Episode Details

17th Jan Crypto & Coffee at 8
🔥SEC vs Ripple ❌CBDC as money rejected by US Senators (Republicans) 🚨 Thai SEC Rejects Bitcoin ETF 💡Europe guidance to Crypto.

🔥 In a filing made on January 11, here https://lnkd.in/dBfXSVbM the U.S. Securities and Exchange Commission Exchange Commission (SEC) has escalated its legal efforts against Ripple Labs, Inc., aiming to enforce the production of essential financial documents. This development is a continuation of the ongoing legal dispute that began in December 2020, where the SEC asserted that Ripple’s XRP sales amounted to unregistered securities offerings. The regulatory body is specifically requesting financial statements for the years 2022 and 2023 as part of its pursuit in the legal case against Ripple.

❗ The SEC contends that these documents and the ‘interrogatory’ are crucial for Judge Torres to make informed decisions on potential relief, including injunctions and civil penalties. The regulatory body asserts that the financial information requested is fundamental for tailoring a penalty that would effectively deter future violations.

💰 CBDC as money?
❗ Several bills in the US Senate are challenging the classification of Central Bank Digital Currencies (CBDCs) as ‘money.’ These legislative proposals have the potential to pose substantial obstacles to the development and implementation of a CBDC in the United States. Cointelegraph article confirms Bills against referring to central bank digital currency (CBDC) as money have been filed in the states of Utah, South Carolina, South Dakota and Tennessee. The bills would exclude a CBDC from the definition of money and could create significant roadblocks to a CBDC in the United States. https://lnkd.in/dFZwjbKN. State Senator frank niceley introduced a bill to the Tennessee Senate on Jan. 12. https://lnkd.in/dgiBguPC

🚨 Republican Senators — Not in favor of CBDC as money

💡 Securities and Exchange Commission, Thailand has rejected Bitcoin ETFs, but brokerages in Thailand are promoting overseas investments in these products. The Thai SEC states that Bitcoin ETFs, approved in foreign markets, are in the early stages and may lack direct economic value for the Thai market’s appropriateness. News via Finance Magnates here https://lnkd.in/dAEfNsA2

🚨 The European Banking Authority (EBA) extended its Guidelines on money laundering (ML) and terrorist financing (TF) risk factors to crypto-asset service providers (CASPs). The new Guidelines highlight ML/TF risk factors and mitigating measures that CASPs need to consider, representing an important step forward in the EU’s fight against financial crime. Official info here https://lnkd.in/deFJDvMW

🟠 Two UAE news (See slides)
⚡ OKX Middle East Fintech FZE Granted a VASP License by the Virtual Assets Regulatory Authority in Dubai
⚡ Saudi Arabia is recruiting AI artists globally for a new initiativ