The post "Market Weekly Recap: Bitcoin Gains Momentum as Ethereum Enters ETF-Based Rally" first appeared on 36crypto.com News.
The market has been setting off on the wrong foot for many weeks’ onset, yet ultimately radiates a silver lining. Assessing the chances of a long-term rally behind Bitcoin’s and Ethereum’s upswings
As #Ethereum could be the closest ever to getting listed on Wall Street, a positive sentiment has been hovering in the market. With Bitcoin’s May 20 upsurge, it’s time to evaluate: is it an off-tendency action, or a sigh for long-term highs?
Will Bitcoin’s $70K hold for long?
Since #Bitcoin reached its all-time high of $73,000 on March 14, it has indicated a global downward trend, which is absolutized to reaching a critical $56,792 bottom on May 1. The resistance point bounced back with a vague bullish sentiment, later rebounding and bringing BTC to the $60,796 range on May 9.
Amid fluctuating market conditions, Bitcoin recovered by over 4% on May 10, moving closer to $64,000. Upswung volatility had been in charge until BTC experienced a rapid 10% surge, which brought the cryptocurrency back to the $70,000 range.
This again brought the speculations about long-term BTC potential on the table, the boldest of ones citing the asset to overcome $220,000, as per Max Keiser – a vocal Bitcoin advocate and former financial journalist. 
The forecast is driven by what Keiser identifies as a crucial dynamic in the market: a “demand shock meet supply shock” scenario, indicating a tightening of Bitcoin’s supply at a time of increasing demand.

Bitcoin: Exchange Reverse rate. Source: X/Vivek | CryptoQuant
This supply contraction and growing demand form the basis for Keiser’s prediction of a “God candle” on Bitcoin charts – a dramatic price surge that could potentially elevate BTC to the $220,000 range.
Crucially, a closer look at Bitcoin’s daily chart reveals positive sentiment, evidenced by the relative strength index (RSI) at 57.77 rate and 50-day and 200-day exponential moving averages (EMA), marking the potential uptick.

BTC/USDT 1D chart. Source: WhiteBIT Trading View
Notably, the chart indicates that Bitcoin has finally broken its structure to the downside over recent months, leading to liquidity accumulation at each structural break. By contrast, the possible bearish outlook is reflected in the number of active Bitcoin addresses and a slowdown in new address momentum.

Bitcoin: new address momentum. Source: Glassnode[/caption]
This indicates the market’s skepticism about a short-term bullish turnaround behind the recent correction phase.

Bitcoin: number of active addresses. Source: Glassnode
Regardless, the long-term outlook for Bitcoin remains optimistic, as Santiment noted increased Bitcoin whales’ activity since May 8. This may be a silver lining for the first cryptocurrency and its holders.

1,000-10,000 BTC wallet holders. Source: Santiment
Ethereum ETF At Its Closest – $4,000 Expected
After experiencing a severe price decline on the 7th of May, Ether (ETH) saw more liquidations in long positions. As a result of the shorting activity, the price of ETH went further south, falling below the $3,000 price range in momentum. 
The fluctuation came amidst Grayscale’s abrupt withdrawal of its Ethereum futures ETF filing, which brought pessimistic signals to the market participants envisaging SEC’s potential next move. 
Still, throughout May 20-May 23, Ether managed to break out of the bearish trend and hit the local milestone of $3935.37, marking a 29.22% growth. The bullish dynamic took up amidst the rumor of Ethereum ETF likable approval.  Notably, Ether’s 4-hour chart suggests the long-term bullish perspective, as 50-, 100-, and 200-day exponential moving averages (EMA) register sharp upticks. 

ETH/USDT 4h chart. Source: WhiteBIT Trading View
Daily timeframe price trend marks a notable three-day incline with a moderate level of volatility, depicted by the Bollinger Band. The incline has further entrenched Ether into a bullish trend, with the relative strength index (RSI) standing at 73.70, signaling a strong upward sentiment.

ETH/USDT 1D chart. Source: WhiteBIT Trading View
Altcoins Seek Second Breath
The altcoin market quickly followed the moves of the stronger Bitcoin and Ethereum. Almost every of the top 10 altcoins recorded an average 8%-10% increase in price. Namely, Cardano (ADA) registered a 5.68% growth, while Avalanche (AVAX) increased almost 15%, marking a local $15 milestone at the writing time.

Altcoin market monitor. Source: COIN360
Notably, among the top performers, memecoins took the lead. After a post-GME rally consolidation, #Pepe (PEPE) indicated a staggering 65.60% growth that took it to the all-time high (ATH) of $0.0000147.

PEPE/USDT 4h chart. Source: WhiteBIT Trading View
#Dogecoin (DOGE) also closed upon the elevation, achieving the local highs of $0.16-$0.17.

DOGE/USDT 4h chart. Source: WhiteBIT Trading View
Interestingly, Solana-based memecoins #Dogwifhat (WIF) and Bonk (BONK) have also marked a price surge, by contrast to SOL, which went south due to the Ethereum ETF resonance. As the bulls took over the market, this tendency proved to be long-term – with the investment behavior set for durable optimism.

The post "Garlinghouse Applauds Biden Administration as FIT21 Crypto Bill Passes in Congress" first appeared on 36crypto.com News.
Ripple's CEO, Brad Garlinghouse, celebrated the Biden administration, yet SEC chairman Gary Gensler was noted as a political liability. Garlinghouse's comments come in the wake of the emergence of the much-anticipated FIT21 crypto bill in the U.S. Congress. This move has been widely considered to be a positive step towards enhancing the legal framework of cryptocurrencies.
Brad Garlinghouse Challenges Gensler's Crypto Opinions
Specifically, 71 Democrat legislators supported the FIT21 crypto bill, which means that a significant number of them voted for legislation that representatives of the Republican Party supported. This indicates that people are dissatisfied with Gensler's opinions regarding cryptocurrencies.
Garlinghouse used a specific segment of the bill to argue that when mentioning the sale of digital assets under an investment contract, it becomes clear that the buyer acquires security. This opines that a digital asset cannot be categorized as a security simply by being sold or transferred under a catch-all contract. This segregation is important for the classification of the cryptocurrency industry because it clearly defines the way their assets are classified.
Garlinghouse Criticizes Gensler Amid FIT21 Approval
The FIT21 bill includes clauses derived from the decision made by U.S. Judge Analisa Torres in the SEC vs Ripple case in July 2023. Judge Torres made her decision and stated that XRP is not a security that Ripple has released. This rather became a key win for Ripple in an ongoing legal war with the SEC.
The steps made by this judge did influence the legislation of digital assets, requiring lawmakers to adopt similar distinctions in the FIT21 bill. In the same way, the bill states that an asset is not transformed into a security just because it is bought under an investment contract, which corresponds to the legal decisions made by Judge Torres. This move to align with the legal precedents in the industry will give more legal certainty and backing to the crypto market.
That December, Garlinghouse penned Gensler as a 'political liability,' accusing him of prejudicially damaging consumers and the SEC's credibility while politically entwined with Wall Street. He also pointed out allegations of hypocrisy against Gensler and claimed he was even involved in various massive financial scandals.
The US House of Representatives' approval of the FIT21 crypto bill on May 22, 2024, has to be considered a major step in developing a rigorous approach to regulating cryptocurrencies. Experts describe this development as a positive step forward, pushing the industry towards a clear and stable direction.
The recent passing of the FIT21 crypto bill is a huge boost to the cryptocurrency industry since it aims to reduce loose legal loopholes. In light of Garlinghouse's arguments, Gensler remains a subject of criticism, and tensions within the regulatory environment persist. This is a step toward a more clearly outlined and enacted system of regulation as the cryptocurrency niche progresses.

The post "Serbian Government Meets SEC to Discuss Do Kwon Investigation and Extradition" first appeared on 36crypto.com News.
In this regard, the Serbian government recently opened a meeting with the SEC to address the specifics of the ongoing investigation of Terraform Labs founder Do Kwon and other concerns related to the safeguarding of investors in cryptocurrencies. I can confirm this meeting on behalf of the Justice Ministry of Montenegro, which is planned for Wednesday.
According to the ministry, the #SEC has forwarded the results of the investigation into Kwon to Montenegro’s Justice Minister, Mando Andrej Milović. They also discussed the court case in the U.S. against Kwon. Although the details of the meeting were not mentioned, this may mark the progress of Kwon’s extradition that was begun for several months. One of the major issues of controversies that arose in this case was whether Kwon should be extradited to the U.S. or his home country, South Korea.
Montenegrin Court Defers Do Kwon's Extradition Decision
At the beginning of April, the Montenegrin’s Supreme Court made a decision that, according to Montenegrin legislation, the extradition decision was not a competence of the court but of the justice minister. This decision was reached following Kwon’s extradition to Montenegro in March, which provoked South Korea’s prosecutors. Extradition is also one of the questions that is considered to remain one of the significant topics for negotiation between the states.
It was also alleged that Terraform Labs and Kwon committed civil fraud in February 2023 by a jury constituted in the U.S. Specifically, the case investigated by the SEC concerns the instability of the algorithmic stablecoin Terra USD (UST) in May 2022. This resulted in a great loss and Decisions that affected the investors financially.
Kwon, a major mediator for North Korean weapons dealers, was detained in Montenegro in March 2023 for using counterfeit documents. By March 23, 2024, Kwon was released from prison and was to be moved to the facility for immigrants known as the reception center. Together with the circumstances in which the local authorities took away his passport, the extradition process became very challenging in the end.
International Cooperation Key in Kwon Extradition
The recent conversation between Montenegro’s Justice Ministry and the SEC indicates that international cooperation is a constant process of fighting crypto wrongdoers. This aspect can be seen from the SEC’s detailed articulation of the investigation results and the present court cases in the U.S. for Kwon’s trial.
This decision expects Montenegro’s Justice Minister Andrej Milović to come across this decision, as the consequence of extradition extends to Kwon’s cases in more ways than one can imagine. In the given cooperation with the Montenegrin and U.  S.  authorities, it may thus be promising to embark on further synchronization in the need to govern and enforce laws in the field of cryptocurrencies.
Therefore, the final meeting between the Montenegrin authorities and the US SEC cannot be regarded as a positive development in the ongoing investigation of the possible extradition of Do Kwon. Thus, there may be an impact on future cooperation on or concerning cryptocurrency regulation, oversight, or enforcement depending on the general outcome of the Kwon extradition case, which still needs to be decided. At the same time, all the varied parties will carefully watch as various consequences that accompany this system appear and the impact they have on the general cryptosystem.

The post "Grayscale Submits Amendment to Ethereum Mini Trust" first appeared on 36crypto.com News.
#Cryptocurrency asset managing firm Grayscale has resubmitted the 19b-4 form on behalf of the Ethereum Mini Trust. Proposed on Tuesday, this follows rising activity on possible Ethereum ETF providers in recent weeks. In addition to Grayscale, Nasdaq also filed its latest 19b-4 form for BlackRock’s ETH ETF product earlier today.
Currently, the US Securities and Exchange Commission (SEC) has taken a U-turn on Ethereum ETFs, much to the surprise of many seasoned analysts. At the onset, Bloomberg ETF specialists thought that the SEC would reject the products due to their low interaction with possible issuers. However, approval odds rose earlier this week due to high expectations of the SEC's new direction. The SEC was said to have asked exchanges to submit new 19b-4 forms this week, and this gives some credence to these rumors.
Grayscale and Others Push for Ethereum ETFs
It is not just Grayscale and BlackRock that are making the movements. Other potential issuers, such as Fidelity, VanEck, and Franklin Templeton, have also submitted updated filings. Fox Business reporter Charles Gasparino commented that the likely approval of #Ethereum ETFs will be one of the biggest turnarounds in the SEC in the recent past. This has affected the market greatly, with Ethereum rising more than 20% in a single day because of the new stance that the SEC has taken.
Even though this, leading ETF analyst James Seyffart has noted that Ethereum ETFs may still be far from launching in the U. S. His warning entails that while the SEC’s shift is positive, it does not translate to approval or market accessibility.
On Tuesday, a famous trader, John Bollinger, mentioned that he had changed his approach to Ethereum and noted that the current price could be too high. Bollinger’s remarks focus on the market's unpredictability in conjunction with the restrained positivity of traders and analysts.
Subsequent alterations that Grayscale has made in the filing of Ethereum Mini Trust, combined with the same fate of other issuers, signifies a more distinct development that may inflict a significant shift or change in the general attitude of the SEC towards the cryptocurrency ETFs. 
The latter has led to market positivism and has brought massive price swings towards Ethereum. However, there are a few things that some of the insiders in the industry have remarked on, such as several rigmaroles that may take time to be approved and then introduced to the market.

The post "SEC Contacts Companies Behind Ethereum ETF Regarding S-1 Forms" first appeared on 36crypto.com News.
The United States of America’s Security and #Exchange Commission has started talks with potential issuing companies regarding the S-1 registration statements on Ethereum-based ETFs. These conversations mean that the SEC is in talks with Ethereum ETF providers for the first time, which is a big step towards approval.
An executive interview with one of the issuers revealed that discussions on S-1 forms have yet to start. “It seems a bit like [the Division of Investment Management] largely had the shift in its policy, well, thrown at it. So, to begin with,” the source stated. Still, there is little doubt that an Ethereum ETF will not be stopped, and the efforts will continue.
Approval Process of Ethereum ETF by SEC
This shows that for Ethereum ETFs to be permitted, the SEC has to approve the 19b-4 forms, just like in the case of Bitcoin ETFs. Next, the filed and transmitted S-1 registration statements will have to become effective before there can be trading. Generally, these forms go through numerous revisions to draft the final papers which are presented. If passed this stage, the SEC may decide to pass them.
There has been recent activity in the 19b-4 forms, with Fidelity having recently filed a new S-1 form with changes. Everyone is awaiting further amendments as the discussions go on in form S-1. This is evidenced by the fact that the firm has constantly dealt with the SEC, showing a steady course toward potential approval.
SEC in a crucial position on VanEck ETH ETF
The VanEck Ethereum ETF’s 19b-4 form will be assessed in a critical decision that the SEC will make today. Analysts postulate that the same mechanism could be applied to the approval of multiple issuers at once, as it was done with Bitcoin ETFs. This, in turn, creates hope that if approval is granted, it may happen today.
The communication with Ethereum #ETF issuers shows that the SEC has gradually changed its approach to cryptocurrency ETFs. While the discussions continue in this regard, the industry collectively maintains a guarded optimism over the approval of Ethiium ETFs. This may lead to improved adoption and assimilation of Ethereum-based investment products in the future.
Specifically, the issuers' recommendations to the SEC regarding the future of Ethereum ETFs define a new era in the regulation of cryptocurrencies. When it comes to ETFs, the potential approval of Ethereum ETFs signals a progressive evolution in the regulatory environment for digital assets. It is closely observed as the SEC makes decisions that affect the future of all Ethereum-based investment products.

The post "Ethereum Price Analysis: Road to $4,000 Or Not? Spot Ethereum ETF Approval Possible Impact" first appeared on 36crypto.com News.
Positive Ethereum ETF updates ignite ETH’s surge. Are we seeing it achieving the crucial $4k milestone? #Ethereum (ETH) has recorded a two-month high as the odds of the Ethereum Exchange Traded Fund’s (ETF) launch stepped up. 
According to Eric Balchunas, a senior Bloomberg analyst, the U.S. Security and Exchange Commission (SEC) is to do a 180 on Ethereum ETF approval. Previously, the SEC used to implicitly stand against the action, as per Reuters’ sources. 
Furthermore, Reuters claims that the U.S. securities regulator on Monday asked Nasdaq, CBOE, and NYSE to fine-tune their application to list spot Ether ETFs, signaling the agency may be poised to approve the filings.  On Tuesday, a Bloomberg analyst James Seyffart revealed that 5 of the potential Ethereum ETF issuers (VanEck, Fidelity, Invesco/Galaxy, Ark/21Shares, and Franklin) submitted their amended 19b-4 filings, which are believed to be the technical requirements for ETF approval.  
The positive developments fuelled Ether's market performance, as the asset’s price surged 18% Monday and registered another 8.6% uptick Tuesday before lately retreating to the $3,700 range. 
While a green light from the SEC would be a major win for the cryptocurrency industry, the debates on Ether hitting its significant $4,000 milestone heated up. The technical indicators and on-chain data hint at the potential uptick, but with the media impact in action, such evaluation may turn out to be an error.
Ethereum’s Seeks Record Interest
The increased potential for Ethereum ETF approval sparked an interest in the asset. According to Santiment, ETH’s daily trading volume has surged 200% in momentum and totaled $37 billion, registering a two-month high.

Ether (ETH) trading volume. Source: Santiment
The Monday uptick led to a year-to-date high of $80 million in short liquidations, as per Coinglass data. In comparison, the amount of long positions liquidated on the same day was $26 million.

Ether (ETH) total liquidations chart. Source: Coinglass
Furthermore, whales entered the rally, which can be noted by Santiment-monitored whale activity in the last 72 hours. Specifically, over May 20, 1393 transactions over $1 million were carried out, hitting a month-high since April 14.  Santiment data also revealed that the attention to Ether has resulted in an uptick in its social activity. According to the source, the coin’s social dominance on Monday broke a three-month record and totaled 2.28%. 
$4,600 As The Next Goal for Ether
Technical analysis indicates that Ethereum has a chance to keep up with the rally in the long term.  A closer look at the monthly chart reveals that Ether’s price action against TetherUS (USDT) forms a rounding bottom pattern, which marks a positive trend reversal from a long-term perspective.  As the neckline for this continuation pattern is at $4,635, the bullish comeback alongside broader market recovery signifies a high likelihood of a breakout. 

ETH/USDT 1M chart. Source: WhiteBIT TradingView
Notably, the bullish monthly candle hints at positive trend continuation, seeing that Ether’s latest recovery took place at the successful retest of 50% (0.5) Fibonacci level.  The daily chart unveils a similar trend. Ether displays a bullish breakout of a falling wedge pattern going straight up. The uptrend challenges the trend-based 50% Fibonacci level and the $3,800 price level.

ETH/USDT 1D chart. Source: WhiteBIT Trading View
Furthermore, a crossover in Moving Average Convergence Divergence (MACD) and signal lines reflect a surge in underlying demand. Crucially, Ethereum’s correlation with Bitcoin (BTC) marks a long-term upswing as well. The 4-hour chart reveals that the ETH/BTC pair broke a long-term descending trend line (red), as can also be noted by the Relative Strength Index (RSI), which stands at 70 at the writing time. 

ETH/BTC 4h chart. Source: WhiteBIT TradingView
What is more, Exponential Moving Averages (EMA) formed two golden cross patterns, which mark a strong bullish outlook. Thus, the first pattern is formed with 20-day EMA (light blue) and 50-day EMA (blue), and the second one is an intersection between 20-day EMA and 200-day EMA (red).
The chart indicates that the local high (resistance) at $0.05346 stands in the way of further price movement. However, breaking above it could strengthen Ether against Bitcoin, targeting highs above $0.06. Given the on-chain data dynamics, Ether (ETH) price action is swayed by fundamental factors, foremost of which is a fact of Ethereum ETF approval. This, if the fund is approved this Thursday, we could see Ether cross the crucial $4,600 point for a new all-time high (ATH). 
Conversely, if the crowd resonance will not be on Ethereum’s side, the asset’s price could slide below the $3,600 support to test the $3,273 level. If intense profit-booking or sell-the-news take action, there’s a strong chance Ether could retest the $3,000 price range.
Will Ethereum Repeat Bitcoin’s Scenario?
According to Quinn Thompson, a crypto analyst and founder of Lekker Capital, Ethereum (ETH) remains undervalued against #Bitcoin, despite the optimism about ETH. 
“This leads me to believe that ETH/BTC at 0.05 is still underpriced, particularly given we are in a bull market, entering the BananaZone and on-chain activity will likely make new ATHs in the coming months,” as goes in his post for X.
This puts Ethereum maxis at risk of not meeting the price surge expectations due to the ETF inflows – ones that boosted Bitcoin’s performance in March. In the meantime, the market will focus on the SEC’s decision on May 23rd, which will dot the i’s of Ether’s prospective performance.

The post "Grayscale Drops Staking Proposal from Spot Ethereum ETF Filing" first appeared on 36crypto.com News.
A spot Ethereum ETF proposed by Grayscale has been changed, and the staking factor has been removed from the application. In the latest changes common to the current preliminary proxy statement, the staking of ether through the trust is not among the proposed activities. The amendment is nicknamed Amendment No. 2) The letter specifically refers to the elimination of this staking option.
Grayscale Drops Staking to Transform ETHE ETF
This move is symbolic of actions that other issuers have witnessed. Another example is Fidelity, which acted similarly and excluded staking rewards from the S-1 registration statement earlier on the same day. The decision not to include staking in their ETF application is not unexpected from the analysts in this industry.
James Seyffart, an ETF analyst at Bloomberg, stated that Grayscale had expected such action. In pointing out on X (formerly Twitter), he explained that Grayscale is dropping the staking wording from its filing to transform the Grayscale Ethereum Trust ($ETHE) into an ETF.
In October, Grayscale filed a Form 19b-4, along with NYSE Arca, that envisages converting the Grayscale Ethereum Trust into a spot ether ETF. This move comes after Grayscale achieved its initial goal of transforming its Bitcoin trust into a Spot Bitcoin ETF with the help of a court ruling and approval from the SEC in January.
Regulatory Focus Prompts Staking Removal in ETFs
Issuers, such as Grayscale and Fidelity, have made decisions to pull staking components on ETF applications, which is consistent with a trend across the industry. Some of the factors behind these changes include increasing regulatory focus on cryptocurrency investments and the dynamics of cryptocurrency investment markets. These issuer’s strategies seek to boost the approval rates as well as investor confidence by making their proposals respond to relevant regulatory frameworks.
In essence, for investors, the absence of staking options from these #ETFs is quite a shift. However, it emphasizes the continuity of issuers’ commitment to observe the regulations, their intention, and their efforts to offer publicly compliant investment products. This change may also lead to the identification of easier and possibly safer investment products, especially as the innovation of virtual currency continues to progress.
A change in the most recent proposal of the company named Grayscale, it has deleted the staking aspect as well as the term “spot” while filing as an #Ethereum ETF; this is a smart move as it adheres to the overall regulatory expectations and trends in the market. This decision is similar to others that can be observed in other major issuers, such as Fidelity, and it shows that the market is still in the process of shifting. As these products mature, investors can expect increased efforts on the part of policymakers to police the market and enhance disclosure.

The post "Cboe BZX Changes Its Sight on Spot Ethereum ETF Application, and Approval is Imminent" first appeared on 36crypto.com News.
Cboe BZX filed new drafts of the 19b-4 result for five #Ethereum spot ETFs. Thus, this trend indicates improvement regarding the possible approval of such assets. To enhance their qualifications, the new filings include Franklin Ethereum Trust, Fidelity Ethereum Fund, VanEck Ethereum Trust, Invesco Galaxy Ethereum ETF, and 21Shares ARK Ethereum ETF. 
SEC Requires Resubmission of 19b-4 Forms
These changes are in response to the SEC's new requirement that exchanges resubmit their 19b-4 forms this week. The 19b-4 form is essential because it notifies the SEC of likely amendments to the rules governing a particular market.
It is one of the key papers that requires approval of the company before the spot Ether ETFs can be effective. Similarly, any funds that invest in S-1 registration statements must also be approved before they can begin trading. Bloomberg ETF analyst James Seyffart stressed that while this is a big step, these regulator-approved ETFs could still be years away from launch. "Still a way yet potentially from a launch was the posts from Seyffart in X.
But these filings confirm that all of the rumors and speculations, everything that has been said and chatted about, have been true. To get to this, one needs to open up Commission orders on all the filed/released 19b-4s AND THEN S-1 approvals. It could take weeks or more before ETFs launch," the executive said.
ETH Price Rises on Ethereum ETF Application Progress
In the respective amended documents, Fidelity reiterated its words that it does not use any of the Ethereum for staking. The filing states, "The Trust's ETH, the Sponsor's ETH, the Custodian's ETH, and the ETH of any other person affiliated with the Trust will not directly or indirectly participate in action where any portion of the Trust's ETH is utilized for participation in the Ethereum proof-of-stake validation or for the acquisition of additional ETH, inclusion in the generation of income or other earnings." The firm filed an updated S3 with a similar
As of publication time, Ether traded around $3,797.42, reflecting a 4.16% increase in the past 24 hours. This price movement underscores the market's anticipation and reaction to the ongoing regulatory developments and potential ETF approvals.
The attempts to modify the applications submitted by Cboe BZX for spot Ethereum ETFs have made significant progress toward potential approval. Despite having a long way to a few major milestones to go with the SEC approvals on the 19b-4 and S-1 forms, the current updates reveal the progressive actions taken. This is well observed by the market, so much so that Ether prices have surged in the recent past as opposed to before the development was made.

The post "Meta, Coinbase, Ripple, and More Companies Join Forces to Fight Technology Fraud" first appeared on 36crypto.com News.
Now, Coinbase has unveiled a new platform to fight online fraud and financial scams called the Tech Against Scams coalition. Key participants include Meta (formerly Facebook), Ripple, Kraken, Gemini, GASO, and Match Group, which owns several online dating platforms, including Tinder and Hinge.
The coalition is designed to fight against scams as its members share knowledge and best practices of the member industries. The article notes that everyone and everything is involved in Internet scams, not only social media, cryptocurrencies, finance, and dating applications. It is our great pleasure to introduce the Tech Against Scams coalition. Phishing is a problem in the technology sector and, consequently, needs a collaborative effort from the entire sector. In response to X, Coinbase said, “We are proud to work with industry leaders to safeguard and inform users.
Coinbase Joins Tech Against Scams Coalition to Fight Online Fraud
One key objective of the Tech Against Scams coalition is to raise public awareness concerning various scams and ways to protect against them. By raising awareness, the group aims to ensure that the general public can prevent themselves from falling prey to such scams. The coalition also intends to increase cooperation between its members and share knowledge and information to improve consumer protection and counteract fraudulent actors online.
The FBI’s Internet crimes report for 2023 emphasizes the importance of this case. According to this report, the American people lost more than $12 billion. Five billion as a result of confraternity on the internet. Of these losses, $3. Ninety-four billion were linked to cryptocurrency investment fraud, and this clearly shows the effect on the finance industry.
The top public-private partnership with the establishment of the Tech Against Scams coalition is a major achievement in combating online scams. The formation of the coalition will ensure that there is a collective voice that will represent the leaders in the various sectors of technology and that users are protected. The industry can make progress in protecting its users from scams. Although the realization of the initiative is still in its preliminary phase, the proposal will have significant roles in preventing financial fraud over digital platforms and creating a secure digital space for all users.

The post "VanEck Spot Ethereum ETF Listed on DTCC, Awaits SEC Approval" first appeared on 36crypto.com News.
The VanEck U. S. spot #Ethereum exchange-traded fund (ETF) proposed by the global investment manager has been added to the Depository Trust and Clearing Corporation’s (DTCC) website. The DTCC, which is involved in post-trade activities such as clearance, settlement, custody, and information, added VanEck’s spot ether ETF to its list of ETFs.
VanEck Spot Ethereum ETF Awaits SEC Nod
Nevertheless, this listing is not the final step of the ETF’s launch, as its official promotion still requires the approval of the U.S. Securities and Exchange Commission (SEC). From the DTCC list, in the create/redeem column, VanEck’s spot ether ETF appears as “N,” implying that it is inactive. Importantly, the list includes both live ETFs and those that are still waiting for formal regulatory approval and other approvals necessary for them to be processed by the DTCC.
VanEck’s existing Ethereum spot fund is listed under the symbol “ETHV. ”Franklin Templeton’s Ethereum ETF also finds a place on the DTCC list after it was included last month. VanEck responded to the participation of The Block, whereas DTCC did not reply to an immediate comment.
This week, the US SEC asked US firms to resubmit and amend their 19b-4 applications regarding spot ether ETFs, which appears positive for the possibility of approval. The 19b-4 forms are the submission of a proposed rule change and, therefore, part of the important documents that need the approval of the SEC before spot ether ETFs can take effect.
Cboe BZX Updates Spot Ether ETF Forms
Cboe BZX Exchange published amended 19b-4 forms on Tuesday for spot ether ETFs from Franklin Templeton, Fidelity, VanEck, Invesco Galaxy, and ARK 21Shares. This update came in light of evidence that while both CoinShares and Valkyrie had expressed interest in creating an ether ETF, neither intends to apply for the same, as stated by Fox News reporter Eleanor Terrett.
This is a list of the current actions, illustrating how matters remain in motion towards the possible approval of spot ether ETFs. However, the process is not entirely smooth for the ETFs as they continue to go through ‘regulation’ that plays a key role in approving the instrument through decisions of the SEC. The listing of these ETFs on the DTCC website also represents a step in this direction, as it shows that the issuers are ready to start marketing their products in future markets at some point.
The fact that VanEck’s proposed new spot ether #ETF appears on the DTCC website is a significant sign of the regulation's progression. Holding a fund pending approval from the SEC means that this announcement shows a continued progression in cryptocurrency ETFs. Market participants are observing these advancements, and their effects on the markets are awaited after approval.

The post "Prosecutors Seek 5-7 Years for Former FTX Exec Ryan Salame" first appeared on 36crypto.com News.
U.S. prosecutors have suggested that former FTX executive Ryan Salame be prosecuted to a term of five to seven years in prison after he pleaded guilty to criminal charges in September last year. Salame's defense counsel pleaded with the judges for a non-suspensive sentence of no more than 18 months, but the prose was most insistent on the need for a long-term imprisonment that was far greater than 18 months.
Salame's Crimes Self-Serving, Not Just for FTX
It is also pointed out in the prosecution memo unsealed on Tuesday that Salame's crimes were self-serving and not solely aimed at helping #FTX and the cryptocurrency sphere. "The defendant's excuse for perpetrating these offenses to assist FTX and the cryptocurrency sector as a whole does not justify his actions in any way and is contradicted by the available evidence that demonstrates the defendant accruing significant individual gains from his criminal conduct," they added.
"Only a substantial incarceration sentence could appropriately reflect the nature and seriousness of his conduct and afford adequate deterrence," the memo continued. Even so, his attorneys made much of the fact that Salame did not mastermind these frauds and that he lost the lion's share of his fortune when FTX went belly-up. Ex-FT exchange head Sam Bankman-Fried, charged with fraud, embezzling clients' money, will taste the bitter fruit for nearly a quarter-century.
Ryan Salame Awaits Sentence Amidst Fraud Scandal
Ryan Salame served as a director or executive at Alameda Research before joining FTX as its CEO, and he later became responsible for several projects at the fallen exchange. Com by the end of year 2022 from the financial year 2019/2022. He faces sentencing on May 28 at a New York state courtroom.
Prosecutors insisted that Salame plotted to commit very severe crimes to help expand FTX and improve Bankman-Fried's image. The prosecutors also pointed out that Salame was engaged in some of the biggest crimes in conjunction with this scheme, stating, "The campaign finance offense is one of the largest-ever in American history, and the unlicensed money transmitting business exchanged over $1 billion without a license.
The call for longer sentencing implies the extent of Salame's participation in the fraudulent schemes incurred in FTX. The Recommended Sentence is to ensure that his conduct is considered horrible and also to warn future persons within the industry not to carry out such actions.
Ryan Salame's sentencing is one of the significant incidences that continue to unfold with legal consequences following the FTXsqueeze. The unlikely outcome of the trial followed calls for a long jail term by the prosecuting authorities, thus revealing the significance of the case in terms of responsibility and governance in cryptocurrencies. The legal professions and the players in the industry, especially in Lebanon and around the world, are awaiting the verdict in the court as Salame counts the days for the trial to be issued or completed.

The post "Bitcoin Surges Past $70K Mark with 6% Increase Amid Market Optimism" first appeared on 36crypto.com News.
#Bitcoin (BTC) has surged past the critical $70,973.60 level, marking a more than 6% increase in the last 24 hours, according to Coinstats. This remarkable rise comes as the broader cryptocurrency market shows positive momentum ahead of Memorial Day weekend.
Bitcoin Surpasses $70,000 Amid Institutional Interest
Bitcoin's ascent can be attributed to a variety of factors, most notably the recent approval of spot exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). This approval has significantly boosted investor confidence and attracted substantial institutional interest. Notably, high-profile financial institutions have disclosed their exposure to these ETFs, with Morgan Stanley revealing a $270 million stake in Grayscale’s Bitcoin Trust as of March. This places Morgan Stanley alongside other major financial players such as JPMorgan, Wells Fargo, and UBS, all of which have disclosed significant holdings in Bitcoin-related assets.
The impact of these disclosures must be considered. The involvement of major financial institutions not only validates Bitcoin's credibility but also enhances its appeal as a mainstream investment asset. This institutional backing has provided a strong foundation for Bitcoin's recent price surge, encouraging more investors to enter the market and driving demand higher.
In addition to institutional interest, Bitcoin's recent rally is supported by positive market sentiment and adoption trends. Data from Santiment indicates a decline in the number of total Bitcoin holders, which might seem negative at first glance. However, this trend is accompanied by smallholders liquidating their BTC holdings, resulting in larger holders accumulating more Bitcoin. Historically, this redistribution pattern has been a bullish indicator of Bitcoin's price, suggesting that larger investors are confident in its long-term potential.
Moreover, the broader cryptocurrency market is also experiencing a rally, with assets like Ethereum (ETH), Solana (SOL), and Cardano (ADA) showing notable gains over the past week. Ethereum, for instance, has crossed the $3,100 mark for the first time in more than 20 days, while Solana is approaching the $200 mark. This overall market optimism is likely contributing to Bitcoin's upward momentum as investors seek opportunities in a rising market.
Regulatory Clarity Boosts Bitcoin Price Growth
Regulatory developments continue to play a crucial role in Bitcoin's price movements. The SEC's approval of spot ETFs is a landmark event, paving the way for increased participation from both retail and institutional investors. This regulatory clarity provides a sense of security and stability, which is essential for the long-term growth of the cryptocurrency market.
Additionally, the involvement of reputable financial institutions in Bitcoin-related assets further underscores the positive regulatory environment. These institutions are subject to stringent regulatory requirements, and their participation signals confidence in the regulatory framework governing Bitcoin. This, in turn, attracts more investors, driving demand and pushing prices higher.

The post "Ethereum Founder Vitalik Buterin Discusses What’s Next for the Blockchain" first appeared on 36crypto.com News.
#Ethereum creator Vitalik Buterin revealed substantial updates on Ethereum this week. This is the third major upgrade after the Dencun upgrade on March 13, which reduced the costs for layer-2 transactions and improved data availability. The Dencun upgrade introduced the concept of proto-danksharding, also known as EIP-4844, which enabled the inclusion of data blobs in blocks. This upgrade improved the network’s efficiency and continued other earlier upgrades, such as the Merge and Shanghai upgrades.
Ethereum Verge and Purge Upgrades Detailed
Following are the two next upgrades – the Verge and Purge. The Verge upgrade will implement Verkle trees that will bring full stateless clients and slash the cost of running a node. This can be expected to increase the gas limit of layer one by ten times with lower fees. Moreover, the Purge upgrade intends to help the EVM by eliminating features such as the SELFDESTRUCT opcode and the 2,300 gas stipend. It will make the EVM more easy to operate and more efficient.
Buterin also remarked that the ban on the SELFDESTRUCT opcode is almost complete. Though the opcode will be kept for the time being, Dencun effectively eliminated its most destructive property—the ability to alter as many storage slots as needed. This change is a major milestone towards simplifying the Ethereum protocol and enhancing its security and performance.
Vitalik Buterin Reveals New ETH Upgrades
The Verge upgrade will also bring in Verkle trees, which will make the cost of running a node extremely low. This improvement is expected to double the layer-1 gas limit, enabling transactions at an affordable rate for users. In contrast, the Purge upgrade intends to clear the EVM of some features, including the SELFDESTRUCT opcode, as well as the 2,300 gas stipend. These changes are aimed at improving the efficiency of the EVM’s operations.
These updates can be considered part of Ethereum’s ongoing transformation into a better-forged blockchain. The addition of these new features and upgrades clearly shows that there is still a lot of work to improve Ethereum's performance and security. As Ethereum evolves, these upgrades will become essential in keeping the blockchain network competitive in the future.

The post "Ethereum ETF Approval Chances Rise Amide SEC Speculation" first appeared on 36crypto News.
Bloomberg analysts James Seyffart and Eric Balchunas have dramatically increased the odds of a spot Ethereum ETF approval to 75%. This shift suggests a last-minute reversal by the SEC, potentially influenced by political pressure. Prior industry consensus had been that these ETFs would be denied due to a lack of engagement between ETF issuers and the SEC. Bloomberg analysts had previously pegged the probability of approval at just 10%.
Ethereum ETF Approval Odds Rise to 75%
Former Grayscale CEO Michael Sonnenshein expressed optimism ahead of the Ethereum ETF approval deadline. Following the latest developments, Seyffart and Balchunas now rate the approval odds at 75%, pending potential filing updates. According to Fox Business reporter Eleanor Terrett, the situation is evolving "in real-time."
Jake Chervinsky, a well-known cryptocurrency analyst, commented that the approval of spot #Ethereum ETFs would be "shocking" to everyone he knows in Washington, D.C. Such a move by the SEC could indicate a significant shift in U.S. crypto policy following the bipartisan SAB 121 vote.
The SEC is expected to announce its final decision regarding the VanEck ETF proposal on May 23. In response to these developments, the price of Ethereum has surged over 8% in the past hour, reaching $3,400. Bitcoin's price is also nearing $70,000.
Ethereum Market Surges Ahead of SEC Decision
Ethereum open interest has risen by $1 billion in just one hour, with traders aggressively opening long positions. GlassGlass data shows that more than $86 million worth of short positions have been liquidated over the past hour.
This increase in market activity underscores the significant impact that regulatory decisions can have on cryptocurrency markets. The potential approval of spot Ethereum ETFs represents a pivotal moment for the industry, reflecting the growing acceptance and integration of digital assets within the traditional financial system.
As the SEC's decision looms, market participants are closely watching for any further updates that could influence the outcome. The approval of spot Ethereum ETFs could mark a new era for cryptocurrency investment, potentially leading to increased institutional participation and market stability.
The SEC's anticipated decision on the VanEck Ethereum ETF proposal is a critical development for the cryptocurrency market. With analysts now predicting a 75% chance of approval, the coming days will be crucial for investors and industry stakeholders.

The post "Ethereum Surpasses Mastercard in Market Capitalization Amid SEC's ETF Reassessment" first appeared on 36crypto.com News.
The second largest cryptocurrency in the global market, Ethereum, has witnessed a boost in its total market value. Over the previous 24 hours, the Ethereum price surged by more than 16 percent to a market cap of $440 billion. This push enabled Ethereum to go ahead with Mastercard, which is presently valued at $427 billion.

This market movement could be due to the possible change of heart of the United States Securities and Exchange Commission (SEC) on the approval of spot #Ethereum exchange-traded fund (ETF) applications. Recently, Bloomberg analysts have boosted the approval probability from 25% to 75%, indicating a dramatic shift in the attitude of the SEC. At first, it was widely believed that VanEck's ETF filing stood no chance of being approved due to the SEC's inactivity, but recent rumors about the SEC's positive shift have prompted this positive update.
SEC's Swift Actions Propel Market Confidence
Eric Balchunas, the senior ETF analyst at Bloomberg, was the first to report that the exchanges were asked to update their 19b-4 filings as soon as possible. This update might make the path to the approval of an Ethereum ETF as early as this Wednesday smoother. In the current case, Alex Thorn, the head of research at Galaxy Digital, opines that while Ether might be seen as a non-security by the SEC, staked Ether would be a security. Such differentiation is consistent with the SEC's various court cases and investigations and offers a theoretical possibility of approving Ethereum ETFs without going against its previous statements.
Bitcoin reflected the drastic hike in Ethereum prices, where Bitcoin broke higher again by 6% after touching as high as $71,650 earlier today. Nonetheless, Ethereum is still 25% lower than it was in the recent past, trading at $16, 4% below its record high of $4,878 set in mid-2007.
The cryptocurrency market has had major changes, as we have seen Ethereum surpass Mastercard in terms of market capitalization. This is likely due to the probable approval of Ethereum ETFs by the SEC, which will create greater confidence in the market and, therefore, more growth.

The post "SEC Opposes Ripple's Motion to Seal Financial Information" first appeared on 36crypto.com News.
The U.S. Securities and Exchange Commission (SEC) has filed a cross-motion to reject Ripple's motion to seal and redact the discovery documents related to the ongoing disagreement concerning remedies. The SEC is demanding that Ripple present its latest balance sheet, recent sales of its coins, revenues, expenses, and discounts given to its clients.
In its latest motion, the SEC stated that Ripple had not rebutted the prejudiced presumption that these documents must be disclosed to the public. While citing the SEC's earlier sealing and redaction positions, #Ripple needs to underscore that it was in the given context of filings. Further, the SEC highlighted the fact that Ripple has been found in a court of law to have engaged in an unregistered sale of investment contracts to institutional investors without the required public notices.
Ripple Faces SEC Demand for Transparency
The SEC claims that it is peculiar for Ripple to seek to withhold its financial and securities sales information as such information is at the heart of all discussions regarding remedies. While the SEC states that Ripple may be able to redact certain financial statements, it argues that figures or terms of the contract related to the remedy request are not privileged. The agency stressed that dissemination of this information is essential for comparing the remedies sought and awarded with Ripple's actual financial state while keeping general deterrence in mind.
In its filing, the SEC stressed that its sealing and redaction objections only apply to information relevant to the court decision. The agency also aims to clarify Ripple's financial condition to provide a reasonable assessment of the remedies.
Ripple has claimed that releasing these files may damage its commercial operations. Nevertheless, the SEC argues that it does not favor the elimination of just a small amount of financial information and underscores the significance of the public's right to attend to promote openness in proceedings.
Overall, the SEC's decision to reject Ripple's effort to file the financial details under seal shows how critical the concept of transparency is in the legal system. By utilizing financial information, the SEC seeks to guarantee a rational and objective assessment of the remedies demanded from Ripple, which highlights the importance of public access to such essential data in such crucial actions.

The post "Judge Approves $2 Billion Settlement for NY AG and Genesis" first appeared on 36crypto.com News.
A New York bankruptcy judge has approved a landmark $2 billion settlement between the New York State Attorney General’s office and the crypto lender Genesis. This settlement comes months after Genesis Global Holdco filed a motion in the U. S. Bankruptcy Court in the Southern District of New York in February seeking approval of the deal.
“When investors lose money due to fraud and manipulation, they deserve to be compensated,” said New York Attorney General Letitia James on Monday. “This historic settlement brings relief to the victims who invested in Genesis to reclaim their investment. ” James underscored that this is the largest crypto firm settlement in New York’s history.
Terms of the Settlement and Historical Background
The settlement includes a victim fund to compensate New York investors who contributed more than $1. Genesis, through the Gemini Earn program, is valued at $ 1 billion. Genesis and Gemini introduced this program to retail investors in 2021 with attractive yields of up to 7 percent. 4 percent APY.
The New York Attorney General originally filed a lawsuit against Gemini, Genesis, and their parent company, Digital Currency Group, concerning alleged misconduct in the crypto lending program. Genesis has not denied nor admitted to the allegations in the suit, and the lawsuit will proceed with other defendants, including Gemini.
Genesis Global Holdco filed for bankruptcy in January 2023. The company’s finances suffered losses after the failure of crypto hedge fund Three Arrows Capital and crypto exchange FTX in 2022.
Repercussions on the Crypto Industry
This case highlights the legal and regulatory attention the crypto industry is facing. The strategic litigation pursued by Attorney General Letitia James is aimed at addressing fraud and manipulation in crypto firms. The fact that the New York Attorney General’s office was able to secure this sizeable settlement marks an important achievement in investor protection for the burgeoning crypto industry.
The lawsuits against Genesis also illustrate the major risks involved in crypto investments and penalties incurred due to failure to comply with rules. It is also very likely that regulatory bodies will increase their regulation as the industry grows, as it will be easier to monitor and control.
Overall, the $2 billion settlement between the New York Attorney General’s office and Genesis is a significant development in the history of cryptocurrency regulations. This historic settlement will enable affected investors to receive compensation and re-establish the importance of compliance and integrity in the cryptocurrency industry.

The post "UK High Court Judge Rules that Craig Wright Lied “Extensively and Repeatedly” in COPA Lawsuit" first appeared on 36crypto.com News.
Craig Wright, who allegedly is Bitcoin’s inventor, Satoshi Nakamoto, has been found to have lied “excessively and continuously” during a trial over his copyright infringement claims to Bitcoin’s source code and white paper by a UK High Court Judge James Mellor. In a written judgment released Monday, Judge Mellor explained the March ruling that he previously made, stating that Wright is not the Satoshi Nakamoto pseudonym. The judgment mentioned Wright’s “blatant fabrications” and “forgeries” of documents as essential factors in the decision.
Judge Mellor’s Ruling and Its Implications
Judge Mellor explained that all of Wright’s lies and forged documents revolved around the false claim of being Satoshi Nakamoto. This decision ended a lengthy legal battle concerning the intellectual rights of the Bitcoin blockchain and database. During the trial, the defense produced some documents that allegedly supported Wright’s position–documents with fonts that could not have been used at the time and metadata that indicated that some of the documents were created just before the trial.
COPA filed the lawsuit against Wright in February 2021 to prevent him from making bogus copyright claims over the Bitcoin whitepaper and code. Since 2019, Wright has initiated numerous lawsuits against various developers in a bid to acquire control over the Bitcoin network and suppress critics. The #Bitcoin Legal Defense Fund pointed out that these lawsuits scared developers from developing the Bitcoin network’s potential.
The Litigious Nature of Wright and Its Impact on Bitcoin Developers.
Moreover, Judge Mellor recognized the detrimental effect of Wright’s litigation tactics on Bitcoin developers. He also pointed out that Wright was acting litigiously, which was another reason for ruling in favor of COPA. I do not think the possibility exists that Satoshi would have resorted to litigation against the developers,” Judge Mellor stated. Satoshi would have known that differences in opinions resulted in the division of the Bitcoin network and allowed it to move forward.
Finally, the appeal of the UK High Court’s judgment against Craig Wright is indicative of the significance of integrity in legal claims concerning the Bitcoin blockchain. Mellor’s ruling is not only sufficient to refute Wright’s claims but also highlights the importance of transparency and cooperation within the Bitcoin community.

The post "Prometheum Soft Launches Ether Custody Services in the US, Treating it as a Security" first appeared on 36crypto.com News.
Prometheum Capital LLC soft launches #Ether custody and treats it as security under the SEC. The service was initially planned to be launched in the first quarter of 2024 but was launched Friday with an unspecified number of companies before its full commercial launch in June. The Block and Fortune then elaborated on the news. Aaron Kaplan, co-CEO of Prometheum, shared that the trading services would begin in a quarter.
Prometheum’s Approach Under Existing Laws.
Kaplan stressed that this launch shows that the operations of digital asset custody are possible under existing laws. Kaplan told Fortune: “It eliminates a lot of the arguments that things can’t be done under existing laws. ”It is the first digital token whose investment contract security is being held and regulated under the Securities Act.
Prometheum was allowed by FINRA to offer crypto clearing and settlement services through a special purpose broker-dealer license in December 2021, and the SEC granted Prometheum that license in May 2023.
Controversy and Regulatory Landscape
Prometheum’s position on crypto tokens being securities has met the opposition of the blockchain industry. The argument that the firm makes is that there already exists a legal roadmap for crypto in the United States by running separate custodial and trading companies under SEC and FINRA licenses. The SEC has always reminded crypto exchanges to register, arguing that their operation as unregistered entities attracts charges from major players such as Coinbase, Binance, and Kraken.
SEC Chair Gary Gensler has stated that ether could be a security measure, while CFTC Chair Rostin Behnam has said ether is a commodity and a concern for the industry. The SEC will be forced to make a conclusive decision with Prometheum’s ether custody service.
In March, Patrick McHenry, the chair of the House Financial Services Committee, and Glenn Thompson, the chair of the House Agriculture Committee, reiterated the need for the SEC to decide whether ether is a security. This month, an SEC filing suggested the agency could classify ether as a security, which would make any further regulation much more difficult. Thus, Prometheum’s decision to release custody services for ether under federal securities laws alongside regulatory discussions is a notable step for the firm within the dynamic crypto industry.

The post "Judge to Rule on Ripple Testimonies and Summary Judgment in Public Zoom Hearing" first appeared on 36crypto.com News.
A crucial hearing in the class action lawsuit against #Ripple Labs Inc. is set for May 30. Judge Phyllis J. Hamilton will oversee the hearing via Zoom, where decisions on multiple motions to exclude witness testimonies and a motion for summary judgment will be made. This hearing is significant for both Ripple and the SEC, with possible implications for future cryptocurrency regulation cases.
Ripple Hearing to Exclude Key Testimonies
The upcoming hearing will address motions to exclude the testimonies of several key witnesses. Among those are Alan Schwartz, executive chairman of Guggenheim Partners, and Professor Joel Seligman. Schwartz's testimony has been a focal point, especially after Judge Analisa Torres allowed him to provide evidence in the Ripple vs. SEC lawsuit.
Additionally, the court will review motions to exclude testimonies from S.P. Kothari, Laurentius Maraius, Steven P. Feinstein, Jeremy Clark, and Saifedean Ammous. Ripple has challenged these testimonies, arguing that they lack relevance or reliability. The outcome of these motions could significantly influence the court's perspective on Ripple's alleged violations of federal and state securities laws.
The Zakinov vs. Ripple case, filed two years before the SEC v. Ripple lawsuit, centers on allegations that Ripple sold #XRP as unregistered securities. The plaintiffs claim Ripple engaged in unfair business practices, violating federal and California state laws. The hearing's decisions could impact the SEC's approach to the ongoing Ripple case.
Pro-XRP lawyers, including Fred Rispoli, suggest that the summary judgment in this case could provide leverage for the SEC in other lawsuits, such as those against Binance and Coinbase. Legal experts anticipate that the SEC will appeal any unfavorable decisions from Judge Torres once the remedies phase concludes. Ripple CEO Brad Garlinghouse has expressed confidence that the SEC will ultimately lose despite potential appeals and ongoing legal challenges.
Public Access and Broader Implications
The May 30 hearing is open to the public and media, providing transparency in this high-profile case. Interested parties can watch the proceedings on Zoom, reflecting the court's commitment to accessibility and public interest. This case's outcome could set a precedent for future cryptocurrency-related lawsuits, influencing how digital assets are regulated in the United States.
The hearing will affect Ripple and the broader cryptocurrency market. Garlinghouse's recent comments on the SEC lawsuit and the potential for a Black Swan event have sparked speculation among industry observers. Despite the ongoing legal battles, he remains optimistic about Ripple's chances and the future of the cryptocurrency market.