SEC and Ripple Dismiss Appeals, Ending Over Four Years of Litigation

Ripple, SEC Drop Appeal After Settlement Path Blocked by Judge

Ripple Labs Inc. and the SEC will abandon an appellate fight over sales of the blockchain company’s XRP token now that they can’t settle the case, they told the Second Circuit Thursday.

The parties agreed to dismiss the SEC’s appeal and Ripple’s cross-appeal pending in the US Court of Appeals for the Second Circuit. The stipulation also resolves the civil enforcement actions against Ripple CEO Bradley Garlinghouse and its co-founder Christian A. Larsen.

The move comes after a federal judge refused to lift an injunction against Ripple and reduce a $125 million civil penalty. It leaves in place the injunction against the sale of the XRP token to institutional investors and forces Ripple to pay a higher fine than it agreed to with the Trump administration’s crypto-friendly SEC.

Paxos settles with New York financial regulator for $48.5 million over involvement with Binance BUSD partnership

Paxos Trust Company will pay $26.5 million in fines to New York after the state’s financial regulator found it failed to conduct enough due diligence when it partnered with Binance on the BUSD stablecoin. The regulator also cited shortcomings in Paxos’ anti-money laundering program.

The financial technology company settled with the New York State Department of Financial Services on Thursday, according to a statement. Paxos also agreed to put an additional $22 million into improving its compliance program, according to that statement. […]

NYDFS said that the firm cooperated with the regulator. Paxos said the issues were found years ago and have been remedied.

Why struggling companies are loading up on bitcoin

In large part the crypto newbie has bitcoin evangelist Michael Saylor to thank for his conversion. Since 2020, the US crypto magnate has spent billions of dollars buying the token almost weekly and running conferences encouraging others to do the same. Saylor’s software company-turned-bitcoin-hoarder Strategy is now valued at about $115bn, nearly double the value of the bitcoin it holds, as investors pile in. Last week, Strategy bought $2.5bn worth of bitcoin, its third-largest purchase ever. Its shares have rocketed more than 3,000 per cent in five years.

This success, along with US President Donald Trump’s full-throated support for the digital asset industry, has encouraged booming numbers of so-called crypto treasury companies to launch worldwide.

Biotechs, gold miners, hoteliers, an electric vehicle company and a vape maker are among those rushing to buy crypto tokens, backed by investors who see an opportunity to grab a slice of the crypto pie without risking touching digital assets directly.

In the year to August 5, some 154 public companies have either raised or committed to raise a combined total of $98.4bn in order to buy crypto, according to crypto advisory firm Architect Partners. Before this year, $33.6bn had been raised by just 10 companies.

Trump 401(k) Order Opens Door for Crypto, Private Equity and Real Estate

President Trump signed an executive order on Thursday that aims to make it easier to include alternative assets like private equity, cryptocurrency and real estate inside 401(k) and related employee retirement plans. Together, the accounts hold $12.2 trillion in retirement savings.

The order directs the Labor Department, which oversees retirement plans, to re-evaluate its fiduciary guidelines related to these investments, as well as to clarify its position on the proper process when offering funds that include alternative assets.