Hundreds of flights cancelled as Typhoon Champi shuts Taiwan

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By Associated Press | Posted by TOE   Taiwan shut down schools and offices and grounded hundreds of flights as Typhoon Champi brushed by the island Friday, packing strong winds and torrential rains. Champi peaked at 298 kph (185 mph) maximum sustained winds earlier this week but has weakened to 155 kph (96 mph) winds as it approached Taiwan from the southwest. Its center is forecast to remain offshore as it sweeps by the island’s northeastern tip before turning north toward Japan’s southwestern islands. Taiwan’s Central Weather Administration urged residents in coastal areas to avoid outdoor activities and driving and be cautious of falling objects. One person was killed Thursday after being swept by waves in Liuqiu, a small island off the southeastern coast of Taiwan’s main island, according to the fire department. Ninety-four others were injured in the storm. Almost 1,300 people have been evacuated from vulnerable, mountainous areas, the government said. ...
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US Court Defies SEC Interpretation Of Crypto, XRP Lawyer Weighs In

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Regulators are still figuring out how to oversee crypto, but some recent judicial rulings show promise for the industry’s legal battles with the US Securities and Exchange Commission (SEC).

Bill Morgan, an attorney representing Ripple in its protracted legal battle with the SEC, has been vocal about the evolving judicial stance on crypto. His recent comments underline a changing tide in the interpretation of digital assets and a seeming divergence from the SEC’s traditionally stringent perspective.

Judge’s Affirmation Of BTC And ETH As Commodities

In the thick of several lawsuits against crypto firms, the courts have shown a trend of contradicting the SEC’s assertions. An instance of this is Judge Katherine Polk Failla’s recent ruling.

The decentralized exchange, Uniswap Labs, was embroiled in accusations of fraud by six individuals who claimed to lose funds from scam tokens on the platform.

Despite these claims, Judge Failla dismissed the lawsuit against Uniswap. In her dismissal order dated August 30, she asserted that leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), are commodities, not securities under US laws. Judge Failla stated:

The Court finds that the smart contracts here were themselves able to be carried out lawfully, as with the exchange of crypto commodities ETH and Bitcoin.

Recognizing leading digital assets as commodities is a notable deviation from the SEC’s position. The SEC has been clear that Bitcoin is a commodity from their perspective, but it’s more obscure regarding Ethereum. 

Judge Affirms XRP’s Non-Security Status

Further solidifying the changing judicial outlook is Judge Analisa Torres’ verdict over Ripple Labs. The landmark ruling declared that the secondary sales of XRP to retail investors should not be classified as securities.

Reinforcing this sentiment, Morgan emphasized, “XRP itself is not a security.” This perspective is crucial for Ripple, which has been at loggerheads with the SEC over the classification of the digital token.

Morgan’s belief extends beyond Ripple’s case. He predicts that the SEC will likely face defeat in “the three big cases that count,” pointing to the legal battles involving Ripple Labs, Grayscale Investments, and Coinbase.

It is important to note that these judicial stances have significant implications. They not only shape current and future legal battles in the crypto industry but they can influence the current regulatory framework.

With prominent figures such as Bill Morgan shedding light on these rulings, it seems the US courts are progressively recognizing the nature of cryptocurrencies, setting a precedent that could influence future regulatory discussions globally.

Bitcoin (BTC) price chart on TradingView amid crypto news

Featured image from Unsplash, Chart from TradingView



from Bitcoinist.com https://ift.tt/mcnAYkj

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