Day: July 7, 2023

JPMorgan: SEC Approval of Spot Bitcoin ETF Unlikely To Be A Game Changer

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A JPMorgan strategist believes that SEC approval for a spot Bitcoin ETF won’t be a game changer.  The banking giant has argued that similar products have existed in Canada and Europe.  The strategist pointed out that Bitcoin funds have attracted little interest from investors over the past two years.  JPMorgan’s report acknowledged that spot BTC ETFs would bring more liquidity and transparency to BTC markets.  Wall Street giant JPMorgan believes that a spot Bitcoin ETF in the United States won’t have the impact that the crypto and TradFi communities believe…

Elon Musk’s legal team responds to ‘audacious allegations’ in dogecoin case

Elon Musk’s attorneys are contesting a dismissal motion put forth by plaintiffs in the ongoing class-action lawsuit involving dogecoin investors. Elon Musk’s attorneys are contesting a complaint from plaintiffs in a class-action lawsuit involving dogecoin (DOGE) investors. The plaintiffs are seeking the dismissal of Musk’s legal team over allegations of misconduct. The attorneys for Musk have responded, describing the complaint as a misuse of judicial resources. The response from Musk’s legal team is contained in a detailed document. This response seeks to challenge the substance of the allegations, arguing that…

Coinbase Knew It May Have Been Violating the Law Prior to the SEC’s Lawsuit, Regulator Claims

“Coinbase, a multi-billion-dollar entity advised by sophisticated legal counsel, argues it was unaware that its conduct risked violating the federal securities laws, and suggests that by approving Coinbase’s registration statement in 2021 the SEC confirmed the legality of Coinbase’s underlying business activities – at that time and for all time,” the SEC said in its filing. Source ClaimsCoinbaseKnewLawLawsuitPriorRegulatorSECsViolating CryptoX Portal

Robert F. Kennedy Jr. owns up to $250k in bitcoin, financial records show

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Robert F. Kennedy Jr. currently holds between $100,000 and $250,000 in bitcoin, according to financial records. America’s next potential president is a bitcoiner  Kennedy, who is running as a Democratic candidate for president of the United States, has been a vocal supporter of cryptocurrency and blockchain technology and has gone as far as accepting campaign donations in bitcoin (BTC).  The 69-year-old politician and environmental lawyer has publicly stated that despite his positive sentiment toward blockchain, he…

Coinbase domain name reportedly used by scammers in high-profile attacks

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Update (July 7 at 9:33 PM UTC): This article has been updated to include Coinbase’s response.  Coinbase’s users have been turning to Twitter to report scams and phishing attacks involving the company’s services and applications in recent weeks, including claims that scammers are using the crypto exchange’s domain name. The most recent case was disclosed on July 7 by a Twitter user identified as Daniel Mason, who allegedly received texts and emails from scammers with links under the domain Coinbase.com. The fraudster contacted Mason using a real phone number, then triggered…

Coinbase Knew It Was Violating the Law Prior to the SEC’s Lawsuit, Regulator Claims

“Coinbase, a multi-billion-dollar entity advised by sophisticated legal counsel, argues it was unaware that its conduct risked violating the federal securities laws, and suggests that by approving Coinbase’s registration statement in 2021 the SEC confirmed the legality of Coinbase’s underlying business activities – at that time and for all time,” the SEC said in its filing. Source

Why Digital-Assets Infrastructure Platform Zumo Made Edinburgh, Scotland Its Crypto Hub

Edinburgh is probably No. 2 in the U.K. as a startup hub, it felt like there was a good mixture of talent. We’ve decided to stay probably because of the pandemic allowing us to not have to rely on the very good, but fairly small, talent pool in Scotland. There are only 5.5 million people in Scotland. It’s a secondary hub for financial services or banking for the U.K. outside of London, so people tend to get hoovered up, especially the good ones. Source

Open-source advocates launch OP Stack testnet to fund public goods

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Layer-2 blockchain Public Goods Network launched a testnet on July 7, promising to spend “the vast majority of net sequencer fees” on public goods instead of paying them out to the development team or token holders, according to an announcement from the network’s developers. In economics, a “public good” is a good that cannot be produced for profit because it is difficult to exclude non-payers from its consumption. The new network was developed by the same team that created Gitcoin, a project that seeks to raise funds for open-source projects.…

3 reasons why Bitcoin’s price is primed to hold the $30,000 level as support

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Bitcoin’s price gave back some of its recent gains this week, but multiple data points suggest that $30,000 should hold as support going forward. Bitcoin (BTC) remained within a narrow 4.3% range for the 15 days leading up to July 7. Despite the proximity of the $29,895 to $31,165 range, investors’ sentiment was significantly impacted by an unsuccessful attempt to break above $31,400 on July 6. Traders’ tendency to overreact to short-term price movements rather than Bitcoin’s year-to-date gains of 82% could be part of the reason for the short-term correction.…

Crypto.com petitions US court to uphold arbitration decision for mistakenly sent $50K

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Cryptocurrency exchange Crypto.com has petitioned a Florida court to confirm a judgement in its favor through arbitration after the platform mistakenly deposited $50,000 into a user’s account. According to the July 6 court filing, Crypto.com “erroneously deposited” $50,000 into James Deutero McJunkins’ account in June 2022, despite the user seemingly not earning the funds through trades or other activity. He immediately transferred the funds into an external bank account out of reach of Crypto.com’s authority, and ignored repeated requests to return the money. In October 2022, Crypto.com went to arbitration…