SEC and Ripple Try (Again) to Reduce Court-Ordered $125 Million Penalty

Ripple Could Receive $75M as Ripple, SEC File Join Motion to Release $125M Held in Escrow

The SEC and Ripple have moved to close the chapter on one of crypto’s longest-running legal battles, jointly filing a motion in Manhattan federal court to dissolve the injunction in their case and release the $125 million civil penalty currently held in escrow.

Under the proposal, $50 million would go to the SEC, while the remaining $75 million would be returned to Ripple.

The motion, filed under Federal Rules 60(b)(6) and 62.1, cites “exceptional circumstances” as grounds for reopening the final judgment, pointing to changing regulatory attitudes at the SEC and a shared desire between both parties to avoid further litigation.

Aspiring CPAs Consider Ditching Grad-School Plans as States Revamp Laws

Recent changes to CPA licensing laws in many U.S. states mean one thing for some prospective accountants: School’s out early.

After a year of networking with graduate school representatives, Bryan Flannery, a rising senior at Otterbein University in Westerville, Ohio, was dead set on continuing his education. Now, he is considering skipping his plan to start applying to master’s programs after the state this year passed legislation allowing prospective CPAs to bypass a fifth year of school.

“[The Ohio law] presents a great opportunity where I can start doing the job that I want to do,” he said.

Nearly 20 U.S. states have amended CPA licensing laws since January, in what may become a precursor for the entire country. Several professional groups say they expect close to or all 50 U.S. states to offer alternatives to the 150-hour rule by 2027.

The changes permit CPA candidates like Flannery to use an additional year of work experience instead of schoolwork to qualify as a certified public accountant….

The 118 Day “Pause” That Was

When President Trump issued an Executive Order on February 10th titled ““Pausing Foreign Corrupt Practices Act Enforcement to Further American Economic and National Security,” some people seemingly had a “come apart.”

Those subject to the FCPA were all of a sudden going to go on a bribery binge.

American global competitiveness and national security were going to be “hurt.”

There was going to be less enforcement of FCPA-like laws by other countries.

These were just a few of the comments by some so-called “experts.”

Did any of this actually happen?

Difficult to actually know.

What is certain is that during the FCPA’s 118 day “pause.” various aspects of FCPA (or related) enforcement continued and things occurred in the FCPA space that have long occurred in the FCPA space.

Granted, there was no corporate FCPA enforcement actions announced during the 118 day “pause,” but then again throughout FCPA history – including the modern era – there have been several previous instances of no FCPA enforcement over several months.

The remainder of this post – published periodically during the “pause” – chronicles what actually happened during the “pause.”

Walmart and Amazon Are Exploring Issuing Their Own Stablecoins

Some of the biggest merchants are exploring how to issue or use stablecoins, potentially shifting the high volumes of cash and card transactions that they handle outside the traditional financial system and saving them billions of dollars in fees.

Walmart, Amazon .com and other multinational giants have recently explored whether to issue their own stablecoins in the U.S., according to people familiar with the matter.

Expedia Group and other large companies such as airlines have also discussed potential efforts to issue stablecoins, some of the people said.

A move to launch a payments system by Walmart or Amazon that bypasses the traditional payments system would send shivers through the nation’s banks.

BlackRock Has Built an AI Analyst, ‘Asimov,’ to Scour Filings

BlackRock Inc. is planning for artificial intelligence to have a much bigger role in investing.

The world’s largest asset manager has built an AI research platform dubbed “Asimov” and is using it now in the firm’s fundamental equity business, Chief Operating Officer Rob Goldstein said Thursday at the firm’s investor day in New York.

“This is a virtual investment analyst,” Goldstein said. “While everyone else is sleeping at night, we have these virtual AI agents that are scanning research notes, company filings, emails, to generate portfolio insights.”