Cointime

Cointime

Download App
iOS & Android
Home / Policy

South Korean Prosecutors Will Apply To Add the XRP Judgment of the US Court as Evidence

According to the pre-appeal meeting of Terraform Labs co-founder Daniel Shin at the Seoul Southern District Court, the Korean prosecution plans to apply for the New York Southern District Court's ruling on the virtual currency securities attribute as additional evidence.

In July of this year, according to documents released by the Southern District Court of New York, in the SEC vs. Ripple lawsuit, the judge believed that trading on exchanges and selling XRP through algorithms did not constitute an investment contract, while institutional sales violated securities laws. 

XRP XRP $0.49
-0.08%
XRP
Comments

All Comments

Recommended for you

  • Chairman of the Hong Kong Securities and Futures Association: The SAR government should set up a virtual asset supervision committee to consult and cooperate with relevant mainland departments

    Chen Zhihua, the President of the Hong Kong Securities and Futures Professional Association, wrote an article titled "Challenges and Prospects of Hong Kong's Virtual Asset Platform License", pointing out that mainland laws prohibit overseas institutions from providing virtual currency trading and services to the mainland. If the Hong Kong Securities and Futures Commission requires virtual asset platforms applying for a license, the ultimate controller or parent company cannot violate mainland laws, which means that entities in Hong Kong must be completely separated from their parent companies. To solve the problem of multiple regulations, the SAR government should consider establishing a unified virtual asset regulatory committee, responsible for coordinating the regulatory work of different institutions, ensuring consistency and effectiveness of regulatory standards, and maintaining its competitiveness in the global virtual asset market. The following four directions are recommended:

  • Tanzania plans to amend the Income Tax Act to tax cryptocurrency transactions

    Tanzania plans to amend the Income Tax Act to tax cryptocurrency transactions. The proposal includes a 3% withholding tax on income from digital asset transactions. Owners of digital platforms or promoters of digital asset transfers will act as withholding agents. Foreign citizens operating such platforms must register under Tanzania's simplified tax system. The government expects to increase revenue by 178,600 USD (465 million Tanzanian shillings). Minister of Finance Mwigulu Lameck Nchemba Madelu revealed this tax amendment plan in a speech to the National Assembly on June 13, 2024.

  • Ethiopia launches CBDC legal framework construction

    National Bank of Ethiopia (NBE) has prepared two announcements as part of its economic reform plan, one of which involves establishing a legal framework for central bank digital currency (CBDC). These announcements have been approved by the ministerial meeting and will soon be submitted to the House of Representatives. The reforms include creating a legal framework for CBDC when necessary, increasing NBE capital, and providing a legal basis for consumer protection. NBE also plans to join the cross-border payment system and has taken measures to end the national monopoly on mobile money services.

  • David Hirsch, a senior member of the SEC’s crypto oversight department, has resigned

    David Hirsch, a senior member of the cryptocurrency supervision department of the US Securities and Exchange Commission, announced on LinkedIn on Monday that he has resigned. Hirsch previously served as the head of the cryptocurrency assets and network department of the enforcement department of the US Securities and Exchange Commission. In the post, David Hirsch stated that last Friday was my last day at the SEC after nearly 9 years of service. I am particularly proud of the historic work done by the team of the cryptocurrency assets and network department that I had the privilege to lead.

  • Venezuelan President Uses Crypto to Evade Sanctions

    Venezuelan political critics accused President Nicolás Maduro and his government of increasingly relying on cryptocurrency transactions in an attempt to evade international sanctions. The United States recently reinstated gold and oil sanctions due to Maduro's failure to ensure a fair agreement for the July elections. Chainalysis analysis shows that the Venezuelan National Cryptocurrency Supervision Bureau (SUNACRIP) is transferring large amounts of stablecoins, which can promote financial operations even under sanctions.

  • Australian Securities Exchange ASX approves its first spot Bitcoin ETF

    According to Bitcoin Magazine, the largest securities exchange in Australia, ASX, has approved its first spot Bitcoin ETF.

  • South Korea to launch $14.5 million blockchain support program for public and private sectors

    The South Korean Ministry of Science and ICT and the Korea Internet & Security Agency (KISA) will jointly launch a blockchain support program in 2024. These two organizations plan to invest 20 billion Korean won (approximately $14.5 million) to develop public blockchain services and promote the commercialization of blockchain company products. The public blockchain projects supported by this program include digital coupons, digital badges, and online voting systems related to central bank digital currencies (CBDCs).

  • The US SEC rejected Ripple's request to reduce the fine, saying its settlement with Terraform Labs is not comparable

    On June 17th, the SEC criticized Ripple Labs' latest argument for reducing the fine and insisted on the proposed fine of nearly $2 billion. This includes $198.2 million in pre-judgment interest, $876.3 million in civil penalties, and another $876.3 million in disgorgement. The SEC stated that Ripple's fine should be based on the gross profit of its misconduct, not total sales. If Terraform's fine ratio (close to 12%) is applied to Ripple, its fine should be $102.6 million. The SEC believes that such a low fine cannot meet the purpose of civil penalty regulations. Since the SEC accused Ripple of selling unregistered securities in 2020, the two sides have been in a legal dispute. Judge Torres has confirmed Ripple's illegal behavior, but only when selling to institutional investors. Currently, the legal battle between the two sides is still ongoing.

  • El Salvador Government Initiative to Include Bitcoin and Other Cryptocurrencies in Its Investment Banking Sector

    The Salvadoran government has proposed an initiative to expedite the inclusion of Bitcoin and other cryptocurrencies into its investment banking industry. The banking reform submitted to the National Assembly will allow private investors to form banks that offer Bitcoin and stablecoin services to sophisticated investors.
  • cointelegraph ·

    Why is XRP price up today?

    Key factors driving XRP's price upward today are hopes of spot XRP exchange-traded funds in the U.S. and increased accumulation by whales.
    Why is XRP price up today?

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company