UK Rejects Proposal to Regulate Crypto Like Gambling

Written by:
Aaron Goldstein
Published on:

This is the latest news in the world of cryptocurrencies.  Digital currencies are an essential when it comes to many of your favorite online gambling sites, some of which offer top Bitcoin bonuses.


UK Rejects Proposal to Regulate Crypto Like Gambling (July 20, 2023)

The United Kingdom has rejected a measure that would regulate cryptocurrencies in the same way that gambling is regulated.

In May, the Treasury Committee of the House of Commons said it believed the government intended to impose crypto laws that are broadly similar to those for traditional finance.

On 19 July UK financial services minister Andrew Griffith offered the following assessment, drawing on the recent failure of the FTX Exchange and saying that it had "informed the UK’s proposed approach towards protecting UK consumers.

"Initial findings and statements regarding the causes of this event point towards (i) the commingling of customer and firm assets, (ii) a lack of transaction documentation, (iii) inadequate information controls and cybersecurity, (iv) unmanaged conflicts of interest between the main trading platform and the proprietary trading arm (v) lack of financial and risk management capabilities (vi) deficiencies in corporate governance and (vii) excessive leverage.

"A system of gambling regulation, in isolation, would be unlikely to address these risk factors. It would also not be equipped to deal with insider dealing, market manipulation, predatory short selling and many other behaviours which can manifest themselves in both cryptoasset markets as well as traditional financial services markets.

"The Gambling Commission has a strong track record of safeguarding consumers and the wider public by ensuring gambling is safe and fair. However, overseeing financial risks, which are akin to those which exist within financial markets, is not within the mandate
or field of expertise of the Gambling Commission."

U.S. Judge Says SEC Lawsuit vs Ripple Labs Can Proceed to Trial on Some Claims (July 12, 2023)

U.S. District Judge Analisa Torres has granted summary judgement in favor of Ripple Labs allowing that the XRP token is not a security.

The SEC had accused the company and its current and former chief executives of conducting a $1.3 billion unregistered securities offering by selling XRP, which Ripple's founders created in 2012.

The institutional sale of the XRP tokens did violate federal securities laws, however.  A court ruled as it granted Ripple's motion for summary judgment in part.

Per court documents:

“Defendants’ motion for summary judgment is GRANTED as to the Programmatic Sales, the Other Distributions, and Larsen’s and Garlinghouse’s sales, and DENIED as to the Institutional Sales.”

Ripple is used in the online casino space and is known for its fast transactions and low fees.

- Aaron Goldstein,

Business/Financial News

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