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In this photo illustration, a visual representation of the digital Cryptocurrency Ripple is displayed on January 30, 2018 in Paris, France. 

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Ripple’s XRP token went up 68% in the last 24 hours, leading a wider rally of major-cap altcoins, as crypto traders digest a key ruling that could stifle U.S. regulator efforts to stamp out digital asset trading.

Solana’s SOL and Cardano’s ADA tokens are 26% and 21% higher, while Algorand’s ALGO and Polygon’s MATIC coins are up 12% and 9%, respectively. All four tokens were recently singled out as securities in the U.S. Securities and Exchange Commission’s formal suits against popular crypto retail trading exchanges, including Binance and Coinbase.

But the Thursday summary judgement from U.S. District Judge Analisa Torres calls that classification into question.

For three years, the SEC and Ripple Labs — who developed the Ripple blockchain and issues the XRP token — have been locked in a protracted courtroom battle over whether the XRP, the world’s fourth-largest cryptocurrency, constitutes a security.

In 2020, the SEC alleged that Ripple, its CEO Brad Garlinghouse and the company’s executive chairman violated securities laws when it sold $1.4 billion worth of XRP. Ripple maintained that its token is not a security — triggering ongoing confusion over which digital coins fall into which regulatory bucket.

Many viewed the agency’s lawsuit against the San Francisco-based startup Ripple as a bellwether case for the wider industry — which could potentially force the SEC’s hand on defining which of the nearly 20,000 crypto tokens fall under its jurisdiction.

In her judgment on Thursday, U.S. Southern District of New York District Court Judge Analisa Torres ruled that XRP in itself is “not necessarily a security on its face.”

That elated industry participants, who saw the decision as a victory for both XRP and other coins.

“The ruling by federal Judge Analisa Torres is a landmark decision because she challenged the SEC in holding that Ripple’s XRP token is not a security subject to SEC regulation,” said Renato Mariotti, a former prosecutor in the U.S. Justice Department’s Securities & Commodities Fraud Section and now a trial partner in Chicago with Bryan Cave Leighton Paisner.

“The ruling undercuts the SEC’s assertion that nearly every token is a security and puts at risk some of the Commission’s recent enforcement actions.”

Watch CNBC's full interview with Ripple CEO Brad Garlinghouse

The industry hopes that the Thursday move “could lead Congress to adopt a more rational regulatory scheme,” Mariotti said. But uncertainty will continue to reign, in the absence of clear regulation, he added.

The development has nevertheless caused excitement in the crypto market. Coinbase has already moved to re-list XRP since Thursday.

The response from crypto markets harks back to the heydays of the crypto boom in 2021, when several bitcoin “alternatives,” or altcoins, rallied sharply, following on from a bounce in the largest cryptocurrency’s price.

Not clear cut

Judge Torres didn’t give Ripple a clean victory, ruling that some sales of XRP did constitute investment contracts that pass the so-called “Howey test” — a legal assessment to determine whether an asset is a security.

XRP sales to institutional investors, she said, qualify as securities and should have been registered with the SEC. That’s because investors involved in those sales signed up to agreements, which meant they had to lock up their tokens for a certain period of time.

Given they couldn’t back out of the deals, there was no possibility for XRP to be viewed as anything other than a speculative investment.

On the other hand, Torres pronounced that “programmatic sales” of the token — or crypto exchange transactions with retail investors — do not qualify as securities.

“The judge declined to deliver summary judgment on the question of whether programmatic sales of XRP via exchanges constituted the sale of securities, meaning that this question will be litigated further,” Cory Klippsten, the CEO of Bitcoin financial services firm Swan.com, told CNBC.

“I believe it’s likely that secondary trading of altcoins on exchanges will be given a pass, and that this is consistent with the laws on the books.”

Much of the SEC’s recent actions against exchanges like Gemini, Binance, and Coinbase hinge on the assumption that the assets on the platforms are securities. Thus, listing them without SEC approvals translated to a violation of securities laws.

The Thursday ruling may complicate the SEC’s campaign against exchanges, as it suggests that exchanges of crypto on the open market might not qualify as sales of securities.

Crypto-pegged equities like Coinbase and MicroStrategy — which has heavily invested its corporate balance sheet in bitcoin — were up by 24% and 11%, respectively, as of the Thursday close.

While Torres maintained that XRP in itself is not a security, many investors appear to be missing the point — what makes an asset a security isn’t the asset itself, but the way in which it is sold or marketed.

It is a more nuanced judgment than many in the industry have been treating it, and it’s worth noting the case is far from settled. There is a possibility that some of the findings could be appealed and reversed, as the court is due to issue a separate order setting a trial date.

XRP surges after win in court battle with SEC, and ex-CEO of Celsius arrested: CNBC Crypto World

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Tesla, Trump alliance falls apart – but there’s BIG news for electric semi fleets

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Tesla, Trump alliance falls apart – but there's BIG news for electric semi fleets

After a month off trying to wrap our heads around all the chaos surrounding EVs, solar, and everything else in Washington, we’re back with the biggest EV news stories of the day from Tesla, Ford, Volvo, and everyone else on today’s hiatus-busting episode of Quick Charge!

It just gets worse and worse for the Tesla true believers – especially those willing to put their money where Elon’s mouth is! One believer is set to lose nearly $50,000 betting on Tesla’s ability to deliver a Robotaxi service by the end of June (didn’t happen), and the controversial CEO’s most recent spat with President Trump had TSLA down nearly 5% in pre-morning trading.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

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Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Hyundai is about to reveal a new EV and it could be the affordable IONIQ 2

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Hyundai is about to reveal a new EV and it could be the affordable IONIQ 2

Hyundai is getting ready to shake things up. A new electric crossover SUV, likely the Hyundai IONIQ 2, is set to debut in the coming months. It will sit below the Kona Electric as Hyundai expands its entry-level EV lineup.

Is Hyundai launching the IONIQ 2 in 2026?

After launching the Inster late last year, Hyundai is already preparing to introduce a new entry-level EV in Europe.

Xavier Martinet, President and CEO of Hyundai Europe, confirmed that the new EV will be revealed “in the next few months.” It will be built in Europe and scheduled to go on sale in mid-2026.

Hyundai’s new electric crossover is expected to be a twin to the Kia EV2, which will likely arrive just ahead of it next year.

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It will be underpinned by the same E-GMP platform, which powers all IONIQ and Kia EV models (EV3, EV4, EV5, EV6, and EV9).

Like the Kia EV3, it will likely be available with either a 58.3 kWh or 81.4 kWh battery pack option. The former provides a WLTP range of 267 miles while the latter is rated with up to 372 miles. All trims are powered by a single electric motor at the front, producing 201 hp and 209 lb-ft of torque.

Kia-EV2
Kia EV2 Concept (Source: Kia)

Although it may share the same underpinnings as the EV2, Hyundai’s new entry-level EV will feature an advanced new software and infotainment system.

According to Autocar, the interior will represent a “step change” in terms of usability and features. The new system enables new functions, such as ambient lighting and sounds that adjust depending on the drive mode.

Hyundai-IONIQ-2-EV
Hyundai E&E tech platform powered by Pleos (Source: Hyundai)

It’s expected to showcase Hyundai’s powerful new Pleos software and infotainment system. As an end-to-end software platform, Pleos connects everything from the infotainment system (Pleos Connect) to the Vehicle Operating System (OS) and the cloud.

Pleos is set to power Hyundai’s upcoming software-defined vehicles (SDVs) with new features like autonomous driving and real-time data analysis.

Hyundai-new-Pleos-OS
Hyundai’s next-gen infotainment system powered by Pleos (Source: Hyundai)

As an Android-based system, Pleos Connect features a “smartphone-like UI” with new functions including multi-window viewing and an AI voice assistant.

The new electric crossover is expected to start at around €30,000 ($35,400), or slightly less than the Kia EV3, priced from €35,990 ($42,500). It will sit between the Inster and Kona Electric in Hyundai’s lineup.

Hyundai said that it would launch the first EV with its next-gen infotainment system in Q2 2026. Will it be the IONIQ 2? Hyundai is expected to unveil the new entry-level EV at IAA Mobility in September. Stay tuned for more info. We’ll keep you updated with the latest.

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Tesla unveils its LFP battery factory, claims it’s almost ready

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Tesla unveils its LFP battery factory, claims it's almost ready

Tesla has unveiled its lithium-iron-phosphate (LFP) battery cell factory in Nevada and claims that it is nearly ready to start production.

Like several other automakers using LFP cells, Tesla relies heavily on Chinese manufacturers for its battery cell supply.

Tesla’s cheapest electric vehicles all utilize LFP cells, and its entire range of energy storage products, Megapacks and Powerwalls, also employ the more affordable LFP cell chemistry from Chinese manufacturers.

This reliance on Chinese manufacturers is less than ideal and particularly complicated for US automakers and battery pack manufacturers like Tesla, amid an ongoing trade war between the US and virtually the entire world, including China.

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As of last year, a 25% tariff already applied to battery cells from China, but this increased to more than 80% under Trump before he paused some tariffs on China. It remains unclear where they will end up by the time negotiations are complete and the trade war is resolved, but many expect it to be higher.

Prior to Trump taking power, Tesla had already planned to build a small LFP battery factory in the US to avoid the 25% tariffs.

The automaker had secured older manufacturing equipment from one of its battery cell suppliers, CATL, and planned to deploy it in the US for small-scale production.

Tesla has now released new images of the factory in Nevada and claimed that it is “nearing completion”:

Here are a few images from inside the factory (via Tesla):

Previous reporting stated that Tesla aims to produce about 10 GWh of LFP battery cells per year at the new factory.

The cells are expected to be used in Tesla’s Megapack, produced in the US. Tesla currently has a capacity to produce 40 GWh of Megapacks annually at its factory in California. The company is also working on a new Megapack factory in Texas.

Ford is also developing its own LFP battery cell factory in Michigan, but this facility is significantly larger, with a planned production capacity of 35 GWh.

Electrek’s Take

It’s nice to see this in the US. LFP was a US/Canada invention, with Arumugam Manthiram and John B. Goodenough doing much of the early work, and researchers in Quebec making several contributions to help with commercialization.

But China saw the potential early and invested heavily in volume manufacturing of LFP cells and it now dominates the market.

Tesla is now producing most of its vehicles with LFP cells and all its stationary energy storage products.

It makes sense to invest in your own production. However, Tesla is unlikely to catch up to BYD and CATL, which dominate LFP cell production.

The move will help Tesla avoid tariffs on a small percentage of its Megapacks produced in the US. Ford’s effort is more ambitious.

It’s worth noting that both Ford’s and Tesla’s LFP plants were planned before Trump’s tariffs, which have had limited success in bringing manufacturing back to the US.

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