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Ripple Legal Battle Takes New Turn as Kraken Enters the Fray: Details

Adedoyin Aka — Sat, 23 Dec 2023 04:54:52 +0000

According to recent court documents, the crypto exchange Kraken has recently filed a motion to intervene in the ongoing lawsuit between Ripple, the San Francisco-based cross-border payments firm, and its plaintiffs.

Kraken made this surprise move in response to a court order that compels all US-based exchanges to submit private trading data, including the identities of XRP traders.

This unexpected development not only aims to protect the Kraken users but also adds a new layer of complexity to the plaintiffs’ pursuit of private data.

Protecting Trust, Clearing Air

Kraken’s primary concern is preserving its reputation and ensuring transparency with its customers. The exchange asserts its neutrality in the legal battle but emphasizes the potential misunderstanding of collaboration with the plaintiffs and the impact it could have on the trust between Kraken and its users.

The lawsuit between Ripple and the group of Plaintiffs led by Zakinov revolves around the question of whether XRP should be classified as a security or a currency. Ripple fiercely denies the accusation of selling unregistered securities through XRP, likening it to established cryptocurrencies like Bitcoin. However, the recent data-disclosure order raises concerns about the privacy of XRP traders on platforms like Kraken.

The exchange’s intervention highlights the broader issue of user privacy within the cryptocurrency ecosystem. The demand for sensitive data sets a potentially dangerous precedent, raising questions about the balance between legal processes and individual rights in the evolving world of digital assets.

Beyond Ripple: Kraken’s Intervention Resounds Across Crypto

Kraken’s intervention has far-reaching implications beyond Ripple’s legal battle. The exchange’s stance on user privacy and its willingness to challenge court orders could set a precedent for other exchanges. This could lead to a collective commitment to data protection and transparency within the crypto community.

Kraken’s move might embolden other exchanges to prioritize user privacy and resist excessive data requests. This could foster a stronger sense of responsibility within the crypto industry, resulting in better data protection and transparency practices.

Kraken’s intervention could empower individual users to demand more control over their data and advocate for stronger privacy policies across crypto platforms. This increased awareness might drive a shift towards decentralized exchanges and privacy-focused services, forcing centralized platforms to adapt and prioritize user privacy.

The outcome of the motion could have wider regulatory implications. If successful, it could signal to regulators the need for more nuanced approaches to data collection in the crypto space. This could shape future regulations and guidelines, potentially leading to more privacy-centric frameworks for crypto transactions.

Kraken’s bold step has sparked a conversation that extends beyond Ripple’s legal troubles. It has brought user privacy to the forefront, challenging the industry to find a balance between legal obligations and the protection of individual rights.

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Expert Predicts When the XRP Lawsuit Will End

Tobi Loba — Fri, 22 Dec 2023 08:53:28 +0000

The lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple has captivated the cryptocurrency world for years. Although Ripple has been largely successful, the case has affected XRP negatively, hurting its adoption by large U.S. companies and stifling its performance in the 2021 bull run.

With the crypto community eagerly waiting for the end of the lawsuit, an analyst at the Motley Fool has shared his opinion on when the lawsuit will end.

The XRP Lawsuit

The lawsuit began in 2020 when the SEC alleged that Ripple’s sale of XRP amounted to an unregistered securities offering. This sent shockwaves through the crypto community, raising concerns about regulatory uncertainty and the future of digital assets.

Fast forward to 2023, and the SEC is down 0-3 against Ripple. Judge Analisa Torres has dismissed most of the SEC’s complaints, leaving only the charge that Ripple’s initial sale of XRP to institutional investors might have required registration.

The rest, concerning sales to ordinary investors, has been cleared. Her ruling in July was a turning point for XRP and sent its price to $0.93, which the digital asset has not reached since then.

Judge Analisa Torres also denied the SEC’s request to file an interlocutory appeal challenging the ruling, and shortly after, the SEC dropped its aiding and abetting charges against Ripple executives Brad Garlinghouse and Chris Larsen.

Discovery and Delays

The pretrial discovery process, as reported by The Motley Fool, is set to wrap up by April 29, 2024, overlapping the originally scheduled trial date. However, the analyst reports that the jury trial has been adjourned “sine die,” meaning without a set date.

Interestingly, the Latin term has a dual meaning in the New York court system. It can signify an indefinite adjournment, but also a legal order requiring a witness to appear and testify.

While the final scheduling order is still awaited, the current situation suggests a possible trial sometime in the second half of 2024, as reported by The Motley Fool. However, legal machinations can be unpredictable, and delays are always a possibility.

The crypto market desperately needs clear regulation, as the lack of guidance has created uncertainty and hampered growth. According to the analyst, Judge Torres’ July order, suggesting that tokens like XRP may be closer to currencies than securities, offers a glimmer of hope.

However, appeals, Supreme Court interpretations, and other precedents are likely to refine this definition before a definitive answer emerges. Ripple CEO Brad Garlinghouse has expressed his desire to take the case to the Supreme Court if necessary, and we could see definitive crypto regulation in the U.S. soon.

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Federal Judge Threatens To Sanction the SEC in Crypto Case, Ripple CLO Reacts

Solomon Odunayo — Sat, 02 Dec 2023 01:53:07 +0000

Stuart Alderoty, chief legal officer (CLO) at Ripple, has recently reacted to the news of a federal judge who threatened to sanction the United States Securities and Exchanges Commission (SEC) for apparent deception in an ongoing crypto lawsuit.

According to a court filing, the SEC was attempting to convince the court to freeze a crypto firm’s assets under false and misleading pretenses

Between the SEC and Debt Box

In the order issued by U.S. District Judge Robert Shelby of the U.S. District Court in Utah, the SEC lawyers could be sanctioned for making misleading arguments about cryptocurrency firm Debt Box.

The SEC had alleged that Debt Box made efforts to transfer its assets and investors’ funds overseas, which led to the freezing of the project’s bank accounts.

According to the Judge in an order, aside from causing Debt Box irreparable harm, the SEC’s misrepresentations undermined the integrity of the case’s proceedings.

In August, a federal Judge slapped Debt Box with a temporary restraining order, which led to the restriction of access to its assets. Howbeit, the restriction order was lifted after the firm proved that it had neither moved funds outside the United States nor closed its bank accounts two days before a hearing over the SEC’s request to freeze its funds.

Back in July this year, the SEC filed a lawsuit against Debt Box, alleging the firm schemed to sell unregistered securities known as “node licenses” since 2021.

According to the SEC in the July filing, Debt Box made it known to investors that the licenses would mine crypto that would later grow in price, but they were later made to mint the crypto themselves using computer code.

Ripple CLO Reacts to the Judge’s Outburst

Reacting to the recent development, Ripple CLO Stuart Alderoty, said in a post on X that it’s becoming a troubling pattern for the U.S. securities regulator.

To prove his points, Alderoty listed three other instances since December 2022, in which the SEC made itself face a similar humiliation in the court.

On the first instance, which involved Ripple, the San Francisco-based cross-border payments firm, he wrote, “Court finds the SEC demonstrated “hypocrisy” by making inconsistent arguments to the Court and not acting out of a “faithful allegiance to the law.”

For the second instance, which involved Coinbase on the 6th of June 2023, Alderoty wrote, “Court agrees that the SEC defaulted on its duty to respond in good faith to Coinbase’s petition for crypto rulemaking.”

For the third instance involving Grayscale, the largest crypto asset manager, on the 29th of August, Ripple CLO wrote, “Court finds that the SEC’s “inconsistent treatment of similar products is arbitrary and capricious.”

Expectedly, this is a welcoming development for the XRP community members, who have been waiting for the SEC to face more humiliation in the remaining court proceedings in its case against Ripple.

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Here’s Why Ripple CEO Garlinghouse Says “I’m in disbelief”

Adedoyin Aka — Tue, 28 Nov 2023 02:16:46 +0000

In a surprising twist of events, Brad Garlinghouse, the CEO of Ripple, has expressed his disbelief in response to former Securities and Exchange Commission (SEC) Chair Jay Clayton’s recent comments on cryptocurrency regulation.

Clayton, who gained notoriety for his stringent approach to crypto during his tenure at the SEC, has seemingly undergone a change of heart, adopting a more sympathetic and technology-driven perspective. This unexpected shift has left many, including Garlinghouse, bewildered.

Jay Clayton’s Surprising Remarks

Garlinghouse’s astonishment stems from a recent interview with the Council on Foreign Relations, where Clayton made a series of statements that sharply contrasted with his previous regulatory actions, especially concerning the challenges faced by cryptocurrency entrepreneurs and investors.

During the interview, Clayton expressed empathy towards those seeking to raise capital in the crypto space, stating, “I am very sympathetic, very sympathetic with the entrepreneurs, the ones that reach out to the public to raise capital. And I am very sympathetic to the retail investors who want those opportunities.”

Furthermore, Clayton advocated for a more streamlined regulatory framework for cryptocurrencies, suggesting that the technology behind them should be the primary factor in determining their regulatory treatment.

He stated, “I think the appropriate way to regulate crypto is to recognize it is technology, not a product. It’s a different technology for almost all cases, delivering a product that we already know, sometimes in a more efficient way.”

Garlinghouse’s Disbelief and the XRP Community’s Perspective

Garlinghouse’s succinct response, “I’m in disbelief,” encapsulates the irony and frustration felt by many within the XRP community, who have long been critical of the SEC’s actions against Ripple and XRP.

The SEC’s lawsuit against Ripple, initiated by Clayton shortly before his departure from the agency, accused the company of conducting an unregistered securities offering through the sale of XRP.

This legal action, combined with Clayton’s prior skepticism towards cryptocurrencies, has left a bitter taste in the mouths of numerous XRP community members.

While Clayton’s recent comments are seen as a welcome shift in tone, they do not erase the history of the SEC’s regulatory actions against Ripple and XRP. The ongoing lawsuit continues to cast a shadow over the XRP community and the broader crypto landscape.

The Ongoing Debate on Crypto Regulation

Jay Clayton’s evolving stance highlights the ongoing debate surrounding the regulation of cryptocurrencies. While individuals like Clayton advocate for a more technology-neutral approach, others remain cautious, harboring concerns about potential risks associated with these digital assets.

As the crypto industry continues to mature, the question of how to effectively regulate emerging technologies remains a contentious topic. The SEC, now under new leadership, faces the challenging task of striking a balance between fostering innovation and safeguarding investor interests. Their approach to this delicate balancing act will undoubtedly shape the future of crypto regulation.

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Solana (SOL) Price Volatility in Response to the Security Labeling in Kraken-SEC Lawsuit

Tobi Loba — Wed, 22 Nov 2023 10:21:04 +0000

The US Securities and Exchange Commission’s (SEC) allegation that Kraken operates as an unregistered securities exchange, broker, and clearing agency has significantly impacted Solana (SOL) and other cryptocurrencies.

The SEC listed multiple cryptocurrencies as securities in the filing, and Solana, which was on the list, has been impacted.

In response to the SEC’s recent filing, Solana (SOL) has witnessed a noteworthy decline in its price. After reaching a 24-hour peak of $57.7, Solana experienced a decline to a low of $52.72 by 7:15 PM on November 21, before achieving some stabilization. At the time of press, Solana is trading at $54.63, reflecting a 5.33% decrease over the last 24 hours.

Should the prevailing bearish trend persist and 3D breach the intra-day low, the subsequent significant support level is anticipated to be around $50.

Conversely, a potential resurgence could lead to Solana retesting its previous high of $57.7, indicating a possible reversal toward an upward trend. This decline suggests that the cryptocurrency’s performance remains sensitive to ongoing developments and regulatory actions.

Despite the recent market downturn, Solana’s market capitalization is $23.17 billion, reflecting a 4.9% decrease. However, there is a notable surge in its 24-hour trading volume, which has increased by 15.09% to reach $2.24 billion.

This upswing in trading activity indicates sustained interest and engagement in SOL, even in the face of prevailing market challenges.

A Buying Opportunity?

The current decline in Solana’s price may be viewed by investors as an opportunity to enter the market, potentially contributing to a future recovery. This is similar to a buying opportunity highlighted by an analyst for XRP when it suffered a similar decline recently.

Furthermore, the heightened trading volume for Solana underscores substantial market liquidity, a crucial factor for the cryptocurrency’s stability and growth potential. This liquidity is instrumental in facilitating efficient trading and responding to market dynamics, fostering an environment conducive to Solana’s overall resilience and expansion.

MACD Crossover Signals a Bearish Trend

The 24-hour price chart Moving Average Convergence Divergence (MACD) has crossed below its signal line, presenting a bearish signal. This MACD shift suggests a potential negative momentum reversal. Additionally, the histogram has taken on a negative trend, confirming the bearish sentiment.

The Relative Strength Index (RSI) has descended beneath its signal line, registering a value of 61.98, contributing to the bearish divergence. This RSI pattern indicates a diminishing bullish momentum and an uptick in selling pressure.

Should the RSI continue its descent and fall below the 50 mark, it could further strengthen the negative outlook, potentially leading to more declines in the price of Solana. Despite the recent decline, ChatGPT has predicted a surge to $500 for SOL in 2024.

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SEC Sues Kraken, Calls Cardano (ADA) and Solana (SOL) Securities, XRP Not Included

Solomon Odunayo — Tue, 21 Nov 2023 03:32:02 +0000

Kraken, a US-based crypto exchange, has been sued by the United States Securities and Exchange Commission (SEC), for allegedly operating as an unregistered securities exchange, broker, and clearing agency.

In a press release today, the SEC said, “Since at least September 2018, Kraken has made hundreds of millions of dollars unlawfully facilitating the buying and selling of crypto asset securities.”

In the filing, the regulator listed the alleged security assets traded unlawfully by Kraken, including Solana (SOL), Cardano (ADA), Polygon (MATIC), Internet Computer (ICP), Cosmos (ATOM), Algorand (ALGO), Sandbox (SAND), Decentraland (MANA), and Chiliz (CHZ).

According to the SEC, these assets were allegedly mentioned as security assets in the lawsuit against Bittrex, Binance, and Coinbase.

The SEC further claimed that Kraken combines the services of an exchange, broker, dealer, and clearing agency without registering any of those mentioned with them as required by law.

Summary of SEC’s Charges against Kraken

The charges outlined by the SEC say Kraken provides a marketplace that brings together the orders for securities of multiple buyers and sellers using established, non-discretionary methods under which such orders interact, and thus operate as an exchange.

It also says that the exchange approves securities transactions for its customers, acting as a broker in the process.

The regulator also claims that Kraken engages in the business of trading securities for its account without an applicable exception, and thus operates as a dealer.

The SEC also alleged that Kraken serves as an intermediary in settling transactions in various security assets by its customers, thereby acting as a securities depository. This implies that the exchange operates as a clearing agency, as alleged by the regulator.

Risking Customers’ Information

In the lawsuit, the exchange also complains that Kraken is endangering its customers’ personal and financial information with its mode of operation, especially in terms of record keeping.

The statement reads, “Kraken commingles its customers’ money with its own, including paying operational expenses directly from accounts that hold customer cash.”

The exchange is also accused of commingling its customers’ crypto assets with its own, creating what its own auditor had identified as “a significant risk of loss” to its customers.”‘

XRP Not in the List

It’s no surprise that XRP was not listed in the lawsuit as a security. This can be attributed to the successive victories recorded against the SEC by Ripple in recent months.

Recall that Ripple was sued in December 2020 by the SEC for allegedly selling the digital token XRP it tagged as a security without proper registration.

However, on July 13, Judge Analisa Torres exonerated XRP by declaring it a non-security asset. But Ripple’s sales of XRP to institutional clients were classified as securities offerings.

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SEC Engages Exchanges Over Bitcoin ETF, Fueling Optimism for Approval

Adedoyin Aka — Sat, 18 Nov 2023 00:19:20 +0000

In a promising development for the crypto industry, the US Securities and Exchange Commission (SEC) has reportedly initiated talks with major cryptocurrency exchanges regarding the approval of spot Bitcoin exchange-traded funds (ETFs).

This engagement signifies a more open-minded approach from the SEC and raises hopes for a favorable decision in the near future.

SEC Offers Guidance on Amendments

Bloomberg ETF analyst Eric Balchunas revealed that the SEC’s Trading and Markets division has been providing guidance to exchanges regarding the necessary amendments for their spot Bitcoin ETF applications.

The SEC is specifically encouraging exchanges to adopt “cash creates” mechanisms, which involve using cash to purchase Bitcoin as the underlying assets for the ETFs.

Balchunas considers this approach a positive development as it would simplify the regulatory process for broker-dealers, who would otherwise face complexities in registering for direct Bitcoin dealings. This streamlined approach could potentially expedite the approval process and enhance the chances of success.

Growing Optimism and Deadlines

The SEC’s engagement with exchanges aligns with the increasing optimism within the crypto industry regarding the approval of spot Bitcoin ETFs. Both Balchunas and his colleague James Seyffart have recently raised the approval odds to 90%, citing various positive factors, including the SEC’s recent guidance on digital asset custody.

Based on this newfound optimism, industry experts anticipate the approval of spot Bitcoin ETFs by January 10, 2023. This projected timeline gains further credibility from the SEC’s recent actions and the overall positive sentiment surrounding the cryptocurrency industry.

ETF Applicants Responding to SEC Feedback

In response to the SEC’s feedback, several ETF applicants, including prominent providers like WisdomTree, have already amended and resubmitted their applications. This proactive response from industry players demonstrates their eagerness to bring spot Bitcoin ETFs to the market.

similarly, Bitcoin investors have responded with enthusiasm to the SEC’s engagement with exchanges and the growing optimism for spot Bitcoin ETF approval. At the time of writing, the price of Bitcoin has surged by 1.48%, reflecting renewed confidence in the potential for spot Bitcoin ETFs.

Promising Steps Forward for Crypto ETF Regulation

The SEC’s recent discussions with cryptocurrency exchanges regarding spot Bitcoin ETFs mark a significant stride in the regulatory landscape for digital assets. Its willingness to engage with the industry and focus on practical solutions provides encouraging signs for the future of crypto ETFs.

With the odds of approval now at 90%, the crypto industry remains cautiously optimistic about the potential approval of spot Bitcoin ETFs by January 10, 2023. The approval of these ETFs would represent a significant milestone, paving the way for increased institutional investment and broader adoption of Bitcoin and other digital assets.

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US Congressman Slams SEC Chair Over Ongoing Lawsuit Against Ripple and XRP

Adedoyin Aka — Fri, 10 Nov 2023 09:58:40 +0000

US Congressman Tom Emmer has earned praise for his recent remarks regarding the ongoing Ripple lawsuit, specifically targeting Securities and Exchange Commission (SEC) Chair Gary Gensler

Emmer, who currently serves as the House Majority Whip, has vocally criticized the SEC for its handling of cryptocurrency regulation, accusing the commission of overstepping its boundaries.

Emmer Calls Out SEC Chair for Ineffectiveness and Incompetence

Emmer took to X to express his dissatisfaction with Gensler’s leadership, labeling him as “ineffective and incompetent.” The congressman’s comments shed light on the SEC’s pursuit of enforcement actions beyond its jurisdiction, including the highly publicized case against Ripple over XRP security status

Legal Expert Bill Morgan Applauds Emmer’s Courageous Stance

Renowned XRP legal expert Bill Morgan was quick to commend Emmer for his bold stance against the SEC.

Morgan, a partner at Morgan Law Group, praised Emmer as the first US congressman to openly challenge the SEC’s arguments surrounding the security status of XRP.

He also raised questions about the SEC’s expenditures in the Ripple lawsuit, citing Ripple CEO Brad Garlinghouse’s disclosure of the company’s substantial defense costs exceeding $150 million. Morgan further questioned the amount of taxpayer money being utilized by the SEC in pursuing the case.

Ripple’s Potential Lower Penalty Fee Raises Questions

While the SEC is aiming to secure significant penalties from Ripple, the court has already ruled that Ripple’s institutional sales of XRP, totaling over $770 million, violated the law. However, industry experts believe that Ripple may be able to reduce the fee by excluding legitimate business expenses from the fine.

The impending penalty phase of the lawsuit is expected to commence soon. In the event that the SEC and Ripple fail to reach a settlement, the court will establish a briefing schedule for the remedies proceeding.

The outcome of the Ripple lawsuit carries substantial implications for the entire cryptocurrency industry. If the SEC succeeds in its case, it could embolden the commission to pursue more aggressive enforcement actions against other crypto firms.

Conversely, if Ripple successfully defends itself and XRP, it would serve as a powerful message to the SEC, asserting that the commission must operate within its designated jurisdiction. The cryptocurrency industry eagerly awaits the resolution of this high-stakes legal battle.

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Ripple CEO To Ex-SEC Chair Jay Clayton: “Watching this clip makes my blood boil”

Tobi Loba — Sun, 29 Oct 2023 08:41:39 +0000

A video from June has drawn the ire of Ripple CEO Brad Garlinghouse on X. In June, Cameron Winklevoss (@cameron), the co-founder of Gemini crypto exchange and Winklevoss Capital, shared a clip of the former SEC Chair Jay Clayton on CNBC’s Squawk Box. In the video, Clayton condemned the regulatory strategy being employed by the SEC under Gensler.

The SEC’s Regulatory Strategy

According to Clayton, the current regulators believe that “If we’re not losing cases, if we’re not being pushed back by the courts, we’re not doing enough.” Clayton points out the flaw in this strategy and describes it as a “fundamental shift” in how Americans view their government’s role.

Clayton said he wouldn’t want to be in a place where the government could bring lawsuits they knew they would lose, and then he asked the interviewer to put themselves in the shoes of the person being sued.

Clayton stated that regulators with the power of the state should only bring cases and make rules that would pass judicial scrutiny.

Garlinghouse Claps Back

Garlinghouse was unhappy with Clayton’s statement, saying, “Watching this clip makes my blood boil.” Although Clayton’s statement about regulators only taking on credible cases is right, he isn’t innocent, and Garlinghouse points out his hypocrisy. He adds, “The hypocrisy is shocking. @CNBC @SquawkCNBC should be calling him out for the bullshit.”

Clayton was the SEC chair who filed the lawsuit against Ripple in December 2020, which is still going on and has harmed the adoption of XRP in the U.S. He was also the instigator of the case against Brad Garlinghouse and Chris Larsen, charging them with aiding and abetting the sales of unregistered securities, charges that the SEC recently dropped.

Garlinghouse stated, “As a reminder, Jay Clayton brought the case against Ripple, me and Chris Larsen. And left the building the next day.”

The Community Stands Behind Garlinghouse

As expected, the crypto community called out Clayton and the SEC for their hypocrisy. This isn’t the first time the SEC has been called out for hypocrisy, and if Gensler continues with this strategy, it might not be the last.

One user highlighted the bright side of the situation, stating that Ripple survived the SEC’s corruption, and it was a win for the crypto community. However, it is still sad because of all the legal expenses Ripple has incurred.

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SEC Faces Midnight Deadline To Appeal Grayscale Spot Bitcoin ETF Victory, If Not…

Chinedu Agbakwusi — Fri, 13 Oct 2023 19:18:32 +0000

The United States Securities and Exchange Commission (SEC) is on the verge of losing another legal case following a recent disclosure by renowned Fox Business producer and journalist Eleanor Terrett.

Terrett revealed via a tweet that the SEC has until midnight today to appeal Grayscale’s court victory against the regulatory body. Adding that the case would close in seven days if no successful move was initiated to review the previous ruling by the SEC.

A Brief Overview Of What Went Down Between Both Parties

Grayscale, a leading crypto asset manager by assets under management, has been at loggerheads with the U.S. SEC over its plan to convert its Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF).

The SEC, being a recognized crypto regulatory body with powers to approve or reject initiatives like the one proposed by Grayscale, took a rigid stance on the crypto assets firm proposal, denying the platform the opportunity to convert its GBTC into a spot Bitcoin ETF.

SEC’s unyielding stance prompted Grayscale to sue the crypto regulatory body, which ended in favor of the crypto asset manager, as the court ordered the SEC, through the presiding Judge, Neomi Rao, to review its decision concerning Grayscale’s application on August 29.

SEC’s Silence Since August 29

It is worth mentioning that the SEC has kept mute about the court’s order on August 29. According to the report, the case would be closed in seven days if the regulatory body remains adamant in Filing for an appeal.

It is left to see how events turn out before midnight. For now, it could be said that the SEC might have been defeated, barring any last-minute decisions or developments.

Why Is the SEC Silent?

A possible reason why the SEC is silent could be that it’s working with Grayscale to kickstart the fund’s conversion approval process.

According to Terrett, the crypto asset manager platform will work in collaboration with the Division of Corporation Finance and Trading and Markets (T & M).

In addition, SEC’s failure to meet the deadline would imply that spot Bitcoin ETF launch is imminent and other leading U.S. financial firms like BlackRock and Fidelity Investments with plans to launch similar projects will be free to take on their projects.

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