Day: June 9, 2023

Ripple losing SEC case can affect Coinbase and Binance, lawyer says

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The SEC’s arguments against Coinbase and most of Binance’s litigation would be severely weakened if Judge Torres ruled that XRP tokens purchased on secondary marketplaces are not securities, according to lawyer James Murphy. The SEC claims that Coinbase is acting as an unregistered securities exchange, broker-dealer, and clearing broker because 13 tokens exchanged on the platform constitute securities. However, the SEC’s case against Coinbase would fall apart if these 13 coins were not considered securities. 2/…

Why invest in Volcano Energy?

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Stablecoin issuer Tether has dipped into its war chest to invest in El Salvador’s $1 billion renewable energy project to help drive Bitcoin (BTC) adoption in the Central American nation. The Tether (USDT) issuer is one of a handful of companies investing in El Salvador’s renewable power generation project. Volcano Energy is set to generate electricity from solar and wind energy in El Salvador to power future Bitcoin mining operations in the country. The planned 241-megawatt (MW) renewable energy park is the latest move in El Salvador’s Bitcoin adoption drive after…

DOCU Shares Up 5% as DocuSign Beats Q1 2024 Earnings Estimate with Strong Guidance

DocuSign has given a strong guidance for the second fiscal quarter anticipating revenue of $675 million to $679 million. On Thursday, June 8, e-signature provider DocuSign (NASDAQ: DOCU) reported strong earnings beating revenue estimates for the fiscal quarter ending April 30 (Q1 2024). In the aftermarket hours on Thursday, the company’s share price is trading 5% up moving past $61. DocuSign Inc, based in San Francisco, California, is a company that provides electronic agreement management services. Their flagship product, eSignature, enables electronic signing on various devices as part of the DocuSign…

Money20/20 decrypts the future of digital payments

In an era of digital transformation, blockchain and cryptocurrencies are disrupting conventional financial paradigms. The latest discussion from Money20/20, a leading fintech forum, brought together Myles Stephenson, founder & CEO of Modulr, Sendi Young, Europe & UK managing director of ripple, and David Birch, director of Consult Hyperion, to elucidate the matter further. Diving headlong into the captivating abyss of technology’s impact on our financial ecosystems, we navigate the uncharted waters of digital payments.  This financial realm, where tradition meets innovation, is amid a paradigm shift. At the helm of…

Cathie Wood’s ARK loads up crypto bags, buys $19.9M Block shares

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ARK Invest CEO Cathie Wood doesn’t appear to have been swayed by recent crypto regulatory action, after buying another $19.9 million shares of Block Inc. right after buying $21 million of shares in Coinbase. Wood’s latest buying spree comes despite the United States Securities Commission suing two of the industry’s exchange heavyweights — Binance (June 5) and Coinbase (June 6) for offering what the regulator considers to be unregistered securities, among other things. Coinbase’s share price has been depressed in the days following the SEC lawsuit, however, Block Inc.’s shares…

FTX argues releasing ‘valuable’ customer list will harm its sale value

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The list of around nine million FTX customers is “extraordinarily valuable” and could harm the crypto exchange’s sale value if released, a member of the FTX restructuring team has argued. In a court hearing released June 8, Kevin Cofsky, a partner at the investment bank Parella Weinberg on retainer to FTX, said that if competitors were to gain knowledge of FTX’s customers it “would be detrimental” to the exchange’s restructuring efforts. Cofsky is part of the team aiming to squeeze the maximum amount of value from FTX which could involve…

Lens Protocol raises $15m to foster decentralized social networking

Aave’s Lens Protocol, aspiring to decentralize the social media landscape, has successfully secured $15 million in funding to bolster its mission of democratizing internet usage and offering users greater control over their data. Lens Protocol, a web3 platform developed by the technology firm Aave, has secured $15 million in funding. The web3 platform aims to establish a decentralized social networking ecosystem, harnessing web3 technologies to create a more democratic, fair, and equitable internet landscape. Aave’s CEO, Stani Kulechov, explains that the goal of Lens Protocol is to counter the dominance…

Paradigm slams SEC’s ‘incoherent’ attempt to police decentralized exchanges

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Crypto venture capital firm Paradigm has slammed the U.S. Securities and Exchange Commission’s attempt to redefine the term “exchange” — which would if accepted, bring decentralized exchanges under its purview.  On June 8, the firm sent a lengthy 14-page letter to the SEC Secretary, Vanessa Countryman, regarding the regulator’s proposed redefinition of the term “exchange” in the 1934 Securities Exchange Act. The SEC plans to revise the 89-year-old legislation to encompass decentralized exchanges (DEXes) and decentralized finance (DeFi) into the definition of “exchange.” Because the term DEX contains the word…