Day: October 4, 2023

Judge Torres Rejects SEC’s Appeal, XRP Price Expected to Surge

This ruling marked a crucial victory for Ripple, instantly boosting XRP’s price by almost 5%. When Ripple achieved its first victory, although a partial one, in July, the price of XRP spiked from $0.46 to $0.93 in just 10 hours, a stunning 100%+ increase. A federal judge in the United States, Analisa Torres, rejected the US Securities and Exchange Commission’s (SEC) appeal in a significant legal battle against Ripple, the company associated with the XRP token. The judge dismissed the SEC’s appeal, stating that the commission needed to present a…

UK Financial Watchdog to Launch Second Crypto Sandbox Next Year 

DSS will enable companies to establish financial market infrastructure leveraging digital asset technology. The United Kingdom is set to establish a new Digital Securities Sandbox (DSS) next year to foster innovation in the digital securities sector. The move marks the second crypto-related sandbox initiative in the UK as it continues to solidify its stance in the evolving world of finance and blockchain technology. For clarity, a sandbox is a controlled testing environment for individuals seeking to introduce innovative products to the market. UK to Introduce Digital Security Sandbox Next Year…

Novartis Completes Sandoz Spinoff, Sandoz Starts Trading at 24 Swiss Francs

Half of Sandoz’s revenue comes from Europe. Thus, it will be looking to leverage its brand presence in Europe for further growth. Emerging reports suggest that Novartis has completed the spinoff of its Generics and Biosimilars division, Sandoz, on Wednesday, October 4. The Swiss drug company first made its intention known in August 2022, commencing a strategic review to determine the fate of Sandoz. The review revealed a 100% spinoff was in the best interest of shareholders. Following that, Novartis shareholders approved this plan at the company’s Extraordinary General Meeting held…

No Jury Yet in the Sam Bankman-Fried Trial, but We’re Getting There

Jury selection should conclude Wednesday, according to Judge Lewis Kaplan, who is overseeing the trial in the Southern District of New York courthouse. There are around 50 potential jurors remaining, after he dismissed a few dozen during yesterday’s voir dire. Of the remainder, 12 will become jurors and six will be named as alternates, potentially as soon as later Wednesday morning. Source

Is Dogecoin On Life Support? Analyzing Its Recent Price Downturn

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Dogecoin (DOGE), the notoriously popular meme-inspired cryptocurrency, is facing a turbulent period that has left investors and enthusiasts pondering its fate. The central query echoing through the crypto community is a haunting one: Is Dogecoin destined for obscurity? The decline in Dogecoin’s value can be attributed to a confluence of factors, with the broader cryptocurrency market’s downturn chief among them. This overall slump has eroded confidence in the crypto sphere, and Dogecoin hasn’t been spared from the pessimism.  Over the past year, Dogecoin’s trajectory has been predominantly bearish, marked by…

FTX-SBF charges valid despite lack of US crypto laws, DOJ says

The United States Department of Justice filed a court motion on Oct. 4 claiming the lack of crypto regulations in the U.S. is no bar to the criminal charges filed against the former CEO Sam Bankman-Fried of now-bankrupt crypto exchange FTX. The U.S. DOJ’s letter was filed in response to the defendant’s request for clarification and reconsideration of charges related to the misappropriation of funds in FTX. SBF’s counsel had argued that their client was “not guilty because FTX was not regulated in the United States and he followed the…

DeFi Lending Project Yield Protocol to Wind Down by Year’s End

“We felt this decision was necessary because there is currently not sustainable demand for fixed-rate borrowing on Yield Protocol,” Yield said. “Additionally, the current regulatory environment in the U.S., combined with increasing regulatory requirements in Europe and the U.K., make it challenging for us to continue to support the Yield Protocol.” Source

Debate emerges over contested ‘Satoshi’ and ‘Bitcoin’ profiles on X

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Concerns have been raised regarding the legitimacy of profiles claiming to represent Bitcoin’s anonymous creator, Satoshi Nakamoto, and the handle “Bitcoin” on X, formerly Twitter. On Oct. 2, a discussion arose on X regarding two profiles—one claimed to represent the creator of Bitcoin, Satoshi Nakamoto, and the other using the handle “Bitcoin.” On Oct. 3, a user named Pledditor raised concerns about certain accounts on X, highlighting their violation of the terms of service. X’s terms explicitly prohibit users from adopting deceptive identities or impersonating real individuals or entities. To…

Bitcoin bull market awaits as US faces ‘bear steepener’ — Arthur Hayes

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Bitcoin (BTC) flipping full bull could come courtesy of the United States government, a new prediction says. In an X thread on Oct. 4, Arthur Hayes, former CEO of crypto exchange BitMEX, eyed ballooning yields as precursor to a new Bitcoin and crypto bull market. Hayes: Bitcoin bulls should eye U.S. “no way out” moment U.S. treasury yields are “screaming higher,” and with that, Hayes believes that a macroeconomic flashpoint is only a matter of time. The reason comes in the form of a so-called “bear steepener” — a phenomenon…

CBDC lays foundation for new global monetary system: French central bank

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Representatives of Banque de France, the French central bank, have embraced the global perspective on the central bank digital currency (CBDC) discussion, touting it as the foundation of a new international monetary system. Published on Oct.3, the speech of Denis Beau, First Deputy Governor at Banque de France, calls the CBDC “the catalyst for improving cross-border payments by enabling the build-up of a new international monetary system.” The official emphasizes the necessity of considering cross-border issue around CBDCs from the outset and not as an afterthought. Related: Head of Portugal…