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According to CryptoPotato, Ripple has challenged the United States Securities and Exchange Commission's (SEC) proposed $2 billion fine related to XRP sales. The company argues that the majority of transactions were legal and informed, suggesting a maximum penalty of $10 million. This case is moving towards a crucial trial that could significantly affect XRP's price and the broader cryptocurrency market. The legal dispute between Ripple and the SEC is intensifying, with both parties taking numerous actions. The regulator proposed a $2 billion fine on Ripple about a month ago, accusing the company of XRP sales violations. Ripple's management team, including CEO Brad Garlinghouse and CLO Stuart Alderoty, strongly disagreed with the proposal, accusing the SEC of making false and misleading statements. Alderoty recently disclosed that Ripple has filed its opposition to the SEC's proposal, expressing confidence that the magistrates will handle the final remedies phase fairly. The company provided several key reasons why the penalty should not exceed $10 million. Firstly, Ripple argued that there are no allegations of deceiving or misleading individuals and entities who purchased XRP years ago. The company stated that these entities were fully informed about the transactions they were entering and did so in their own financial interests. Secondly, Ripple maintained that most of its XRP transactions were legal and did not act with scienter. The company also argued that it did not cause significant financial losses and that the SEC cannot prove otherwise. Ripple concluded its opposition by stating that the SEC's suggestion that Ripple's total assets warrant a massive fine is erroneous, as the SEC regularly imposes far smaller fines to deter misconduct by the world's largest corporations. Ripple's response came just before the start of the final phase of the lawsuit between the company and the US SEC, which will determine the outcome of the lengthy legal battle. The trial is scheduled to begin today (April 23), and some believe Ripple enters with an advantage, having secured three partial court victories last year. The case's resolution could significantly impact XRP's price, potentially triggering a bull run if Ripple decisively wins. Conversely, a loss for Ripple could have negative implications for the entire cryptocurrency industry and lead to the implementation of stricter regulations.

According to U.Today, the online cryptocurrency community is abuzz with discussions about a rumored 1% wealth tax on large Bitcoin holders, often referred to as 'whales'. This speculation has been fueled by a recent letter, allegedly signed by Senator Elizabeth Warren, sent to US President Joe Biden. However, there is no official confirmation of such a policy. The purported legislative proposal aims to address regulatory challenges arising from the increasing adoption of cryptocurrencies. It suggests that individuals or corporations holding cryptocurrencies valued at over $1,000 should report these holdings to the Internal Revenue Service (IRS) annually. Moreover, the proposal advocates for a 1% wealth tax on entities holding digital assets worth more than $500,000. Some members of the crypto community believe that this proposed 1% tax could be a government strategy to regulate the market and prevent large holders from manipulating Bitcoin prices. However, the authenticity of the bill, which has been dismissed as false, is intended to address growing wealth disparities in the United States. The proposal suggests that individuals and entities with significant crypto wealth should contribute to public services and investments. Cryptocurrencies are classified as capital assets by the IRS in the U.S. Therefore, any gains or losses from buying, selling, or exchanging cryptocurrencies are treated as capital gains or losses. In 2021, the Biden administration proposed a tax plan to increase the capital gains tax rate to 43.4% for citizens earning over $1 million. This proposal faced significant backlash, with venture capitalist Tim Draper arguing that it could harm 'the golden goose that is America'.

According to PANews, following a jury verdict that found Terraform Labs and Do Kwon guilty of fraud, the U.S. Securities and Exchange Commission (SEC) has filed a motion seeking to recover $5.3 billion in illicit gains and civil penalties. In a document submitted to the U.S. District Court for the Southern District of New York on April 19, the SEC asked Terraform Labs and Do Kwon to pay approximately $4.7 billion in illicit gains and pre-judgment interest, as well as a total of $520 million in civil penalties. In addition, the SEC proposed to prohibit Do Kwon from serving as an executive or director of a securities issuing company and to provide detailed information about his accounts and assets. On April 5, a New York jury found Terraform and Do Kwon guilty of allegedly deceiving investors in the sale statements of TerraUSD (UST), Luna, and wLUNA.

According to CryptoPotato, the ongoing legal dispute between Ripple and the United States Securities and Exchange Commission (SEC) over allegations of illegal XRP sales is set to proceed to trial on April 23. Ripple's Chief Legal Officer has confirmed that there will be no settlement before the trial, contrary to previous speculations. The legal conflict, which began over three years ago, entered its final phase when the SEC accused Ripple in December 2020 of illegally selling XRP in an unregistered security offering. Ripple has disputed these claims, arguing that XRP should not be considered a security and therefore does not fall under the SEC's jurisdiction. The trial, scheduled for April 23, will be decided by a federal judge. Some believe that Ripple has a better chance of winning, given that it secured three partial court victories last year. In addition to the start of the trial, Ripple is expected to respond to the SEC's request for penalties by April 22, with the regulator's reply due by May 6. Earlier this month, there were speculations that a settlement might be reached before the trial due to a final pretrial conference on April 16. However, Ripple's Chief Legal Officer, Stuart Alderoty, dismissed these rumors, stating that there was no final pretrial conference because the SEC had dropped the charges against Brad Garlinghouse and Chris Larsen. The resolution of this lengthy case could potentially have a positive impact on the price of XRP, particularly if Ripple emerges victorious. The price of the asset has seen significant increases following each of Ripple's partial victories in 2023. Conversely, a negative outcome could hinder the industry's progress and lead to the implementation of stricter regulations.

Terraform co-founder Do Kwon will be released from prison in Montenegro, but will remain in the Balkans as he faces criminal charges brought by authorities in several countries, Odaily Planet Daily reports. Montenegro’s High Court on Friday ordered the confiscation of the South Korean cryptocurrency tycoon’s passport to prevent him from leaving the country, according to Montenegrin daily Vijesti. Following a court order, Kwon will leave Spuž prison on Saturday. Prosecutors opposed Kwon's extradition to South Korea, preferring that he be sent to the United States, where he could face a longer prison term if convicted.

Finbold reports that the EU now bans the use of unidentified self-hosted cryptocurrency wallets for cryptocurrency payments of any size, Wu said. A majority of the EU Parliament's leadership committee approved the ban on March 19. The new anti-money laundering law bans cash payments up to a certain threshold and any anonymous cryptocurrency payments.

Recently, Binance CEO Richard Teng and representatives of the Binance team visited the Taiwan High Prosecutors Office (hereinafter referred to as the Taiwan High Prosecutors Office) and met with the Chief Prosecutor of the Taiwan High Prosecutors Office, Chang Dou-hui. The two sides also had an in-depth discussion on the issue of virtual asset crime prevention and control

According to Wu, Patrick Hansen, Circle's head of European policy, explained that the EU requires custodial crypto businesses not to provide services to anonymous users, does not allow privacy coin services, and prohibits the listing of crypto assets with built-in anonymity features.

According to CryptoPotato, Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) has been going on for more than three years and is now about to enter its final stage – a trial scheduled for April 23. Until then, both parties must comply with court requirements.

According to CoinDesk, the European Securities Markets Authority (ESMA) has released a series of final reports on the regulation of the EU cryptoasset market (MiCA).