Today, in cryptocurrency, a judge denied Ripple and the SEC’s request to reduce civil fines by $125 million, Galaxy Digital raised $175 million in external backed venture fund, and Invesco became the ninth company to apply for a live Solana ETF.
US judge denies ripple, SEC joint requests $125 million to reduce fines
U.S. District Court Reject joint motion Indicative rulings from the Securities and Exchange Commission (SEC) and Ripple to reduce civil fines of $125 million and reverse the order that defines the main sale of XRP to institutional investors as securities transactions under Section 5 of the Securities Act.
An indicative decision allows lower courts like district courts to issue orders that are pending review in the appeals court system but require approval from the High Court.
In a filing filed Thursday in the U.S. District Court in the Southern District of New York, Judge Anal Taris wrote that the court would not revoke the early ruling, i.e. Includes a fine of $125 millionThis is consistent with the federal securities laws passed by Congress. Torres believes:
Ultimately, the court partially approved the injunction and civil fines required by the SEC, as the court ruled that “Ripple’s willingness to break through the boundaries of the (summary judgment) orders suggests that if the boundaries have not been crossed, it is possible that it ends up eventually.” None of these changes—the parties barely pretended to have its existence.
Nevertheless, they now claim that it is in the public interest to reduce civil fines by 60% and to remove the permanent injunction less than a year ago. ” Torres wrote.
All parties can reduce fines and avoid The initial ruling of the court Torres wrote that his order was only passed through the appeal process prescribed by Congress, rather than directly revoking his order to the lower court.
Galaxy Digital raises $175 million in first fund to expand cryptocurrency investment
Galaxy Digital owns Closed $175 million in venture capital fundThis is the first time external capital is being used as the company has stepped up plans to invest in early-stage crypto startups.
The fund surpassed its $150 million target, marking the first time Galaxy has accepted external capital. So far, the company has relied solely on its own balance sheet to make venture capital investments, according to Press release to Thursday.
The fund targets high-growth areas such as Stablecoins, Sigkenization and Depay, as well as the software layers that support them.
“We are seeing accelerated adoption of various institutional and retail users worldwide, especially near use cases such as payments, capital markets and financial services,” commented Mike Giampapa, general partner.
Founder and CEO Mike Novogratz said the company was able to shut down its first venture fund during one of the toughest times for crypto fundraising.
He added: “With deep roots in Onchain Market and blockchain infrastructure, we are committed to supporting founders and startups to build real-world use cases that shape the adoption of the next chapter.”
Invesco becomes 9th bidder for Spot Solana ETF
Asset Manager Invesco has joined the ninth company and hopes to launch the spot Solana (Sol) exchange fund, Submit a registration statement to the regulator On Wednesday, it will join Galaxy Digital for the Invesco Galaxy Solana ETF.
The fund will hold Solana directly and is intended to track its price and, if approved, will be traded on the CBOE BZX exchange under the stock “QSOL”. The file says it can also “store a portion of Sol from time to time”.
Invesco and Galaxy will need to submit Form 19B-4, which proposes rule changes to the SEC so that the agency can begin considering the process of approving ETFs.
It joins Coinshares, Vaneck, Bitwise, Grayscale, 21shares, Canary Capital, Franklin Templeton and Fidelity Investments in an effort to launch the Solana ETF, and analysts say there is a 90% chance of approval that can be approved next month, ahead of the regulatory deadline on October 10.
