SEC Achieves Extension of Time to File Petition in Ripple Case
The Securities and Exchange Commission (SEC) has obtained an extension of time to file a motion to seal documents. According to attorney James Filan, the court granted the regulator an extension until and including Sept. 24. According to the SEC’s request, the documents relate to a dispute regarding the regulator’s responses to questions about the application of the Howey test to XRP tokens over the past eight years. On Sept. 21, the SEC notified the court that it had “no objection” to Ripple’s motion to seal the documents related to the company’s representatives’ responses to certain questions from the regulator. Earlier, Judge Sarah Netburn denied Ripple’s motion regarding the disclosure of SEC staff’s transactions with bitcoin, Ethereum and XRP. She noted that the regulator’s staff could no longer trade XRP after issuing a formal order of investigation against the company on March 9, 2019. Recall that in December 2020, the SEC accused Ripple and its executives of unregistered sales of securities under the guise of $1.3 billion worth of XRP tokens. The suit was later amended to focus on the actions of Brad Garlinghouse and Chris Larsen.
Chile’s central bank will explore the possibility of issuing CBDCs
Mario Marcel, president of the Central Bank of Chile, talked about plans to form a team to study the possibilities of national bank digital currencies (CBDC). In the first quarter of 2022, the team will present a document with information on the strategic goals, development rules and expected results of CBDC implementation. The team also plans to develop a medium-term strategy for digital payments in Chile. Central Bank board member Alberto Naudonom will lead the project. According to a statement from Chile’s central bank, the development of CBDC faces challenges such as credit provisioning, financial stability and privacy.
China’s central bank sees cryptocurrencies as a threat to the traditional financial system
The rapid development of cryptocurrencies and stabelcoins threatens the traditional financial system, so the People’s Bank of China (PBOC) maintains a negative attitude towards the digital asset class. This was stated by Wen Xinxiang, director of the regulator’s payments and settlements department. According to him, virtual currencies can be divided into two categories: assets that are “reservoirs of excess liquidity,” such as bitcoin; assets to store “basic liquidity” – stabelcoins. They play the role of payment instruments. The official noted that the cryptocurrency industry poses a number of challenges, but he considers one of the main ones to be its ability to function outside the traditional payment system supported by banks and financial institutions. According to Xinxiang, digital assets “weaken the power of clearing organizations.” The department head also noted the anonymity of virtual currencies, which allows them to be used for illicit purposes. He cited money laundering and the movement of illegal capital abroad as examples. In August, the NBK warned investors of bitcoin’s lack of real value and said regulatory pressure on crypto-trading would continue.
courses as of 25/09/2021
BTC – $42636 (-0.86%)
ETH – $2919 (-1.31%)
BCH – $514 (-0.62%)
LTC – $151 (-0.72%)
BNB – $348 (-2.43%)
XRP – $0.934 (-1.74%)
XMR – $238 (+1.01%)
SOL – $136 (-4.99%)
Capitalization: $1,896,928 411,714
Daily trading volume: $97,304,396,852
BTC dominance: 42.3%
ETH predominance: 18.1%