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PayPal Holdings, a prominent player in the payment industry, has once again found itself under the regulatory spotlight. This time, concerning its U.S. dollar stablecoin. The company, which gained significant attention for being the first major fintech firm to embrace digital currencies, recently received a subpoena from the U.S. Securities and Exchange Commission (SEC). The latest inquiry is related to PayPal USD stablecoin, a cryptocurrency aimed at providing stability in the highly volatile world of crypto -assets. This development coincides with PayPal’s successful registration with the U.K. Financial Conduct Authority (FCA) as a crypto service provider, enabling the company to extend its crypto services in the United Kingdom. In their recent quarterly earnings report, PayPal revealed that they had been served with a subpoena from the SEC’s Division of Enforcement on Nov. 1, 2023. The subpoena requests the production of documents pertaining to the PayPal USD stabl...

The CDC expressed satisfaction with the ruling, which aligned with their stance as articulated in their amicus brief supporting Ripple, marking an advocacy victory. The Chamber of Digital Commerce (CDC), an American advocacy organization, on August 1, unveiled a comprehensive "impact and Analysis " report on the SEC's lawsuit against Ripple. The report scrutinizes the case's verdict , highlighting its profound implications for the crypto industry's future. According to the CDC's evaluation, Judge Analisa Torres's ruling sets a vital precedent in digital currency. It distinguishes between an investment contract and the underlying asset, representing a groundbreaking development in crypto regulation. The report examines Judge Torres's categorization of Ripple's XRP token distributions into three classes: institutional sales, programmatic sales and other distributions. She applied the 'Howey Test’ meticulously to determine if these distributi...

Judge Rakoff in the Southern District of New York has denied a motion to dismiss by Terraform Labs in its ongoing case with the Securities and Exchange Commission (SEC), and in the process has diverged from a ruling recently handed down in the SEC case against Ripple.  This case in no way overturns the decision by Judge Torres in the Ripple case, which distinguished between different types of sales, although the SEC may still appeal. Judge Rakoff does make clear in this Terraform ruling that “the Court declines to draw a distinction between these coins based on their manner of sale, such that coins sold directly to institutional investors are considered securities and those sold through secondary market transactions to retail investors are not. In doing so, the court rejects the approach recently adopted by another judge of this District in a similar case, SEC v. Ripple Labs Inc.”  Crypto Twitter misinterpreted everything in SEC v. Ripple Read more: Here’s why R...

Asset management titans BlackRock and Fidelity are reportedly set to meet with the US Securities and Exchange Commission (SEC) regarding their recent Spot Bitcoin ETF filings. Bloomberg analyst, Eric Balchunas reported on the meeting that will see the regulator talk with a host of Bitcoin ETF applicants. The flurry of Bitcoin ETF applications first started with the filing from BlackRock. The move shocked the digital asset industry and saw a traditional finance juggernaut seek to enter the space. Subsequently, a host of firms have filed similar ETF requests, with the SEC set to potentially approve the Bitcoin exchange-traded fund for the first time in its history.  Source: Financial News London Also Read: Cathie Wood’s ARK Rumored to be at Forefront of Bitcoin ETF Race SEC and Spot Bitcoin ETF Applicants to Meet In recent weeks, the industry has been stunned by an influx of Spot Bitcoin ETF applications. Moreover, the digital asset industry was happily surprised ...

On June 16, the Ripple CEO, Brad Garlinghouse, recently released a video on Twitter. Therein, he said, upon perusing Dr. Hinman’s emails, which were made public by the United States Securities and Exchange Commission (SEC) due to legal pressure, he felt compelled to document the information. Dr. Hinman, the SEC, and the regulatory measures concerning cryptocurrencies that the agency seems hesitant or incapable of implementing in the United States were all focal points of Garlinghouse’s revelations. Despite Garlinghouse’s infrequent video postings, he found it necessary to address the cryptocurrency community following a challenging week. Trying something new – some thoughts from me on the events (specifically the release of the Hinman documents ) of this week. For me, this has all had a personal bent to it – and felt like it warranted some personal comments. pic.twitter.com/k4dYeQGhsN — Brad Garlinghouse (@bgarlinghouse) June 16, 2023 The SEC failed...

Banning retail crypto staking in the US would result in even more businesses moving offshore, argues the Coinbase co-founder. The CEO and co-founder of cryptocurrency exchange Coinbase, Brian Armstrong, believes that banning retail crypto staking in the United States would be a ‘terrible’ move by the country's regulators.  Armstrong made the comments in a Feb. 9 Twitter thread which has already been viewed over 2.2 million times, after noting they've heard “rumors” that the U.S. Securities and Exchange Commission “would like to get rid of crypto staking” for retail customers. “I hope that's not the case as I believe it would be a terrible path for the U.S. if that was allowed to happen.” Armstrong did not share where the rumors originated from but continued to note that staking was “a really important innovation in crypto.” “Staking brings many positive improvements to the space, including scalability, increased security, and reduced carbon footprints,” he added. 2/ Stakin...