CDC report underscores importance of Judge’s verdict in Ripple case
The Chamber of Digital Commerce (CDC), an American advocacy organization, on August 1, unveiled a comprehensive “impact and analysis” report on the SEC’s lawsuit against Ripple. The report scrutinizes the case’s verdict, highlighting its profound implications for the crypto industry’s future.
According to the CDC’s evaluation, Judge Analisa Torres’s ruling sets a vital precedent in digital currency. It distinguishes between an investment contract and the underlying asset, representing a groundbreaking development in crypto regulation.
The report examines Judge Torres’s categorization of Ripple’s XRP token distributions into three classes: institutional sales, programmatic sales and other distributions. She applied the ‘Howey Test’ meticulously to determine if these distributions constituted an offer and sale of investment contracts.
The CDC expressed satisfaction with the ruling, which aligned with their stance as articulated in their amicus brief supporting Ripple, marking an advocacy victory. Perianne Boring, the CDC’s founder and CEO, underscored the ruling’s importance in establishing precedents for future legal encounters in the crypto industry.
Boring stressed the importance of a balanced playing field in the digital asset sector and the group’s commitment to advocating policies supporting U.S. leadership in the digital economy. While Judge Torres’ ruling was a step towards logical crypto regulations, the CDC firmly believes that definitive regulatory clarity can only come through effective legislation by Congress.
Related: Blockchain arms race risks being won by ‘adversarial nations’ — US crypto lobby group
The CDC acknowledges the introduction of multiple blockchain and digital asset regulatory bills in the House and Senate. However, they express uncertainty about the enactment of these bills, primarily due to constraints posed by the legislative calendar.
Despite the challenges, the CDC persists in advocating for a comprehensive legal framework for digital assets, creating a conducive environment for digital asset product launches. In February, the CDC accused the United States Securities and Exchange Commission of overstepping its authority and unfairly labeling crypto assets as securities, in its insider trading case against ex-Coinbase employees.
Magazine: Deposit risk: What do crypto exchanges really do with your money?
Politics
Angela Rayner admits she should have paid more stamp duty on flat purchase – and considered resigning
Angela Rayner has admitted she did not pay the right amount of stamp duty on the purchase of her second home and has referred herself to the independent adviser on ministerial standards.
Speaking to Sky News’ political editor Beth Rigby on the Electoral Dysfunction podcast, the deputy prime minister became tearful as she claimed she received incorrect tax advice and spoke to her family about “packing it all in”.
Ms Rayner, who is also the housing secretary, has been under scrutiny after a report in The Daily Telegraph claimed she avoided £40,000 in stamp duty on a flat in Hove by removing her name from the deeds of another property in Greater Manchester.
In a lengthy statement released today, she said it was a “complex living arrangement” as her first home was sold to a trust following her divorce to provide stability for her teenage son, who has lifelong disabilities and is the sole beneficiary of the trust.
She said initial legal advice was that the standard rate of stamp duty applied, but following media reports, she sought expert counsel who said more tax is due.
She added that these matters were confidential but she applied to a court yesterday to get this lifted in the interests of public transparency.
In a subsequent interview with Beth Rigby, a visibly upset Ms Rayner said: “I’ve been in shock, really, because I thought I’d done everything properly, and I relied on the advice that I received and I’m devastated because I’ve always upheld the rules and always have felt proud to do that.
“That it is devastating for me and the fact that the reason why those confidential clauses were in place was to protect my son, who, through no fault of his own, he’s vulnerable, he’s got this life changing, lifelong conditions and I don’t want him or anything to do with his day-to-day life, to be subjected to that level of scrutiny.”
Asked if she thought about quitting rather than disclose the details about her son, the cabinet minister added: “I spoke to my family about it. I spoke to my ex-husband, who has been an incredibly supportive person because he knows that all I’ve done is try and support my family and help them.”
Allies jump to Rayner’s defence
Her comments came shortly before the first PMQs following the summer recess. Tory leader Kemi Badenoch said Sir Keir Starmer should fire his deputy.
“If he had backbone, he would sack her,” she said.
Please use Chrome browser for a more accessible video player
Starmer defends Rayner amid calls for sacking
However, the prime minister defended Ms Rayner, saying he is “very proud” to sit alongside her.
“She’s gone over and above in setting out the details, including yesterday afternoon asking a court to lift a confidentiality order in relation to her own son,” the prime minister said.
“I am very proud to sit alongside a deputy prime minister who is building 1.5m homes, who is bringing the biggest upgrade to workers’ rights in a generation, and has come from a working-class background to become deputy prime minister of this country.”
Liberal Democrat leader Sir Ed Davey also came out in support of Ms Rayner, saying as the parent of a disabled child himself he trusts that she was acting in her family’s interests.
“I understand it is normally the role of opposition leaders to jump up and down and call for resignations – as we’ve seen plenty of from the Conservatives already,” he said.
“Obviously if the ethics advisor says Angela Rayner has broken the rules, her position may well become untenable.
“But as a parent of a disabled child, I know the thing my wife and I worry most about is our son’s care after we have gone, so I can completely understand and trust that the deputy prime minister was thinking about the same thing here.
“Perhaps now is a good time to talk about how we look after disabled people and how we can build a more caring country.”
Ms Rayner was also backed by Paul Nowak, the general secretary of the TUC, who told Sky News’ chief political correspondent Jon Craig that he thinks attacks against her are driven by a “heavy dose of misogyny”.
He said: “Angela Rayner comes under sustained coverage because she’s a working-class woman in a way that frankly Nigel Farage, leading members of the shadow cabinet, never would.
“I think there’s a real heavy dose of misogyny when it comes to Angela. As far as I’m concerned, the prime minister’s got faith in her and I think the country’s got faith in her as well.”
Health Secretary Wes Streeting also came to her defence, telling BBC Radio 5 Live that she acted in “good faith” and it would be an “absolutely travesty” if she had to resign.
Prime Minister Sir Keir Starmer defended Angela Rayner in PMQs. Pic: PA
Key points from Rayner statement
In her statement, Ms Rayner said that following the divorce from her husband in 2023, they agreed to a nesting arrangement where their children would remain in their family home, in Ashton-under-Lyne, while they alternated living there.
She said she sold her interest in that home to a trust earlier this year, before buying the property in Hove.
Angela Rayner arrived in Downing Street for Cabinet on Tuesday. Pic: PA
The trust was originally set up in 2020 to manage a payment to one of her sons after a “deeply personal and distressing incident” as a premature baby that left him with lifelong disabilities
The home had been adapted for her son and the sale to the trust was to give him “the security of knowing the home is his”, Ms Rayner said.
She went on to say that she did not own any other home when she bought the flat in Hove, and her understanding “on advice from lawyers, was that my circumstances meant I was liable for the standard rate of stamp duty”.
She added: “However, given the recent allegations in the press I have subsequently sought further advice from a leading tax counsel to review that position and to ensure I am fully compliant with all tax provisions.
“I have now been advised that although I did not own any other property at the time of the purchase, the application of complex deeming provisions which relate to my son’s trust gives rise to additional stamp duty liabilities.”
Ms Rayner said she is working with HMRC to establish what is owed, claiming her arrangements “reflect the reality that family life is rarely straightforward”.
She concluded: “I deeply regret the error that has been made. I am committed to resolving this matter fully and providing the transparency that public service demands.
“It is for that reason I have today referred myself to the Independent Adviser on Ministerial Standards, and will provide him with my fullest cooperation and access to all the information he requires.”
Watch and listen to the full Electoral Dysfunction interview on Wednesday afternoon – www.podfollow.com/electoraldysfunction
Crypto lawyer John Deaton says anyone who denies the “XRP Army” affected the outcome of the SEC and Ripple court case is either ignorant or lying.
Amid the US set to implement a stablecoin framework after passage of the GENIUS Act, EU officials are looking at the implications of foreign-issued stablecoins.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Sports2 years agoButton battles heat exhaustion in NASCAR debut
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment11 months agoHere are the best electric bikes you can buy at every price level in October 2024