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Global Push for Bitcoin Reserves Faces Skepticism in Japan: Report

Bitcoin is becoming a critical asset in geopolitics, with several countries competing to build national reserves which will potentially reshape their financial sovereignty. While the global push for Bitcoin grows, skeptics are becoming advocates, Japan remains hesitant to join the trend. Japan Cautious About Bitcoin Reserves According to a report by local news outlet CoinJP, Japan remains cautious about adopting Bitcoin as part of its national reserves due to concerns over security, liquidity, and volatility. In an official response dated December 20, the Japanese government clarified that crypto assets like Bitcoin do not fall under the legal framework of foreign exchange reserves. As such, the government stated that these reserves are intended to stabilize foreign currency-denominated assets and bond markets, and the volatility of Bitcoin is inconsistent with this system. Prime Minister Shigeru Ishiba, responding to a question from Satoshi Hamada of the Party to Protect the People from NHK, said that Japan currently lacks sufficient information about the strategic plans of other nations, including the United States, regarding Bitcoin reserves. Ishiba noted that discussions in these countries are still in their early stages, which essentially makes it difficult for the government to express a definitive view on adopting such reserves. Hamada had previously suggested that Japan should consider following the example of the US by converting part of its foreign exchange reserves into crypto assets like Bitcoin. However, the government reiterated its stance that the special account operation, which is tasked with governing foreign exchange reserves, prioritizes ensuring safety and liquidity. Although the Japanese government itself does not directly hold Bitcoin, its Government Pension Investment Fund (GPIF), which manages over $1.5 trillion in assets and is one of the largest pool of retirement savings in the world, is exploring Bitcoin as part of a broader portfolio diversification plan, Bitcoin Reserves Gaining Momentum President-elect Donald Trump and key Republican lawmakers are advocating a Bitcoin reserve in the country. Several states, such as Ohio , have also rallied behind this concept. Notably, the US already holds significant Bitcoin reserves, totaling 207,189 BTC, which is roughly worth around $20 billion in today’s price. This stash has been primarily acquired through criminal seizures, including from the Silk Road case. Earlier this month, Russian lawmaker Anton Tkachev proposed creating a strategic Bitcoin reserve while citing Bitcoin’s potential as a stable alternative to volatile traditional currencies. Tkachev’s appeal to the Russian Finance Minister outlined the benefits of cryptocurrencies, especially for countries facing sanctions. The post Global Push for Bitcoin Reserves Faces Skepticism in Japan: Report appeared first on CryptoPotato . CoinTurk News

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Ripple v. SEC end of 2024 case update

As 2024 winds down, the long-standing legal battle between blockchain company Ripple and the Securities and Exchange Commission ( SEC ) is still hanging in the balance. However, there are signs that a resolution might be on the horizon. The case is at a critical point, with key deadlines looming. Specifically, the U.S. Court of Appeals for the Second Circuit set January 15, 2025, as the date for the SEC to submit its opening brief in the Ripple appeal. This filing is pivotal, as it will outline the SEC’s legal arguments. #XRPCommunity #SECGov v. #Ripple #XRP The Second Circuit Court of Appeals has entered an Order that the @SECGov ’s brief must be filed on or before January 15, 2025. pic.twitter.com/E3TE5tBDAy — James K. Filan ???????????????? (@FilanLaw) November 1, 2024 Meanwhile, Ripple’s Chief Legal Officer, Stuart Alderoty, has clarified that the appeal isn’t about whether XRP itself is a security. Notably, back in 2023, Judge Analisa Torres ruled that XRP isn’t a security, which was a big win for Ripple and the broader crypto community. “The case is not about whether XRP, in and of itself, is a security. XRP is uniquely situated as having clarity (alongside BTC) in not being classified as a security. The SEC is not challenging that ruling which stands as the law of the land,” he said. Ripple has also filed a Form C for a cross-appeal, but Alderoty pointed out that the review will stick to the current record. From early on in the case, he’s been quite vocal about what he sees as the SEC’s “lawless tactics.” While there is no final verdict, the industry is also optimistic about a possible settlement that would end this nearly four-year saga. XRP security status After the initial victory in 2023, the likelihood of XRP being reclassified as security has significantly diminished, especially after Judge Torres ordered Ripple to pay a fine of $125 million in August 2024 for violating securities laws, far from the SEC’s $2 billion demand. Importantly, there was no finding of fraud or investor harm. If the case gets stayed, it might push the SEC to drop its appeal, potentially setting a precedent for how XRP’s programmatic sales are viewed in the U.S. digital asset market. At the same time, Ripple has questioned the relevance of the 1946 Howey Test for today’s cryptocurrencies. Some say it’s outdated, while others praise its adaptability, which allows quicker regulatory response without new laws. Ripple has insisted that XRP, like Bitcoin ( BTC ), enjoys a clear legal status in the crypto world and is not classified as a security. Impact of Trump win on Ripple case Adding a twist to this legal drama, Donald Trump’s election and his promise to support crypto might change the outlook for the legal battle. Industry insiders and legal experts are optimistic about how a Trump administration could influence this case. There’s talk that the SEC might rethink its strategy under Trump. In this line, if Paul Atkins, known for his pro-crypto stance, gets the SEC nod, he might push for dismissing the case or at least negotiate a more favorable deal for Ripple. Attorneys like Jeremy Hogan and Fred Rispoli have suggested that new SEC leadership might review ongoing crypto lawsuits, including Ripple’s. Hogan believes that non-fraud crypto cases could be settled. At the same time, Rispoli sees a settlement as likely but not a complete dismissal, predicting new leaders might find the case “idiotic” and settle on easier terms. XRP price analysis At the time of writing, XRP was trading at $2.15, down over 3% in the last 24 hours and 5.6% on the weekly timeframe. week. XRP one-week price chart. Source: Finbold The conclusion of the legal battle will be crucial for XRP’s potential growth. After lingering below $1, the token saw a bounce post-election, but wrapping up this case could be a significant boost. Featured image via Shutterstock The post Ripple v. SEC end of 2024 case update appeared first on Finbold . CoinTurk News