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Ripple and Coinbase Use Binance Win to Contest SEC Claims
Published
6 days agoon
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Coinbase and Ripple Labs are using Binance’s pivotal legal victory to challenge ongoing cases with the U.S. Securities and Exchange Commission (SEC). Both companies argue that the SEC’s approach needs more clarity and consistency, necessitating formal rulemaking to better define the regulatory perimeter for digital assets.
Ripple, Coinbase Cite Binance Case Against SEC
Ripple Labs and Coinbase have intensified their legal defenses by referencing a recent court order involving Binance, which achieved a partial dismissal in its SEC lawsuit. The companies argue that this precedent highlights the need for the SEC to establish clear regulations. In its latest court filing, Ripple emphasized the judge’s remark that cryptocurrency does not align seamlessly with existing securities laws, such as those established by the 1946 Howey Test. This test is crucial for determining whether a transaction qualifies as an investment contract and thus falls under securities regulation.
Coinbase has concurrently voiced concerns over the SEC’s expansive interpretation of securities laws applied to the crypto industry. The exchange asserts that this broad application could be more extensive and better defined, pushing for a definitive rulemaking process to provide legal clarity. In its appeal, Coinbase cited the recent Binance ruling to bolster its case for rulemaking, arguing that the decision underscores the inconsistencies in current regulatory applications.
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Coinbase Demands Clarity in SEC Regulatory Battle
The SEC has engaged with various cryptocurrency platforms and assets, deeming some of their operations as securities offerings without proper registration. In the case of Ripple, the SEC’s lawsuit initiated in December 2020 alleged that Ripple raised over $1.3 billion through sales of its XRP token, which the SEC classified as an unregistered security. However, in a significant turn, Judge Analisa Torres ruled that certain “programmatic sales” of XRP did not constitute securities transactions, introducing a nuanced interpretation Ripple now seeks to leverage to challenge broader SEC claims.
Coinbase faces similar regulatory scrutiny. The SEC argues that the platform operated as an unregistered securities exchange, a claim that Coinbase refutes, urging a formal rulemaking process to clarify these regulatory boundaries. Both Coinbase and Ripple use recent judicial outcomes, notably the Binance case, to argue for a more structured and transparent regulatory framework from the SEC, stressing that the current state of affairs is inefficient and unclear.
Crypto Firms Rally Around Binance Court Decision
The partial victory for Binance in its own SEC lawsuit has become a strategic reference point for other crypto entities embroiled in legal challenges with the regulator. Despite Judge Amy Berman Jackson’s decision to proceed with most of the SEC’s claims against Binance, her dismissal of the charge regarding secondary sales of Binance Coin (BNB) as securities has been perceived as a significant legal precedent. Coinbase and Ripple have particularly highlighted this aspect of the ruling in their ongoing litigation.
Further developments are anticipated, with a scheduled conference for the SEC’s case against Binance set for July 9. Meanwhile, Coinbase and Ripple continue to press for regulatory clarity, which they argue is crucial for the industry’s stability and growth.
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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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24/7 Cryptocurrency News
XRP Eyes Recovery Amid Massive Accumulation, What’s Next?
Published
5 hours agoon
July 8, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/XRP-Will-Hit-1.jpg)
XRP is showing signs of a strong recovery, buoyed by substantial whale accumulation and renewed investor confidence. Having dipped below $0.41 recently, XRP has rebounded to around $0.44, reflecting a positive shift in sentiment.
Meanwhile, this resurgence is driven by notable market movements, including a significant purchase by a whale and speculation surrounding Ripple’s ongoing legal battle with the U.S. SEC.
Whale Accumulation Sparks Market Optimism
The crypto community has been abuzz with reports of a massive XRP accumulation by a whale identified as “rPz2q…N4iNf.” According to Whale Alert, this whale acquired 300 million coins from Binance, worth approximately $130.13 million. Such significant purchases often signal confidence in a crypto asset, potentially indicating expectations of future price increases.
Meanwhile, this whale activity comes amid broader market turbulence, where recent crashes have created buying opportunities for investors. Pro-XRP lawyer Bill Morgan recently stated that he has increased his XRP holdings during the price dip.
Besides, Morgan also mentioned his plans to accumulate more if prices decline further, highlighting a bullish outlook among XRP enthusiasts. In addition, the ongoing legal saga between Ripple and the U.S. SEC has added another layer of intrigue.
The anticipation of Ripple soon achieving a favorable outcome has fueled speculation and optimism among investors. Historical patterns suggest that positive legal developments have previously led to robust gains for XRP.
Having said that, investors are now closely watching for any signs that could signal the conclusion of this high-profile case, potentially driving further price recovery.
Also Read: Solana Outperforms Ethereum Amid $441M Money Inflow Into Crypto
XRP Price Soars
The Ripple vs. SEC case continues to be a focal point for the XRP community. Anticipation around the possible conclusion of this legal battle by July has heightened market interest.
On the other hand, the XRP enthusiasts argue that the crypto has reached a price floor, suggesting it is poised for a rally. Bill Morgan noted that favorable rulings in the past have significantly boosted XRP’s price, and a similar outcome in the current case could yield comparable results.
The market’s attention is also on Judge Torres, who previously issued a ruling that positively impacted XRP holders. A favorable decision for Ripple could potentially replicate those gains, boosting investor sentiment and driving the price higher.
During writing, XRP price soared past the $0.44 mark with an increase of 1.55%. The crypto has touched a low of $0.4047 in the last 24 hours. Furthermore, its trading volume rocketed 86% from yesterday to $1.33 billion.
Besides, CoinGlass data showed that XRP Futures Open Interest recovered from yesterday, potentially indicating that the market is regaining confidence towards the crypto.
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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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24/7 Cryptocurrency News
Binance To Delist All Spot Pairs Of These Major Crypto
Published
9 hours agoon
July 8, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/06/binance3.jpg)
Binance, one of the leading crypto exchanges, revealed its decision to delist all spot trading pairs for BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastarter (POLS) by July 22, 2024. Notably, this unexpected move has sent ripples through the crypto market, leaving investors and traders in a state of speculation and concern. Here we explore the recent announcement and its potential implications on the cryptos.
Binance To Delist These 4 Major Crypto
In its latest strategic review, Binance emphasized a commitment to maintaining high standards and adapting to market shifts. The delisting of BOND, DOCK, MDX, and POLS is driven by several factors that the exchange continuously monitors.
Meanwhile, these include project commitment, development activity, trading volume, network stability, and compliance with regulatory requirements. Binance’s decision reflects a proactive approach to managing its platform and protecting its users.
In addition, the delisting will specifically affect trading pairs BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, and POLS/USDT. Once trading ceases, users will no longer see these tokens’ valuations in their wallets.
Notably, to manage their holdings, users should disable the “Hide Small Balances” option. Deposits of these tokens will not be credited post-July 23, and withdrawals will be unsupported after October 22, 2024.
Meanwhile, Binance has outlined a series of measures to handle the delisting. Binance Simple Earn will halt the token offerings by July 19, with automatic redemption into users’ Spot Wallets.
Similarly, Binance Auto-Invest will stop recurring investments by July 15, and VIP Loan will close all loan positions for these tokens by July 17. In addition, the Binance Funding Rate Arbitrage Bot and Margin services will also be impacted, with crucial deadlines for users to settle positions to avoid losses.
For instance, all BOND, DOCK, MDX, and POLS balances in Cross Margin Wallets will convert to USDT on July 17. Binance Convert will maintain a sell-only function until July 22.
What’s Next?
The delisting news has stirred unease among crypto enthusiasts. Binance’s influence on the market is significant; its actions often drive market sentiment. While positive announcements from a crypto exchange like Binance can fuel market confidence, delisting or any other negative update can have the opposite effect, potentially eroding the market value of the affected tokens.
For instance, the removal of BOND, DOCK, MDX, and POLS could reduce liquidity and trading volume for these tokens, causing volatility. Investors are particularly wary as these assets might struggle to find new exchanges to list on or maintain their market presence.
The broader cryptocurrency ecosystem is also on alert. Binance’s decision underscores the dynamic nature of the crypto market, where regulatory compliance, project performance, and market health dictate listing decisions.
![BOND Price](https://coingape.com/wp-content/uploads/2024/07/BOND-Price-8-7-24.png)
![BOND Price](https://coingape.com/wp-content/uploads/2024/07/BOND-Price-8-7-24.png)
As of writing, BOND price was down 26% to $1.57, while its trading volume rocketed 270% to $23.1 million. On the other hand, DOCK price plunged nearly 40%, and its one-day trading volume also skyrocketed 180% to $4.13 million. Simultaneously, MDEX price plummeted over 40%, while POLS price slumped about 20% today.
![POLS Price](https://coingape.com/wp-content/uploads/2024/07/POLS-Price-8-7-24.png)
![POLS Price](https://coingape.com/wp-content/uploads/2024/07/POLS-Price-8-7-24.png)
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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Is Ethereum Becoming Scarcer than Bitcoin on Exchanges?
Published
18 hours agoon
July 8, 2024By
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Ethereum (ETH) metrics have shown that the digital currency might be suffering from scarcity than earlier projected. According to on-chain data, Ethereum is now being accumulated at a faster rate than Bitcoin.
The Ethereum and Bitcoin Divergence
According to data insights from Leon Waidmann from BTC-Echo, Ethereum is becoming scarcer than Bitcoin. While there are metrics that show the individual performance of BTC and ETH, their correlation per exchange balances is also a crucial one.
🚨HUGE divergence between #Ethereum and #Bitcoin!
ETH is becoming SCARCER than BTC.#ETH Exchange Balance: 10.189% 📉#BTC Exchange Balance: 15.086% 📈
The gap is WIDENING! pic.twitter.com/UnuejbnS8l
— Leon Waidmann | Onchain Insights🔍 (@LeonWaidmann) July 7, 2024
According to the accompanying Glassnode data shared by Waidmann, the current Ethereum exchange balance is pegged at 10.189%. In contrast, that of Bitcoin comes in at 15.08%, a figure that suggests a tightening gap.
Since the conversation around spot Ethereum ETF came into the limelight, demand for ETH has grown. Investors suddenly started buying Ethereum at a frantic pace, accounting for the drain on trading platforms. The investor action is explainable, considering how Wall Street money is projected to buy Ethereum upon ETF launch.
This projection is not unfounded judging by the trend seen in spot Bitcoin ETF products. When the BTC ETF came into the market in January, top firms like Susquehanna International Group (SIG) went all out to buy the asset. The buyups played a crucial role in sending the price of Bitcoin to an All-Time High (ATH) of $73,750.07.
Despite the exchange balance for Ethereum draining fast, the impact on the price of ETH is not visible. At the time of writing, Ethereum is changing hands for $2,983.03, down by 2.31% in the past 24 hours. The coin’s 24-hour low and high trading price comes in at $2,956.99 and $3,080.11 respectively.
Revival Plans for ETH
The future growth of ETH is now hinged on the new long-awaited decision from the US SEC. After it greenlighted the 19b-4 forms for the spot Ethereum ETF application weeks ago, the wait for S-1 is near.
Though the timeline for launch remains largely speculative, the coming 2 weeks appear pivotal. ETF Store President Nate Geraci believes the regulator will do everything it has to do to make Ethereum ETF start trading in 2 weeks.
Read More: Peter Schiff Claims Bitcoin Whales Set Up ETF Investors As “Bag Holders”
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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