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Ripple Secures Win in Singapore, Against SEC

SEC fails to make headway with Ripple, which is making significant headway in Singapore. Also ETH falls flat after ETF debuts, more on the fentanyl-crypto link and security breaches cause $700 million in digital asset losses in Q3.

Photo by Joshua Ang / Unsplash

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SE-who? Ripple is continuing to make strides despite the SEC thorn in its side. On Tuesday, US District Judge Analisa Torres denied the SEC permission to appeal her ruling.

In July, Torres ruled that Ripple's sale of XRP digital tokens complied with securities laws and did not violate federal securities laws.

Finding no "substantial ground for difference of opinion" about her decision, the judge rejected the SEC's objections. The regulatory body had requested the appeal on the grounds that the ruling would have a “substantial impact on a large number of pending litigations.”

Torres also said her ruling did not conflict with US District Judge Jed Rakoff in Manhattan's ruling that Terraform Labs' Terra USD token was a security when sold on public exchanges.

Undeterred by the SEC drama, the Monetary Authority of Singapore (MAS) has meanwhile granted Ripple a Major Payments Institution (MPI) license. The full license allows Ripple to provide regulated digital payment token services in Singapore

Describing Singapore as "pivotal to Ripple's global business," Ripple CEO Brad Garlinghouse praised MAS' leadership for developing the city-state into "one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.”

Making no progress in the US but substantial progress overseas, Ripple now aims to have 50% of its global staff based outside the US by the end of 2023. 80% of recent hires have already been outside the US and more than 90% of its business is conducted abroad. Singapore is proving to be one of Ripple's fastest-growing regions.

Ripple's license follows Coinbase and Sygnum, which received their MPIs earlier this week. GSR also received an In-Principal Approval (IPA) earlier yesterday.

Coinbase, which has also been in the SEC's crosshairs, is making headway outside the US too. Recently, the world's second-largest crypto exchange obtained regulatory approval from the Bermuda Monetary Authority (BMA) to offer perpetual futures trading to customers outside the US. 

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The SEC may have overestimated its power to quash crypto giants...


  • Q3 2023 Sees $700 Million in Digital Asset Losses: A recent report by CertiK has unveiled the staggering figure of approximately $700 million in digital asset losses due to security breaches and incidents during the third quarter of 2023. The report highlights the significance of rigorous security measures and risk management practices in the ever-evolving and often volatile cryptocurrency landscape. Private key compromises were identified as the most pernicious of these incidents, siphoning over $204 million across 14 separate cases, followed by exit scams and oracle manipulation, which counted 93 and 38 incidents respectively.
  • US Government, Binance, Thai Police Dismantle $277M Crypto Scam: The US government, in collaboration with cryptocurrency exchange Binance and Thai law enforcement agencies, has successfully dismantled a cryptocurrency scam operation that had impacted thousands of people in Thailand. This operation exposed a fraudulent pig butchering scheme that had lured victims into investing significant amounts of crypto. As a result, approximately $277 million in seized assets, including luxury cars, homes, land, and other upscale items, have been recovered.
  • Justice Department Accuses China-Based Firms of Crypto Drug Distribution: The US Department of Justice has made allegations against China-based firms and their employees, accusing them of leveraging cryptocurrencies in the distribution of illegal drugs, specifically fentanyl. Blockhead previously reported that London-based blockchain analytics firm Elliptic found over 90 China-based dark web companies selling fentanyl precursors, 90% of which accepted cryptocurrency payments like Bitcoin and Tether.
  • ETH Retraces Post Launch of Futures ETFs: Ethereum (ETH) experienced a retracement in its price following the launch of Ethereum futures ETFs. Although there was considerable excitement surrounding the introduction of these ETFs, they failed to generate the expected market enthusiasm. According to The Defiant, the seven ETH futures ETFs drove just $1.7M worth of trading on their first day. This development has prompted discussions about the impact of futures ETFs on the cryptocurrency market and investor sentiment, raising questions about their effectiveness as investment vehicles for digital assets. The token currently stands at US$1,646, or 1.2% down over the past 24 hours.