Bitcoin Illiquid Supply Breaks All-Time High as Crypto Markets Fight Regulatory Woes
June 15 (Cointime) - Bitcoin's illiquid supply has reached an all-time high of 72%, according to InvestAnswers, indicating increased confidence in BTC despite regulatory challenges. Illiquid supply refers to the amount of BTC held by entities that historically hold onto at least 75% of their coins.
SEC's Crypto Unit Chief Discusses Enforcement Tactics and Possibility of Spot Bitcoin ETF Approval; Grayscale Investments Files Lawsuit Against SEC Over Bitcoin Trust Conversion
June 15 (Cointime) - David Hirsch, the head of the SEC's crypto unit, spoke at a conference about the SEC's latest crypto enforcement tactics. He mentioned the Howey test and clarified that the SEC is not trying to push the industry out of the US. Hirsch stated that he was expressing his own views, not necessarily those of the regulator, and pushed back on the idea of "regulation by enforcement".
US Crypto Industry Faces Regulatory Clampdown and Institutional Capital Exodus
June 15 (Cointime) - The US cryptocurrency industry is facing increased regulatory pressure, which could have significant consequences. Despite having an estimated 45 million crypto owners, the real concern is the institutional capital that was entering the space.
XRP Investors Disappointed by Lack of Regulatory Clarity in Hinman Docs, Cardano and Polygon Show Resilience Amid Regulatory Uncertainty
June 15 (Cointime) - The release of the "Hinman docs" related to the SEC's case against Ripple Labs did not provide the expected regulatory clarity for XRP investors, leading to a brief surge in value followed by a fall. While the documents shed some light on the SEC's internal communications regarding cryptocurrencies, their practical impact on XRP's legal and regulatory status was minimal.
Opinion: Why Hong Kong SFC Won't Crack Down on Cryptocurrencies Like US SEC
Let’s start by examining the structure of the SEC.
Bitcoin Supply on Crypto Exchanges Hits Lowest Level Since February 2018 Amid SEC Accusations
June 14 (Cointime) - According to data from Santiment, the supply of Bitcoin on crypto exchanges has reached its lowest point since February 2018. The recent drop is attributed to the accusations made by the SEC against major exchanges Binance and Coinbase for offering unregistered securities to US customers. The data also shows a steady decline in supply since 2020, indicating that traders and investors are opting for self-custody.
SEC Documents Shed Light on Ethereum's Security Status and Potential Impact on NFTs
According to Cointime news on June 14th, The SEC has released documents related to their legal battle with Ripple, which accused the company of selling unregistered securities in the form of XRP. These documents include emails and notes that provide insights into the SEC's approach to regulating the crypto industry and could have implications for the legal classification of Ethereum and Bitcoin. The documents also shed light on a speech given by former SEC director William Hinman in 2018, clarifying that Ethereum was not viewed as a security at that time. While the impact on NFTs is not directly addressed, the SEC's involvement in crypto regulation could lead to increased scrutiny and potential regulatory actions for NFTs.
Polygon Labs Challenges SEC's Proposed Definition of 'Exchange' for DeFi Platforms
The SEC is planning to amend old legislation to include decentralized finance exchanges, but Polygon and other DeFi platforms are objecting to the broad and harmful terminology that doesn't apply to decentralized blockchains. Polygon Labs submitted a response to the SEC's proposed rulemaking, stating that the new proposal threatens the existence of permissionless blockchain networks in the US.
Ripple's Chief Legal Officer Calls for Investigation into Motivations Behind SEC Official's Infamous Speech on Ether
Stuart Alderoty, the chief legal officer of Ripple, has called for an investigation into the motivations behind former SEC official William Hinman's speech in 2018, which claimed that Ether was not a security. Alderoty's demand for an investigation came after the release of the Hinman documents, which revealed that Hinman's speech was delivered despite warnings from other SEC divisions.
SEC Releases Internal Documents on Hinman's Speech, Ripple CEO Accuses Agency of Causing Chaos
The SEC has released internal documents related to former commissioner William Hinman's speech on digital assets in 2018. Ripple CEO Brad Garlinghouse has accused the SEC of causing chaos in the industry by releasing the speech, which had warnings from agency members about creating confusion in the market.
