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| October 19, 2018

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'Supreme' Archives -

Senate Confirms Kavanaugh to Supreme Court

October 7, 2018 |

The Senate confirmed Brett Kavanaugh to the Supreme Court, cementing a conservative majority on the nation’s top court after a blistering battle over sexual-assault allegations leveled against him.
WSJ.com: What’s News Asia

Kavanaugh on Supreme Court is a win for Trump, GOP and America

October 7, 2018 |

Democrats threw everything they could at Judge Brett Kavanaugh to keep him off the Supreme Court – including uncorroborated allegations about sexual misconduct from over three decades ago that he vehemently denied – but their effort failed Saturday when the Senate voted 50-48 to confirm his appointment and make him Justice Kavanaugh.
FOX News

Kavanaugh confirmed to Supreme Court after bitter fight, securing rightward shift

October 6, 2018 |

The Senate voted Saturday to confirm Judge Brett Kavanaugh to the Supreme Court, marking the end to one of the most rancorous confirmation fights in modern times and securing a rightward shift on the nation’s highest court.
FOX News

Retired Supreme Court Justice Changes Mind on Kavanaugh

October 5, 2018 |

One of the longest-serving justices in Supreme Court history thinks it would be a mistake to put Brett Kavanaugh on the court. John Paul Stevens, a Republican who served on the court from 1975 to 2010, told a gathering in Florida on Thursday that he had changed his mind about…
Newser

Supreme Court rejects mandatory labor contract case

October 2, 2018 |

The U.S. Supreme Court on Monday rejected a petition by a California fruit grower to weigh the constitutionality of a state law that allows a mediator to impose an agricultural labor contract on deadlocked parties.

The court’s refusal to hear the case ends a long-running fight with the state’s…


L.A. Times – Business

Here’s What the 4-4 Supreme Court Has on Docket

October 1, 2018 |

It’s the first Monday in October, which means the Supreme Court will be gaveled into session for its new term—even if the fate of the ninth potential justice remains in limbo . The general consensus in coverage is that the upcoming docket is relatively tame in terms of hot-button issues,…
Newser

Brett Kavanaugh, wife Ashley speak out on Supreme Court nomination controversy in Fox News exclusive

September 24, 2018 |

Brett Kavanaugh, President Trump’s pick for the Supreme Court, and his wife, Ashley, are speaking out to Fox News in an exclusive interview Monday on the sexual misconduct accusations that have threatened to derail his confirmation.
FOX News

RBI Argues Supreme Court Should Not Interfere With Its Crypto Decision

September 23, 2018 |

RBI Argues Supreme Court Should Not Interfere With Its Crypto Decision

The Reserve Bank of India has filed an affidavit with the country’s supreme court in response to one of the petitions against its crypto banking ban. The central bank reportedly argues that it has acted within its power and that none of the petitioners have shown reasonable grounds for the supreme court to intervene.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

No Reasonable Grounds

RBI Argues Supreme Court Should Not Interfere With Its Crypto DecisionLast week, the Supreme Court of India was scheduled to hear all of the petitions against the crypto banking ban by the country’s central bank, the Reserve Bank of India. However, the case was postponed the second week in a row from the original hearing date of Sept. 11. According to industry participants, the court is now scheduled to hear the case on Sept. 25.

In response to a petition filed by the Internet and Mobile Association of India (IAMAI), the central bank filed an affidavit with the supreme court on Sept. 8, Inc42 reported on Sept. 21. “Inc42 has the copy of the petition filed by IAMAI as well as the response filed by RBI on September 8, 2018.”

RBI Argues Supreme Court Should Not Interfere With Its Crypto DecisionIn its affidavit, the central bank argues that the IAMAI petition, along with other petitions challenging its ban, “is not maintainable either in law or on facts and, hence, liable to be dismissed as such,” the publication noted.

Since the RBI issued its April 6 circular banning banks from providing services to crypto businesses, a number of petitions have been filed against the ban. They allege that the central bank’s action “violates Articles 19 (1) (g) and 14 of the Indian Constitution,” which “will lead to the closure” of affected firms, the news outlet explained. However, the RBI detailed in its affidavit:

The impugned circular and the impugned statement neither violate the right to equality guaranteed under Article 14 or the right to trade and business guaranteed under Article 19 of the Constitution…The petitioner cannot seek to exercise the extraordinary jurisdiction of this Hon’ble Court to avail a right which they do not have.

RBI’s response further reads, “There is no statutory right, much less an infringed one, available to the petitioner to open and maintain bank accounts to trade, invest or deal in virtual currencies.” In addition, the central bank claims that IAMAI and others “haven’t got any reasonable or tenable ground for interference by this court.”

RBI Defends Its Circular

The central bank argues that its April 6 circular is in line with its three previous statements regarding cryptocurrencies – one in 2013 and two in 2017.

RBI Argues Supreme Court Should Not Interfere With Its Crypto DecisionCalling the circular an essential step, the RBI claims that cryptocurrencies “are associated with multiple risks such as lack of customer protection, high volatility, vulnerability of wallets and exchange houses to cyber-attacks, money laundering, etc,” the news outlet conveyed.

“Unlike a currency which is defined as something that can be a medium of exchange, a store of value and a unit of account,” the central bank asserted that cryptocurrencies, “given their volatility, lack of intrinsic value and low adoption, satisfy none of these criteria.” Emphasizing that “Their value is merely derived from the parties to a transaction willing to pay a particular amount” for them, the RBI maintained:

The impugned circular and the impugned statement have been issued in a manner that is consistent with the powers conferred on the RBI by the law and the same are legal and valid.

What do you think of RBI’s response to the petitions against its ban? Let us know in the comments section below.


Images courtesy of Shutterstock and the RBI.


Need to calculate your bitcoin holdings? Check our tools section.

The post RBI Argues Supreme Court Should Not Interfere With Its Crypto Decision appeared first on Bitcoin News.

Bitcoin News

RBI Ban Hearing Delayed – Indian Supreme Court Too Busy for Crypto This Week

September 14, 2018 |

RBI Ban Hearing Delayed - Indian Supreme Court Too Busy for Crypto This Week

All petitions against the crypto banking ban by the Reserve Bank of India (RBI) are supposed to have been heard by the country’s supreme court on September 11. However, the court has been busy every day this week and has postponed the RBI ban hearing.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

RBI Ban Hearing Postponed

RBI Ban Hearing Delayed - Indian Supreme Court Too Busy for Crypto This WeekThe Supreme Court of India was supposed to hear all petitions regarding the crypto banking ban by the country’s central bank on Tuesday, September 11. The RBI issued a circular banning all regulated financial institutions from providing services to crypto businesses on April 6.

As all eyes in the Indian crypto community were on the court to see if the RBI ban will be stayed, the supreme court adjourned on Tuesday without hearing the crypto case due to other cases running over time. The case was again postponed for the same reason on Wednesday and Thursday.

Furthermore, Nischal Shetty, the CEO of crypto exchange Wazirx, told news.Bitcoin.com that “It wasn’t scheduled for today [Friday] after yesterday’s delay.” Crypto Kanoon, a news and analysis platform, tweeted on Thursday:

As the arguments will continue for long in another matter, the court has adjourned all other matters including crypto matter. Matter is now likely to be listed on Tuesday [September 18].

Indian Association Tries to Get Attention of the Court

RBI Ban Hearing Delayed - Indian Supreme Court Too Busy for Crypto This WeekAmong the petitions against the RBI ban was one submitted by the Internet and Mobile Association of India (IAMAI). The non-profit organization filed its petition in May, which was heard on July 3 and July 20, before it was postponed to September 11.

At both hearings, the court did not grant a stay on the central bank’s ban. The association also tried to educate the RBI by filing a representation explaining how blockchain and cryptocurrency work. However, their effort did not sway the central bank.

RBI Ban Hearing Delayed - Indian Supreme Court Too Busy for Crypto This WeekOn September 12, Crypto Kanoon tweeted, “As per our internal sources, IAMAI is going to mention the crypto matter at 10:30 before Court No. 9 for seeking adjournment for the purpose of filing rejoinder to the counter affidavit recently filed by one of the respondents.” The platform soon tweeted further, “The court has declined to entertain the mentioning done by IAMAI for adjournment.”

Confusion Over the RBI Affidavit

On Tuesday, September 11, CNN News18 reported that the central bank had filed an affidavit with the supreme court. The news outlet wrote:

RBI files affidavit in top court against cryptocurrency and says that it can’t recognize bitcoins under the current legal regime as virtual currencies are neither money nor currency, can’t even be considered as a valid payment system.

RBI Ban Hearing Delayed - Indian Supreme Court Too Busy for Crypto This WeekCiting this report, Indiabits, which represents a community of blockchain enthusiasts, tweeted, “supreme court to hear affidavit filed by RBI on the matter on September 17th.” It also pointed out that, based on publicly available information on the supreme court website, RBI filed a counter affidavit on September 8, with a “computer generated date” for the hearing listed as September 17.

However, disputing the above information, Crypto Kanoon claims that this RBI affidavit was the same one filed in May, which they reported on at the time, adding that the “supreme court nvr [never] posted crypto matter on 17th Sep.”

Nonetheless, the crypto community will be watching the supreme court next week to see if the crypto case will eventually be heard. Shetty shared with news.Bitcoin.com:

The case has been postponed to monday…So let’s see what happens Monday.

What do you think of the supreme court repeatedly delaying the crypto case hearing? Let us know in the comments section below.


Images courtesy of Shutterstock, IAMAI, and the RBI.


Need to calculate your bitcoin holdings? Check our tools section.

The post RBI Ban Hearing Delayed – Indian Supreme Court Too Busy for Crypto This Week appeared first on Bitcoin News.

Bitcoin News

India Crypto Exchanges: Supreme Court Hearing to be Inconsequential

September 8, 2018 |

India Crypto Exchanges: Supreme Court Hearing to be Inconsequential

While expectations and fears are mounting on an imminent Supreme Court decision about the regulator’s ban concerning cryptocurrency trade in India, the big day may not exactly be a defining one for the future of bitcoin in the country. Other questions and bypass-routes will snowball (or hairball) no matter which way the ruling swings. Crypto exchanges have smelt a lot in this run-up to the hearing.

Also Read: Indian regulators curious to study experiences of other regions

Tick Tock, Tick Tock – Crypto Exchanges Jittery?

Next week is supposed to be a major one for the ongoing debate on the circular that Indian regulator RBI issued in April banning all financial institutions from providing services in trade of virtual currencies.

This move has drawn a big yellow line for banks and payment gateways, and has halted their work with cryptocurrency. This should make affected crypto exchanges and traders worried, but if you ask Ajeet K, CEO, Zebpay (presumably India’s first bitcoin exchange), he is chewing some cud instead of nails right now.

India Crypto Exchanges: Supreme Court Hearing to be Inconsequential

“We feel that our case is very strong and we are also aware that RBI has its own considerations and compulsions. But this decision is not going to significantly define the future of bitcoins here.” He opines that regardless of the outcome, the space will find its way to blossom. If favorable, there would be other issues and nuances of regulation to be addressed as we move forth. If it pans out unfavorable? Well, then too, the plug would not be just yanked away.

Cobra Effect

In his observation, staying invested in bitcoin is not a problem for users even now. Buying and selling old ones is an issue but even that is being circumvented as we speak. There are some ways, in his reckoning, that are neither sustainable nor durable. “Why not let people have systematic and official means? By cutting the bank part in this process, authorities are only going to make room for new challenges.”

India Crypto Exchanges: Supreme Court Hearing to be Inconsequential

Looks like he has a point, as half crore users in the country are not going to stop participating in this space because of a ban. Notably, exchange-escrowed P2P trading on some crypto exchanges in India such as Wazirx and Koinex have hinted that a lot of other solutions can be offered for enabling deposit and withdrawal services for customers.

As Barry Silbert, founder of the Bitcoin Investment Trust, remarked in an interview, bitcoin adoption would progress from experimentation to a global consumer adoption phase that will arrive when companies persist in innovating and making it easier for consumers to buy, hold, and spend bitcoin.

Interestingly, an inter-departmental group was also constituted by the RBI to study and provide guidance on the desirability and feasibility of a central bank digital currency. What’s remarkable is that crypto exchanges such as Zebpay lean strongly towards KYC. Ajeet is clear on that in the face of any argument for privacy too. “Some questions have no easy answer. Look at this way. Do you want to make it easy for bad guys or help the good ones and be a good one?”

As long as users, exchanges and traders are on the side of good guys, authorities can look beyond the pixels. The next few days are gonna tell.

What do you think about the current stance of regulators and the future of bitcoin? Let us know in the comments section below.


Images courtesy of Shutterstock


Need to calculate your bitcoin holdings? Check our tools section.

The post India Crypto Exchanges: Supreme Court Hearing to be Inconsequential appeared first on Bitcoin News.

Bitcoin News