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XRP Lawsuit: Here’s Why Experts Think Ripple Could Win the Case Against SEC

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The XRP lawsuit filed by SEC against Ripple is drawing a near end, and nearly after 9 months of back and forth, experts have weighed in on the possible outcome of the case. The latest development in Ripple vs SEC case saw the defendants file for another seal motion for two exhibits from the Interrogatories Dispute, that the SEC filed under seal in support of its September 8, 2021, letter.

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On the other hand, SEC has also filed to seal 13 key documents that Ripple has demanded, claiming it to be internal documents that cannot be put in the public domain. The biggest point of conflict is with former SEC director William Hinman’s draft speech that claimed Ethereum turned into non-security over time as the network development made it more decentralized. However, SEC claims those comments were made by Hinman in a personal capacity and thus cannot be used by defendants as the ground to dismiss the case.

Legal Experts Claim Ripple Would Win the Case

The SEC’s threat to Coinbase over its unrelated lending product has unified the crypto community against the SEC and also highlighted the flaws of existing security regulations. Jhon E Deaton from CryptoLaw pointed towards the Hinman Speech regarding Ethereum could play in Ripple’s favor.

Charles Gasparino from Fox Business talked to the SEC regarding the logic behind going after XRP but not Ether (ETH), to which the enforcement agency gave quite a vague response. According to Gasparino, SEC claimed Ether had a well-developed ecosystem that was decentralized enough to be deemed as non-security. While Ripple’s infrastructure is still being built, thus the token being used is considered a security.

Gasparino however argued that the timing of the SEC lawsuit calls for scrutiny since the case was filed just days before former SEC chief Jay Clayton’s departure.

XRP proponents even claimed the decision to give Ethereum a free pass from regulatory scrutiny was based on personal gains for SEC executives including Hinman and Clayton. While Ripple has claimed it won’t go for the settlement as it is confident of its chances, the outcome of the case could define the future of crypto regulations in the US.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/xrp-lawsuit-heres-why-experts-think-ripple-could-win-the-case-against-sec/

Blockchain

Spanish Banks Interested in Offering Crypto Assets to Their Customers

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Spanish banks are preparing for the possibility of offering crypto assets directly to their customers. According to new regulations, the Bank of Spain must formulate a list of virtual asset service providers and custody companies. However, these institutions are still not sure if they must apply, because banks already comply with anti-money laundering directives derived from other laws.

Spanish Banks Jump to Comply With Crypto Laws

Spanish banks are interested in offering cryptocurrency services to their customers and will be making arrangements to comply with upcoming regulations. Spanish banks are already on track to register for the list of virtual asset service providers and custody organizations that must be compiled by the Bank of Spain before October 29.

The Bank of Spain announced it would release the paperwork and instructions for interested parties in the upcoming registry, but failed to do so. This has made banks uncertain whether they need to register again under applicable laws. Banks in Spain already comply with anti-money laundering laws, so for some experts, re-registering should be not necessary for banks to offer crypto services.

Gloria Hernández Aler, a partner of the regulatory advisory firm Finreg, stated:

It would not make sense for a bank to have to go through the requirements imposed by the standard. However, it does make sense for them to notify that they are going to provide this type of service and, probably, they will need to change their money laundering policy.

Banks Flirting With Crypto

Some banks that operate in Spain have already established plans to open crypto operations or are already operating with cryptocurrencies abroad. This is the case for BBVA, which has already established a commercial crypto asset in Switzerland that offers exchange and custody services. Caixabank, another Spanish bank, is starting a pilot program offering these services in partnership with Onyze, a company that offers a custody-as-a-service program for enterprises. However, this pilot will not be offered to customers for the foreseeable future.

The cryptocurrency regulatory framework for the European Union, called MICA (Markets In Crypto Assets), is still under development. Sources state that while it will be difficult for the framework to be ready this year, all signs point to a release in early 2022.

What do you think about the interest Spanish banks have in offering cryptocurrency services to their customers? Tell us in the comments section below.

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Source: https://news.bitcoin.com/spanish-banks-interested-in-offering-crypto-assets-to-their-customers/

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Blockchain

Breaking: Indian Securities Regulator Bars Financial Advisors From Advising on Crypto

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The Securities and Exchange Board of India (SEBI) has issued a circular addressed to investment financial advisors in the country, barring them from offering any financial advice on cryptocurrencies and similar unregulated markets.

SEBI in its circular noted that investment advisors have been found involved in unregulated activity by advising clients on crypto market investment. The circular warned of possible legal action under the SEBI act 1992.

“It has come to the notice of SEBI that some registered Investment Advisers are engaged in unregulated activity by providing a platform for buying/ selling/ dealing in unregulated products including digital gold.  Investment Advisers are, hereby, advised to refrain from undertaking such unregulated activities. Any dealing in unregulated activities by Investment Advisers may entail action as deemed appropriate under the SEBI Act, 1992 and regulations framed thereunder.”
India
Source: SEBI

The warning from the chief securities regulator in India comes at a time when the country has risen to the second spot in terms of global crypto adoption. One chainalysis report claimed that Indian invested over $4 billion in the crypto market in 2021 compared to just $20 million last year.

Indan Crypto Ecosystem Booms Despite Regulatory Unclarity

The state of crypto regulations in India remains undetermined despite numerous insider reports of possible framework finalization this year. However, the state of regulations doesn’t seem to have impacted the general population as evident from the massive growth in their crypto investment. Apart from a monumental growth in crypto investment, Indian crypto companies are making a name world over with two unicorns in the form of CoinDCX and CoinSwitch Kuber coming this year itself.

Major venture capital firms have their eyes set on India be it a16z or the investment arm of Coinbase and several others. The last report regarding crypto regulations indicated the government would take a measured step and treat Bitcoin as an asset.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/breaking-indian-securities-regulator-bars-financial-advisors-from-advising-on-crypto/

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Blockchain

VET Technical Analysis: Trend Took Crucial Support at $0.1145 to Reverse Itself, Lantern Pattern Forming

VeChain (VET) Technical Analysis: A Great Chance of the Price Fall to $0.09

VeChain (VET) is a blockchain-powered supply chain platform. Begun in 2015 and launched in June 2016, VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some major problems with supply chain management. VeChain is the product of creator and co-founder Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China. Let us look at the technical analysis of VET. Past Performance VET started trading at $0.1191 on 15 October 2021. One week later, it closed on 21 October 2021 at $0.1292 with a change of 8.4%. Source: https://www.tradingview.com/x/f54bO4Fl/ VET Technical Analysis The VET trend took crucial support at $0.1145 to reverse itself. The lantern part of the week saw an uptrend as a result of this. The current trading price of VET is $0.132, which is 2.5% higher than the previous day’s close. OBV is showing that the buying pressure significantly overpowering the selling pressure. This is a bullish indication, meaning the traders may take a long position. RSI is showing an uptrend in its chart, which is again a bullish indication. It is currently at 65.9%. The traders may take a long position here. MACD is showing that the fast and the slow lines have moved from the negative to the positive region. They continue to move in the upwards direction, which is a positive signal. There is no divergence of the MACD graph from the price chart. The traders may take a long position. Day-Ahead and Tomorrow Fib numbers show that the trend reversed itself from the Fibonacci pivot at $0.11. It has crossed the next fib levels successfully. Thus, the VET traders may take a long position. This is because the indicators are showing storing bullish signals. The target can be kept at $1.45 and stop-loss at $1.27. However, as the RSI is close to the overbought region, a trend reversal is also possible.

The post VET Technical Analysis: Trend Took Crucial Support at $0.1145 to Reverse Itself, Lantern Pattern Forming appeared first on Cryptoknowmics-Crypto News and Media Platform.

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VeChain (VET) is a blockchain-powered supply chain platform. Begun in 2015 and launched in June 2016, VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some major problems with supply chain management. VeChain is the product of creator and co-founder Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China. Let us look at the technical analysis of VET.

Past Performance

VET started trading at $0.1191 on 15 October 2021. One week later, it closed on 21 October 2021 at $0.1292 with a change of 8.4%.

TradingView Chart

VET Technical Analysis

The VET trend took crucial support at $0.1145 to reverse itself. The lantern part of the week saw an uptrend as a result of this. The current trading price of VET is $0.132, which is 2.5% higher than the previous day’s close.

OBV is showing that the buying pressure significantly overpowering the selling pressure. This is a bullish indication, meaning the traders may take a long position.

RSI is showing an uptrend in its chart, which is again a bullish indication. It is currently at 65.9%. The traders may take a long position here.

MACD is showing that the fast and the slow lines have moved from the negative to the positive region. They continue to move in the upwards direction, which is a positive signal. There is no divergence of the MACD graph from the price chart. The traders may take a long position.

Day-Ahead and Tomorrow

Fib numbers show that the trend reversed itself from the Fibonacci pivot at $0.11. It has crossed the next fib levels successfully.

Thus, the VET traders may take a long position. This is because the indicators are showing storing bullish signals. The target can be kept at $1.45 and stop-loss at $1.27. However, as the RSI is close to the overbought region, a trend reversal is also possible.

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Source: https://www.cryptoknowmics.com/news/vet-technical-analysis-trend-took-crucial-support-at-0-1145-to-reverse-itself-lantern-pattern-forming/

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