SEC Anticipates 120-Day Response Time to Coinbase's Request for Rulemaking
The SEC has stated that it may take up to 120 days to respond to Coinbase's request for rulemaking. The agency has not yet decided on a course of action and has dismissed Coinbase's request for a faster response, citing the potential weakness of its claim. In a filing with the US Court of Appeals for the Third Circuit, the SEC argued that the petition should be denied.
Bitcoin and Ether Dominate Crypto Market as Investors Flee Smaller Tokens After US Regulatory Clampdown
Bitcoin, Ether and stablecoins have increased their dominance in the cryptocurrency market to its highest level since February 2021, as investors have fled from smaller tokens following last week's regulatory crackdown. Altcoins have suffered a dramatic sell-off after the US Securities and Exchange Commission (SEC) deemed multiple tokens securities in lawsuits against crypto exchanges Binance, Binance.US and Coinbase.
Blockchain Association submits second letter to SEC opposing proposed expansion of exchange definition to include DeFi and crypto firms
The Blockchain Association has written a second letter to the SEC regarding its proposed change to the definition of exchanges, which would include certain DeFi and crypto firms.
Chainlink Whale Activity Hits 2023 High Amid Big LINK Discount: Analytics Firm
According to analytics firm Santiment, wealthy investors have been buying up millions of Chainlink (LINK) after a sudden drop in price to a three-year low. Wallets holding between 1,000 to 100,000 Chainlink accumulated 3.9 million LINK, worth about $20 million, during the last week. This activity marked a record high for 2023.
Binance CEO Denies Selling Bitcoin Amid Legal Dispute With SEC
Changpeng Zhao, the CEO of Binance, has denied rumors on social media that the crypto exchange has been selling bitcoin. He stated on Twitter that Binance has not sold BTC or BNB and still holds a bag of FTT.
SEC Charges Eight Celebrities for Illegally Promoting Tron and BitTorrent Tokens, Raising Questions About the Legal Status of Digital Assets
Eight celebrities, including Lindsay Lohan, Jake Paul, and Ne-Yo, were charged by the SEC in March 2023 for illegally promoting Tron (TRX) and/or BitTorrent (BTT) tokens, raising questions about the difference between praising and promoting cryptocurrencies. Ongoing legal battles involving celebrity endorsements of FTX also revolve around these questions.
Republicans Urge SEC To Rescind Proposed Crypto Exchange Rule Change
Republican lawmakers on the House Financial Services Committee have called on the SEC to withdraw proposed rulemaking for crypto exchanges, citing concerns over the broadened definition of "exchange" under Rule 3b-16 of the Securities Exchange Act of 1934.
XRP Price Rises on Anticipation of Favorable Outcome in Ripple's Legal Battle with SEC
On June 13, the price of XRP rose by 7.4% due to traders' optimism regarding Ripple Labs' legal battle with the SEC. The release of information related to former SEC employee William Hinman caused the price to increase faster than the general crypto market. Ripple CEO Brad Garlinghouse believes that the Hinman documents may provide clarity on XRP's legal position.
Unsealed “Hinman Docs” Reveal Conflict of Interest in Ongoing Ripple-SEC Legal Battle
The unsealing of the "Hinman docs" is expected to have a significant impact on the ongoing legal battle between Ripple and the SEC. Ripple is accused of an illicit sale of $1.3 billion worth of XRP, which the SEC is treating as a security. The documents supposedly show that the SEC has unfairly targeted Ripple, but not everyone is convinced.
Ripple's Legal Counsel Calls for Investigation into Former SEC Official William Hinman After Release of Emails
Ripple Labs' chief legal officer is calling for an investigation into the former Director of Corporation Finance at the US Securities and Exchange Commission (SEC), William Hinman, following the release of internal emails.
