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States sue Trump in what many are calling a pretty significant legal battle that just launched on Wednesday at the United States Court of International Trade. Twelve states have actually come together to challenge what they’re describing as unlawful tariff policies that are currently causing economic turmoil across America. The states sue Trump specifically over his use of the International Emergency Economic Powers Act to impose tariffs, which they believe and argue exceeds presidential authority. Also Read: JP Morgan Predicts When Gold Prices Will Reach $4,000 Why States Are Suing Trump Over Tariffs And What It Means For You Source: CNN Legal Challenge Unfolds States sue Trump through a coalition of attorneys general from Oregon, Arizona, Colorado, Connecticut, Delaware, Illinois, Maine, Minnesota, Nevada, New Mexico, New York, and Vermont. The tariff lawsuit argues that Trump’s trade war essentially violates constitutional principles by taking over powers that are actuall...

Outgoing Securities and Exchange Commission (SEC) Chairman Gary Gensler has filed a document that will probably be his organization’s final lawsuit against a crypto promoter. The document explains why a crypto industry-redefining ruling about Ripple’s XRP was supposedly a tragic error. In the SEC’s new appeal to the Second Circuit, commissioners revisit the landmark ruling by the US District Court for the Southern District of New York — concluding that it was a huge mistake. In that widely misinterpreted ruling, judge Analisa Torres decided that Ripple didn’t illegally offer $757 million worth of unregistered securities via programmatic sales of XRP to retail buyers. Within hours, that determination sparked a 60% rally of the XRP token and spread misconceptions like the belief that “no blockchain token is ever a security” or that somehow the SEC never has jurisdiction over crypto exchanges.  Fans of the decision preferred to ignore US courts’ lo...

Consensys blames SEC at top of 20% staff layoff announcement Pro-Ethereum conglomerate Consensys has announced a mass round of layoffs that its founder and CEO Joe Lubin has primarily blamed on the Securities and Exchange Commission’s (SEC) “abuse of power” and “attacks.” In a blog post announcing the 162 “right-size” job cuts — 19.5% of its 828 employees — Lubin also called out Congress for its “inability to rectify” Consensys’ legal woes. The SEC is suing Consensys for several profitable business units that allegedly violate US law. In its June 28 suit, commissioners explained that Consensys’ Swaps feature of its MetaMask software acts as an unregistered broker that effects securities transactions on behalf of investors. Moreover, they say Consensys also sold unregistered securities through its MetaMask Staking. A message from our CEO @ethereumjoseph on the tough decision that Consensys has made today to...

The SEC has officially filed its notice of appeal in the Ripple XRP lawsuit, according to a new filing sent to a New York court Wednesday. In August a judge ordered Ripple to pay just over $125 million in civil penalties, officially ending the SEC’s lawsuit & concluding that XRP is not a security. The decision was a win for Ripple and all of the crypto industry. However, the SEC has finally decided to send out an appeal to the ruling after over a month of speculation, and just days before the deadline to do so. JUST IN: SEC files notice of appeal in the Ripple $XRP case. — Watcher.Guru (@WatcherGuru) October 2, 2024 The SEC is looking to overturn the rulings of the case by Judge Analisa Torres of New York. Judge Torres ultimately ruled that the programmatic sales of XRP and Ripple’s distribution of XRP tokens in exchange for labor and services are not securities offerings or sales. Correspondingly, the US regulator hopes to delay the pretrial proceedings and trial pending the re...

Binance is reportedly laying off over 1,000 employees as part of a restructuring effort that could result in a reduction of more than a third. Wall Street Journal shared an insight on June 14. According to an unnamed Binance spokesperson, 1,000 people have already been laid off. They added that up to 3,500 people will lose their positions in Binance by the end of 2023. A week earlier, several senior executives, including chief strategy officer Patrick Hillmann and general counsel Hong Ng, also shared their departure from the company. Moreover, in March 2023, the company responded to rumors of 20% layoffs, which were not officially confirmed by then. You might also like: Binance responds to layoff rumors, denies 20% staff cut Binance’s CEO, Changpeng Zhao, quickly reacted to the layoffs on Twitter in his usual fashion, accusing the media of spreading fear, uncertainty and doubt (FUD). However, CZ still confirmed that some job cuts eventually took place. As we conti...