“The SEC’s decision to drop charges against Ripple marks a significant turning point for the crypto industry, highlighting the growing acceptance of digital currencies as legitimate assets.”
This week in the world of cryptocurrency, there were several notable developments and events that caught the attention of investors and enthusiasts alike.
Firstly, the U.S. Securities and Exchange Commission (SEC) dropped its charges against Ripple’s executives, Brad Garlinghouse and Chris Larsen. However, this dismissal does not mean the end of the SEC’s case against Ripple. Both parties are currently engaged in negotiations to address Ripple’s alleged violations related to its Institutional Sales of XRP. The asset responded to this news with a rally, surging 7.6% in an inter-day uptick.
In other news, there was a case of fake news regarding the approval of a Bitcoin exchange-traded fund (ETF) by BlackRock. Although the news was quickly dismissed, the market briefly reacted with a surge in Bitcoin’s price, reaching the $30,000 mark before dropping. This incident sparked discussions about the potential manipulation of the market and its implications for future ETF approvals.
Regulatory efforts and enforcement actions were also prominent this week. The SEC fined digital asset firm Thor Technologies and its CEO for distributing unlicensed securities. Additionally, LBRY announced its closure due to insurmountable debts, including SEC-related obligations. The FBI fined six individuals in New York for engaging in unlicensed cryptocurrency exchange activities, while the New York Attorney General filed a billion-dollar lawsuit against Gemini Trust, Genesis Capital, and Digital Currency Group for alleged deceptive practices in the crypto space.
Coinbase, amidst the chaos in the industry, made two growth-oriented moves. The exchange introduced a perpetual futures offering for its Advanced retail users outside the U.S., supporting four crypto assets. Coinbase also applied for a new EU license under the upcoming MiCA regulation, solidifying its commitment to the European market.
Furthermore, concerns were raised about the use of crypto for donations by groups like Hamas in the Israel-Palestine conflict. Binance reportedly blocked over 100 accounts tied to Hamas, and Coinbase echoed the concerns, expressing its stance against such use of crypto. The U.S. Treasury sanctioned a Gaza-based crypto exchange leveraged by Hamas for crypto donations.
Despite the chaos, Bitcoin saw favorable movements this week. BTC whales continued to accumulate more tokens, and the asset crossed the $30,000 mark, hitting a three-month high. Despite a drop from this high, Bitcoin is still up 10.2% from the beginning of the week.
Overall, it was an eventful week in the crypto space, with regulatory actions, market manipulation concerns, and positive movements for Bitcoin. These developments highlight the ongoing challenges and opportunities in the world of cryptocurrency.