LegalUpdate

$XRP

Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have reached an agreement to file a deferred appendix in their ongoing appeals process. This appendix will include key documents and evidence related to the case and is set to be submitted 21 days after Ripple files its opposition brief. The agreement is part of the ongoing legal battle between the two parties as they work through the intricacies of the case.
Despite Ripple's request for a delay, the SEC is moving forward with its appeal. The SEC is required to submit its opening brief by January 16, 2025, and Ripple’s call for an extension was denied. Ripple’s Chief Legal Officer, Stuart Alderoty, expressed frustration at the decision, calling the refusal a waste of resources. Nonetheless, Alderoty remains confident that Ripple will prevail in the ongoing litigation, particularly in light of the court's previous ruling in Ripple's favor, which stated that XRP sales to retail investors do not constitute securities.
The legal dispute began in December 2020 when the SEC accused Ripple of selling XRP as an unregistered security. However, in 2023, a court sided with Ripple, ruling that XRP sales to retail investors were not securities. Despite this victory, the SEC has appealed the decision, and the case is currently under review, with a potential conclusion in 2025.
There is renewed hope at Ripple as the SEC is set for a leadership change. On January 20, SEC Chairman Gary Gensler will step down, and his successor, Paul Atkins, is known for his more crypto-friendly stance. Ripple sees this transition as a chance to resolve the dispute favorably. Ripple’s CEO, Brad Garlinghouse, criticized Gensler’s enforcement-focused approach and expressed optimism about working with the new SEC leadership.
Amidst the legal battle, XRP’s price has seen a significant surge. In just 24 hours, XRP’s value increased by 12.64%, reaching $2.84 from $2.52, reflecting growing optimism in the market. Over the past week, XRP has gained 22.9%, and its trading volume has risen by 19.01% to $11.98 billion, signaling investor confidence in Ripple’s future.
As legal expert James Farrell explained, only the court clerk can modify filing deadlines under extraordinary circumstances, which means the SEC must meet the January 16 deadline. The appeals process could potentially conclude by April 2025, with settlement discussions expected to follow soon after.

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Cryptocurrency has gained significant recognition and acceptance worldwide over the years, and many experts believe it has the potential to democratize access to financial services and create new opportunities for innovation and growth in the financial digital world.

Some of the reasons why crypto is considered a legitimate entity include:

— Decentralized and transparent: Cryptocurrencies operate on blockchain technology, which ensures transparency, security, and decentralization.

— Regulatory recognition: Many governments and regulatory bodies have recognized cryptocurrencies as a legitimate form of currency or asset class.

— Institutional investment: Institutional investors, such as hedge funds and pension funds, have started to invest in cryptocurrencies, adding to their legitimacy and a genuine institution for global finance.

— Real-world use cases: Cryptocurrencies are being used in various real-world applications, such as cross-border payments, supply chain management, economic platform, investments, and gaming.

The legitimacy of cryptocurrency also still depends on the legal framework of each country and how it is used.

Key aspects:

— Legal Status by Countries/Legal and Regulated: Countries like the U.S, Canada, Japan, and the European Union have legalized cryptocurrency and established regulatory frameworks.

— Restricted or Banned: Some countries also place a ban on cryptocurrency such as China and Egypt. These countries have banned cryptocurrency trading and mining.

— Unregulated or Unclear: In some regions, the status is uncertain or evolving as governments assess how to regulate crypto.

Use Cases and Regulation:

— Legal Uses: Many businesses and individuals use crypto for investments, means of payments, and decentralized finance (DeFi).

— Illegal Uses: Cryptocurrencies can be used for illicit activities, leading to concerns over money laundering, and fraud.

— Taxation: Some governments impose taxes on crypto transactions and profits which is a very welcoming development to the country's revenue.

Government Oversight:

— Regulated Exchanges: Many countries require crypto exchanges to follow Know Your Customer (KYC) and Anti-Money Laundering (AML) laws for identification of real users.

— Central Bank Digital Currencies (CBDCs): Some governments, like China, are developing their own digital currencies to regulate the digital economy of the country.

However, it's also important to note that the cryptocurrency space is still largely unregulated, and there are risks associated with investing in cryptocurrencies, such as market volatility and security risks but can be carefully controlled by individuals since its still highly decentralised.

Overall, the risks associated with cryptocurrencies are increasingly being recognized as legitimate entities with the potential to drive fair innovation and transparency growth.

#CryptoInsights🚀💰📉 #DigitalFinance #decentralizedfinance #LegalUpdate

LONDON/ISLAMABAD:
In a landmark move to accelerate digital transformation, the government of Pakistan has officially constituted the Pakistan Crypto Council (PCC).
A notification issued by the Finance Division announced that the Pakistan Crypto Council will comprise a high-level panel of members tasked with shaping the nation’s digital financial future.
The council’s composition includes: Chairman: Minister for Finance and Revenue; Member: Governor, State Bank of Pakistan; Member: Federal Secretary, Law and Justice Division; Member: Federal Secretary, IT; and Member: Chairman, Securities and Exchange Commission of Pakistan.
The council has appointed Bilal Bin Saqib as its chief executive officer, signaling a commitment to integrating cryptocurrency and blockchain technology into the nation’s financial ecosystem.
Last week, Saqib was appointed as the chief adviser to the finance minister on the Pakistan Crypto Council to reaffirm Pakistan's commitment to embracing technological advancement while ensuring sound policy measures that support the national economy, digital transformation, and a secure, transparent financial system for all.
Pakistan, a country that ranked 3rd in the Global Crypto Adoption Index, has 20 million active crypto currency users and $20bn + in crypto transactions.
Currently, the country ranks in the top 10 in terms of crypto adoption. With $35bn in annual remittances, the country is poised to benefit from crypto adoption.
The formal establishment of the Pakistan Crypto Council, reflects Pakistan’s strategic alignment with the global cryptocurrency revolution.
The council is set to position Pakistan at the forefront of digital financial innovation, paving the way for a secure, transparent, and dynamic digital ecosystem.

#Pakista n #CryptoInPak #LegalUpdate #BinanceSquareFamily

LONDON/ISLAMABAD:
In a landmark move to accelerate digital transformation, the government of Pakistan has officially constituted the Pakistan Crypto Council (PCC).
A notification issued by the Finance Division announced that the Pakistan Crypto Council will comprise a high-level panel of members tasked with shaping the nation’s digital financial future.
The council’s composition includes: Chairman: Minister for Finance and Revenue; Member: Governor, State Bank of Pakistan; Member: Federal Secretary, Law and Justice Division; Member: Federal Secretary, IT; and Member: Chairman, Securities and Exchange Commission of Pakistan.
The council has appointed Bilal Bin Saqib as its chief executive officer, signaling a commitment to integrating cryptocurrency and blockchain technology into the nation’s financial ecosystem.
Last week, Saqib was appointed as the chief adviser to the finance minister on the Pakistan Crypto Council to reaffirm Pakistan's commitment to embracing technological advancement while ensuring sound policy measures that support the national economy, digital transformation, and a secure, transparent financial system for all.
Pakistan, a country that ranked 3rd in the Global Crypto Adoption Index, has 20 million active crypto currency users and $20bn + in crypto transactions.
Currently, the country ranks in the top 10 in terms of crypto adoption. With $35bn in annual remittances, the country is poised to benefit from crypto adoption.
The formal establishment of the Pakistan Crypto Council, reflects Pakistan’s strategic alignment with the global cryptocurrency revolution.
The council is set to position Pakistan at the forefront of digital financial innovation, paving the way for a secure, transparent, and dynamic digital ecosystem.
🌷💛🤝
#Pakistan #CryptoInPak #LegalUpdate #BinanceSquareFamily

On January 10, 2025, former U.S. President Donald Trump was sentenced in a Manhattan criminal court after being convicted of falsifying business records related to hush money payments made during his 2016 presidential campaign. Despite being found guilty on 34 felony charges, the court decided to impose no punishment, granting Trump an "unconditional discharge" without any jail time, fines, or probation.
The Case Overview
The charges stemmed from payments made to adult film actress Stormy Daniels, intended to prevent the release of potentially damaging information during the 2016 election. Prosecutors alleged that Trump falsified business records to cover up these transactions, which violated New York state laws.
Why Was No Punishment Imposed?
The judge’s decision to impose no penalties was influenced by several factors. First, the legal precedent suggests that the charges, while serious, did not necessitate a harsh punishment, especially given Trump’s status as a president-elect. Additionally, some political observers believe the lenient ruling was made to avoid further societal division or unrest. Trump's defense team argued that the charges were politically motivated and did not merit severe consequences.
Implications for the Political and Market Landscape
The case is likely to deepen the political divide, with Trump remaining a contentious figure. While his supporters see the ruling as a form of vindication, critics fear it may set a concerning precedent for future presidents. As for the financial markets, the immediate reaction was muted, but Trump’s policies in areas like cryptocurrency could have lasting effects on speculative markets. His stance on crypto remains unclear, but any regulatory changes during his upcoming term could influence the industry.
Future Prospects and Legal Developments
Trump’s legal team has signaled plans to appeal the case, with hopes of completely overturning the verdict. His upcoming presidency could face ongoing legal scrutiny, which may impact his leadership and public perception. Furthermore, this case highlights the complex relationship between the judiciary and the executive branch, raising questions about accountability at the highest levels of government. Investors should monitor potential shifts in political stability, which may present both opportunities and risks for market performance, including in the cryptocurrency sector.
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