Genius Group, an AI-powered edtech firm, plans to distribute potential winnings from billion-dollar lawsuits to shareholders and expand its Bitcoin treasury, the company said in a press release.
The board approved a plan to allocate 50 per cent of any legal proceeds as special dividends and use the remaining 50 per cent to purchase Bitcoin. If both cases are successful, shareholders could receive up to $7 per share, and the company plans to buy 5,000 BTC at current market prices.
A second lawsuit is anticipated to be filed shortly, while the first, filed under the RICO Act, seeks damages of nearly $750 million. CEO Roger Hamilton said total claims may exceed $1 billion, covering losses through 2025. Genius recently lifted a crypto-related ban and expanded its Bitcoin holdings by over 50 per cent, aiming to accumulate 1,000 BTC.
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US Court Turns Down Ripple, SEC Request to Lower $125M Penalty
A U.S. district court has dismissed a joint effort by the Securities and Exchange Commission (SEC) and Ripple to lower a $125 million civil penalty and overturn an earlier decision that categorized XRP’s institutional sales as securities.
According to Cointelegraph, Judge Analisa Torres of the Southern District of New York declined to issue an indicative ruling in the case, maintaining the court's original stance. She noted that the parties are required to follow the formal appeals process and indicated that Ripple had previously tested the limits of the court’s ruling. Given the circumstances, she found no sufficient basis to revisit the earlier decision or reduce the imposed penalty.
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The lawsuit that has been closely followed by the crypto industry, now appears to be nearing resolution. While Ripple and the SEC have agreed to drop the case, the court's ruling emphasizes the persistent legal uncertainties surrounding cryptocurrency regulation in the United States.
European Commission Sees Stablecoin Risks as Manageable Amid ECB Concerns
The European Commission (EC) has adopted a more measured stance on stablecoins, diverging from the European Central Bank’s (ECB) earlier warnings about cross-border issuance risks, Cointelegraph reported.
While the ECB expressed the concerned in April that the multiple issuing of stablecoins by EU and third-country organizations could jeopardize financial stability and regulatory control, the EC downplayed the probability of such threats. It suggested that redemption pressure would mostly fall on jurisdictions like the U.S., where the bulk of tokens and reserves are held.
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In a recent policy paper, the EC emphasized that existing frameworks under MiCA are sufficient to manage potential threats. It noted that regulatory barriers have already discouraged major foreign stablecoin issuers, such as Tether, from entering the EU market.
As per Cointelegraph, industry experts view the EC’s softer approach as a positive sign, suggesting it may allow globally issued stablecoins to be treated more uniformly across jurisdictions.
