Crypto Market News: One of the most popular demands in the crypto community is to relist XRP in US based crypto exchanges like Coinbase and Kraken. The exchanges had in the first place delisted the token from their platforms in response to the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple over the unregistered sale of XRP. However, it is not proven yet that the XRP offerings were illegal in the SEC lawsuit. Hence, it is argued that the delisting of the token is unjust.
Also Read: Coinbase Derivatives Exchange To Launch BTC, ETH Futures On June 5
The Summary Judgement in the lawsuit is awaited from Judge Analisa Torres while June 13, 2023 is by when the Hinman speech documents are to be publicly released.
XRP Delisting Has No Legal Precedent
In the context of Uphold being one of the rare US crypto exchanges to still offer XRP trade, Nancy Beaton, the Chief Revenue and Marketing Officer at the crypto exchange, said there was no legal precedent to follow when it comes to not listing the token. In the recent times, the XRP token holder community has also pushed the same argument while demanding that the exchange list the cryptocurrency on its platform. She added that Uphold would follow it if and when there is a legal precedent. However, she affirmed that there is no legal precedent currently and that they feel comfortable listing the token.
“We are highly regulated so we do take compliance incredibly serious at Uphold. And when we looked at what was happening and obviously there is a lawsuit out there, but when when we look at that and work with our legal counsel, there is no precedent yet. And for us it felt prudent to maintain listing the token.”
Earlier, CoinGape reported legal experts’ prediction of a timeline for the delivery of XRP lawsuit summary judgement. Read More to know the details
Also Read: Cardano Price Jumps 4% as it Hits New Transaction Milestone – Report
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Market News: Even as the crypto community awaits the summary judgment in the XRP lawsuit, an old court judgement ruling that went against the U.S. Securities and Exchange Commission (SEC) could give a lot of confidence to the XRP token holders. John Deaton, the attorney representing the more than 70,000 XRP token holders, said there could be a logical conclusion end to the lawsuit in the form of a settlement only in case if Ripple wins against the SEC.
Also Read: Barclays Predicts “Sufficiently Restrictive” FOMC Stance On Fed Rate Hike
In a recent comment, Deaton said there will not be any chance for settlement if the SEC emerges victorious in the lawsuit. Meanwhile, Ripple Labs and its executives are confident of a win for XRP.
SEC Lost A Case Overseen By Judge Analisa Torres
In an interesting finding, the US SEC lost in a lawsuit overseen by Judge Analisa Torres, who is also now in charge of the XRP Vs SEC lawsuit. In 2019, the judge ruled against the regulatory agency in the SEC v. Rio Tinto lawsuit. When the SEC appealed, the appellate Court upheld the Judge’s decision, pointed attorney Jeremy Hogan. Hence, this forms an important precedent against the SEC by the same judge overseeing the Ripple lawsuit.
Also, the SEC could face a fresh challenge some time later in 2023 if the US Supreme Court goes for abolishing the Chevron Doctrine. Earlierm CoinGape reported that the top US court agreed to consider the proposal to look into the decision making powers federal agencies gain through the Doctrine.
Also Read: Every Friday One US Bank Collapses; Who’s Next On The Bank Run?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Commenting on sanctions levied on Tornado Cash by the US government, Charles Hoskinson, founder of Cardano, said it is a ‘dangerous regulatory precedent.’
To the unfamiliar, the U.S Treasury Department has prohibited the use of the crypto mixing service for Americans. The department also cited the national security concerns as the agency claims the protocol was used to launder crypto assets worth $7 billion since 2019.
Hoskinson in a new video update said the sanctions only because of the fear of misuse, are a violation of free speech.
“The convention in developer comprehension is that when we write code, it’s an expression, according to developers. It’s similar to authoring a book as long as we don’t participate in the execution or use of that code for any purposes.
In other words, you could write a book explaining, for instance, “Here’s how you produce cyanide” [or] “Here’s how you build a bomb,” but most of that would be simply words. Nobody is being told to go do this by you.
It is really unnerving when people start turning down these kinds of activities now that we live in a free society.
Now that we live in a free society, it is very unsettling when individuals start saying no to these kinds of activities. According to Hoskinson, through sanctioning Tornado Cash regulators are overreaching as its developer participated in its use or advised others on its usage.
The authorities basically are making software developers accountable for the use of software in spite of the fact that they can control it or not, saying “it is an extremely dangerous precedent.”
The authorities then go on to say that it is completely absurd. However, the same legal framework that would theoretically allow you to assign guilt to the Tornado Cash developer even if they weren’t involved in the use or operation of the system—they were merely responsible for writing the code—could also be applied in this manner.
Cardano founder Charles Hoskinson says that the US government banning Tornado Cash sets a dangerous regulatory precedent.
Earlier this month, the U.S. Treasury Department banned Americans from using the crypto mixing service, citing national security concerns as the agency claims the protocol has been used to launder $7 billion worth of crypto assets since 2019.
In a new video update, Hoskinson tells his 315,000 YouTube subscribers that sanctioning code because it’s being misused could be a violation of free speech.
“The protocol in developer understanding that we have as developers is that when we write code, it’s an expression. As long as we don’t get involved in the running and use of that code for purposes, we’re just writing it, it’s like writing a book.
So for example, you could write a book saying ‘Here’s how you make cyanide’ [or] ‘Here’s how you build a bomb,’ these types of things, and for the most part, that’s just words. You’re not telling people to go do this.
Now in a free society, we generally allow people to do these types of things, and it’s deeply uncomfortable when they start saying no.”
Hoskinson adds that regulators are overreaching by sanctioning Tornado Cash as its developer never participated in its use or told others how to use it.
“Basically, they are asserting that software developers are accountable for how their software is used regardless of whether they can control that or not, which is an extremely dangerous precedent.
For example, if you want to go really far in extreme, the Linux kernel developers are creating the kernel of an operating system. North Korea could take that kernel, build a proprietary operating system and use that to be an operating system of an ICBM (Intercontinental Ballistic Missile).
So hypothetically, you could say the maintainers of the Linux kernel are contributing to the nuclear weapons program of North Korea. You could say that, if you wanted to.
So obviously that’s absurd. But the problem is the same legal structure that would allow you to infer blame onto the Tornado Cash developer if they weren’t involved in the use and operation of the system, they just wrote the code, could technically be used this way.”
I
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/wacomka/Nikelser Kate