Legal Battles, Market Trends, $500 Prediction
XRP surged 40% to $0.6034 amid settlement speculation in its SEC case. Former SEC lawyer Marc Fagel dismissed rumors, while analysts predict long-term potential up to $7.54 by 2030 and $525.55 by 2050.
Regulation
Ripple CEO Garlinghouse Defeats SEC Gensler
Ripple CEO Brad Garlinghouse criticized SEC Chair Gary Gensler for inconsistent crypto regulations. Former President Trump promised to replace Gensler if re-elected, supporting digital asset innovation. The Ripple vs. SEC lawsuit nears conclusion.
SEC NFT Oversight Lawsuit Filed
Legal scholar Brian Frye and songwriter Jonathan Mann have filed a lawsuit against the SEC in Louisiana, challenging the agency’s authority to regulate NFT sales. They seek clarity on whether NFTs are securities, aiming to protect artists and innovators from unlawful enforcement actions.
Metaplanet Partners with Bitcoin For Corporations
Japanese investment firm Metaplanet joins Bitcoin For Corporations, an initiative by @MicroStrategy and @BitcoinMagazine, to promote global Bitcoin adoption. This move highlights the strategic importance of Bitcoin in the corporate sector. #Bitcoin #Update
SEC Amends Binance Lawsuit, Solana Cleared
The U.S. SEC amended its complaint against Binance, Binance.US, and Changpeng Zhao, stating no need to rule on third-party crypto asset securities like Solana, Cardano, and Polygon at this time. This follows a court order that BNB and BUSD secondary sales are not securities.
Trump Promises to Fire SEC Chief if Elected
Donald Trump, at the Bitcoin 2024 conference, pledged to fire SEC Chair Gary Gensler on his first day if elected. Gensler has faced criticism for his tough crypto regulations, leading to prosecutions of firms like Coinbase and Binance.
Ripple Case: Ex-SEC Insights on New Leadership
Former SEC lawyer Marc Fagel discussed how new SEC leadership might impact ongoing crypto lawsuits like Ripple. He noted that while current enforcement actions remain unaffected, future priorities could shift, easing outcomes for Ripple, Binance, and Coinbase.
Judge Torres Decision, Alderoty on Crypto Regulation
Judge Analisa Torres is set to rule on the Ripple vs. SEC case by August. Both Ripple and the SEC may appeal immediately. Ripple’s wins weaken the SEC’s stance. The decision will impact future crypto regulation. $XRP trades near $0.60. #CryptoNews
#Update
Tyler Winklevoss Urges New SEC Chair Before Elections
Tyler Winklevoss, co-founder of @Gemini, urges a new SEC Chair before U.S. elections, criticizing @GaryGensler’s aggressive regulation. He calls for bipartisan crypto support to keep America a global leader in digital assets. #Crypto #Update
Gemini Co-Founder Calls for New SEC Chair
Tyler Winklevoss, co-founder of @Gemini, urges for a new SEC chairman before US elections, criticizing the Biden admin’s crypto stance. Current chair Gary Gensler faces criticism over Ethereum’s status and market fraud views. #CryptoRegulation #Update
Grayscale Bitcoin Mini Trust Gets SEC Nod
The @SECGov has approved @Grayscale’s Bitcoin Mini Trust ($BTC) to trade on NYSE Arca. With a commission rate of just 0.15%, ten times lower than GBTC, this new trust aims to make Bitcoin investment more accessible. Trading begins post-approval of the S-1 form in March 2024.
Digest: Swiss regulator FINMA issues guidance for stablecoin issuers, ensuring compliance and stability.
Swiss regulator FINMA mandates stablecoin issuers verify identities of all token holders to mitigate risks. This guidance, effective July 26, aims to enhance regulatory clarity. For more info, visit FINMA Guidance.
a16z Founders Slam SEC, Biden Administration
.@a16z co-founders Ben Horowitz and Marc Andreessen criticize the SEC and Biden administration for unclear crypto regulations, claiming it stifles growth. Over 30 lawsuits against their projects highlight the issue. Trump gains crypto support amid the regulatory divide. #CryptoNews
Scaramucci Predicts Harris to Fire SEC Chair
Anthony Scaramucci predicts VP Kamala Harris will fire SEC Chair Gary Gensler if she runs for president. Amid Biden’s crypto policy debates, Scaramucci reassures that Harris is crypto-friendly, despite not addressing the Bitcoin Conference. Prominent figures urge Harris for concrete crypto support. #CryptoNews