Loews: Q2 Earnings Snapshot
The New York-based company said it had profit of $1.87 per share.
The commercial property and casualty insurance company posted revenue of $4.56 billion in the period.
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SEC and Ripple case is officially over
SEC and Ripple case is officially over originally appeared on TheStreet. The years-long legal battle between the SEC and Ripple Labs is finally over. A new court filing dated August 7 shows that the U.S. Securities and Exchange Commission and Ripple Labs have both agreed to dismiss their appeals, officially ending one of the most closely watched crypto lawsuits in history. The filing officially ends the case. No further penalties or legal battles are expected 'All parties and counsel of record were served with copies of the foregoing document on the same date through the Court's ACMS system.' In a joint stipulation of dismissal filed with the U.S. Court of Appeals for the Second Circuit, both parties wrote: 'The Securities and Exchange Commission ('Commission'), Appellant-Cross-Appellee, Ripple Labs, Inc. ('Ripple'), Appellee-Cross-Appellant, Bradley Garlinghouse, Appellee, and Christian A. Larsen, Appellee, jointly stipulate to the dismissal of the Commission's appeal (No. 24-2648), and Ripple's cross-appeal (No. 24-2705), with each party to bear its own costs and fees.' The stipulation includes signatures from both sides' legal teams and was filed electronically through the Court's ACMS system by SEC appellate counsel Ezekiel L. marks the final chapter in a nearly four-year-long case that shook the crypto industry. How it started The SEC first sued Ripple Labs and two of its top executives, Brad Garlinghouse and Chris Larsen, on December 22, 2020, alleging the company conducted an unregistered securities offering by selling XRP. Ripple immediately pushed back, arguing XRP is a digital currency, not a security — and that the SEC failed to give fair notice that its token was in violation of securities laws. The case quickly became a battleground for the future of crypto regulation in the U.S., with Ripple gaining major community support and legal turning point In July 2023, U.S. District Judge Analisa Torres ruled that Ripple's programmatic sales of XRP on crypto exchanges did not constitute securities transactions — a landmark decision seen as a partial victory for Ripple. However, the court did find Ripple had violated securities laws in its direct institutional sales, allowing the SEC to proceed with further actions. This led to a back-and-forth over remedies and penalties, and the SEC soon filed an appeal — which Ripple responded to with a cross-appeal of its own. At the time of writing, XRP is up 9% in the last 24 hours, per Kraken's price feeds. SEC and Ripple case is officially over first appeared on TheStreet on Aug 7, 2025 This story was originally reported by TheStreet on Aug 7, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
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US jury deadlocks on Tornado Cash founder's money laundering charge
By Luc Cohen NEW YORK (Reuters) -A U.S. jury deadlocked on Wednesday on money laundering and sanctions evasion charges against the founder of Tornado Cash, a firm that makes cryptocurrency transactions harder to track. The jury in Manhattan federal court could not reach a verdict on charges Roman Storm conspired to launder the proceeds of hacks, including by a sanctioned North Korean government-backed group. But the jury found him guilty of the less serious charge of conspiracy to operate an unlicensed money transmitting business. He faces up to five years in prison when he is sentenced by U.S. District Judge Katherine Failla at a later date. The money laundering and sanctions evasion conspiracy charges each carried possible 20-year sentences. Storm was arrested in 2023 on charges that the so-called mixer he founded helped hide more than $1 billion, including hundreds of millions of dollars for Pyongyang-backed hacking group Lazarus Group, which is blacklisted by the U.S. Treasury over its alleged financial support of North Korea. Storm, 36, had pleaded not guilty to all three felony charges he faced. Prosecutors told Failla they would inform her at a later date of whether they intend to re-try Storm on the money laundering and sanctions charges. In a statement after the verdict, Manhattan U.S. Attorney Jay Clayton said, "Criminals who use new technology to commit age old crimes, including hiding dirty money, undermine the public trust." Storm may ask Failla to toss the conviction for unlicensed money transmitting, or appeal the conviction after he is sentenced. "We are grateful the jury did not convict Roman for violating sanctions or laundering money," Brian Klein, a lawyer for Storm, said in a statement after the verdict. Klein said he expected Storm to be vindicated on the unlicensed money transmission count as well, which he said faced "serious legal issues." In his closing argument on July 30 after a two-week trial in Manhattan federal court, defense lawyer David Patton said even though Tornado Cash's privacy tools may have been useful to criminals, Storm's intent was not to help conceal illicit funds. "Roman very much did not want hackers and scammers to use Tornado Cash," Patton said. Prosecutor Benjamin Gianforti said Storm had been informed multiple times between 2020 and 2022 that Tornado Cash was helping criminals hide dirty money, but kept running the business out of greed. "The real money wasn't in protecting privacy for regular folks, it was in providing privacy for big-time crypto criminals," Gianforti said. Tornado Cash had itself been sanctioned by the U.S. Treasury under then-President Joe Biden's Democratic administration over its alleged support of North Korea. The Treasury lifted those sanctions in March, two months into Republican President Donald Trump's administration, saying it had reviewed legal and policy issues raised by the sanctions within "evolving technology and legal environments."
Yahoo
2 hours ago
- Yahoo
SEC and Ripple End Appeals, Closing Landmark Crypto Case as XRP Soars
The U.S. Securities and Exchange Commission and Ripple Labs Inc. have formally closed their legal dispute, filing to end their respective appeals in the case over the sale of XRP tokens. In a joint filing dated Thursday with the U.S. Court of Appeals for the Second Circuit, the SEC withdrew its appeal and Ripple abandoned its cross-appeal, with each party agreeing to bear its own legal costs. The official end to the years-long dispute, finalizing a June agreement for Ripple to pay a $125 million civil penalty, coincided with a more than 10% jump in XRP over the past 24 hours to $3.31, according to CoinGecko. That penalty, placed in escrow, will be transferred to the U.S. Treasury following the dismissal of the appeals. A permanent injunction restricting Ripple's institutional sales of XRP remains in effect. The SEC sued Ripple in December 2020, alleging the company and two of its executives conducted an unregistered securities offering by selling XRP, the world's third-largest crypto by market capitalization. Ripple denied the allegations, arguing that XRP is not a security. In October 2023, the SEC dropped its claims against Ripple Chief Executive Brad Garlinghouse and Executive Chairman Chris Larsen, after a judge's partial ruling in the company's favor. Both men had been accused of aiding and abetting Ripple's alleged unregistered securities sales. Ripple to Boost Stablecoin, XRP Payment Services With $200 Million Rail Acquisition In 2023, U.S. District Judge Analisa Torres issued a split ruling, finding that some sales of XRP to institutional investors violated securities laws, but sales on public exchanges did not. That decision was hailed as a partial victory for the crypto industry, though it left Ripple liable for institutional sales. The conclusion of the appeals process leaves the 2023 ruling intact, cementing a precedent likely to influence how regulators and courts assess the classification of crypto going forward.
