Category: Cryptocurrency News

Brian Armstrong and CZ have seen respective net worth losses of 11.8% and 5.1% since the SEC sued Coinbase and Binance.

Total daily trading volumes on decentralized exchanges have surged by nearly $800 million over the past two days.

My 2 gwei: I believe there is a significant risk that a US judge will rule against the plaintiffs challenging the US Treasury's sanctions on the Tornado Cash protocol, even if their legal arguments are sound. This risk would emerge if the judge perceives that striking down the Tornado Cash sanctions could jeopardize national security.…
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In a scathing critique of the Securities and Exchange Commission’s (SEC) recent actions against the cryptocurrency industry, Ripple Chair Executive Officer (CEO) Brad Garlinghouse has accused the SEC Chair Gary Gensler of “hypocrisy” and “desperation”. In a statement released on Twitter, Garlinghouse called Gensler’s claims to be “pro-innovation” laughable, arguing that the agency’s recent lawsuits against Ripple and other companies are simply a distraction from their internal struggles. Related Reading: Bitcoin (BTC) Rollercoaster Ride: Is $23,000 The End Of The Line? Ripple CEO Claps Back At SEC Chair Garlinghouse went on to criticize Gensler as an “unelected bureaucrat” who is flailing to mask the fact that he and his agency lack the power they so desperately crave. He suggested that the SEC’s crackdown on the crypto industry is misguided and ultimately harmful to innovation. Furthermore, Ripple CEO Garlinghouse criticizes Gensler for trying to exert power that he doesn’t possess and suggests that the agency’s actions are ultimately futile.  On the same note, according to Yassin Mobarak, founder of venture capital firm Dizer Capital, the SEC’s aggressive approach may be an attempt to prevent a precedent-setting ruling against them in the Ripple case. Mobarak suggests that the SEC may be expediting their attack plans to isolate any potential losses in the Ripple case and claim that they are specific to the facts and circumstances of that case, rather than applicable to the entire cryptocurrency industry. This would enable the SEC to avoid setting a precedent that could have negative implications for the industry as a whole. These comments reflect the growing tension between the SEC and the cryptocurrency industry, with many companies feeling unfairly targeted by the agency’s regulatory actions. The recent lawsuits against Ripple, Coinbase, and Binance have raised questions about the legitimacy of the SEC’s claims and the impact of their actions on the wider industry. XRP Price Shows Resilience Amid Regulatory Uncertainty XRP has had a tumultuous few weeks as increased regulatory scrutiny has put pressure on the entire crypto industry. After reaching a key level of $0.500 on May 30, XRP lost some of its momentum amid uncertainty about the future of the industry. However, the market has shown resilience, and XRP has managed to breach the $0.500 level once again. As of the time of writing, XRP is trading at $0.5285, up 3% in the last 24 hours. This suggests that investors remain optimistic about the long-term prospects of the cryptocurrency, despite the challenges posed by regulatory uncertainty. What’s more, according to the crypto analyst Egrag Crypto, XRP is nearing what he calls the “twilight zone” with a ‘W’ formation, which has several measured targets. The non-logarithmic ‘W’ formation measured target is between $0.75-$0.85 cents, while the logarithmic ‘W’ formation measured target is between $1.00-$1.20. Additionally, the symmetrical triangle full send break-out target is around $5.5, while the Fib 1.618 target is at $6.4, which would represent an uptrend of over 1000% Related Reading: Cardano Founder Unveils SEC Motivation For Suing Binance However, despite these potential price targets, Egrag Crypto also warns of an ultimate shakeout, which could potentially retest the lows seen in June.  Featured image from iStock, chart from TradingView.com 

The U.S.-based exchange said it’s “fully operational” and called the SEC’s motion “unwarranted.”

Jack Dorsey, the former CEO of Twitter, while replying to a comment on June 6, alleged that Ethereum (ETH), the world’s second-largest cryptocurrency exchange, is a security under United States laws.  This controversially implies that holders of ETH should, as directed by law, comply with rules enforced by the Securities and Exchange Commission (SEC). Dorsey Claims Ethereum Is A Security Dorsey, a known Bitcoin supporter and the CEO of Square Inc, a financial service company that owns Cash App, has been vocal about BTC’s underlying technology.  In his assessment, Dorsey thinks Bitcoin can change how money is exchanged.  Amid this, Bitcoin, as a network and a payment solution, can help create a more equitable financial system.  Square is already invested in Bitcoin. On the other hand, Cash App continues to process billions worth of BTC transactions.  SEC officials and the Commodity Futures Trading Commission (CFTC) have been recorded saying BTC, the native currency of the Bitcoin network, is a commodity and not an investment contract.  Related Reading: Cardano Founder Unveils SEC Motivation For Suing Binance The SEC and CFTC are two of the leading regulators in the United States tasked with regulating the securities and derivatives markets.  However, considering their broad scopes, their jurisdictions can overlap. Still, their endorsement of Bitcoin as a commodity can further drive adoption and boost liquidity. Dorsey’s statement comes as a regulatory storm in recent days threatens to draw ETH into the mix for several reasons.  The SEC’s chair, Gary Gensler, during a congressional hearing in early February specified that tokens like Ethereum are sold as investments, subsequently generating profits solely from the efforts of others.  Therefore, in the agency’s perception, it may be an investment contract or security subject to federal securities law.  All the same, the commission, he added, was reviewing the crypto markets, including those of Bitcoin and Ethereum, to ensure they are efficient and fair.  While before the House Financial Services Committee in mid-April, Gensler also failed to clarify whether ETH was a security or a commodity.  ETH Remains Sensitive To Regulatory Developments The SEC has brought enforcement actions against several companies that mint tokens on the Ethereum platform.  Leading influencers have also been accused by the SEC of promoting tokens they claim are registered securities.  Despite this, the SEC is yet to issue an official statement on the classification of this cryptocurrency. At the end, the commission could choose not to regulate ETH as a security after it has reviewed all relevant factors. Related Reading: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers With the regulator calling tokens of competing smart contract platforms like Cardano and Algorand as securities, ETH prices sold off on June 5 only to reverse losses today.  Whether the dump of June 5 was an overreaction from the crypto market is yet to be seen.  What’s clear is that ETH remains sensitive to regulatory actions, and bulls have since failed to break above 2023 highs of $2,100. Feature Image From Canva, Chart From TradingView