According to Foresight News, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) plans to launch a new platform within the next 1 to 2 years that will connect central bank digital currencies (CBDCs) currently under development to existing financial systems. The latest tests involve 38 central banks, commercial banks, and settlement platforms, with a focus on interoperability between different CBDCs. The trials also explore the potential of CBDCs for complex trade or foreign exchange payments and transaction automation to speed up processes and reduce costs. SWIFT is considering productizing the new platform within the next 12-24 months, aiming to transition from the experimental stage to reality.

According to Bloomberg, the Securities and Exchange Commission (SEC) is set to release a public brief on Tuesday regarding its lawsuit against Ripple. The SEC sued Ripple in 2020, alleging that the company violated its rules by raising funds through the sale of the digital token XRP without registering it as a security. The outcome of this case is being closely monitored by the cryptocurrency community due to its potential implications for the SEC's jurisdiction. In a development seen as a setback for the SEC's authority, a federal judge ruled in July that sales of XRP to retail investors on exchanges did not constitute investment contracts. Following this news, XRP's value increased by approximately 4% to 66 cents on Monday. The token has experienced a growth of around 6% this year.

According to Bloomberg, South Korean billionaire Kwon, 32, left Stanford University in 2015 with a computer science degree. His TerraUSD, an algorithmic stablecoin, and its sister token Luna experienced a significant increase in value during the pandemic. However, TerraUSD's implosion shook the digital token market globally, exacerbating a $2 trillion wipeout. Kwon's Terraform Labs has rejected the South Korean charges, stating that the case against him has become a 'billionaire.'

According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) is reportedly requesting a New York judge to impose a $2 billion judgment against Ripple Labs. The motion for judgment and remedies was filed on Friday and remains under seal to outside parties. Ripple Labs' chief legal officer, Stuart Alderoty, stated that redacted versions of the documents will be publicly available by Tuesday, March 26. The judgment would conclude this phase of the multi-year legal battle between Ripple Labs and the SEC, which started in December 2020 when the SEC sued the crypto firm and its executives for allegedly violating federal securities laws by selling XRP to both institutional and retail customers. The lawsuit led to the widespread delisting or trading suspension of XRP from U.S. exchanges. A federal judge ruled last year that Ripple violated federal securities laws in directly selling XRP to institutional investors, but not in selling XRP to retail investors through exchanges. Ripple Labs' CEO, Brad Garlinghouse, indicated in his X (formerly Twitter) post that the company will fight back against the proposed judgment motion. He wrote, 'The SEC plans to ask the Judge for $2B in a case that involved no allegations (let alone findings) of fraud or recklessness. There is absolutely no precedent for this. We will continue to expose the SEC for what they are when we respond to this.' Alderoty stated that the company will file its response to the SEC's motion next month. An SEC spokesperson declined to comment.

According to Cointelegraph: The SEC has commenced its civil trial against Terraform Labs, portraying the company as a 'house of cards' that led to investors losing significantly. The trial kick-started on March 25, following a lawsuit filed by the SEC in February 2023 against Terra and its co-founder, Do Kwon, for allegedly orchestrating a multi-billion dollar crypto asset securities fraud. Do Kwon did not appear in the courtroom on trial day one. Source: Reuters The SEC's allegation revolves around the supposed misleading of investors about the stability of TerraUSD (UST), an algorithmic stablecoin. Following its depegging from the U.S. dollar, Terra and other tokens faced a major dip, contributing to a significant market downturn in 2022 that resulted in multiple company bankruptcies. Originally slated to begin in January, the trial was delayed to March, awaiting Do Kwon's defense in person. Judge Jed Rakoff previously ruled in favor of the SEC over Terra's handling of unregistered securities and in favor of Kwon and his platform for offering and selling security-based swaps in December 2023. The Terraform trial marks one of many anticipated legal confrontations in the crypto sphere in 2024. Sam Bankman-Fried, FTX's former CEO, is set to be sentenced following his conviction on seven felony charges on March 28.

According to Foresight News, Circle's EU Strategic Policy Director, Patrick Hansen, has confirmed that the European Union has not banned self-hosted cryptocurrency wallets or trading. There is no such prohibition in place. However, using non-KYC self-hosted wallets for encrypted payments, such as to merchants, will be more difficult, depending on the merchant's setup. Previously, comments made by a member of the European Parliament were misinterpreted when confirming the approval of new EU anti-money laundering regulations (AMLR).

According to CoinDesk, the European Securities and Markets Authority (ESMA) has published the first in a series of final reports on rules under the European Union's landmark Markets in Crypto Assets (MiCA) regulation. The report, which follows a consultation last year, includes proposals on information the regulator will require from firms for authorization under MiCA. It also outlines requirements for firms to establish intent to provide crypto services and intent to acquire crypto assets, as well as how service providers should address complaints. The ESMA submitted the report to the European Commission, the executive arm of the 27-member bloc, to be adopted and says it 'will provide further advice and technical guidance in this area if requested.' ESMA's third consultation package seeks public comment on proposed rules covering the detection and reporting of suspected market abuse in crypto assets, guidelines on policies and procedures for crypto-asset transfer services, and other measures until June 25. The European Banking Authority (EBA) has been consulting alongside ESMA on measures under MiCA since the package's finalization in 2023. MiCA rules for stablecoins are set to take effect in July, and the entire package will be implemented by all member states in December. MiCA regulates crypto issuers and service providers that want to operate in the EU, and allows for a single license that lets firms offer services in all member states.

According to Foresight News, US regulators in Manhattan will hear the case against Terra and its co-founder Do Kwon on Monday. Do Kwon has been transferred to a foreigner 'reception center' in Montenegro since March 23, awaiting a final extradition decision, and will be absent from the trial. The US Securities and Exchange Commission (SEC) accuses Do Kwon of misleading investors about the stability of TerraUSD in 2021. Federal prosecutors in New York also charge Do Kwon with fraud and are seeking to extradite him to the United States.

According to CryptoPotato, the legal battle between Ripple and the US Securities and Exchange Commission (SEC) is nearing its trial phase, scheduled for April 23. Prior to the trial, both parties must comply with necessary court requirements. American lawyer James Filan revealed that the regulator filed its opening remedies-related brief and supporting documents under seal. The redacted version of the data will be presented no later than March 26. Initially, the SEC had to file its brief with respect to remedies by March 13, but it was granted an extension on the deadline. Ripple’s opposition letter should come no later than April 22, according to the magistrates’ latest ruling. Despite their differences, Ripple and the SEC recently filed a joint letter seeking the authorities’ approval to govern sealing issues relating to the upcoming remedies-related briefing. The document proposes a schedule for redactions soon after the reply briefs are filed, allowing sufficient time for the parties to meet and confer. The possible resolution of the case is one factor that could propel a price rally for XRP, in the event of a Ripple victory. The outcome of the trial will be closely watched by investors and the cryptocurrency community.

Richard Teng, the CEO of Binance, led a delegation from Binance that met with Chief Prosecutor Chang, Tou-Hui of Taiwan's High Prosecutor's Office on March 22. The parties engaged in profound discussions, specifically centered around crime prevention in the digital assets space and potential expansion of collaboration in this area. A track record of successful cooperation already exists between Binance and Taiwan's law enforcement agencies. As part of its comprehensive global law enforcement training program, Binance has so far rolled out training courses to over 10 various units across Taiwan, having in excess of 1,000 law enforcement officers participate. During this meeting, both Binance representatives and Taiwanese officials considered methodologies to further deepen cooperation combating illegal activities to maintain the integrity of the financial environment. Binance CEO, Richard Teng, emphasized one of his top three commitments, endured since his appointment to the role, was to perpetually work alongside regulators. He showed appreciation towards Taiwan's law enforcement agencies for their substantial support and emphasized his fulfillment of that commitment. In response to the meeting, Chief Prosecutor Chang, Tou-Hui expressed gratitude towards Binance for their ongoing support and assistance towards Taiwan's law enforcement agencies. Damien Ho, a member of Binance's APAC regional team, underscored the primary role of collaboration between the public and private sectors in preventing and battling illicit activities in Web3. Ho expressed his optimistic outlook towards fortifying cooperation with Taiwan's law enforcement agencies in the future. Binance remains committed to not only continuing its contributions to secure user assets but also to establish a safer and more dependable virtual assets ecosystem.