Day: December 5, 2023

Jury in Terraform Labs case shouldn’t decide whether crypto is a security — SEC

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Lawyers representing the United States Securities and Exchange Commission requested the judge in its civil case against Terraform Labs and co-founder Do Kwon determine whether certain crypto assets are securities rather than a jury. In a Dec. 4 filing in U.S. District Court for the Southern District of New York, the SEC argued that the matter of cryptocurrencies as securities under the commission’s guidelines was a “legal question to be determined [by] the Court, not a factual question for the jury.” According to the SEC, sending the question of whether…

Solana Price Drops 7% to $60 Amidst FTX Cold Wallet Transfers 

Crypto analyst Ali Martinez has warned of a potential correction for SOL. The price of Solana (SOL) has experienced a 7% decline over 24 hours. However, at the time of writing the fall is not so critical. The coin is around 1% down. The Solana price today is approximately $60 despite the recent market corrections that saw the price of Bitcoin (BTC) and Ethereum (ETH) rise to $42000 and $2200 respectively for the first time since last year. According to CoinMarketCap data, the crypto asset, dubbed the Ethereum killer, saw its…

Binance’s Multi-Billion CFTC Penalty Was ‘Heightened,’ Says Commissioner Kristin Johnson

“There’s a common assumption that enforcement actions in the crypto or digital assets ecosystem connote bad actors or bad conduct. Admittedly, there is plenty of evidence to support this assumption,” Johnson said, but added that, in Binance’s case, “the matter and the resolution of the litigation did not involve any allegation of fraud or similar misconduct.” Source

BlackRock and Bitwise Update Spot Bitcoin ETF Applications with SEC

Market analysts interpret these recent filings as indications of the ongoing collaborative efforts between the SEC and major issuers to navigate the regulatory landscape. In a recent development, asset managers BlackRock Inc (NYSE: BLK) and Bitwise have submitted amended filings to the US Securities and Exchange Commission (SEC) for their proposed spot Bitcoin (BTC) Exchange-Traded Funds (ETFs). BlackRock Inc’s Bitcoin ETF Strategic Moves The revised documents, now accessible on the SEC website, point to ongoing discussions between the SEC and major market players regarding the approval of a spot Bitcoin…

Crypto Miner Phoenix Group (PHX) Stock Surges as Much as 50% in Abu Dhabi Stock Market Debut

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Expert Spotlights Potential $25,000 Liquidity Sweep

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Bitcoin (BTC), the world’s leading cryptocurrency, has recently witnessed a surge in price, reaching a new yearly high of $42,100 on Monday. However, this significant price increase has raised concerns among market participants about the possibility of a potential correction and a subsequent liquidation sweep, which could drive the price down to as low as $25,000. Second Capitulation And Liquidity Sweep For Bitcoin? Justin Bennett, a prominent technical analysis expert, acknowledges the remarkable performance of Bitcoin, stating, “It’s been a hell of a run from BTC, and it may very well…

Pyth Oracle Network Brings Industry Heavyweights Into Governance Post-Airdrop

As the result of a “strategic fundraising” round announced this week, some of the crypto industry’s largest players – including some big-name venture firms and market makers – could soon have a loud voice in this new system. The Pyth Data Association, a Swiss non-profit focused on Pyth development, told CoinDesk this week that it has raised funds from crypto heavyweights including Castle Island Ventures, Multicoin Capital, Wintermute Ventures, Borderless Capital, CMT Digital, Bodhi Ventures, Distributed Global and Delphi Digital. Source

Bitcoin custodian Nostr Assets pauses deposits after reaching ‘maximum capacity’

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Bitcoin infrastructure developer Nostr Assets has paused deposits following record-high user activity. According to a Dec. 5 announcement posted on Telegram, Nostr Assets developers warned, “Please await further announcements and do not attempt to deposit into NostrAssets for the time being.” The service, which allows users to transact Satoshis, or or 1/100 millionth of a Bitcoin (BTC), through the Lightning and Taproot Networks, claims to have onboarded over 70,000 new users since Oct. 30 and attracted 280 Bitcoin in novel deposits ($11.8 million) over that period.  An explanation of the…

PayPal’s stablecoin ripple effect on markets

PayPal’s introduction of its native stablecoin, PayPal USD (PYUSD), has sparked heated debates within the crypto industry regarding its possible sway on payments and wider crypto adoption. While this step seems to be a big jump toward accepting cryptocurrencies in regular finance, some industry observers advise caution. They underline the hurdles and limitations that could slow down broader adoption. What is PYUSD? This initiative aims to bridge the fiat and digital currency realms for consumers, merchants and developers. PayPal CEO Dan Schulman highlighted the need for a stable digital-fiat conduit.…

Brett Harrison (ex-FTX US), X Hall of Flame – Cointelegraph Magazine

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The former president of FTX US dishes the dirt on his falling out with former Jane Street colleague Sam Bankman-Fried and predicts the spot Bitcoin ETF will far outshine the record-breaking success of the Bitcoin Futures ETF. Who is this guy anyway? The ex-president of FTX US, Brett Harrison, tells Magazine that he didn’t say a single word to Sam Bankman-Fried during the two-month notice period after he resigned, which was only months before the whole exchange blew up. Even getting a message to SBF to say he was resigning…