Month: June 2023

Why the XRP Army Keeps Fighting

Giving further credence to XRP Army, Byrne adds that the SEC was targeted by a “huge marketing campaign from Ethereum promoters, and people with large quantities of Ethereum” so that the SEC would “leave it alone in the name of technology.” But there’s yet more nuance. Byrne adds that there are other reasons the SEC could have chosen to prosecute Ripple and not Ethereum, including that Ripple continues to sell XRP on secondary markets. “If you sell tokens in the market on January 1, and you’re not supposed to do…

House Republicans’ Bill Shows Challenge of Regulating Crypto Without Giving Traditional Securities a Free Pass

McHenry and Thompson attempt to sidestep the Howey Test entirely. Their bill would create a new asset class called “digital assets.” Digital assets can come in many forms, but two particularly important ones are “digital commodities” and “restricted digital assets.” In short, the legislation provides that crypto tokens will either be issued as digital commodities in the first instance, or as restricted digital assets that then “mature” into digital commodities after they become sufficiently decentralized. Source

Unfazed by SEC tumult, top banks work to make blockchains interoperable

Amid all the tumult in the crypto world, some of the world’s largest banks have been quietly reflecting on ways to bring digital assets to institutional customers. And last week, a plan emerged. A collaboration, under the guidance of the Society for Worldwide Interbank Financial Telecommunication, better known as Swift — the global financial communication and payments network — will soon be testing ways for permissioned bank-owned blockchains to not only talk to each other, but also communicate with public blockchains like Ethereum. Participants in this global experiment include more…

SEC concerned over ‘Ether is not a security’ statement

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Newly released documents showing edits that were made to a 2018 speech given by former director of the Security and Exchange Commission’s (SEC) corporate finance division Bill Hinman suggest the editors were concerned his statement might undermine the idea that Ether (ETH) is a security.  This could risk locking the agency into a position it would find hard to change at a later date, the SEC comments warn. “Even with the caveats in the sentence, it seems that it would be difficult for the agency to take a different position…

Bitcoin Price Stabilizes in $26K Range Following Recent Regulatory-Induced Volatility

The price of Bitcoin is now experiencing some stability after heavy volatility following last week’s events in the crypto sector. The price of Bitcoin (BTC) seems to have stabilized as the world’s largest cryptocurrency by market cap recovers from recent volatility. Throughout last week, Bitcoin was unstable following regulatory issues that plagued the crypto industry and caused uncertainty and doubt. According to CoinMarketCap data, Bitcoin is trading at $26,147 after climbing less than 2% over the last 7 days. Last week, the king coin shed more than $1,500 after the…

Hinman’s 2018 Speech on Ether Needed More Clarity, SEC Officials Said at the Time, Emails Released by Ripple Show

“As written, the language remains vague as to whether ETH is a security. If you want to make an affirmative statement that it is not a security, the language could be stronger (i.e., just say it). If you don’t want to take an affirmative stance, we suggest using language similar to what you used for Bitcoin re. the disclosure regime to make it more consistent,” wrote former SEC Director of Trading and Markets Brett Redfearn on June 12, 2018. Source

Peter McCormack’s Real Bedford Football Club puts Bitcoin on the map – Cointelegraph Magazine

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Buying a small-town soccer club with the aim to propel it into the Premier League — the world’s most popular football league — is a script suitable for a Netflix series. In fact, actor Ryan Reynold’s bid to revitalize lower-league Welsh soccer team Wrexham FC has already caught the attention of Disney+ writers.  It’s a quaint, quintessentially British underdog story of how an ultra-rich Hollywood actor can do something different with his wealth. However, Reynolds has no connection to Wrexham; he flies in for most games, and he’s unlikely to…