Top Stories of The Week
XRP rockets 26% as Ripple execs hail $125M penalty as ‘victory’
The price of XRP surged 26% as a New York federal judge moved closer to ending a three-year securities lawsuit against Ripple Labs, which executives are calling a “victory” for the industry.
On Aug. 7, a judge ordered Ripple Labs to pay a $125 million civil penalty and said the firm was “permanently restrained and enjoined” from violating United States securities laws as part of a case brought by the Securities and Exchange Commission. Cointelegraph reported that the ruling seemingly puts Ripple’s case with the SEC in its final stages since the regulator initially filed the lawsuit in December 2020.
XRP rallied 26% to $0.63 after the news, recouping most of its losses from the broader crypto downturn since Aug. 5, according to CoinMarketCap data. At the time of publication, XRP was trading at $0.59.
Ripple Labs CEO Brad Garlinghouse stated in an X post shortly after: “This is a victory for Ripple, the industry and the rule of law. The SEC’s headwinds against the whole of the XRP community are gone.”“The SEC’s unhinged campaign against us is finally over. Let’s all hope this ends this Administration’s war on crypto,” Ripple Labs co-founder Chris Larsen added in a post on X.
India demands $86M from Binance in unpaid GST taxes
Indian law enforcement agencies have demanded 722 crore Indian rupees ($86 million) in unpaid taxes from crypto exchange Binance.
Binance, along with numerous other offshore crypto exchanges, was banned in India in January 2024 for noncompliance with local regulations. However, in April, Binance revealed its intent to restart its crypto trading operations in the region after paying pending taxes.On Aug. 6, the Directorate General of Goods and Services Tax Intelligence (DGGI) — an Indian law enforcement agency — demanded 86 million from Binance under the Goods and…
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