Seeds of Wisdom RV and Economic Updates Friday Morning 3-28-25
Good Morning Dinar Recaps,
XRP NEWS: CAN RIPPLE SELL TO INSTITUTIONAL INVESTORS AS SEC DROPS CASE? LEGAL ISSUES EXPLAINED
The U.S. SEC has officially dropped its appeal in the ongoing legal case with Ripple, bringing an end to a four-year legal battle. However, the SEC has yet to confirm the latest developments. There’s been a lot of talk about what will happen to XRP once the SEC clears the legal issues. Some experts think that when the SEC removes the injunction, Ripple will be able to sell XRP to institutional investors without any problems. However, Marc Fagel, a former SEC lawyer, explained why that’s not exactly true.
What Fagel Says About XRP Sales
Fagel pointed out that even if the SEC clears the injunction, the court’s original ruling still stands. The court had previously ruled that Ripple’s sales of XRP to institutional investors were against the law. This means that selling XRP in the same way as before would still be illegal, regardless of the injunction.
He explained that the issue is not just about specific contracts or agreements, but about how Ripple sold XRP to institutional investors. The court found that the way these sales were made made XRP an unregistered security, meaning any future sales made in a similar way could still be illegal.
Room for Legal Flexibility
Despite the legal concerns, Fagel mentioned that not all sales to institutional investors would require registration. Some sales might be allowed under special exemptions. It all depends on the details of the transactions and whether they are similar to the ones that were previously found illegal.
However, Fagel also pointed out that the SEC has been less focused on regulating the crypto market recently. This means that Ripple might not face strict consequences for its future sales of XRP, even if they are similar to previous ones.
What’s Next for Ripple and XRP?
As for Ripple, Fagel said the company’s legal team will need to carefully consider any future sales. If they follow the same pattern as the past sales, they could face legal issues. But since the SEC is less involved in crypto regulation now, Ripple may be able to move forward with fewer legal concerns.
Will Judge Torres Clarify the Ruling?
Some people asked if Judge Torres would provide more clarity on the past XRP sales to institutional investors. Fagel believes she probably won’t. The judge has already made her decision, and Ripple is likely to request that she remove the injunction entirely. The attorney thinks there’s little chance that the judge will change her ruling, as she was previously reluctant to make it more specific.
@ Newshounds News™
Source: Coinpedia
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SOUTH CAROLINA DISMISSES ITS STAKING LAWSUIT AGAINST COINBASE, JOINING VERMONT
South Carolina has dismissed its lawsuit against Coinbase related to its staking services — joining Vermont in a move described by the firm as a victory for American consumers.
South Carolina has become the latest US state to dismiss its lawsuit against crypto exchange Coinbase over its staking services, which had accused the crypto exchange of offering unregistered securities.
The lawsuit was officially dismissed in a joint stipulation between the crypto exchange and the South Carolina Attorney General’s securities division on March 27.
“South Carolina just joined Vermont to dismiss its unfounded staking lawsuit against Coinbase,” the firm’s chief legal officer, Paul Grewal, said in a March 27 X post.
“This is not just a victory for us, but for American consumers and we hope it's a sign of things to come in the few states left that restrict staking.”
South Carolina and Vermont were two of 10 US states that took legal action against Coinbase's staking services on June 6, 2023 — the same day that the federal securities regulator filed its lawsuit against the crypto exchange.
The Securities and Exchange Commission officially dismissed that lawsuit on Feb. 27, 2025.
The other eight US states that filed enforcement action similar to South Carolina were Alabama, California, Illinois, Kentucky, Maryland, New Jersey, Washington and Wisconsin.
Grewal said he hoped to see other states follow suit and that South Carolina residents lost an estimated $2 million in staking rewards as a result of the lawsuit.
“The 52 million Americans who own crypto deserve commonsense consumer protections and clear rules,” he said. “We applaud South Carolina for standing up for justice and hope the remaining states with bans on staking will take notice.”
South Carolina introduces Bitcoin reserve bill
Meanwhile, a state lawmaker has just introduced the “Strategic Digital Assets Reserve Act of South Carolina” on March 27, which could see the state treasurer allocate up to 10% of certain state funds to cryptocurrencies such as Bitcoin.
Unlike most US state crypto reserve bills, South Carolina’s House Bill 4256, introduced by Rep. Jordan Pace, mentioned Bitcoin on several occasions for the Strategic Digital Assets Reserve that the bill seeks to establish.
The bill allows South Carolina’s treasurer, currently Curtis Loftis, to establish a Bitcoin reserve that exceeds no more than 1 million Bitcoin — a high ceiling that the US federal government is also looking to reach or exceed with its recently established Strategic Bitcoin Reserve.
The treasurer would be able to add Bitcoin to South Carolina’s General Fund, the Budget Stabilization Reserve Fund any other investment fund that they manage.
While no mention of stablecoins, non-fungible tokens, Ether or any other crypto tokens was made, the House bill said the Strategic Digital Assets Reserve wouldn’t be limited to Bitcoin.
According to Bitcoin Law, 42 Bitcoin reserve bills have been introduced at the state level in 19 states, and 36 of those 42 bills remain live.
Earlier this month, US President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and a Digital Asset Stockpile, both of which will initially use cryptocurrency forfeited in government criminal cases.
@ Newshounds News™
Source: Cointelegraph
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