Browsing:Market

Ripple Labs argues for reduced SEC penalties by citing the Terraform Labs case
2 weeks ago 1 min read

Ripple Labs argues for reduced SEC penalties by citing the Terraform Labs case

Ripple Labs Inc. has submitted a fresh notification to the Southern District of New York with the intention of swaying the court’s perspective on the Securities and Exchange Commission’s suggested sanctions and ultimate ruling. Ripple’s legal team, headed by Michael K. Kellogg, cite a parallel lawsuit involving Terraform Labs, in which Terraform and CEO Do Hyeong Kwon were convicted of significant securities fraud. Terraform was mandated by the court to make a payment of $3.59 billion as disgorgement, along with a civil penalty of $420 million. This penalty amounts to approximately 1.27% of their total revenues, which stood at $33

Paradigm, a leading venture capital firm specializing in cryptocurrencies
2 weeks ago 1 min read

Paradigm Launches $850 Million Fund for Early Crypto Projects Amid Market Recovery

Paradigm, a leading venture capital firm specializing in cryptocurrencies, has initiated a $850 million fund to provide financial backing for emerging crypto businesses in their early stages. The fund seeks to emphasize the profound impact of the cryptocurrency industry and the increasing inclination towards investing in emerging enterprises. Matt Huang, one of the co-founders of Paradigm, highlights the significance of advancing a favorable future for crypto and underscores the firm’s dual position as investors and creators. The fund is being established in response to a larger pattern in which other prominent venture capital companies are making substantial investments in the

Ark Invest
2 weeks ago 1 min read

Ark Invest sells 323,801 Robinhood shares, spread throughout its three funds

Cathie Wood’s Ark Invest carried out a significant sale of Robinhood Markets Inc. (HOOD) on June 10, 2024. This was done in spite of the fact that the crypto exchange had recently bought Bitstamp. More than $7.5 million in revenue was earned by the company as a result of the selling of HOOD shares, which led to a considerable decrease in the stock price. A total of 323,801 shares were sold by Ark, and the proceeds were spread among its three funds, which are the Ark Innovation ETF (ARKK), the Ark Next Generation Internet ETF (ARKW), and the Ark Fintech

The European Central Bank (ECB)
3 weeks ago 1 min read

The European Central Bank (ECB) and the Bank of Canada (BoC) have lowered interest rates

The European Central Bank (ECB) and the Bank of Canada (BoC) have recently decreased their primary interest rates, indicating a significant change in monetary policy. The European Central Bank’s (ECB) choice to decrease interest rates is driven by a revised inflation forecast, indicating a need to adapt monetary policy after a period of consistent rates. In spite of the persistent inflation in the eurozone, the European Central Bank (ECB) forecasts a marginal increase in inflation for the years 2024 and 2025, while projecting stability at 1.9% for the year 2026. The ECB’s decision to decrease rates marks its first reduction

US Congress examines real-world asset tokenization
3 weeks ago 1 min read

US Congress examines real-world asset tokenization

The US Financial Services House Committee convened a hearing to discuss the possibilities of tokenization of real-world assets (RWA) and derivative products, with a specific emphasis on the need for additional regulations. The key participants were Carlos Domingo, who is the Co-founder and CEO of Securitize, and Robert Morgan, who serves as the CEO of the USDF Consortium. Lilya Tessler and Nadine Chakar, who are professionals in the financial field, shared their perspectives. Prof. Hilary Allen, a faculty member of American University Washington College of Law, provided a scholarly perspective. Throughout the discussion, witnesses and politicians expressed divergent perspectives on

US SEC hints that the agency may be dragging its feet in approving spot Ether ETFs
3 weeks ago 1 min read

US SEC Chairman hints that the agency may be dragging its feet in approving spot Ether ETFs

Chair Gary Gensler of the US Securities and Exchange Commission (SEC) has suggested that the final authorizations for asset managers to provide Ethereum exchange-traded funds (ETFs) for immediate purchase and sale on exchanges could experience a delay. Gensler said that the SEC may be delaying the approval of spot Ether ETFs, maybe because the commission is taking its time to approve S-1 registration statements. Although the SEC authorized the 19b-4 files of many entities on May 23, the process of listing and trading ETFs on US exchanges may experience significant delays of several months owing to final certifications. Gensler also

Hong Kong police report a surge in counterfeit banknotes linked to crypto scams
4 weeks ago 1 min read

Hong Kong police report a surge in counterfeit banknotes linked to crypto scams

The Hong Kong police have seen a notable surge in forged banknotes, with many of them being associated with cryptocurrency scams. This presents a considerable obstacle for law enforcement agencies and regulatory bodies. From January to April of this year, law enforcement confiscated 3,396 counterfeit banknotes, which had a total nominal value of about HK$2.55 million ($326,130). A significant number of these forged banknotes were specifically created for the purpose of being used in cryptocurrency transactions. In three significant crypto fraud instances, the police seized 1,693 “training notes” and 347 low-quality counterfeit money, resulting in the arrest of three persons.

4 weeks ago 1 min read

BlackRock updates its Ethereum ETF filing

BlackRock has revised its S-1 application for a planned Ether (ETH) exchange-traded fund (ETF), generating positive sentiment in the cryptocurrency market. Eric Balchunas, an analyst at Bloomberg, suggests a launch before the end of June. The revised S-1 document revealed that a Seed Capital Investor acquired 400,000 shares of the proposed ETF, resulting in a net asset value of $10 million for the Trust. The ETF, traded with the ticker symbol “ETHA,” permits the conversion of assets into cash or Ether, subject to regulatory authorization. Balchunas characterized the report as a promising indication, highlighting the high probability of a launch

New York Attorney General Letitia James
1 month ago 2 mins read

New York Attorney General Letitia James warns crypto companies to follow regulations

As the US government softens its position on crypto, New York Attorney General Letitia James warns crypto firms. James pledged severe industry regulation after Genesis’ $2 billion settlement. The New York State Attorney General settled with Genesis Global Capital, an insolvent platform, for $2 billion last week. The NYAG’s Office’s October 2023 lawsuit resulted to New York’s biggest crypto business settlement. Following this, NY Attorney General Letitia James stressed her commitment to crypto regulation to safeguard New York investors. “New York investors deserve the peace of mind that comes from a properly regulated marketplace, and my office will always act

Former President Trump pledges to support crypto, protect self-custody rights
1 month ago 1 min read

Former President Trump pledges to support crypto, protect self-custody rights

Former US President Donald Trump once again supported the crypto business, pledging to defend users’ self-custody rights and stop a central bank digital currency. If re-elected, he promised to pardon Silk Road founder Ross Ulbricht. Trump made multiple pro-crypto remarks before the election on May 25. The US must lead crypto, he said. “I am optimistic and open-minded about crypto companies and this new and growing industry. Our nation must lead. Trump said there was no second place. Trump contrasted with President Joe Biden, accusing him of hindering the crypto business. “That will never happen with me,” Trump said. At

Coinbase filed an interlocutory appeal against the SEC for skipping the Howey test for securities
1 month ago 2 mins read

Coinbase has filed an interlocutory appeal against the SEC, accusing the Commission of bypassing the Howey test

Coinbase filed an interlocutory appeal against the SEC for skipping the Howey test for securities. Recent legislation, notably FIT21, shows the US SEC’s overreach, the exchange says. Coinbase’s Chief Legal Officer, Paul Grewal, called for clear laws and blasted the SEC’s inconsistencies. Coinbase is using congressional politics to influence its SEC appeal. Coinbase said the SEC “side-stepped” the Howey test in a May 24 court filing. The crypto sector and SEC have disagreed on applying this criterion to digital assets for years. Grewal outlined the main issue: whether the SEC may regulate bitcoin transactions as “investment contracts” without contractual duties.

Bybit CEO Ben Zhou denies hack and insolvency rumors
1 month ago 2 mins read

Bybit CEO Ben Zhou denies hack and insolvency rumors

Speculation that a major exchange was insolvent concerned the crypto world this week. With mounting worry, users identified Bybit as the exchange in peril. Bybit CEO Ben Zhou denied any hack or insolvency issues on X on Wednesday, assuring investors that the exchange was working regularly. This followed Tuesday claims of imminent bankruptcy, raising concerns of another FTX-like collapse. Arkham Intelligence’s Proof-of-Reserves (PoR) graph dropped from $11 billion to $6 billion, sparking speculations. An X user soon explained that Arkham’s graph problem led a wallet not to show nearly $4 billion in money, causing the decrease. When examined separately, all

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