple's efforts, distinguishing them from institutional buyers. 💼 Other Distributions: The court also clarified that certain distributions of XRP, such as employee compensation or initiatives to develop new applications, do not qualify as securities. The absence of an "investment of money" by recipients played a crucial role in this ruling. This landmark decision sets a precedent for future crypto cases and paves the way for clearer regulation in the industry. Stay tuned for more updates on the evolving crypto landscape! 📌 Read the full report on the case by the US Chamber of Digital Commerce attached to the post! #SECvRipple #CryptoRegulation #BlockchainLaw #LegalInsights

Everyone is celebrating the court's decision that XRP is NOT a security. But the actual reality is "IT DEPENDS". Things are not that straightforward here and here's why: 👇 So Ripple Labs, the one behind XRP, was sued in 2020 for offering unregistered securities. And today the court gave 2 judgements: 1) When XRP was sold to retail investors like me and you (aka programmatic sale), it was NOT a security. That's because these retail investors: • Made blind purchases • Didn't expect XRP's price to go up • Didn't know if the money was sent to Ripple • Ripple didn't use the $ from retail investors for its operations    2) However, when XRP was sold to institutional investors like VCs, hedge funds, etc., it WAS security. In this case, Ripple violated the laws by offering unregistered securities because: • Ripple pooled the money into separate accounts • Ripple used money from institutional investors in its operations • Institutional investors had reasonable expectations for XRP price to go up SEC will likely appeal this ruling, so the battle is far from being over. But XRP and other crypto were rallying yesterday 🚀 That's because the crypto community's take is that crypto exchanges cannot be held liable for selling crypto to retail investors. Which is a big win for crypto.

Please check out the following analysis from members of our Reed Smith Crypto and Digital Assets Group in the wake of last week’s the consequential ruling on the regulatory treatment of Ripple’s XPR tokens.

What happened in #crypto industry last week? - #Ripple's Victory: The SEC has dropped charges against Ripple's CEO and Executive Chairman. Court documents reveal that the #SEC is retracting claims that Garlinghouse and Larsen facilitated #XRP sales, which, according to the judge, were equivalent to unregistered securities sales. - #NY #Prosecutor's Move: New York's prosecutor has sued #Gemini, #Genesis, and Digital Currency Group for deceiving 230,000 investors, amounting to over $1 billion. Gemini had provided funds to Genesis under its Earn program. These funds were eventually given to counterparties, including Three Arrows Capital and #Alameda. Following multiple crypto bankruptcies leading to Genesis' default, the company incurred a $1 billion debt. To conceal this, DCG claimed to have absorbed all losses, while only issuing a promissory note to its subsidiary, Genesis. - #California's New Law: California has adopted the #AB39 Digital Financial Assets #Law. It defines "digital financial asset" and "business activities using digital financial assets." Starting July 1, 2025, a license in accordance with this act will be required to operate with digital financial assets in California. - #Consensys #Lawsuit: Former Consensys employees have sued Joseph Lubin over a "broken promise." - #Grayscale's Application: Grayscale Investments has submitted a new application to the SEC to create a spot #Bitcoin #ETF. - #US Administration's Plan: President Joe #Biden's administration plans to recognize foreign crypto #mixers as #money #laundering centers.