Browsing:Market

Legal Tussle Intensifies Between Ripple and SEC Amid Allegations of Misleading Court
3 months ago 1 min read

The US SEC is accused of misleading the court in Ripple case

In the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC), a legal expert accuses the SEC of misleading the court. The SEC is requesting Ripple’s financial statements and sales contracts, but there are concerns about the transparency and accuracy of the information that the regulator showed. Ripple’s legal team is actively challenging what they believe is a factual error made by the SEC. Legal analyst Bill Morgan, who is closely following the Ripple case, has expressed concerns about the SEC’s actions, accusing the regulator of providing misleading information to the court. The SEC’s request

US SEC Commissioner Hester Pierce proposed a potentially smoother approval process for Ethereum ETFs
3 months ago 1 min read

The US SEC Commissioner Hints That Ether ETF Approval Would Be Easier Than Bitcoin ETF’s

In a recent Coinage interview, US SEC Commissioner Hester Pierce proposed a potentially smoother approval process for Ethereum Exchange-Traded Funds (ETFs), indicating a shift from previous regulatory considerations. Commissioner Pierce expressed her desire for the SEC to treat crypto ETFs, particularly those linked to Ethereum, similarly to traditional funds. Her proposal advocates for applying existing standards without requiring court intervention, potentially streamlining the approval process. This approach differs from previous methods used by the SEC to handle crypto ETFs. Pierce’s stance suggests a more industry-friendly approach, with crypto ETFs following the regulatory framework established for traditional investment funds. The anticipation

Former Binance CEO Changpeng Zhao faced a legal setback in his efforts to obtain permission to travel to the United Arab Emirates.
3 months ago 1 min read

Binance CZ’S $4.5B equity offer fails to secure urgent UAE visit again

Former Binance CEO Changpeng Zhao, also known as CZ, faced a legal setback in his efforts to obtain permission to travel to the United Arab Emirates for the second time. Despite offering $4.5 billion in Binance equity as collateral, a federal judge denied his request, limiting his ability to visit a close associate who is hospitalized and undergoing surgery. Court documents filed on Wednesday revealed that CZ’s legal team wrote to Judge Richard Jones on December 22, emphasizing the urgency of the situation. The letter emphasized CZ’s critical need to be present during the hospitalization and surgery of someone close

The US SEC has delayed its decision on the iShares Ethereum Trust spot ETF until March 10
3 months ago 1 min read

SEC delays decision on Ethereum ETF to March 10, 2024

The US SEC has delayed its decision on the iShares Ethereum Trust spot ETF until March 10, 2024. The ETF, proposed by Nasdaq on November 21, 2023, is intended to track the price movements of Ethereum, a popular crypto. Originally, the SEC had a 45-day review period for the ETF proposal, ending on January 25, 2024. However, the regulatory body chose to extend this period, indicating a need for more time to thoroughly examine the complexities surrounding the Ethereum ETF. The proposed rule change has been open for public comment since December 11, 2023, but no comments have been received

Senator Lummis
3 months ago 1 min read

US Senator defends crypto, urges strong rules against bad actors, and clashes with Warren on laundering

In a recent Senate Committee hearing, US Senator Cynthia Lummis defended the crypto industry, claiming that the primary concern is with bad actors, not the assets themselves. Lummis, a vocal crypto supporter, advocates for a strong regulatory framework to prevent bad actors from abusing the system and to ensure that crypto businesses follow clear rules. Senator Lummis has been actively working to develop a comprehensive regulatory framework for the crypto industry. This year, she introduced the Lummis-Gillibrand bill, which seeks to improve oversight and regulation in the crypto space. The proposed legislation is intended to make it difficult for bad

Mt. Gox Takes Steps to Repay Creditors: Verification Process Begins
3 months ago 1 min read

Mt. Gox starts verifying creditor identities to repay lost 200k Bitcoin from the 2014 hack

Mt. Gox, a once-prominent crypto exchange, has begun the process of verifying creditor identities as part of its ongoing effort to repay losses caused by a major hack in 2014. Creditors are now receiving emails requesting identity confirmation, which is a critical step in recovering lost Bitcoin and Bitcoin Cash. Creditors recently reported receiving emails from Mt. Gox urging them to verify the identity associated with their Mt. Gox accounts. This verification process is required before reclaiming the Bitcoin (BTC) and Bitcoin Cash (BCH) stolen during the infamous 2014 hack. A detailed email shared on the Mt. Gox discussion forum

Global crypto ownership increased by 34% in 2023
3 months ago 1 min read

Over 580 million people now own crypto globally

According to a recent report from Crypto.com, global crypto ownership increased by 34% in 2023, rising from 432 million to an impressive 580 million. This surge in crypto adoption coincides with economic challenges, geopolitical tensions, and the pandemic’s ongoing effects. Bitcoin and Ethereum led the charge in the crypto adoption race, with growth rates of 33% and 39%, respectively. Bitcoin now controls 51% of the global market, with Ethereum accounting for a sizable 21%. The report identifies the Bitcoin Ordinals protocol as a key driver of Bitcoin’s adoption surge in April and May. Furthermore, advancements in Bitcoin exchange-traded funds (ETFs)

Binance's legal team has expressed concerns about the US SEC's regulation approach.
3 months ago 1 min read

Binance Challenges US SEC in Court, Citing Crypto Regulations’ Uncertain Landscape

In a legal dispute between Binance and the SEC, Binance’s legal team has expressed concerns about the US SEC’s classification of most crypto as securities. This clash highlights the ambiguity in regulatory guidelines, which makes compliance difficult for crypto companies. Binance believes the SEC’s lack of clarity in crypto company regulations creates difficulty. The SEC encourages crypto firms to register, but the lack of clear guidelines makes it difficult for these companies to meet regulatory requirements. Binance claims that this confusion impedes the growth of legitimate businesses in the crypto market. At the heart of the legal debate is the

Over $2 billion in shares of Grayscale Bitcoin Trust (GBTC) have been sold since its conversion to an ETF
3 months ago 1 min read

Over $2 billion in shares of Grayscale Bitcoin Trust (GBTC) have been sold since its conversion to an ETF

Investors have sold over $2 billion in shares of Grayscale Bitcoin Trust (GBTC) since its conversion to an exchange-traded fund (ETF). Concurrently, FTX’s bankruptcy estate completed a large sale of 22 million shares, accounting for a significant portion of the $2 billion in sales. GBTC has nearly $30 billion in assets after a decade of operations. However, its conversion to an ETF marked a watershed moment, resulting in increased competition from newly launched funds by financial behemoths such as BlackRock and Fidelity. Unlike its competitors, GBTC saw a significant withdrawal of investments, which many attributed to the trust’s relatively high

Hong Kong is reportedly indicating that the city will see the launch of its first spot crypto ETFs by the middle of 2024
3 months ago 1 min read

Hong Kong Eyes Debut of Spot Crypto ETFs by Mid-2024

Hong Kong is reportedly indicating that the city will see the launch of its first spot crypto exchange-traded funds (ETFs) by the middle of 2024. Key players in Hong Kong’s crypto exchange landscape, including OSL Hong Kong and HashKey, are actively investigating this development. Gary Tiu, an executive at OSL Hong Kong, predicts that spot crypto ETFs will make their debut in the city within the coming months. According to reports, 5–10 companies are currently exploring this avenue, with approximately five making significant progress in this initiative. Tiu emphasizes the importance of maintaining reasonable fees, especially in a market with

Ripple CEO Brad Garlinghouse has recently hinted at the potential adoption of XRP by the banks of the United States.
3 months ago 1 min read

Ripple CEO Hints at Potential US Bank Adoption: Key to XRP’s Success?

Ripple CEO Brad Garlinghouse recently hinted at a significant development: the potential adoption of XRP by US banks. In a video shared by blockchain influencer Ben Armstrong, a well-known voice in the industry, it was claimed that the adoption of XRP by US banks could be the “key to XRP’s success.” Ripple faced significant legal challenges for over two years after the SEC sued the platform in 2020, accusing it of conducting an unregistered digital asset securities offering that raised more than $1.3 billion. Despite Ripple’s vision for global expansion and increased XRP adoption, legal hurdles remained significant. However, a

Terraform Labs declares bankruptcy amid legal issues and huge losses from TerraUSD collapse.
3 months ago 1 min read

Terraform Labs, the company known for the failed TerraUSD stablecoin declares bankruptcy

Terraform Labs Pte. filed for Chapter 11 bankruptcy in Delaware on January 21, according to court documents. The company, best known for its involvement in the ill-fated TerraUSD stablecoin, has revealed financial details, including assets and liabilities valued between $100 million and $500 million. The collapse of TerraUSD and Terra’s LUNA token in May 2022 resulted in significant losses for investors, ushering in a difficult period in the crypto world. Terraform Labs’ bankruptcy filing sheds light on the firm’s current financial situation, citing assets and liabilities valued between $100 million and $500 million. The parity of reported values emphasizes the

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