ChainCatcher news, according to market news, Robinhood's Chief Legal Officer Dan Gallagher stated that he will not serve as the chairman of the U.S. Securities and Exchange Commission.

ChainCatcher news, November 7, Coinbase Chief Legal Officer Paul Grewal recently stated that significant changes are expected in the SEC's cryptocurrency-related cases under the leadership of the new Trump-nominated SEC chairman. Grewal revealed to reporters, "I believe the new administration will re-examine all cryptocurrency cases brought during Gary Gensler's tenure, distinguishing between clear fraud cases and non-fraud cases."Although Grewal did not explicitly state that the cases against Coinbase and other companies under investigation for alleged securities violations would be dismissed, he seemed optimistic that the changes in SEC leadership and the establishment of clear rules would lead to a new review.

ChainCatcher news, according to Cointelegraph, after Trump's victory, Coinbase Chief Legal Officer Paul Grewal urged the SEC to reform, stating that he hopes the SEC can adopt a regulatory framework that favors open dialogue and innovation rather than litigation. This reflects the growing sentiment among cryptocurrency advocates, as the crypto community becomes increasingly frustrated with the overreach of U.S. regulators.

ChainCatcher news, according to DL News, Coinbase Chief Legal Officer Paul Grewal accused the Federal Deposit Insurance Corporation (FDIC) of taking secret actions to suppress the crypto industry.Grewal claimed that documents obtained through the Freedom of Information Act revealed a series of so-called "pause letters."It is alleged that in these letters, the FDIC instructed banks to delay or stop providing services to crypto companies.He described these letters as "a shameful example of a U.S. government agency attempting to cut off the financial channels of law-abiding American companies," and pointed out that the FDIC is unfairly targeting legitimate crypto companies, limiting their access to banking services.Documents shared by Coinbase show that FDIC officials urged banks to avoid launching or expanding crypto-related services due to concerns about "safety and soundness" as well as potential consumer risks.In every case, the FDIC requested that banks wait until it completed further review—Coinbase believes this process sets unfair barriers for crypto companies.

ChainCatcher news, according to Bitcoin.com, Ripple's Chief Legal Officer Stuart Alderoty recently stated when the SEC officially appealed the Ripple case in the U.S. that the ruling confirming that XRP is not a security for retail sales remains unchanged.He wrote on X: "This is not surprising at all------ once again, everything is clear. The court's ruling that 'XRP is not a security' has not been appealed. This decision is the law of the land." In the appeal, the SEC questioned several key rulings, including the decision that Ripple executives Brad Garlinghouse and Chris Larsen's non-cash distribution and sale of XRP did not violate securities laws.Ripple plans to submit its Form C next week as a cross-appeal against the institutional sales ruling. Both parties are preparing to extend the appeal process, which could impact the classification and regulation of digital assets in the future.

ChainCatcher news, Ripple Labs Chief Legal Officer Stuart Alderoty stated that as the U.S. SEC prepares to appeal the federal judge's decision regarding XRP, the agency is set to face another defeat.In an interview, he said, "This will backfire on the SEC. I feel good about our case in the Southern District of New York, and even better about the case in the Second Circuit."Alderoty mentioned that when the U.S. SEC first sued Ripple and its two executives in 2020, the company publicly announced that its legal battle was "on behalf of the entire industry." He added that this move indicated the SEC "would take action against the entire industry."In August of this year, Judge Torres ordered Ripple to pay a $125 million fine for XRP transactions that violated securities laws. The SEC had previously claimed that Ripple raised $1.3 billion through unregistered securities offerings since 2013 and later sought a $2 billion fine against it. While Ripple appreciated Judge Torres's ruling, which stated that XRP "is not necessarily a security on its face," there were also judges who disagreed.The SEC has not indicated which parts of the Torres ruling it plans to appeal, while Ripple has also taken its own legal actions.

ChainCatcher news, according to POLITICO, a dozen former senior regulators, lobbyists, and securities lawyers have indicated that if Donald Trump regains the presidency, Robinhood's Chief Legal Officer Dan Gallagher would be a candidate for chairman of the U.S. Securities and Exchange Commission (SEC). It is currently unclear whether Gallagher wants to leave Robinhood. Gallagher has stated that he loves his job and that "I am honored to be mentioned in discussions about who will be the next SEC chairman." However, there is no doubt that Gallagher has significant disagreements with the direction of the SEC. He mentioned that if he had served as chairman over the past few years, there would have long been tailored rules, as the industry has long sought, providing "at least a basic registration system pathway" for cryptocurrency exchanges and brokers. Even so, Gallagher believes that legislation is still needed.Gallagher previously served as a commissioner of the SEC, known for his affability and political skills. Other potential candidates for SEC chairman circulating on Wall Street under the Trump administration include former Commodity Futures Trading Commission chairman Chris Giancarlo, former SEC General Counsel Robert Stebbins, current partner at Willkie Farr & Gallagher law firm, and current SEC commissioner Hester Peirce. However, reports suggest that for some Republicans, whether Gallagher can become chairman has always been a matter of when, not if.

ChainCatcher news, Ripple's Chief Legal Officer Stuart Alderoty posted on social media stating, "The U.S. Securities and Exchange Commission (SEC) decision to appeal is disappointing but not surprising. This is just prolonging a situation that has already embarrassed the agency. The court has dismissed the SEC's suggestion of Ripple's reckless behavior, and there are no fraud allegations in the case, certainly no victims or losses.Under the leadership of current Chairman Gary Gensler, the SEC has not faithfully executed the law but continues to wage a lawsuit war against the crypto industry. We are evaluating whether to file a counterclaim. In any case, the SEC's lawsuit has been irrational and misleading from the start, and we are ready to prove this again in the appellate court (leading the industry once more).The SEC's enforcement director announced their resignation about an hour before this news was released; is this a coincidence?"

ChainCatcher news, Coinbase Chief Legal Officer Paulgrewal.eth posted on X that, according to data from the Federal Reserve Bank of Philadelphia, at least 17.1% of Americans owned cryptocurrency in 2023.

ChainCatcher news, according to Cointelegraph, Coinbase's Chief Legal Officer Paul Grewal responded to the recent FUD surrounding the user service terms of Coinbase's newly launched "Bitcoin Wrapped" product cbBTC, confirming that if the exchange loses the underlying Bitcoin, Coinbase will fully compensate customers. This clarification came after concerns were raised about a troubling clause in the cbBTC user agreement, which stated that if Bitcoin is lost due to malicious activity or unforeseen events, Coinbase would not fully compensate customers but would allocate compensation based on the remaining Bitcoin.In his statement, Paul Grewal confirmed that this policy limits the exchange's liability for external losses incurred due to complex trades and leveraged positions that customers may enter. For example, if a trader uses cbBTC as collateral on a lending platform and loses the underlying Bitcoin due to malicious activity leading to liquidation, Coinbase will fully compensate the lost Bitcoin but will not cover any costs or monetary losses incurred from the loan liquidation itself.

ChainCatcher news, Fox reporter Eleanor Terrett revealed that former SEC commissioner and current Robinhood Chief Legal Officer Dan Gallagher detailed the efforts Robinhood made to register—"a dozen meetings and phone calls over a year and a half," but ultimately still received a Wells notice from the enforcement agency.Gallagher criticized the SEC's "scorched earth" approach to cryptocurrency and suggested that the commission take immediate action to provide clarity for the industry. He pointed out that although Congress is advancing much-needed legislation, the SEC has had the authority to establish a foundational regulatory framework for digital assets since 1996.

ChainCatcher news, regarding Coinbase Chief Legal Officer Paul Grewal's post on platform X disclosing that the SEC previously made misleading statements about the classification of tokens, specifically noted in footnote 6 of Binance's amended complaint that "the SEC regrets any confusion it may have caused," referring to the SEC's earlier erroneous declaration that the tokens themselves are securities.Ripple Chief Legal Officer Stuart Alderoty responded that the SEC's actions actually acknowledge two points: first, that "crypto asset securities" is a fictional term; second, that to prove crypto assets are investment contracts, the SEC needs a series of evidence regarding "contracts, expectations, and understandings." He also stated that the SEC has indeed fallen into a contradictory predicament.

ChainCatcher news, Coinbase's Chief Legal Officer Paul Grewal stated on the X platform that a U.S. judge has ruled on the motion to compel between Coinbase and the U.S. Securities and Exchange Commission (SEC), ordering the SEC to disclose key information that is crucial for the defense in the case. Paul Grewal mentioned that he will share the complete trial record once it is obtained, and he expressed gratitude to the court for its careful consideration of the matter.Previous news, Coinbase filed an objection on August 12 against the SEC's proposal to expand the definition of trading platforms, stating that the SEC's proposal lacks critical analysis, is based on unreasonable assumptions, fails to demonstrate any regulatory issues that need to be addressed, and greatly exaggerates the benefits claimed by the proposal.

ChainCatcher news, according to DL News, Coinbase Chief Legal Officer Paul Grewal stated in an interview with Bloomberg on Tuesday that regardless of individual campaign results, and certainly the presidential campaign results, we will see a Congress that supports cryptocurrency. Currently, bipartisan support for cryptocurrency-friendly legislation on Capitol Hill is increasing.

ChainCatcher news, Coinbase Chief Legal Officer Paul Grewal stated that former President Trump's campaign team has been more explicit about accepting cryptocurrency, while Harris's campaign team has reached out and expressed interest.In an interview with Sonali Basak and Michael Regan, Grewal mentioned that regardless of the election outcome, we will see a Congress that supports cryptocurrency.

ChainCatcher news, Ripple's Chief Legal Officer Stuart Alderoty stated on social media, "Crypto asset securities------this term cannot be found in any law; it is a fictitious term without legal basis. The U.S. Securities and Exchange Commission (SEC) should stop using it to mislead judges."

ChainCatcher news, Coinbase Chief Legal Officer Paul Grewal expressed concerns about the lack of a clear plan from the U.S. SEC regarding FTX's repayment to creditors using stablecoins or other cryptocurrencies. Grewal's comments were in response to a document submitted on Friday, in which the SEC reserved its rights concerning the approval of FTX Trading Ltd.'s joint bankruptcy protection plan by the U.S. Bankruptcy Court for the District of Delaware.On Sunday, Grewal stated on social media platform X: The U.S. SEC did not explicitly state that this conduct is illegal. He referenced the wording used by the securities regulator in a court document, where the SEC wrote: The SEC has not expressed an opinion on this conduct. Under federal securities law, the U.S. Securities and Exchange Commission does not express an opinion on the legality of the transactions outlined in the plan and reserves the right to challenge transactions involving crypto assets.

ChainCatcher news, according to Bitcoin.com, Kraken's Chief Legal Officer Marco Santori recently commented on the ruling of the Northern District of California Federal Court. It is reported that Kraken sought to dismiss the lawsuit from the U.S. SEC, which claims that certain cryptocurrencies traded on the Kraken platform are considered securities; however, the court rejected Kraken's request.However, Santori stated: "As a legal matter, the Northern District of California Federal Court ruled that the tokens traded on Kraken are not securities, which is a significant victory for Kraken and for the principle of transparency and crypto users everywhere. This also confirms Kraken's long-standing position that the platform does not list securities."Additionally, Santori pointed out that the court criticized the SEC's definition of "crypto asset securities" as "not clear enough, to put it nicely, and confusing, to put it harshly," while also questioning the SEC's description of Kraken's request for a "written contract" for securities classification.Santori added: "Fundamentally, the court in the Kraken case made the same distinction as in the Ripple case: tokens are not securities, but the agreements made around the tokens may be securities."He further emphasized the broader implications for the crypto industry, warning that the SEC's enforcement-based regulatory approach could lead to "broad, expensive, and time-consuming discovery" for a large number of transactions. He urged Congress to establish a comprehensive market structure framework to ensure regulatory clarity and promote the development of blockchain technology.Ripple's Chief Legal Officer Stuart Alderoty, commenting on Santori's remarks, stated: "Another court, this time in the Kraken case, confirms that there is no such thing as 'crypto asset securities.' This is bad news for the SEC, as its entire enforcement regulatory strategy is built on this failed premise."

ChainCatcher news, according to Bitcoin.com, Ripple's Chief Legal Officer Stuart Alderoty recently discussed the possibility of the U.S. SEC appealing the final ruling in the XRP case during an interview.Alderoty stated, "If the SEC is a rational actor, they should free themselves from this case." He emphasized the court's conclusion that "there are no victims, no one has suffered any loss in this case, and there are no fraud allegations."However, Alderoty expressed skepticism about the SEC's rationality, pointing out, "But we all know that when it comes to cryptocurrency, the SEC has proven itself to be irrational." He added, "In our case, the court criticized the SEC for engaging in litigation games and strategies rather than faithfully applying the law."While hoping that the SEC will not appeal, Alderoty emphasized, "If the SEC does appeal, I would not be surprised."