ChainCatcher news, a California judge has rejected Kraken's motion for a temporary appeal, stating in his ruling that allowing the appeal would only "delay" the resolution process of the case the U.S. Securities and Exchange Commission (SEC) is pursuing against the cryptocurrency exchange.The second-largest cryptocurrency exchange in the U.S., Kraken, filed a motion for a temporary appeal in September (a type of appeal challenging a judge's non-final ruling while allowing other aspects of the case to proceed). A month ago, U.S. District Court Judge William Orrick of the Northern District of California ruled that the SEC's allegations were reasonable, and the cryptocurrencies sold on the Kraken platform could be considered securities under the Howey test.

ChainCatcher news, according to a report by ABC, on the 16th local time, the U.S. Court of Appeals approved Special Prosecutor Smith's request to suspend the appeal in the case involving classified documents against elected President Trump.This move is part of Smith's gradual conclusion of two cases against Trump, due to the long-standing policy of the U.S. Department of Justice that prohibits a sitting president from facing criminal charges while in office.As Trump is expected to win the 2024 U.S. presidential election and will take office as President of the United States in January 2025, Smith stated that the request to suspend the appeal at this time is "to allow the government time to assess this unprecedented situation and determine the appropriate course of action in accordance with Department of Justice policy."

ChainCatcher news, according to Bloomberg, the lawsuit against Musk for manipulating DOGE has ended due to investors withdrawing their appeals.

ChainCatcher news, Michael Kong, the current CEO of the Fantom Foundation, announced that the Supreme Court of Korea unanimously dismissed all appeals by former Fantom CEO Byung-Ik Ahn on October 31, 2024. This means that the favorable ruling made by the Seoul High Court on June 19, 2024, in favor of the Fantom Foundation has been fully upheld, bringing an end to this legal dispute that has lasted for more than two years.In its ruling, the Supreme Court of Korea stated that after a comprehensive review, the appellant's claims lacked legal basis. Previously, Byung-Ik Ahn had repeatedly claimed that the foundation was "stolen," but the Seoul High Court determined that "there is no evidence to support this." Michael Kong particularly thanked the contributions of legal advisor RosettaLegal, stating that their accurate advice and in-depth understanding of the case played a crucial role in the victory. This ruling clears legal obstacles for the future development of the Fantom Foundation and is expected to boost market confidence in the project.

ChainCatcher news, according to Cointelegraph, Green United promoter Kristoffer Krohn filed a motion on October 24 in the U.S. District Court for Utah, requesting the Tenth Circuit Court of Appeals to rule on the SEC's allegations in a $18 million cryptocurrency mining fraud case. Krohn argues that the SEC's application of securities law is incorrect, claiming that the company is selling high-performance computing hardware rather than securities.Previously reported, U.S. District Court Judge Ann Marie McIff Allen dismissed the defendants' motion to dismiss, stating that the SEC's allegations of unregistered securities sales are "well-supported."

ChainCatcher news, the Chongqing Fifth Intermediate People's Court recently concluded an appeal case involving drug trafficking using a new method of "Internet + virtual currency + logistics mailing."From August 2021 to July 2023, the defendant Zhang contacted drug buyers through WeChat and other means, primarily selling marijuana and "stamps" and other types of drugs. Zhang entrusted the packaged drugs to a dedicated person for safekeeping, and after reaching a transaction intention with the drug buyer, provided the buyer with a virtual currency website. After confirming the receipt of drug funds via virtual currency, Zhang would place an order with a certain express delivery platform, and the drug custodian would deliver the drugs to the buyer through the express platform, while Zhang paid the drug custodian a fee.According to statistics, Zhang placed orders through the express platform and had the drug custodian deliver drugs a total of over 1,600 times; received funds through virtual currency accounts a total of over 1,200 times; and withdrew the received virtual currency to his Alipay, WeChat, and bank cards after multiple transfers, accumulating over 400,000 yuan.The Chongqing Fifth Intermediate Court, after legal review, found that the first-instance sentence of eight years imprisonment and a fine of 100,000 yuan for the defendant Zhang for the crimes of drug trafficking and money laundering was appropriate, and upheld the original judgment.

ChainCatcher news, according to Cointelegraph, Ripple Labs has submitted a Form C to the U.S. Court of Appeals for the Second Circuit, appealing a recent ruling by the U.S. Securities and Exchange Commission (SEC). Ripple's Chief Legal Officer Stuart Alderoty confirmed this in a post on October 25, adding that "the SEC cannot submit new evidence nor request Ripple to provide more evidence."This submission follows a ruling made in August by the U.S. District Court for the Southern District of New York, which imposed a $125 million fine on Ripple for its institutional XRP sales and determined that these sales constituted securities transactions.

ChainCatcher news, Fox Business reporter Eleanor Terrett posted on X platform that today, Ripple will submit its C form (civil appeal document), outlining its main appeals against the SEC's case in the Second Circuit Court. Given that we saw the SEC appeal nearly everything it lost at the district court level last week, Ripple expects to appeal only the one matter it lost: the district court's ruling that the XRP tokens sold by the company constitute the sale of unregistered securities.Last week in Miami, when I interviewed Brad Garlinghouse (Ripple CEO) and Stuart Alderoty (Ripple Chief Legal Officer), they emphasized their strong confidence in Ripple's victory in the Second Circuit Court. Alderoty stated, "I feel very good about our case at the district level. And for a variety of reasons, I feel even better about our case in the Second Circuit. The Second Circuit traditionally does not favor the SEC. They also do not like overregulation. Statistically, if they lose, the likelihood of the Second Circuit overturning the original ruling is about 10% or lower. So, I feel, as a litigator, I am a bit superstitious; I don’t like to predict outcomes, and certainly won’t guarantee them, but I feel very good about the outcome in the Second Circuit. I believe they will not only support Judge Torres, but I think they will go even further. I believe they will strengthen her ruling. At that point, the SEC will once again find itself in a losing position, and whether to appeal this case to the Supreme Court will be up to them."When I asked Garlinghouse about the possibility of the case being appealed all the way to the Supreme Court, he told me, "I am very confident we will win the appeal, which will really deliver a fatal blow to Gary Gensler's entire cryptocurrency regulatory agenda." He added, "Honestly, I am not worried about it at all. I am confident because I believe we stand on the side of legal justice. I think we stand on the right side of history."

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, the U.S. Securities and Exchange Commission (SEC) has officially appealed the XRP ruling made by Judge Analisa Torres. On Thursday, the regulatory agency submitted Form C to the U.S. Court of Appeals for the Second Circuit. This has reignited the legal dispute over whether the sale of XRP on cryptocurrency trading platforms meets the criteria for securities. The regulatory agency has raised questions about key aspects of the court's ruling, including the acquittal of Ripple executives and the distribution of XRP in non-cash forms. The outcome of this case could have significant implications for future cryptocurrency regulation.

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 CoinDesk, Ripple Labs announced on Thursday that the company will appeal the ongoing case against the U.S. Securities and Exchange Commission (SEC) as part of maintaining its legal defense while the SEC's appeal in the case is under review by the appellate court.Earlier this month, the SEC filed a notice of appeal regarding the long-standing case against Ripple, which the regulatory agency first sued in December 2020. Chief Legal Officer Stuart Alderoty stated that Ripple's appeal aims to ensure that the company retains its views and arguments in the case, but he did not elaborate on what the company might argue in its motion. He said, "We are doing this to ensure that we leave no room for arguments, including the argument that an investment contract cannot exist without the fundamental rights and obligations in the contract."Similar to the documents submitted by the SEC last week, Ripple's initial filing is merely a notice indicating that a more comprehensive argument will be submitted in the future. Alderoty stated that both parties will fill out a form in the coming weeks to provide "a fairly high-level description" of their arguments, but neither the regulatory agency nor the company will disclose specific details before submitting their opening statements. The SEC's brief may be released around the end of January, while Ripple's opening brief (which will be combined with its opposition to the SEC's brief) will be released at a later time.

ChainCatcher news, according to Tree News, Ripple Labs Inc. has submitted a notice of appeal to the U.S. Court of Appeals for the Second Circuit.

ChainCatcher news, Coinbase has requested the judge's approval to file an interlocutory appeal in its lawsuit against the SEC, due to the SEC's recent appeal of the ruling in the Ripple case. Coinbase hopes that by filing the appeal simultaneously, the Second Circuit Court will have a comprehensive understanding of the case. The exchange aims to review the applicability of the "Howey Test" in digital assets, which is the traditional standard for determining securities. Although the SEC has requested to dismiss Coinbase's appeal, the judge has not yet ruled on this matter.Industry experts indicate that the SEC's appeal in the Ripple case strengthens Coinbase's argument, suggesting that this is a prudent move.

ChainCatcher news, according to The Block, the U.S. Securities and Exchange Commission (SEC) is appealing the previous ruling by the U.S. Second Circuit Court of Appeals regarding the Web3 payment company Ripple, as indicated by documents released on Wednesday."We believe the district court's ruling in the Ripple case conflicts with decades of Supreme Court precedent and securities law, and we look forward to presenting our case in the Second Circuit," an SEC spokesperson told The Block.Previously, the judge ordered Ripple to pay a civil penalty of $125 million on August 7, significantly lower than the $2 billion penalty initially sought by the SEC. The ruling also partially granted and denied the SEC's motion for preliminary remedies regarding Ripple's sale of XRP tokens.

ChainCatcher news, according to foxbusiness, the U.S. Securities and Exchange Commission must decide by October 7 whether to challenge the ruling made by U.S. District Judge Analisa Torres in July 2023, which found that only some sales of XRP cryptocurrency by Ripple violated securities laws. This ruling has drawn criticism from securities lawyers and other federal judges.This ruling is considered a significant legal victory for the still-nascent cryptocurrency industry as it attempts to demonstrate that this emerging asset class does not violate U.S. securities laws as the SEC believes. It has also become a cornerstone of the legal strategies for other crypto entities, such as trading platforms Coinbase, Binance, and Kraken, which are currently being sued by the commission for allegedly selling unregistered securities.Former SEC enforcement lawyer Arc Powers stated in an interview with Fox Business that the SEC is likely to appeal, as the agency and its cryptocurrency skeptic chair Gary Gensler are determined to exert jurisdiction over this $2 trillion industry.Foxbusiness reports that disclosure is the cornerstone of U.S. securities law. When a company sells stock to raise funds and expand its business, it must file extensive paperwork to provide investors with the information they need to make informed decisions about purchasing the stock. Some legal experts argue that Judge Analisa Torres' ruling undermines this disclosure requirement.

ChainCatcher news, Fox Business reporter Eleanor Terrett posted on the X platform stating: "A former SEC lawyer who recently left the agency told me that the SEC may appeal Judge Torres' ruling on the Ripple case from July 2023, partly because everyone within the SEC firmly believes that this ruling is wrong and should be appealed."It is reported that the SEC's deadline for appeal is October 7.