Category: Cryptocurrency News

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Bosch and the Peaq network explain how the future of the Internet of Things and the Economy of Things will come via decentralization and on-chain automation.

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Conspiracy theory or one of the biggest scandals in crypto? The term “ETH Gate” has been on the lips of every XRP supporter in recent months and, increasingly, the broader cryptocurrency community. At the heart of this issue is the US Securities and Exchange Commission’s (SEC) decision to classify Ethereum (ETH) as a non-security, contrasting sharply with its ongoing legal action against Ripple and the XRP token. What is ETH Gate “ETH Gate” refers to a theory alleging that the Ethereum Foundation and ConsenSys have fostered close relationships with key individuals within the US Securities and Exchange Commission (SEC) and other entities like JP Morgan, thereby ensuring a favorable regulatory environment for Ethereum. One cornerstone of this theory are the Hinman emails which were released earlier this year. In these emails, Hinman, who made the landmark speech in 2018 declaring that Ethereum was not a security, interacted with Ethereum’s co-founder, Vitalik Buterin right before the speech. Hinman reportedly consulted Buterin to “understand the operational dynamics of Ethereum.” Related Reading: Ethereum Merge Is One: Here Are The Highlights So Far Remarkably, Bill Hinman rejoined the law firm Simpson Thacher in 2020 after leaving the SEC. The significance? Simpson Thacher is associated with the Ethereum Enterprise Alliance. Therefore, the XRP army believes that Hinman’s decision to deliver a speech giving Ethereum a regulatory “free pass” may not have been impartial. Speculations By XRP Army John E Deaton, an outspoken figure in the XRP community and a keen observer of the SEC’s dealings, has painstakingly put forth allegations suggesting a deeper web of interlinked relationships that hint at possible conflicts of interest. (There are so many that it is not even possible to highlight them all in one article.) His assertions have become pivotal in the “ETH Gate” theory, and here we’ll delve deeper into these connections. 1. Joseph Lubin’s Strategic Moves: Joseph Lubin, co-founder of Ethereum and founder of ConsenSys, is at the core of Deaton’s claims. According to Deaton, within just two months of Jay Clayton’s appointment as the SEC Chairman, Lubin made a potentially strategic hire, bringing on board Patrick Berarducci from the law firm Sullivan & Cromwell. This move is seen by Deaton and many in the XRP community as more than coincidental. Deaton has drawn attention to this connection in the past, positing that it might have provided Ethereum an inside track or at least a more favorable disposition from the SEC. Sullivan & Cromwell is also notable because Jay Clayton himself was a partner there before his stint as the SEC Chairman. 2. The Hinman-Lubin Email Exchange: Deaton frequently refers to the now-infamous email exchange between Bill Hinman and Joseph Lubin. For Deaton, this correspondence underscores a problematic level of proximity between a regulatory figure and a significant player in the crypto sphere. The fact that Hinman reportedly emailed Lubin directly is seen by Deaton as a potential sign of collaboration or at least a peculiar level of familiarity. More so, given Hinman’s subsequent public remarks about Ethereum being a non-security, despite warnings against such pronouncements from the SEC’s Office of General Counsel. 3. Jay Clayton and One River Digital Asset Management: After his tenure at the SEC, Jay Clayton joined One River Digital Asset Management. Deaton emphasizes this move as a point of contention. One River is known for its large holdings of Bitcoin and Ethereum. Deaton hints at a potential conflict of interest, questioning if Clayton’s decisions during his time at the SEC may have been influenced by future career prospects or associations that favored Ethereum. 4. Simpson Thacher, Ethereum Enterprise Alliance, and Hinman: One of the most significant points of contention brought forth by Deaton involves Bill Hinman’s associations with the law firm Simpson Thacher. This firm played a role in the Ethereum Enterprise Alliance. Deaton suggests that Hinman’s connection to Simpson Thacher and, by extension, the Ethereum Enterprise Alliance, could have influenced his decision to publicly declare Ethereum a non-security. Related Reading: Bitcoin Dominates Ethereum In Daily Active Addresses Despite Lagging In TX Count Similarly, an XRP community member known as Mr. Huber has been extremely vocal and is raising compelling questions: “ETH Gate is a conspiracy theory that the SEC tried to create a monopoly for Ethereum?” He goes on to argue that this is a concerted attempt by powerful Wall Street banks like JPMorgan to “control the global crypto market by bribing the SEC to gain a monopoly for Ethereum.” Latest News On ETH Gate Yesterday, John E Deaton indicated that new, potentially damning, information about ETH Gate might soon be disclosed. “I’ve always said that one day we will get the full truth. Today is one day closer,” Deaton tweeted in response to Steven Nerayoff’s lawyer, Michael Scotto, who indicated that Nerayoff is prepared to make his facts known “at a time and manner that serves the interests of justice and the people.” Steven Nerayoff, an early adviser to Ethereum, had extortion charges against him dismissed in May this year. Deaton speculates that Nerayoff could be a significant source of insider information, possibly related to Ethereum’s regulatory free pass. “I have the map,” was Nerayoff unequivocal response to Deaton’s speculative tweets about the matter, as Bitcoinist reported today. The “ETH Gate” controversy calls into question the impartiality of the SEC in its treatment of different cryptocurrencies. Although allegations remain unproven, the gathered evidence paints a picture of inconsistent regulatory approaches and potential conflicts of interest. Whether these allegations hold any water remains to be seen, but they have certainly fueled a sense of urgency and scrutiny around the SEC’s policies. If the hints dropped by Steven Nerayoff and John E Deaton materialize into something substantive, ETH Gate could become a pivotal chapter in the annals of cryptocurrency regulation. At press time, ETH traded at $1,635. Featured image from Blockchain Association & Commerce Society, chart from TradingView.com

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Dogecoin (DOGE) has found itself caught in a tug-of-war between buying pressures and bearish sentiment, leaving investors and enthusiasts wondering about the coin’s future direction.  A sudden dip in DOGE’s price sent shockwaves through the market, breaking a pivotal support trendline that had historically bolstered the coin’s recovery phases. This breach raised concerns of a continued decline, but recent developments suggest that the meme-inspired cryptocurrency may be gearing up for a fresh rally. One glimmer of hope for DOGE came in the form of newfound support at the $0.06 price level. This development, combined with the broader market’s bullish sentiment, contributed to a modest recovery earlier today.  Related Reading: Dogecoin Key Challenge: Will The $0.06 Support Level Hold? However, it’s important to note that the price has since experienced some corrections, highlighting the ongoing volatility in the cryptocurrency space. At the time of writing, DOGE is trading at $0.061802 on CoinGecko, reflecting a 1.0% decline in the past 24 hours and a 0.6% loss over the past week. DOGE’s Bearish Threat Looms  Despite the recent positive movement, DOGE remains vulnerable to potential bearish pressures. If bears manage to establish dominance around the overhead trendline, particularly at the $0.064 price level, the meme coin may face renewed selling pressure. In such a scenario, a decline of 10-12% could be on the horizon, potentially pushing DOGE prices toward the $0.057 region. DOGE market cap currently at $8.7 billion on the daily chart: TradingView.com Meanwhile, in a surprising turn of events over the weekend, Billy Markus, the creator of Dogecoin, took to Twitter to express his thoughts on the state of the Dogecoin community. Responding to a user’s lament about the decline in community engagement, Markus did not hold back.  He declared the Dogecoin community as “dead” for over a year, placing blame on its most active members for creating unnecessary drama rather than fostering a positive environment. I’ve observed a decline in the Dogecoin community recently. It appears that many are prioritizing ad revenue over engaging with our own community. It’s disheartening to see making $10-15 become more important than nurturing the community. 😢 — Tyler Milgate (@MilgateTyler) September 14, 2023 DOGE Continues To Shine While Markus’s words may seem harsh, they carry an air of irony. Dogecoin, with its iconic Shiba Inu mascot, remains a beloved figure in the meme-cryptocurrency landscape, transcending traditional expectations for digital assets. This ironic twist adds an element of intrigue to the ongoing Dogecoin narrative, as enthusiasts and traders eagerly await the next chapter in this rollercoaster journey. Related Reading: Algorand (ALGO) May Have A Chance At A Bullish Streak – Here’s How Dogecoin’s recent price fluctuations, combined with the candid remarks of its creator, have ignited speculation about the cryptocurrency’s future trajectory. As DOGE navigates the ups and downs of the crypto market, one thing remains certain: the world will continue to watch this meme coin with a mix of fascination and amusement. Whether it’s a fresh rally or more turbulence on the horizon, Dogecoin enthusiasts are always in for a wild ride. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from NameCoinNews

According to the Korea Customs Service report, the value of unlawful foreign exchange transactions made using virtual currency was estimated to be worth $4 billion last year.