In this photo illustration, a visual representation of the digital Cryptocurrency Ripple is displayed on January 30, 2018 in Paris, France.
Chesnot | Getty Images
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.”
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 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.
Autonomous taxi company Waymo faced scrutiny last month when a car was caught on video illegally passing a stopped school bus that was letting children off in Atlanta. Now, the National Highway Traffic Safety Administration (NHTSA) is looking into it.
Georgia State Representative Clint Crowe seemed stunned after being presented with video of a Waymo driverless car illegally passing a stopped school bus on Briarcliff Road in Atlanta last month. “I’m a big fan of new technologies and emerging technologies and I think that driverless cars are going to become more prevalent,” he told local NBC news affiliate WBIR. “But we got [sic] to think about how they’re going to comply with the law.”
WBIR | Waymo illegally passes school bus
Crowe co-sponsored Addy’s Law in 2024. The legislation was named after 8-year-old Addy Pierce, who was killed in Henry County after being struck while crossing the street to get to her bus. The law stiffened penalties for illegally passing a stopped school bus, carrying penalties of up to $1,000 in fines and even jail time.
According to Crowe, those rules still apply to autonomous vehicles. “The majority of our traffic laws, the penalty is usually a fine and or driver’s license suspension. These cars don’t have a driver, so they don’t have a driver’s license and so we’re really going to have to rethink who’s the responsible party, who’s going to be responsible for being in control of that vehicle and who’s going to be the operator of that vehicle,” he said.
Crowe believes manufacturers should face stronger consequences when their vehicles break the law, saying the $1,000 fine doesn’t go far enough.
Now, thanks to pressure from social media and politicians like Crowe and Geoirgia State Senator Rick Williams, who helped co-author Addy’s Law, it seems like NHTSA is getting involved.
Prompted by media reports, the US Department of Transportation issued an investigation regarding Waymo’s AV, which states that, “the AV initially stopped, but then drove around the front of the bus by briefly turning right to avoid running into the bus’s right front end, then turning left to pass in front of the bus, and then turning further left and driving down the roadway past the entire left side of the bus. During this maneuver, the Waymo AV passed the bus’s extended crossing control arm near disembarking students (on the bus’s right side) and passed the extended stop arm on the bus’s left side.”
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While it remains to be seen how much work NHTSA is actually doing amid the ongoing shutdown of the Federal government, it’s worth noting that, regardless of the outcome, Senator Williams said he plans to introduce new legislation that would hold driverless car companies accountable with higher fines if their vehicles violate traffic laws. If that passes in Georgia, it could set the stage for politicians across the US and even abroad to use similar fins to halt the spread of autonomous taxis in their states.
We’re typically pretty tech- and autonomous-forward here, but as a parent I would absolutely lose my s*** if a Waymo or Robotaxi or whatever else ran over my kid. but I’ve also seen plenty of human drivers blow past a school bus with a knee on the steering wheel and both eyes glued firmly to their phones. Let us know who you’d be more ready to trust with your kids’ lives in the comments.
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Nobody ever says “this is business” before doing something nice, and the recently reborn Lion Electric company is keeping that streak alive by doing the unthinkable to cut costs: they’re going to void the warranties on hundreds of electric school buses.
This past summer, the fallout from Lion Electric’s dissolution reached a critical mass, and the company’s new owners — the Quebec-based real estate giants Groupe MACH — decided to cancel the warranties on electric school buses sold in the US, leaving many districts with unsafe or broken down buses and no recourse to get their money back while the brand continued to take orders and make money in Canada.
Now, it seems like even the Canadian fleets have some serious safety concerns. School Transportation News and the CBC report that The Quebec Ministry of Education has ordered Lion school bus models be taken out of service immediately after a pair of LionC electric buses caught fire in Montreal, Quebec on Sept 9th, leading to disruptions across the province and a renewed scrutiny of Lion bus safety (Lion360 diesel-powered school buses, which Lion manufactured prior to only producing electric vehicles in 2017, were also affected by the issue).
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Lion Bus (the company’s new, official name), has issued an inspection bulletin detailing a four-hour repair, which reads, “We have identified some potential anomalies in a sub-component of the HVAC system that Lion obtains from a third-party supplier … in the interest of safety above all else, we request that Lion bus operators perform the following inspections and modifications: mandatory inspection of several low-voltage electrical connections, replacement of certain electrical connectors, replace fan fuses with less powerful ones, adding a fuse to an HVAC control panel circuit. This inspection and modification procedure must be carried out on all Lion360 (diesel) and LionC 3rd generation and earlier buses (Gen3, Gen2 and Gen1).”
No word yet on whether the issue impacts any of the few Lion Electric buses still on US roads, but remember: Lion Bus wouldn’t help you if it did.
You can read about Lion’s decision to leave US school districts holding the bag on its troubled products in the original July post, below, then let us know how you feel about Groupe MACH’s handling of the situation in the comments section at the bottom of the page.
The warranty story
LionC Electric bus; via Lion Bus.
In a letter issued to exiting Lion Electric customers last week, Deloitte Restructuring announced that the warranties on all Lion vehicles purchased outside of the company’s home Province of Quebec are null and void – leaving dozens of school districts in the lurch with stranded assets that won’t get fixed, and can’t be sold to generate funds for replacements.
“We are working with alternate vendors at the expense of the school district to help keep our electric buses functional and on the road,” explains Dr. Richard Decman, Superintendent of Herscher CUSD No. 2 district in Herscher, Illinois. “Currently, six of our 25 (Lion) electric buses need some type of repair.”
Student Transportation News reports that Lion buses represent fully half of Herscher’s overall fleet of 50 buses, and that the district has received nearly $10 million for the purchase of 25 electric buses and the related charging stations from various state and utility incentive programs.
Herscher isn’t the only district having problems with Lion buses. “All four Lion buses that we own are currently parked and not being used,” Coleen Souza, interim transportation director of Winthrop Public Schools, told Clean Trucking. “Two of them are in need of repairs which would cost us money which we are not willing to invest in because the buses do not run for more than a month before needing more repairs.”
More of the same in Maine, where Yarmouth School Department bought two Lion Electric buses in 2023 with the state covering the costs. According to Superintendent Andrew Dolloff, the buses almost never worked. “We’ve had some sporadic service over the past two years, but as soon as the tech leaves, the buses produce error codes again,” explained Dolloff. ” and “Then the technician quits or is released, and we wait a few months for the next response.”
Dolloff added that Yarmouth’s electric buses did not operate during the 2024-25 school year.
Lion’s new owners are seemingly uninterested in their customers’ plight – which might be easily dismissed if those new owners, Groupe MACH, weren’t also the old owners of Lion Electric.
That’s right, kids. Quebec-based real estate company Groupe MACH, which stepped in to “save” Lion Electric earlier this summer, along with Ontario-based Mirella & Lino Saputo Foundation, bought $90 million of equity in Lion Electric back in 2023. And, while the MACH people may not have been the ones who ultimately made the call about voiding the warranties (that decision was made by the Deloitte bankruptcy team), it is absolutely Group MACH who have, to date, not announced plans to continue to honor those warranties, either.
Make of that what you will.
Deloitte Lion letter
SOURCES: School Transportation News, Clean Trucking, Deloitte.
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The first-ever Liebherr MK 120-5.1E electric crane in customer hands has rolled into the narrow, historic streets of Bern’s old town at 20 meters tall with a 45 meter reach and (of course) zero emissions, no vibrations, and almost no noise.
Deployed by Swiss construction firm Zaugg AG Rohrbach, the new Liebherr electric mobile crane is working hard placing temporary roofs above operational construction sites. It’s precise work, since the narrow streets of Bern’s historic old town weren’t even built for cars — much less massive, five-axle construction machinery. The prices controls and smooth operation of the electric drive mean the MK120-5.1E’s operators could confidently navigate the narrow streets without causing damage and creating new, unpaid jobs for themselves.
“The all-wheel steering allows us to manoeuvre easily in the narrow alleyways,” explained Stefan Stettler, head of the crane department at Zaugg AG Rohrbach. In reverse gear, the crane worked its way along the historic Rathausgasse to its construction site, past the arcades typical of the old town.
“The low-noise and emission-free crane work is naturally pleasant for (Bern’s) residents, tourists and passers-by,” explained Stettler. “Especially as we only extended the crane support on the side facing away from the construction site by 50 per cent, allowing pedestrians and cyclists to pass through at all times.”
The MK120-5.1E electric mobile crane offers 8,000 kg (~17,650 lbs.) of lifting capacity, and all of the crane’s drives and winches are powered by electric motors, eliminating both the need to “warm up” or service oil-based hydraulics. It can be had with either a 98 kWh on-board battery (shown) or a 544 hp Liebherr diesel genset.
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