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Happy Tuesday Folks! Yesterday, Binance completing it's integration of the Lightning Network was the most covered news of the day. The price of Bitcoin is currently at $30,014.13. The fear and greed index rises up to 56 and the best performing asset for the past 24 hours is $XRP up 2.75%; in position #4.
Bitcoin bulls face a cocktail of short-term holder and miner selling, along with a severe lack of volatility. As investors’ euphoria over Bitcoin subsides, regulatory and macroeconomic headwinds resurface to negatively impact the BTC price. BlackRock’s recent application to start a Bitcoin ETF has raised hopes that the SEC would soon approve an instrument seen as key to crypto’s growth. But a range of market watchers contacted by CoinDesk said several roadblocks still lie ahead.
Florida Governor Ron DeSantis says that the agenda to bring in a central bank digital currency (CBDC) will be nixed on his first day in office if he is to be elected president. Just last week, it was reported that Binance has cut more than 1,000 employees around the world and amid heightened regulatory scrutiny/declining market share, they are slashing employee benefits. Kraken’s share of U.S. trading volumes has more than doubled within the past 18 months. Equity analysts at Berenberg Capital Markets say that Coinbase’s suspension of staking in four states could open the door to scrutiny over its so-called Earn product.
Senior members of the Financial Services Committee in the U.S. House of Representatives talked up the need for stablecoin legislation, which will likely to come to a vote before their committee this month. Wall Street banks including J.P. Morgan also saw the ruling as a positive outcome for the crypto exchange. Coinbase is currently involved in a legal battle with the U.S. Securities and Exchange Commission over allegedly offering unregistered securities. The Financial Stability Board finalized high level recommendations for regulating crypto-assets and stablecoins.
Brad Garlinghouse says that the U.S. Securities and Exchange Commission (SEC) has failed on everything that matters after a judge issued a groundbreaking ruling in favor of Ripple. SEC Chair Gary Gensler said the agency was “assessing” the opinion that came from a New York judge last week in the long-running case against Ripple Labs and hinted that the Securities and Exchange Commission is strongly considering an appeal against the recent Ripple case decision. The U.S. Securities and Exchange Commission (SEC) is unlikely to attempt to appeal the results of its lawsuit against payments firm Ripple, according to closely followed attorney Jeremy Hogan. Former CFTC chair Timothy Massad said he thought it was unlikely the SEC and CFTC would change their pattern for pursuing enforcement cases even with a recent ruling in XRP's favor. CFTC Commissioner Caroline Pham says recent court opinions around digital assets and securities are a first step to crypto regulatory clarity. Judge Sarah Netburn has directed both parties to identify three mutually convenient dates for possible settlement conference.
After buying GK8 for $115 million in 2021, Celsius is selling it for $25 million, spending 96% of the sale proceeds on legal fees. Marathon shareholders file lawsuit against company’s top management. United States-based crypto mining company Marathon Digital is heading to court after its shareholders alleged that its CEO Fred Thiel, alongside other top executives, breached fiduciary duties, unjustly enriched themselves and wasted corporate assets.
ZachXBT has exposed another remorseless crypto and NFT scammer and is sharing information with victims to take possible legal action against the culprit. Akil Heywood, a Toronto investor, who allegedly helped kidnap Ontario’s “Crypto King” Aiden Pleterski last December after losing thousands in a scam is facing kidnapping charges in Canada. Decrypt journalists will never ask you to sign a form or download files in exchange for coverage. Watch out for these warning signs.
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Podcast of the Day: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress | Unchained
THE WEEDS
Bitcoin price is ‘stuck’ at $30K but then Bitcoin price falls under $30K as macro and regulatory worries take center stage. New Bitcoin addresses hits yearly high. Despite BlackRock, Don’t Expect a Flood of Spot-Bitcoin ETFs Soon: Experts.
CBDCs Will Be Nixed on ‘Day One’ of Ron DeSantis’ First Term, According to Presidential Candidate.
Binance Slashes Worker Benefits as Profit Falls and cuts benefits for workers. Kraken share of US spot trading volumes reaches 18-month high. Coinbase staking pause in four states illustrates regulatory risk: Berenberg.
Senior House Republican, Democrat talk up need for stablecoins law. Coinbase CEO Brian Armstrong will meet with US lawmakers to discuss crypto legislation: Report. Paradigm hires DC lobbyist to aid its push for clearer crypto regulation. Barclays Joins Wall Street Analysts Calling XRP Ruling Positive for Coinbase. Ripple CEO Brad Garlinghouse Says SEC Lost on Everything That Matters Following Groundbreaking XRP Ruling. Gensler responds to Ripple decision, says he's disappointed over treatment of retail investors and Ripple Decision Not Final? Gensler Hints at SEC Appeal. Lawyer Jeremy Hogan Says SEC Unlikely To Appeal Ripple Lawsuit Ruling. Ripple court ruling makes call for regulation ‘more compelling and more urgent’ — former CFTC chair Timothy Massad. US regulatory clarity has begun in court after Ripple win: CFTC commissioner. New Twist in Ripple v. SEC Case as Judge Suggests Settlement Conference. G20 body sets out recommendations for regulating crypto-assets and stablecoins.
Bankrupt Celsius to spend $24M from GK8 sale on legal expenses.
Canadian Phishing Scammer Exposed For Stealing Over $1 Million In Crypto And NFTs. Man Faces Charges for Allegedly Helping To Kidnap ‘Crypto King’ After Falling Victim to Scheme: Report. Scammers Are Impersonating Decrypt—Please Don't Fall for It.
