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Trends of Events

SEC Accused by Ripple of Misleading Courts On Crypto Suits

The chief legal officers of Ripple and Coinbase have united with the broader crypto and legal communities to condemn the U.S. Securities and Exchange Commission (SEC) for deceiving the court and egregiously abusing the power delegated by the U.S. Congress in the Debt Box case.

Executives from Ripple and Coinbase contend that the ruling presents additional proof that lawsuits against crypto companies are unfounded and should be dismissed, encompassing those involving Coinbase and Ripple.

They advocate for collaborative efforts between the industry and regulators to establish clear guidance for the crypto sector.

Coinbase Joins Ripple to Tackle SEC Alongside Gensler

Judge Robert J. Shelby’s opinion in the Debt Box case, sanctioning the U.S. SEC for abuse of power and lying in federal court, marks a significant decision for the crypto industry. The SEC requested the judge to dismiss the lawsuit with prejudice to avoid sanctions and penalties. However, Debt Box urged the judge to deny the SEC’s dismissal request. Ultimately, the court ruled in favour of Debt Box and instructed the SEC to cover all legal costs for the defendants.

According to Ripple CLO Stuart Alderoty, the judge sanctioned the SEC for abusing its power by presenting false, mischaracterized, and misleading evidence. The SEC had obtained a temporary restraining order in the controversial $50 million fraud lawsuit against Debt Box.

Stuart Alderoty asserts, “If anyone thinks this conduct by this agency under this leadership is limited to this case, I have a bridge in Brooklyn to sell.” He argues that the SEC has confessed to false statements in the Debt Box lawsuit, and its actions in other crypto lawsuits show no difference.

Coinbase CLO Paul Grewal also criticizes the SEC for undermining the integrity of court proceedings and the judicial process. He expresses dissatisfaction with the SEC’s politically biased approach under Chair Gary Gensler, which he believes is gradually diminishing the credibility of the securities regulator.

Views from Other Lawyers

Other lawyers, including James “MetaLawMan” Murphy and Bill Morgan, criticized the SEC lawyers for their unfaithful allegiance to the law and for intentionally bringing actions against the crypto industry. They expressed, “It is a sad day.” This opinion will likely be cited by litigants in cases to come. Lawyers believe it’s time for the SEC to answer accountability to the Congress.

Moreover, the SEC also denied Coinbase’s petition for rulemaking to bring clear regulations and guidance for the crypto industry. Now, Coinbase and other bodies, such as the U.S. Chamber of Commerce, lobby for crypto regulatory clarity in the U.S., especially after the spot Bitcoin ETF trading.

Oklahoma Passes Bitcoin Rights Bill in The U.S. Making It The 12th State to Do So

In a historic move, Oklahoma has emerged as the 12th U.S. state to pass a landmark bill aimed at safeguarding the fundamental rights of Bitcoin (BTC) users.

This development marks a massive achievement for the crypto community, especially amidst heightened crackdowns from the Federal Government and the Securities and Exchange Commission (SEC).

Oklahoma Set Up to Preserve Bitcoin Rights

The Bitcoin rights bill sailed through the State House with a resounding 81-1 vote, as reported on X by Satoshi Action Fund founder Dennis Porter. Representative Brian Hill led the bill, supported by the Oklahoma Bitcoin Association, offering extensive protection for Bitcoin users in the state.

Key provisions include the right to buy and sell Bitcoin, freedom for BTC mining, and protection for self-custody of digital assets and running a full node. These provisions set a precedent for other states.

Porter praised the bill as a vital step for digital freedom and innovation, envisioning Oklahoma as a hub for digital currency innovation. He stressed community support as the bill progresses.

Porter highlighted the transformative potential of the Bitcoin rights bill, going beyond regulatory support to symbolize a stance against overreach and a commitment to financial empowerment.

He emphasized the opportunity to establish Oklahoma as a leader in digital freedom and innovation. As the bill moves to the Senate, stakeholders are rallying for its success, urging community support for passage through the Senate and the Governor’s signature.

Other states That Joined Up Earlier

Earlier this month, Louisiana became the 11th state to propose a law safeguarding Bitcoin rights. Sponsored by Louisiana State Rep. Mark Wright, the bill includes various protections for Bitcoin users.

The legislation ensures the freedom to buy, sell, and trade Bitcoin, and supports processes like mining and validation. It also highlights the importance of self-custody, allowing individuals to control their digital assets.

As more states recognize and protect Bitcoin users, several have taken steps to safeguard BTC rights. In February 2024, Ohio, South Carolina, and Mississippi led the way in protecting citizens’ Bitcoin rights by introducing bills to reinforce fundamental freedoms associated with digital currency.

Pakistan Required by IMF to Force Crypto Tax for $3b Bailout

The IMF urges Pakistan to boost tax measures on crypto profits to secure a $3 billion bailout. Pakistan’s crypto industry is valued at nearly $20 million. In 2023, it ranked among the top five highest crypto investors globally, with 15 million people owning cryptocurrencies.

In negotiations for a $3 billion standby agreement with the IMF, Pakistan’s Federal Board of Revenue (FBR) is advised to expand Capital Gains Tax (CGT) coverage to include cryptocurrency transactions. The IMF also recommends reassessing tax brackets for real estate and publicly traded securities to ensure taxation on all profits, regardless of ownership duration.

Under the proposed guidelines, real estate developers must record and declare every real estate transfer before property titles are finalized and officially registered. Failure to comply could result in fines and secondary liability for unpaid taxes, targeting the trading of plot files in housing projects.

Once Pakistan agrees to the terms, the IMF will release approximately $1.1 billion, the remaining portion of the previous summer’s bailout agreement. This agreement prevented Pakistan from defaulting on its sovereign debt.

CryptoQuant CEO Predicts a Bearish Future for Bitcoin

Bitcoin experienced a significant downturn today, with its price dropping over 7% to around $63,000. Despite this setback, industry leaders hold various opinions about its future.

Meanwhile, amidst the uncertainty, predictions from figures like CryptoQuant’s CEO, Ki Young Ju, shed light on potential scenarios for Bitcoin’s price.

In a recent assessment, Ki Young Ju highlighted concerning indicators in the Bitcoin market, noting signs of short-term overheating and suggesting a possible correction to $51,000 if current conditions persist.

However, Ju also stressed the importance of monitoring retail investor activity and ETF demand as significant factors affecting market dynamics. Although he acknowledged the possibility of a Bitcoin crash, Ju refrained from dismissing it outright, citing historical precedents of 20-30% drawdowns during bullish cycles.

He mentioned that corrections during a bull run are normal, maintaining a bullish outlook toward the flagship crypto. Notably, the recent Bitcoin crash is partly attributed to the U.S. Spot Bitcoin ETF outflow noted yesterday, due to a robust outflow in Grayscale’s GBTC. Moreover, several other analysts echoed similar sentiments, suggesting a potential pullback amid the bull cycle. For instance, a prominent crypto analyst, Rekt Capital, predicts a potential correction in Bitcoin’s price in the coming days.

Rekt Capital suggested that this correction could be part of a pre-halving retracement phase, typically followed by a strong uptrend. Despite short-term volatility, analysts remain optimistic about Bitcoin’s long-term prospects, citing historical patterns and the upcoming Bitcoin Halving event.

Genesis Settles with Sec; Agrees $21 Million Settlement Over Gemini Earn

Genesis Global Capital settled with the SEC in the Genesis and Gemini lawsuit, agreeing to pay $21 million. This settles charges over the Gemini Earn program.

A New York federal judge approved the settlement. Genesis will pay a $21 million penalty and a permanent injunction for selling unregistered securities.

The SEC will get the penalty after all payments, including those to retail investors in the Gemini Earn program, are completed by the bankruptcy court.

SEC Chair Gary Gensler stated, “We charged Genesis with failing to register its retail crypto lending product before offering it to the public, bypassing essential disclosure requirements designed to protect investors.”

The $21 million penalty marks the end of the lawsuit. Genesis and Gemini Earn have a global market impact. FTX’s collapse led Genesis to stop repayments, withdrawals, and new loans. Gopax’s GoFi earns product faced withdrawal issues linked to Genesis.

Genesis and Gemini faced SEC charges in January 2023 due to bankruptcy. Gemini agreed to return $1.1 billion in digital assets to Earn program users.

Genesis got approval from the U.S. Bankruptcy Court to sell $1.6 billion worth of GBTC for creditor repayment.

Co-Founder of Solana Warns Users Against Sending Funds in Presale

In a bold move within the Solana community, a co-founder has raised concerns about participating in presale events. Recent findings by ZachXBT reveal $122.5 million raised across 27 presale events since March 12.

These findings show the presence of dubious projects and scams in the Solana ecosystem. Experts warn of risks similar to the turbulent days of ICOs.

HTX exchange, along with Smolecoin, is offering refunds to users affected by these events. Dexter, founder of a Solana meme coin project, also pledges refunds and risk-mitigation measures.

The fallout from these events has caused declines in popular meme tokens like PEPE, WIF, FLOKI, and BONK. However, Solana’s fee capture has surged, surpassing Bitcoin.

Solana’s fee surge is due to increased on-chain trading of meme coins, setting new records. Yet, the Slerf project’s setback resulted in losses exceeding $10 million for presale investors.

Crypto Market Outlook

The global crypto market cap stands at $2.38 trillion, down by 5.70% in the last day. The total crypto market volume in the past 24 hours amounts to $179.19 billion, marking a 31.09% increase. DeFi’s total volume reaches $16.07 billion, accounting for 8.97% of the total crypto market volume in the last 24 hours. Stable coins contribute $166.61 billion, constituting 92.98% of the total crypto market volume over the same period.

Bitcoin’s dominance currently sits at 51.96%, experiencing a 0.20% decrease in the day.


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