⏰SEC Vs. Ripple: Finale in Aug 15?

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Breaking: August 15 may be the D-day for the SEC vs. Ripple saga. All eyes are on Ripple and the SEC as they file their joint status report, anticipating a final verdict for the years-long legal battle.  

Meanwhile, global crypto ATM confiscations have once again reignited the relevance of stronger crypto regulations and stringent actions to combat crypto-related crimes.

Headlines:

• SEC Vs. Ripple: Aug 15 Deadline Looms

• Global Crypto ATM Seizures Ignite Regulatory Sweep

• Earn Rewards with Gemini Credit Card

• Lost Satoshi Statue Found in Lugano

• PayPal Unveils Crypto Payment Tool With 100+ Coins 

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The ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple nears a critical checkpoint on August 15, as both parties must file a joint status report in court, suggesting a quick and imminent conclusion to the years-long legal battle.

In-depth:

Ripple CEO Brad Garlinghouse officially withdrew the cross-appeal on June 27, 2025, through an announcement on X and fulfilled the $125 million penalty obligation, but the SEC’s withdrawal is still pending.

Background: The Legal Dispute ⚔️

In 2020, the SEC charged Ripple Labs Inc., its co-founder Christian Larsen, and CEO Brad Garlinghouse with raising $1.3 billion worth of unregistered securities through XRP sales.

SEC alleged that XRP was a security and should have been registered under the U.S. securities law, to which Ripple claimed that XRP is not a security but a digital currency and should be exempted from this rule.

In 2023, Judge Torres passed a partial ruling stating that Ripple’s institutional sales violated the SEC’s securities act, but not programmatic sales, following which she imposed a penalty of $125 million and a permanent injunction on institutional sales.

In March 2025, Ripple and the SEC submitted a joint proposal to reduce the penalty to $50 million and lift the permanent injunction on institutional sales. In June 2025, Judge Torres rejected the appeal and ruled that the injunction stays. She claimed that a final ruling by ignoring the court’s authority cannot be reached based on a private agreement. Ripple withdrew the appeal on June 27, 2025, and paid the full penalty of $125 million.

What Now for Ripple? 🤔

XRP lawyer Bill Morgan says August 15 is a legal turning point for Ripple and the SEC. He further added that they need to submit a joint status report to reach a consensus on their decision. For the SEC, it is not a legal obligation or a deadline, and it can ask for an extension.

If the SEC delays the process, it will prolong the regulatory uncertainty. However, if the SEC withdraws the appeal, Torres’s 2023 ruling becomes final and the litigation ends.

👉 Related: XRP Surges on Pre-SEC Meeting Hopes and ETF Speculation; BTC at $114k.

As part of a major operation, the UK authorities, led by the Metropolitan Police Service and the FCA (Financial Conduct Authority), confiscated 7 crypto ATMs and arrested two individuals in Southwest London. The FCA reported that the individuals were arrested for money laundering and running illegal crypto exchanges.

Details:

There has been a growing concern surrounding crypto ATMs in recent times. The FBI has reported around $247 million worth of fund loss in 2023 due to crypto ATM fraud.

These ATMs offer convenience for transferring and trading cryptocurrencies, but they are susceptible to phishing attacks, money laundering, and scams.

They operate without any official jurisdiction and are not directly registered under the FCA. Since these ATMs are unregulated, it is difficult to enforce the law and monitor transactions regularly.

With the rising number of crypto ATM frauds, the FCA has taken stringent action to regulate such transactions and bring fraudsters to justice. FCA has mandated that crypto ATMs and exchanges are obligated to register under the FCA. Failing to do so will be considered a criminal offence.

According to Senator Dick Durbin’s Crypto ATM Fraud Prevention Act, 2025, it is mandatory for crypto ATM operators to:

• Display clear scam warnings.

• Develop an anti-fraud policy and deploy a chief compliance officer.

• Limit transactions to $2000 per day.

• Offer full refunds to customers for fraudulent transactions upon a formal report within 30 days.

👉 Read More: AUSTRAC puts crypto ATM operators on notice. 

Earn Rewards with Gemini Credit Card 💳 

The Gemini Credit Card gets a new look. It is now officially rebranded as the Bitcoin Credit Card. As a promotional offer, cardholders get 10% in crypto rewards for purchases made at golf courses. The offer is an update on its core reward structure that includes 4% in gas, 3% in dining, 2% in groceries, and 1% in all purchases. The rewards are transferred directly to the cardholder’s Gemini account and support Bitcoin, Ethereum, and 50 more cryptocurrencies. 📎More at: Crowd Fund Insider. 

Lost Satoshi Statue Found in Lugano 🔍 

In a bizarre event, Bitcoin creator Satoshi Nakamoto’s iconic statue was stolen on Saturday and recovered from Lake Lugano by municipal workers on Sunday. Reportedly, the statue was broken into pieces, suggesting vandalism rather than theft for monetary benefits. The theft was reported on Saturday by Satoshigallery on X, who offered a reward of 0.1 BTC worth over $11,000. 📎More at: Cointelegraph. 

PayPal Unveils Crypto Payment Tool With 100+ Coins 💰

Fintech leader PayPal announced the launch of its new crypto payment tool that allows small-time U.S. merchants to receive payments in 100+ crypto assets, including Bitcoin, Ethereum, Fartcoin, and even $TRUMP memecoin. The tool can be integrated with leading wallets like MetaMask, Exodus, OKK, Kraken, etc. Merchants can easily convert their crypto assets into stablecoins or fiat currencies. 📎 More at: Cointelegraph.

What is a Bitcoin ATM (BTM)? 

A Bitcoin ATM (Automated Teller Machine), abbreviated as BTM, is an internet-connected physical kiosk for customers to purchase and sell Bitcoin and other cryptocurrencies through debit/credit cards, cash, or by scanning the digital wallet’s QR code. The Bitcoin ATM looks very similar to a traditional ATM and must adhere to certain regulations. There are maximum limits to deposits and withdrawals. After the transfer, the record is reflected in the digital wallet. 

Read More at 👉 Bankrate.

Cryptocurrency prices on 6th August according to CoinMarketCap.

• Metaplanet Acquires Additional 463 Bitcoin, Total Holdings Reach 17,595 BTC. Bitcoin.com

• Ethena Price Shoots 14% Ahead of Massive $100M Token Unlock, Sell-Off Ahead? Coingape

• BlackRock Bitcoin fund sees largest outflow in 9 weeks. Cointelegraph

• Litecoin Hits Five-Month High Amid ETF Optimism and $100M MEI Pharma Treasury. Decrypt

That’s it for this week guys. Before you go, do not forget to sign up with WhaleTales newsletter. See ya all next week. 🗞️😇

Disclaimer: The information provided in this newsletter is educational and not intended for any investment or financial advice.