Day: August 16, 2023

Ripple Labs bites back against SEC’s request to file appeal

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Ripple Labs has voiced its opposition towards the United States securities regulator’s move towards filing an interlocutory appeal relating to the summary judgment laid down by U.S. District Court Judge Analisa Torres on Jul. 13. In an Aug. 16 letter to Torres of the Southern District of New York, Ripple’s lawyers explained that because the Securities and Exchange Commission failed to satisfy elements of the Howey test relating to Ripple’s distribution of XRP — a “legal question” — the court should reject the SEC’s motion for leave to file an interlocutory…

OPNX fined $2.7 million in UAE for flouting marketing laws

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied On Aug. 16, the Dubai Virtual Assets Regulatory Authority (VARA) in the United Arab Emirates (UAE) escalated its actions against Open Technology Markets Ltd. (OPNX), a crypto exchange.  This follows previous notices in April 2023 concerning the exchange’s conduct. The regulator also fined the exchange and its executives. On May 2, OPNX was fined $2.7 million for flouting Dubai’s Virtual Assets and Related Activities regulations revolving around marketing and promotion. The exchange is yet to pay the penalty. …

Strict Canadian crypto exchange rules allowed Kraken clarity to invest there, exec says

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Size and energy allowed Kraken to stay in Canada after the imposition of new registration requirements for crypto exchanges in February. But in spite of the demanding process, the regulatory clarity has benefited the company, Kraken managing director for Canada Mark Greenberg said. Speaking to Cointelegraph’s Sam Bourgi at the Blockchain Futurist Conference in Toronto, Greenberg had positive things to say about the Canadian regulatory environment: “The Canadian regulators have been collaborative, helpful. […] There’s a clear regulatory pathway. It’s allowed us to invest in the country.” Kraken has a…

Canada’s regulatory clarity is bringing institutions to crypto — WonderFi CEO

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Canadian financial institutions are increasingly taking an interest in crypto as regulatory clarity emerges in the country, according to WonderFi CEO Dean Skurka, who met up with Cointelegraph at the Blockchain Futurist Conference in Toronto. Skurka claimed that his exchange had seen an uptick in trading by institutions as opposed to retail investors. “What we have seen in the first half of this year is growth in our OTC institutional segment,” he stated, referring to over-the-counter trades. “These institutional investors, more sophisticated investors, are [more] immune to sentiment and trends…

Shiba Inu’s Shibarium Ethereum L2 blockchain goes live on mainnet

Shiba Inu launched the Shibarium mainnet, an Ethereum layer-2 scaling solution, on Aug. 16 after months of testing that saw millions of users participate and 21 million wallets created. Shibarium is built on a new consensus mechanism called proof-of-participation (PoP), which works by selecting validators in proportion to their quantity of holdings in the associated cryptocurrency. This is done to avoid the computational cost of proof-of-work schemes. The new L2 blockchain solution is designed to interact with the primary Ethereum layer-1 blockchain, providing a more scalable and cost-effective transaction platform.…

CoinSmart president says crypto taxes are a ‘little bit more favorable’ outside US

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Jeremy Koven, the president of Canada-based crypto exchange CoinSmart and SmartPay, pointed to areas of concern for crypto firms in the United States looking for regulatory clarity and favorable tax policy.  Speaking to Cointelegraph at the Blockchain Futurist Conference in Toronto on Aug. 16, Koven said promoting crypto at casinos and for sports betting was “really a no-brainer” in Canada, where many users were interested in gaming. He also pointed to the U.S. for dividing crypto rules among the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission, raising…

Price analysis 8/16: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT

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Markets continue to slump, giving advantage to the bears and hinting at a trend change to the downside. Bitcoin (BTC) continues to trade inside a narrow range with no clear signs of a breakout from it. Trading platform QCP Capital said in their latest market update that Bitcoin may remain quiet for a few more weeks before making its move in September.  Delphi Digital co-founder Kevin Kelly believes that the cryptocurrency markets are in the early stages of a new bull cycle. Based on a study of Bitcoin’s four-year cycle…

Donald Trump Owns $2.8M in Crypto in Ethereum (ETH) Wallet, Made Near $5M on NFTs

The news also comes at a time when cryptocurrencies are increasingly part of the political agenda in the U.S. as candidates are gearing up for the presidential election due in 2024. Democratic hopeful Robert F. Kennedy Jr., who confirmed owning bitcoin (BTC), said he would back the U.S. dollar with BTC and exempt the token from capital gains taxes if elected. Robert DeSantis, Florida governor and a Republican candidate trailing Trump in early polls, promised to ban central bank digital currencies (CBDCs) as president. Source

Analyst Forecasts $150,000 Clearing Price

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In a recent interview, Tom Lee, CNBC’s head of research, shared his insights on the potential impact of a Spot Bitcoin exchange-traded fund (ETF) approval by the Securities and Exchange Commission (SEC) on the price of the largest cryptocurrency in the market.  Lee expressed optimism that introducing a Bitcoin ETF could propel the digital asset to price levels of $150,000 or even $180,000, representing a significant surge from current levels.  Optimistic View On BTC Lee’s bullish stance on the potential for a Bitcoin ETF to drive price appreciation reflects the…