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A New York court has been told to impose a $10,000-per-day fine on Three Arrows Capital (3AC) founder Kyle Davies after he once again failed to respond to a subpoena to address the circumstances surrounding the Singapore-based crypto hedge fund’s collapse. As reported by CoinDesk, documents filed by 3AC’s estate on Wednesday also demand that Davies be found in contempt of court for not responding to the subpoena which was issued in March and gave him an April 13 deadline. 3AC collapsed in spectacular fashion when a British Virgin Islands court ordered its liquidation in June last year . 3AC founders could be in contempt if they ignore new court order Read more: Kyle Davies has time to launch Crypto exchange but not to answer court s At its peak, the company managed somewhere in the region of $18 billion. However, its managers bet big on LUNA, the token that backed the failed ‘algorithmic’ stablecoin, TerraUST. The fund also held significant amounts of poor-performing altcoi...

The SEC wants to appeal two rulings by US District Judge Analisa Torres in the landmark case SEC v. Ripple. In her highly anticipated ruling, Torres agreed with the SEC that Ripple’s $728 million worth of institutional sales of XRP were illegal. However, Torres denied the SEC’s allegation that Ripple’s $1.3 billion of programmatic sales of XRP plus other distributions were illegal. The SEC wants to appeal these two denials. Citing “controlling questions of law on which there is substantial ground for differences of opinion” that affect a litany of other lawsuits, commissioners have requested interlocutory review to a higher court, the US Second Circuit. The SEC wants a higher court to overrule Torres. If Torres grants the commissioners’ request, she will pause litigation and not publish final judgments while interlocutory (and subsequent appellate) reviews of her rulings proceed. In short, most XRP transactions might still be securities transactions.  In contrast to the oft-...