Traders Start Shorting TUSD as Crypto Custody Firm Prime Trust Suspends Deposits and Withdrawals, Price Drops to $0.9983
June 27 (Cointime) -Stablecoin TUSD is under pressure as Prime Trust suspends deposits and withdrawals. Traders started shorting TUSD with an increasing number of shorts. The price of TUSD also fell to a low of $0.9983. In addition, the SEC’s regulatory pressure on stablecoins is also increasing. TrueUSD stopped minting TUSD through the exchange and said it was waiting for further notice. While TrueUSD states that TUSD is 100% reserve, the discrepancy in funding raises concerns. Parsec data shows that $17.6 million in TUSD was lent on AAVE, with a total market cap of $3.1 billion.
Uncertainty Looms Over XRP Token Holders as Ripple's Lawsuit Against SEC Continues
June 26 (Cointime) - The SEC's lawsuit against Ripple has seen a new development following the release of Hinman documents, causing uncertainty for XRP token holders as they await the Summary Judgment. Despite the possibility of the judgment being delivered as late as the end of 2023, there is optimism that Ripple will emerge victorious. Attorney Kylie Chiseul Kim has withdrawn from the case, but Ripple has clarified that this will not affect the lawsuit. Meanwhile, there is ongoing debate about Judge Analisa Torres' delay in delivering the Summary Judgment.
Coinbase CEO Praises Singapore’s Economic Freedom, as US Regulations Cause Uncertainty for Cryptocurrency Firms
June 26 (Cointime) - Cryptocurrency companies in the US are facing uncertainty due to unclear regulations, causing some to seek better opportunities abroad. Coinbase CEO, Brian Armstrong, highlighted the importance of economic freedom for a country's growth, while facing legal challenges from the SEC.
Binance's Market Share Drops to One-Year Low Amid Regulatory Scrutiny
June 26 (Cointime) - According to Kaiko, Binance's market share has dropped to a one-year low due to increased regulatory scrutiny. The US SEC recently filed a lawsuit against Binance.US for violating federal securities laws, which has contributed to the decline in market share. Binance's spot trading market share has dropped to 53.7%, the lowest since August 2023. Other crypto exchanges, such as Coinbase, are also facing regulatory pressure, but Binance still surpasses all other exchanges in terms of size and liquidity.
XRP Lawsuit Summary Judgment Expected to Provide Clarity on "Security" Categorization as XRP Holders Raise Concerns
June 24 (Cointime) - The Summary Judgment in the ongoing legal battle between the SEC and Ripple is expected to bring clarity to the categorization of XRP as a security. However, concerns have been raised by XRP holders regarding the nature of XRP during various stages of sales. One XRP holder stated that they invested in XRP due to their knowledge of Ripple, and that their first purchase was made after reading an article about potential bank usage. XRP holders' lawyer, John Deaton, clarified that if Ripple had direct contact with the buyer and sold them XRP, then there is a valid argument for XRP satisfying the prongs of the Howey test.
Binance Accuses SEC of False Accusations and Alleges Conflict of Interest
June 24 (Cointime) - Binance has accused the SEC of making false accusations and has alleged a conflict of interest. They are seeking to limit the SEC's public statements in their ongoing legal battle.
Experts Predict Ether ETFs May Follow Bitcoin as SEC Considers Latest Filings
June 23 (Cointime) - Experts in the industry are predicting that fund issuers may soon apply to launch products that hold ether, the second-largest asset in the cryptocurrency market.
XRP Price Surge Backed by Legal Battle and Global Expansion: Outperforming Bitcoin and Ethereum
June 23 (Cointime) - XRP, Ripple's native cryptocurrency, is experiencing a surge in price due to positive sentiments from the ongoing legal battle with the SEC and Ripple's global expansion. Despite a recent correction, XRP has outperformed Bitcoin and Ethereum in the last 90 days, with a 45% increase year-to-date. Ripple is also supporting the launch of Central Bank Digital Currencies, including the Central Bank of Montenegro and the Central Bank of Brazil's plan to launch a CBDC in 2024.
SEC Agrees To Delay $30M Fine From Bankrupt BlockFi Until Investors Are Repaid
June 23 (Cointime) - The SEC has agreed to delay a $30 million fine against BlockFi until after investors are repaid, according to a court filing. The fine is part of a $50 million penalty owed by BlockFi to the regulator for failing to register its crypto lending product. The SEC agreed to forego the payment in order to maximize the amount that can be distributed to investors and avoid delays. BlockFi filed for bankruptcy in November 2021 after the collapse of FTX, and its customers are among the first creditors in line to receive payment.
SEC Fines JP Morgan After “Accidentally” Deleting 47 Million Banking Records
June 23 (Cointime) - The US Securities and Exchange Commission (SEC) is fining JP Morgan Chase after the bank “accidentally” deleted 47 million banking records. Moreover, Reuters reports that the fine is worth $4 million after emails related to retail banking groups were terminated.
