In the past hour, the total network liquidation amounted to 85 million US dollars, and short positions accounted for 90%
After news broke that a US court supported Grayscale in its legal battle with the SEC, Bitcoin and other cryptocurrencies surged. According to CoinGlass data, the total value of global liquidations in the past 60 minutes has reached $85 million, with short positions accounting for 90% of that amount. BTC has the largest share, with liquidated assets worth over $40 million.
US SEC to File Sealed Documents Against Binance in Enforcement Action
The SEC's enforcement action against Binance, Binance.US, and CZ Zhao may be taking a crucial turn as the SEC files a motion to file documents under seal. This comes after Binance.US sought a protective order, claiming that the SEC exceeded the agreed-upon consent order.
SEC Files Sealed Motion Against Binance
U.S. Securities and Exchange Commission (SEC) has filed a sealed motion with the District Court of Columbia, requesting permission to submit certain sealed documents. Although the specific contents of the documents have not been disclosed, this may indicate that the SEC is preparing to further reveal its charges and evidence against Binance.
Spot Bitcoin ETF Filings Await SEC Updates in September 2023
The U.S. Securities and Exchange Commission (SEC) is expected to provide updates on several spot Bitcoin ETF filings in early September 2023, reigniting the debate around the likelihood of ETF approvals. However, there is a high probability that the SEC will delay the decision with no concrete updates, including for Blackrock's application.
MicroStrategy's Michael Saylor Reveals BTC Trading Below Crucial Moving Average, Indicates Buy Zone Potential
Michael Saylor, the executive chairman and co-founder of MicroStrategy, has shared a statistic on BTC price, revealing that Bitcoin is currently trading below its 200 Week Moving Average. This is a rare occurrence and is typically associated with a bullish wave, indicating that the cryptocurrency is trading at a buy zone with potential for upside. Saylor's technical analysis is unusual, as he typically speaks on the potential of the cryptocurrency.
SEC charges Impact Theory with unregistered securities offering in NFT format
The SEC has accused Impact Theory, a media and entertainment company based in Los Angeles, of conducting unregistered cryptocurrency securities offerings in the form of NFTs. Through this offering, Impact Theory raised approximately $30 million from hundreds of investors, including investors from across the United States. According to SEC documents, from October to December 2021, Impact Theory offered and sold three NFTs called Founder's Keys, which Impact Theory referred to as Legends, Heroes, and Ruthless. The documents indicate that Impact Theory encouraged potential investors to purchase Founder's Keys as an investment in the company and stated that investors would profit from the purchase if Impact Theory's efforts were successful. Additionally, Impact Theory emphasized that it is "trying to build the next Disney" and that if successful, it would bring "enormous value" to the primary purchasers of the founders' keys. The order found that the NFTs offered and sold to investors were investment contracts and therefore securities. As a result, Impact Theory violated federal securities laws by issuing and selling these unregistered cryptocurrency securities to the public, and the offering was not exempt from registration.
Lawyer Urges Former SEC Officials Bill Hinman and Jay Clayton to Testify in SEC v. Ripple Case
According to lawyer John E. Deaton, former SEC officials Bill Hinman and Jay Clayton should have classified XRP as a non-security in the first year of the SEC's lawsuit against Ripple Labs, but the SEC has intentionally denied this for years. Deaton believes that Hinman needs to testify in court, but there is no opportunity to legally summon former SEC Chairman Jay Clayton to participate in the trial. He said that the SEC's assistance and instigation charges against Garlinghouse were a mistake, especially considering that Clayton wanted to sue executives personally in a "non-fraudulent" situation. Deaton added that Clayton is actually an important witness and should testify in court. After Hinman's speech, Clayton met with Ripple's CEO and CTO. However, neither Clayton nor Hinman explicitly stated that XRP was classified as a security. Deaton believes that the clarification from both individuals would undoubtedly save litigation costs.
Hashdex Applies to Hold Spot Bitcoin in Its Bitcoin Futures ETF
Bloomberg ETF analyst James Seyffart tweeted that cryptocurrency management company Hashdex has applied to hold spot Bitcoin in its Bitcoin Futures ETF DEFI. It is worth noting that this application does not rely on Coinbase's Supervisory Sharing Agreement (SSA), but hopes to obtain spot BTC through CME Market's Exchange for Physical.
Polygon Chief Legal Officer Opposes SEC Charges Against Ripple's Unregistered Securities
Rebecca Rettig, Chief Legal Officer of Polygon Labs, has conducted research on the SEC's charges against Coinbase and Ripple, and expressed her views in a podcast: "I think what Ripple and Coinbase are actually trying to express in their motion for a ruling is 'we have to go back to the law itself. This may be similar to some situations, but it's actually not anything we've seen before.' So we can't use the concept of investment contracts." (The Block)
Ripple executive: ready for trial with US SEC in the second quarter of 2024
Ripple's defense attorney and former federal prosecutor James K. Filan revealed that Ripple's leadership is prepared and ready to face trial in the second quarter of 2024. Filan stated that Ripple's key executives, Brad Garlinghouse and Chris Larsen, have submitted their reports and are ready to participate in the upcoming trial. Although both individuals are unable to appear in court between April 1 and April 14, 2024, they have expressed their willingness to participate in the trial proceedings during the remaining time in the second quarter. In this high-risk legal battle, the court, defendants, their lawyers, and all important witnesses must remain in sync to avoid unnecessary trouble or rescheduling. Experts say that this level of coordination underscores the severity and significance of the unresolved legal solution.
