XRP soared to $0.45 at 8 a.m. Eastern Time as the president of Ripple Labs remains hopeful that the firm will win its case against the US Securities and Exchange Commission.
Monica Long expects Ripple to win its case against the SEC in 2023 as the law and facts are in favor of Ripple.
Ripple Encouraged by Voyager Acquisition Ruling
The bullish move also came after Ripple issued a supplemental notice on a judge’s approval of Voyager Digital’s assets to Binance.US.
The SEC opposed the sale, arguing that Voyager would have to prove that the VGX sale did not violate securities laws. Judge Michael Wiles overruled the SEC’s objections. He pointed out that the agency did not provide guidance on what Voyager was “supposed to prove”.
The SEC sued Ripple and executives Chris Larsen and Brad Garlinghouse in December 2020 for raising money through an unregistered securities offering.
Ripple Labs and the SEC Seek Summary Judgment from Judge Analisa Torres.
MiCA Disclosure Requirements
Long said the crypto industry prefers clear guidelines, such as the European market-in-crypto-assets regulation, rather than the SEC’s regulation-by-enforcement approach.
European regulations, due to be debated in mid-April 2023, should enable Tradefy and crypto companies to operate in compliance, she said.
Prior to MiCA, European countries defined securities based on the markets in the Financial Instruments Directive (MiFD II). Under this directive, EU member states exercised discretion over which crypto assets were classified as “tradable security”, which led to some crypto assets being classified as securities in one state. Was, but not the other.
The new MiCA bill does not interfere with assets such as security tokens already governed by MiFD or non-fungible tokens.
However, it requires issuers of new tokens through an initial coin offering or exchange listing to publish a detailed whitepaper that informs investors about the features of a new token. MiCA sets the minimum standards for these white papers. These include crypto-asset risk and the impact of their consensus mechanisms on the environment. Issuers of these tokens will also be subject to advertising regulations and an obligation to act honestly.
Issuers of asset-referenced tokens such as stable coins must publish a whitepaper for approval by the national competent authority.
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