SEC Approves Sweeping Changes to Rules Governing Brokers’ Use of Data Analytics
The SEC has approved changes to rules regarding the use of "optimization functions" by brokers, which includes the use of data analytics tools. The changes seek to prevent brokers from using these tools to their benefit, as it could create a conflict of interest when interacting with investors.
Messari releases BNB Chain Q2 Report: Daily active Addresses and Transaction volume increase by 25.6% and 24.4%, respectively
Messari, a cryptocurrency research institution, released its Q2 2023 report on BNB Chain. The report highlights include: The daily active addresses and transaction volume on BNB Chain increased by 25.6% and 24.4%, respectively, mainly driven by LayerZero activity.BNB Chain's daily active addresses reached approximately 1.4 million, almost reaching the historical average level of the previous bull market cycle ending in Q4 2021 (about 1.5 million). The average new unique address increased by 91.1% month-on-month, reaching a historical new high after a surge in activity in late April
Ripple CLO Says XRP Ruling Could Impact SEC Cases Against Coinbase and Binance
Stuart Alderoty, Ripple's CLO, has stated that the recent ruling in the XRP securities case could have implications for ongoing cases against Coinbase and Binance initiated by the SEC. Alderoty believes that the ruling will play well in both cases and that the SEC will lose if it claims assets are securities in their own right. Despite this, Alderoty does not believe that the SEC will end its attempts to regulate the crypto sector through enforcement. He also emphasized Ripple's separation from XRP and discussed the possibility of the SEC appealing other parts of the case.
SEC Charges Blockchain Security Company Quantstamp With Conducting Unregistered ICO
The SEC has charged blockchain security company Quantstamp with conducting an unregistered initial coin offering (ICO) of crypto securities in 2017, allegedly raising over $28 million from roughly 5,000 investors. The company had planned to use the ICO proceeds to develop a protocol on the Ethereum blockchain that would provide automated security audits of smart contracts.
SEC Names Natasha Vij Greiner and Keith E. Cassidy Interim Acting Co-Directors of the Division of Examinations
The Securities and Exchange Commission today announced that Natasha Vij Greiner and Keith E. Cassidy have been named interim Acting Co-Directors of the Division of Examinations, effective immediately, while Division Director Richard Best is on extended medical leave from the agency.
Scammers Hack Attorney Jeremy Hogan Twitter Account to Promote Fake XRP Giveaway
Hackers have taken control of attorney Jeremy Hogan's Twitter account and are promoting fake XRP giveaways, targeting the XRP community. The scammers are attempting to link the fake giveaways to Ripple's recent victory against the SEC, using Hogan's account to add legitimacy to their tweets. XRP enthusiasts have warned others of the scam and provided tips on how to report Hogan's account to stop the hackers. This is not the first time a pro-XRP lawyer has been targeted by hackers, as attorney John Deaton's account was also hacked in the past.
Bitcoin Investment Products See $13 Million Outflow as Investors Favor Smaller Cryptocurrencies
Last week, Bitcoin investment products experienced an outflow of $13 million, while smaller cryptocurrencies like Ether and XRP saw inflows. This trend reversal came after several major catalysts for BTC investment, including BlackRock's filing for a BTC exchange traded fund, which spurred a month-long period of rapid inflows.
Ripple CEO criticizes SEC's "regulation by enforcement" approach in XRP case
Brad Garlinghouse, CEO of Ripple, criticized the US securities regulator for its "regulation by enforcement" approach and blamed them for hurting retail investors. Garlinghouse argued that the SEC created the current situation by claiming to be the "cop on the crypto beat" without legal jurisdiction. He also called for clear rules and legislation to protect retail investors. Garlinghouse's comments came in response to the SEC's recent comments about appealing the split-decision ruling against Ripple Labs.
SEC States Ruling on XRP Case Shouldn't Be Considered in New Lawsuit
In a new filing for the lawsuit against Do Kwon and Terraform Labs, the US SEC has stated that the ruling on the XRP case was substantially wrong and shouldn't be taken into account. This comes after the recent court ruling that XRP trades on exchanges are not securities, which the SEC failed to prove Ripple illegally sold tokens worth over $1.4 billion. This ruling has drawn widespread attention in the market.
Coinbase vs SEC Legal Battle Reaches Critical Phase with Key Deadlines Set
The legal dispute between Coinbase and the SEC has entered a crucial phase, with Judge Failla setting deadlines for submissions. Coinbase must submit legal briefs outlining its arguments, evidence, and supporting documents by August 4, 2023, while interested parties can submit amicus briefs by August 11.
