The post "DOJ Selects FRA for Binance Monitorship Over Sullivan & Cromwell" first appeared on 36crypto.com News.
In a significant development for the cryptocurrency exchange Binance, the United States Department of Justice (DOJ) has appointed Forensic Risk Alliance (FRA) to oversee its operations as an external monitor. This decision comes as part of a plea deal reached with the DOJ, which includes a three-year monitorship following allegations of money laundering.
FRA, a London-based firm known for its expertise in forensic accounting and compliance consulting, was selected over New York City’s Sullivan & Cromwell. The latter is a firm offering extensive services in bank regulation, digital assets, economic sanctions, and financial crimes. This appointment marks a crucial step in ensuring Binance adheres to legal standards and boosts transparency within its operations.
Monitorship Aims to Increase Compliance and Transparency
The role of FRA will involve rigorous scrutiny of Binance’s adherence to legal and regulatory frameworks. This monitorship is expected to be demanding and consume considerable of Binance's internal resources. However, it is seen as a necessary measure to restore trust and potentially facilitate the firm’s re-entry into markets from which it had previously been excluded.
According to analysts, the intensive nature of this monitorship could place significant pressure on Binance’s operations. Nonetheless, it presents an opportunity for the cryptocurrency exchange to align more closely with regulatory expectations and improve its operational transparency. The expectation from this oversight is a more compliant and stable platform, deemed crucial for its future growth and acceptance in global financial markets.
Legal Challenges for Binance
In November 2023, #Binance was fined $4 billion as part of a plea agreement with the DOJ, concluding investigations that might have otherwise severely impacted its operations. As part of the agreement, Changpeng 'CZ' Zhao, Binance's CEO, stepped down and was fined $50 million. He also pled guilty to charges including violations of the Bank Secrecy Act and operating an unlicensed money-transmitting business, resulting in a four-month jail sentence.
Adding to its challenges, Binance was fined approximately CAD 6 million (USD 4.4 million) by the Canadian financial regulator FINTRAC on May 9, 2024, for alleged breaches in money laundering regulations. These series of legal setbacks underscore the heightened scrutiny facing Binance and other cryptocurrency exchanges globally.

The post "Jack Dorsey Forecasts Bitcoin to Hit $1 Million by 2030" first appeared on 36crypto.com News.
Jack Dorsey, co-founder of Twitter and current CEO of financial services firm Block, has made a bold prediction regarding the future price of Bitcoin. In a recent interview with journalist Mike Solana on Pirate Wires, Dorsey stated that he believes Bitcoin could reach a minimum value of $1 million by the year 2030. His confidence in #Bitcoin stems not just from its potential as an investment but also from the collaborative nature of its ecosystem. According to Dorsey, the communal effort to improve Bitcoin enhances its overall value and stability, which, in turn, could drive its price significantly higher.
Dorsey elaborated that while many focus on Bitcoin's price, its true value lies in its ecosystem, which promotes collective enhancement. This aspect of Bitcoin, as Dorsey points out, makes it more than just a financial instrument but a movement that benefits from the contributions of its community. This, he argues, is what will ultimately drive the price upwards, making it an attractive long-term investment.
Jack Dorsey's Vision for Decentralization and Bluesky
The concept of decentralization is central to Jack Dorsey's vision, not only for cryptocurrencies but also for social media. His involvement with Bluesky, a decentralized social network, aimed to redefine social media dynamics by reducing censorship through an open-source protocol. However, Dorsey recently announced his departure from Bluesky's board, citing that the project needed to be revised to its original goal of true decentralization. According to him, Bluesky began to mirror traditional corporate structures, incorporating moderation tools and other elements that contradicted his vision for an unmoderated, decentralized network.
Dorsey expressed disappointment with Bluesky's trajectory, highlighting that it was beginning to replicate the very issues he sought to avoid with Twitter. He contrasted Bluesky with Nostr, a decentralized social platform he now favors, which adheres strictly to principles of anonymity and lacks centralized control. Dorsey's critique of Bluesky underscores his commitment to genuine decentralization and his belief in the power of open-source protocols to foster more liberated and uncontrolled forms of digital interaction.
Regulatory Challenges and Block's Strategy
Jack Dorsey's fintech company, Block, has recently been under scrutiny by U.S. federal prosecutors concerning allegations of compliance violations in its payment divisions, Square and Cash App. Despite these challenges, Dorsey remains optimistic about the role of Bitcoin in the financial landscape. On May 2, he informed shareholders that Block plans to reinvest 10% of its gross profit from Bitcoin-related products back into purchasing more Bitcoin every month. This strategy not only underscores his bullish outlook on Bitcoin's future but also reflects a strong commitment to integrating Bitcoin into Block's business model.
The investigation into Block poses questions about the regulatory hurdles that fintech companies face, especially those dealing in cryptocurrencies. Nevertheless, Dorsey's proactive strategy of increasing Bitcoin holdings demonstrates his belief in its long-term value and potential to reshape financial transactions.

The post "XRPL EVM Sidechain Integrates Cosmos for Cross-Chain Transactions" first appeared on 36crypto.com News.
Ripple's partner, Peersyst Technology, has successfully activated significant amendments to the #XRPL EVM Sidechain. These changes, driven by community consensus, have introduced new transaction fee structures in XRP and enhanced interoperability with the Cosmos ecosystem.
XRPL Sidechain Updates Fees for Efficiency Boost
The first of these changes, Amendment 33, was targeted at revising the network’s transaction fees. This modification aligns the sidechain's fee structure with those of other leading blockchain environments, such as Binance Smart Chain and Polygon. By adjusting the gas price to reflect a more production-like environment, this amendment aims to bolster network security and scalability. The intent is to maintain fees at a minimal level, thus encouraging higher transaction volumes and user adoption.
Concurrently, Amendment 34 has expanded the network's capabilities by activating Inter-Blockchain Communication (IBC) channels. This integration with the Cosmos network facilitates seamless cross-chain transactions and broadens the utility of the XRPL EVMSidechain. By enabling the transfer of assets between the Ripple sidechain and other blockchains within the Cosmos ecosystem, this amendment paves the way for a more interconnected and versatile blockchain network.
Community-Driven Process Fosters Innovation
The activation of these amendments followed a structured community engagement process, with a seven-day voting period concluding on May 6. The Ripple community’s approval of these proposals underscores the collaborative approach Ripple has fostered within its user base. This participatory decision-making process is instrumental in ensuring that the network evolves in alignment with the needs and expectations of its users.
The successful implementation of these changes also reflects the robustness of the Ripple EVM sidechain's governance model. Utilizing a proof of authority (PoA) consensus mechanism, the sidechain operates independently yet remains interconnected with the primary XRP Ledger through the XRPL bridge. The core consensus technology, CometBFT—a variant of the well-regarded Tendermint engine—supports this arrangement by providing a reliable and Byzantine fault-tolerant framework.
With these amendments, the XRPL EVM Sidechain has enhanced its appeal to developers looking for a flexible and efficient platform for deploying EVM-compatible applications. By eliminating the need for network votes for each new application, the Ripple EVM sidechain offers a streamlined process for innovation. Developers can now more readily test and deploy applications, leveraging the sidechain’s capabilities without the procedural overhead typically associated with blockchain development.

The post "Self-Mined Success: Core Scientific Generates $175M in Bitcoin" first appeared on 36crypto.com News.
Core Scientific, a leading North American #Bitcoin miner, has announced a remarkable financial turnaround in the first quarter of the year, following its emergence from bankruptcy and resumption of trading on the Nasdaq. The company reported a net income of $210.7 million, marking a significant shift from the $400,000 loss reported in the same period last year. This impressive income was fueled by a gain on extinguishment of prior obligations totaling $143.8 million.
Self-Mining Success Propels Core Scientific's Profits
In a stunning display of prowess, Core Scientific disclosed that it self-mined 2,825 Bitcoins during the first quarter, valued at over $175 million at current market prices. This figure represents a substantial increase from the previous year when, despite facing bankruptcy challenges, the company managed to mine 19,274 Bitcoins, currently valued at approximately $1.2 billion.
CEO Adam Sullivan expressed satisfaction with the company's performance, highlighting that Core Scientific emerged as the top publicly traded bitcoin miner in terms of bitcoin earnings for the quarter. He attributed this success to the company's strategic initiatives and operational efficiencies. Additionally, Sullivan emphasized Core Scientific's efforts to fortify its financial position by reducing debt and bolstering its cash reserves.
Rapid Revenue Growth and Enhanced Financial Metrics
Core Scientific's stellar performance extended beyond its net income, as the company reported total revenue of $179.3 million for the first quarter, representing a substantial increase from the $120.7 million reported during the same period in 2023. Furthermore, the company achieved an adjusted EBITDA of $88 million, underscoring its financial resilience and operational effectiveness.
Despite closing the trading day on a positive note with a nearly 3% increase to $3.48 per share, Core Scientific's stock experienced a slight dip of about 1.7% in after-hours trading. This fluctuation in stock price, while modest, reflects the nuanced sentiments of investors in response to the company's impressive financial results and its future outlook.

The post "Judge Torres May Dismiss SEC Fine Against Ripple Labs" first appeared on 36crypto.com News.
In the ongoing legal battle between #Ripple Labs and the U.S. Securities and Exchange Commission (SEC), developments suggest that Judge Analisa Torres may likely deny the SEC’s motion for a $2 billion fine against Ripple. This conclusion arises from a series of arguments and legal precedents discussed in recent court filings.
SEC's Disgorgement Strategy Questioned in Ripple Case
James Murphy, an attorney known for his support of Ripple and its digital asset XRP, has criticized the SEC’s latest legal moves in the case. In a recent post, Murphy highlighted the SEC’s reliance on a previous district court case, SEC v. iFresh, to prove "pecuniary harm"—a key factor in disgorgement cases. The case argued that harm was evident when a stock price was artificially inflated. However, Murphy contends that this reliance is misplaced given that the decision was marked "NOT FOR ELECTRONIC OR PRINT PUBLICATION," indicating its weak precedence.
The SEC has claimed that Ripple Labs manipulated the price of XRP, using methods including automated bots, which Ripple executives have consistently denied. The agency seeks $876 million in disgorgement, alleging financial harm to certain institutional investors who did not receive the expected discounts on XRP. Murphy argues that these claims do not hold substantial weight, referencing the Govil precedent which suggests disgorgement is not warranted without clear financial harm to buyers.
Questioning the Use of Non-Precedential Decisions
Further complicating the SEC's position is the procedural aspect concerning the citation of non-precedential decisions. Attorney Jeremy Hogan, echoing Murphy's sentiment, noted that citing such decisions requires permission from the appellate court. This oversight could potentially weaken the SEC's argument if not addressed properly in court.
The debate over the application of the iFresh decision underscores a significant legal challenge for the SEC. Judge Torres’s potential inclination to reject the SEC's motion stems from these foundational issues in the SEC’s arguments. If Torres follows through with this lean, it could set a pivotal precedent for how pecuniary harm is evaluated in securities law, especially concerning digital assets.

The post "SEC vs. Ripple: Final Arguments Filed, What’s Next for XRP?" first appeared on 36crypto.com News.
In the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), the SEC has filed its final reply in the lawsuit's remedies phase. This development is crucial as it marks a significant step toward resolving the dispute concerning Ripple's cryptocurrency, XRP.
SEC Challenges Ripple's Defense
The SEC has firmly countered Ripple's claim that its actions surrounding the XRP token were not reckless. Despite Ripple's defense that there should be no "widespread uncertainty" regarding XRP's legal status, the SEC points to the court's rejection of Ripple's "fair notice" defense as a basis for continued scrutiny. The SEC argues that just because Ripple has not committed further violations since the lawsuit began in 2020, it does not eliminate the potential for future breaches.
Further emphasizing its position, the SEC contends that Ripple's recent behavioral changes and promises of compliance are insufficient grounds to forego judicial injunctions. The agency maintains that Ripple's restructuring of XRP sales and its adherence to legal guidance are misinterpretations of the court’s orders, suggesting a continued risk of non-compliance.
XRP’s Position and Response
Conversely, Ripple has attempted to minimize its liability by highlighting its cooperative stance with the SEC since the 2013 initial coin offering of XRP. Ripple argues that its subsequent business modifications and sales practices, particularly those involving sales outside the U.S. and to accredited investors, have strictly complied with regulatory expectations. However, the SEC dismisses these defenses as irrelevant, pointing out that they were dropped during the summary judgment phase.
Ripple's Chief Legal Officer, Stuart Alderoty, criticized the SEC's approach, likening it to an overly punitive stance that may be out of step with international regulatory norms. Alderoty expressed hope for a favorable resolution in the case, noting the potential surprise among global regulators at the SEC's rigid interpretation of its regulatory role.

The financial market and cryptocurrency enthusiasts are closely watching the outcome of this case, anticipating its implications for future regulatory actions against crypto assets in the United States. A decision around September could set a precedent for how cryptocurrencies are treated under U.S. securities law.

The post "Poloniex Cryptocurrency Hacker Starts Depositing Stolen Cryptos to Tornado Cash" first appeared on 36crypto.com News.
A recent development is that the Poloniex scammers have begun unwinding the stolen funds into Tornado Cash, a well-known cryptocurrency mixing facility. This would be the first known situation of Tornado Cash’s functionality being used in the Tornado Cash mechanism after the hack. The digital asset thief sent 100 #ETH worth almost $308,000, having done so could have been a chance to conceal the crypto-asset trail fabric.
Poloniex Hacker Holds Significant Crypto Assets
Hackers remain crypto-rich even after this recent $1. 3 Million attempts, the hacker still has a massive $182 Million Crypto Swag. This resource could be at the bottom of a mountain, far out of the observation and reach of the investigators who are attempting to trace and restore the stolen assets. The fact that the washed assets kept equal value underscores the scale of the lost assets of Poloniex.
To the crypto community, this attack event underscores the wave of security issues faced by crypto exchanges. On top of all that it increases awareness concerning the intricacies associated with crypto assets tracing and dealing with cryptocurrency theft. From a law enforcement perspective, the prevalence of such mixers like Tornado Cash gets in the way of tracing the trails of the stolen funds that have been derived from cybercrimes, persists as a major concern as the adequacy of the regulation frameworks should be reconsidered.
In a nutshell, nonetheless, those in the valley of the crypto community make sure they are awake. Hacker’s attitude poses more than a single aspect, as security protocols of exchanges outside the country could be compromised. Moreover, a similar outcome may be inverse to policy guidelines aiming at increasing safety and perfecting transparency of the cryptosystem.

The post "Ripple CTO David Schwartz Explains Stablecoin Delayed Launch" first appeared on 36crypto.com News.
David Schwartz, Ripple's Chief Technology Officer, has recently removed some of the confusing aspects surrounding the launch of their awaited stablecoin. In the face of the widespread market rumors, Schwartz noted that the launch was no later than expected in June. On the contrary, the company won't disclose the details of this update, which will be announced in the following month.
Ripple Moves Strategically to the Stablecoin Zone
Ripple's pursuit of stablecoins on the #XRP Ledger is an endeavor meant to enhance the ledger's stability and flexibility. Ripple secures the new stablecoin with US dollars and similar assets, which gives it a footing similar to that of some of the major players like Tether and Circle. The strategic incorporation in the stablecoin market is intentionally done to make Ripple's services more robust and compliant with regulations, which is a noticeable launch.
Deeper into the actual strategy, Schwartz has also discussed the role XRP plays in the Ripple ecosystem. He stressed once again that Ripple coin remains relevant to its overall solutions for money transfers, underscoring its functional aspect in a few transaction scenarios. This integration underscores Ripple's mission to harness the power of XRP with the ultimate goal of bolstering service effectiveness and efficiency.
With the upcoming release of #Ripple stablecoin, what Schwartz clarified comes at the most reasonable time for the company, and this clarification shall logically initiate the next stages of Ripple's expansions. The topic of clarity and regulatory compliance is still on the agenda. This serves to fortify the link of the new digital asset to both market and legal contexts.

The post "EthereumEIP-3074 Aims to Make Wallet Interaction More Unproblematic" first appeared on 36crypto.com News.
With the anticipated rollout of EIP-3074 in the upcoming Pectra update by developers of Ethereum, there arises an opportunity to enhance the convenience of the use of cryptocurrency wallets. This plan features externally owned accounts (EOAs) that will be managed by users through secure private keys, enabling them to execute transactions through smart contract authorization, which is a key enhancement in their programmability.
New Ethereum Update Promises Speed But Risks Security
The upcoming update can play the role of facilitating faster transactions by allowing a batch of transactions and permitting independent parties to cover the fee costs for transactions. However, it has also led to a major discussion about security threats. #Ethereum community leaders have highlighted the problems, and they fear that the increased convenience will ultimately give rise to weaknesses and may be manipulated by hackers for their benefit.
Discourse about the EIP-3074 has shown different opinions from the leaders in the industry. Georgios Konstatonopolous, who holds the position of CTO at Paradigm, hailed this update as something that has the potential to lead to a drastic improvement in the wallet experience. Yet, at the other end of the pole, Lukas Schor from Safe and Itamar Lesuisse of Argent Wallet have raised eyebrows on security aspects of the proposal by which they argue that it can open the floodgates of such extensive permissions to smart contracts that may not be secure.
With Ethereum's progress through EIP-3074, instead of giving a more clear view, the community stands apart. The increase could result in more effective and convenient situations, though safety issues also arise because of this, so a careful position is thus advised. At this moment, the ongoing talks will most probably result in a plan that will be tailored towards user security.

The post "Cryptocurrency spot Bitcoin ETFs experience the first outflows in Hong Kong" first appeared on 36crypto.com News.
Last Monday, the world saw the outflow of China Asset Management Co. (ChinaAMC) for the first time after the launch of Hong Kong's spot ETFs. Among the three ETFs that made their debut on the HKSE on April 30, the one in question was down 75%. 36 #BTC is the equivalent of approximately $4.9 million, which indicates a major change after a medium of 3,910 BTC was introduced on the first trading day.
Performance and Returns of Bitcoin ETFs
While ChinaAMC reported this outflow, the other two ETFs, managed by Harvest and the joint venture between Bosera and HashKey, did not receive any new funding for the day. Despite this, the assets of these three vehicles have grown from their original value of US $247.7 million to $266.8 million, it has expanded to roughly 4,150 bitcoins today.
Unlike in Hong Kong, where spot #bitcoin ETFs are losing popularity, U. S. spot bitcoin ETFs still have high levels of investment. For instance, Grayscale's GBTC fund reported a net inflow of about $217 million. It turns out that 60 million people get involved in a single day. The difference in performance between different regions shows how investors react differently to the same financial products as well as the market dynamics, which are different.
The spot bitcoin ETF from Hong Kong indicates the volatility characteristic of cryptocurrency investment as well as the market sensitivity to local and global financial trends. While these products will provide more clarity on the crypto markets, observing their performance will be crucial to get a full picture of the evolving crypto market investing.

The post "SEC Delays Galaxy Invesco Ethereum ETF Decision to July" first appeared on 36crypto.com News.
The United States Securities and Exchange Commission (SEC) has announced a further delay in its decision regarding Galaxy Invesco's application for a spot #Ethereum exchange-traded fund (ETF). The SEC has extended the deadline for its decision by another 60 days, pushing the new deadline to July 5. This delay comes amidst a series of postponements for similar applications from various prospective Ether ETF issuers, including BlackRock, Fidelity, Franklin Templeton, Hashdex, and Ark 21Shares.
Analysts had anticipated these delays, aligning with the SEC's cautious approach towards cryptocurrency-related financial products. The regulatory body cited the need for additional time to evaluate the proposed rule change and the associated issues raised. This decision reflects the SEC's thorough review process and its commitment to ensuring investor protection and market stability.
Analysts Speculate on SEC's Stance On Ethereum ETF
ETF analysts have expressed mixed sentiments regarding the likelihood of SEC approval for Ethereum ETFs. Bloomberg ETF analyst James Seyffart had previously highlighted May 23 as a critical deadline for VanEck's Ether ETF application, emphasizing its significance within the industry. However, there has been a downward shift in confidence among analysts regarding the approval prospects.
Senior Bloomberg ETF analyst Eric Balchunas revised his odds of SEC approval from 50% to 35%, citing prolonged silence from the regulatory body and increasing political scrutiny faced by SEC Chair Gary Gensler. Balchunas suggested that these factors could contribute to a more stringent approval process, potentially leading to denials for all Ether ETF applications.
Ethereum Advocates Remain Optimistic
Despite the prevailing skepticism among analysts, Ethereum advocates like Anthony Sassano maintain optimism regarding the SEC's decision. Sassano pointed to the agency's previous approval of #Ether futures ETF products and highlighted a recent meeting between the SEC, crypto asset management firm Grayscale, and crypto exchange Coinbase as potential indicators of a favorable outcome.
Sassano's confidence stems from the regulatory precedent set by the approval of Ether futures ETFs, indicating a growing acceptance of Ethereum within traditional financial markets. Additionally, the engagement between key industry stakeholders and regulatory authorities suggests a willingness to address concerns and explore potential avenues for ETF approval.
As the SEC extends its deliberation period for Galaxy Invesco's Ethereum ETF application, industry participants continue to monitor developments closely. The outcome of these deliberations will not only impact Galaxy Invesco but also set a precedent for other Ether ETF applicants awaiting regulatory approval.
In the interim, stakeholders may seek to engage with regulatory authorities to address any concerns and advocate for a favorable decision. Additionally, ongoing market developments and industry trends may influence the SEC's perspective on Ethereum ETFs, shaping the regulatory landscape for digital asset investment products.

The post "Jack Dorsey Steps Away from Bluesky, Shifts Focus to Musk's X and Decentralized Tech" first appeared on 36crypto.com News.
Jack Dorsey, Twitter co-founder and an important figure in the tech world, created a new buzz again after he decided to quit the Bluesky board, a social media platform Douglas founded. This move has sparked conversations in the technology enthusiasts' circles where they are curious to know the reasons behind Dorsey's move.
Strategy Shift to X Should Be Attributed to Musk's Leadership
Unfortunately, Bluesky could not achieve its initial aim of creating a decentralized alternative to Twitter as Threads, Meta Platforms Inc.'s newly established instant messaging platform, proved to be more attractive to users. Even though the first steps of Bluesky were promising, X (previously known as Twitter) which was acquired by Elon Musk stole the limelight after several tweets.
Dorsey's withdrawal from Bluesky and the importance of X is a testament to Musk's management, which is focused on X. Becoming a very unexpected move, Jack tweeted on X as Freedom technology hub and said that his organization will provide grants to support the open internet. By endorsing X and shortening the friends list on the platform to Musk, his owner, Dorsey arguably deepens his engagement with X's owner.
Jack Dorsey's Bitcoin Backing Sparks Social Media Shift
At the same time, Dorsey's recent backing of #Bitcoin and decentralized social media has drawn people into more discussions. The $21 million of OpenSats he gifted manifests his confidence in making Bitcoin the internet's currency and has ushered in hope for the cryptocurrency sector. The earmarked donation demonstrates Dorsey's dedication to funding those projects related to his belief in a world where a decentralized way of living can prevail.
As an active member of X and the proponent of decentralized technology, Twitter might soon be on the radar because of this, which actually may lead to a more competitive space for the existing players in the social media industry.

The post "Ripple vs. SEC: Legal Battle Escalates as Deadline Nears for SEC's Reply Brief" first appeared on 36crypto.com News.
The #Ripple vs. SEC legal crisis scares up yet another momentous stage where the SEC will be bound by the deadline to give a reply to the briefs. Ripple Labs Inc. entered the venue on April 22. The response of the Securities and Exchange Commission (SEC) is to be just around the corner on May 6, which is an important step in the ongoing matter.
Legal Analysis: Ripple's Defense and SEC's Rebuttal
The back-and-forth between Ripple and the SEC, for the last two years, has been surrounded by careful legal arguments and strategic moves, and the SEC staged the first blow in the litigation over the opening brief filed on March 22. Ripple finally got more days to write its opposition after the court delayed the case for this purpose and offered enough time to develop a strong argument against all of SEC's charges.
Ripple's symbolic April 22 filing with SEC as the reference lays down the house very systematically, producing expert testimonies and other indispensables that lend credence and support to the laid arguments and attitude by the second party and make combating vulnerable or weakening the charges imposed on the accused individual very easy. Nevertheless, the following answer brief from the SEC is also anticipated to offer a robust counterattack by the same token, as the party is well-equipped to defend its arguments for the necessary sanctions to sanction the securities law violations.
Market observers, among whom is XRP participant Ashley Propersper, expect prolonged legal issues, the ultimate decision probably being stated around July-August or maybe the end of September. Additionally, there's an air of speculation among many that suggests that the appeals process could be speeded up because of a tweet from President Donald Trump.
The main disagreement Hinders Ripple INC's sale of $770 million worth of XRP to institutional clients. Since the figure is arrived at, some of the estimates differ regarding the potential fine. Lawyer John Deaton has seriously questioned the SEC's capacity to get the whole amount of what it says is owed by Ripple; meanwhile, crypto analyst Zach Rector has even set the alleged yield to a higher amount of $3 billion creating more doubts and unpredictability about the future of the case's financial implications.
Estimates and Speculation on Potential Penalties
With the end of the briefing section approaching, the judge will consequently take into consideration the arguments of both sides before handing a judgment. If the court determines that Ripple is responsible the judgment will include the amount of fine as well, thus making everybody curious about how the story will change after that.
Crucial Implications: While the fight between Ripple and the #SEC over the regulation of digital assets and cryptocurrencies continues to evolve, the results of the SEC vs. Ripple case have far-reaching ramifications for the digital asset industry. Stakeholders are still looking forward to whatever verdict the court comes about, and the spotlight remains fixed on the courtroom where the fate of Ripple and the cryptocurrency market hangs in the balance.

The post "Philippines to Launch Comprehensive Crypto Trading Rules" first appeared on 36crypto.com News.
The Securities and Exchange Commission (SEC) of the Philippines is all set to follow in the footsteps of the UK and launch comprehensive rules for cryptocurrency asset trading in the country. Such a meaningful regulatory move corroborates the SEC's pledge to increase governance within the increasingly complex crypto ecosystem.
Prioritizing Investor Protection
The forthcoming directives provide an effective framework for investor security procedures. First and foremost, these rules are designed to establish a trading system within the Philippines' borders that meets the local requirements. The SEC's removal of Binance-related apps from major stores shows their proactive approach to safeguarding investors who operate outside regulations.
SEC Chair Emilio Aquino recognizes the difficulties brought by virtual private networks (VPNs) in dismantling unregistered platforms. Setbacks notwithstanding, the SEC still bears up its willingness to implement the required licensing and registration for the trading platforms, which is as mandated by the Republic Act No. 8,799 or The Securities Regulation Code.
Philippines Plans Cryptocurrency Regulatory Framework
The SEC comes up with regulatory approaches based on lessons learned from earlier incidents like the bankruptcy of the FTX crypto exchange in the Bahamas in November 2022. Aquino explains that currency exchange regulation is needed to lower risks and save potential investors from suffering.
With the Philippines planning to start the cryptocurrency regulatory framework soon, the market players and all the stakeholders hold high hopes for getting more requirements and how the present digital asset industry will be affected.
The implication of the upcoming SEC's guidelines to the Philippine cryptocurrency industry is that the government is now taking steps towards determining a regulatory framework suited to the distinct nature of the cryptocurrency market. The SEC has placed investor protection and regulatory compliance at the forefront of its agenda, as it aims to create a secure and transparent environment to conduct cryptocurrency trading within the country.

The post "Tether Achieves Record $4.52 Billion Profit in Q1 2024 Amid Crypto Market Growth" first appeared on 36cryto.com News.
During the first quarter of 2024, Tether, one of the top stablecoin issuers, recorded a spectacular profit of $4.52 billion, the company's statement on its official website shows. This number suggests a good outcome, indicating a stable growth of the digital currency market in this period. In this context, the mighty Tether-$USDT acts like a vine that brings fiat money and cryptocurrency together.
It is the admirable financial result of the business that is triggered by the growth of its adoption of digital tokens and trust, which comes as the means of transaction and savings in the disintegrating market. As a result, Tether, in terms of the volume of transactions, has stood out and been the best. This has, in turn, boosted its profitability. Besides that, strategic partnerships and extensions of the market have also added fuel to the fire, which is Tether's financial standing.
Moreover, the broad #crypto market rally in the past several months is another key factor that has also impacted Tether's financial results significantly. With investors often facing insecurity in this crypto market, Tether's role as a digital coin that is linked to currencies like the US dollar, which is considered stable, has progressively gained significant relevance.
Tether's Commitment to Compliance and Transparency
Even with its achievements, Tether embodies a part of prudence in the way it does business, only by relying on regulations and transparency. Potentially, such tactics would not only place the investors' trust but also assure Tether's place at the top of the financial technology market. The company's commitment to maintaining a 1:1 peg with the US dollar is supported by gold reserves, and the essence of their approach becomes obvious.
In the future, Tether will keep fostering its growth in the widening scope of emerging markets in which cryptocurrencies are on the rise as common means of exchange. This growth is the main achievement that Tether works through with an end in view to getting established in the finance technology area.
Eventually, Tether's extraordinary 1Q 2024 income implies its ability to manage itself and the increasing recognition of digital money globally. This company intends to continuously improve the sustainability of the cryptocurrency market and guarantee a straight course for people who invest and use it.

The post "Fed Chair Powell States Interest Rates to Hold Until Inflation Nears 2% Target" first appeared on 36crypto.com News.
In a recent statement, Federal Reserve Chair Jerome Powell stated that the U.S. central bank will only take measures to lower interest rates once there is substantiated evidence of the sustainability of the 2% inflation target. This means that the Fed remains open-minded and firmly grounded while navigating the policy approach amid persistent economic volatility.
Powell's choice shows a significant policy preference: making fighting inflation a primary mission rather than a temporary change. The decision implies that the Fed is ready to keep interest rates at higher levels for as long as inflation is taking a course to its stated target. Such a policy seems consistent with the yellow light strategy, which implies a readiness to live through a longer period of high rates if it improves economic health.
Fed Targets 2% Inflation Before Rate Cuts
The firm position on interest rates is likely going to leave considerable signs on financial markets and general economic projections. Investors and macroeconomic governments are told to be ready for the new "lower for longer" environment of the current rate levels.
Such a change could impact those industries that are highly affected by interest rate volatility, which in turn could reduce the speed of certain investments and consumers' spending patterns. Additionally, this policy is not only inflation-protective, but it also affects business and consumer financing as they work under rising interest rates.
In other words, the Federal Reserve abides by the 2% target rate of inflation principle before it thinks of reducing interest rates. This demonstrates the Fed's responsible and determined attitude in steering a course between economic recovery and price stability.

The post "Federal Authorities Investigate Jack Dorsey's Block for Crypto Compliance Issues" first appeared on 36crypto.com News.
Federal regulators are currently investigating Block, the company of Jack Dorsey, for any possible violations of regulatory compliance within their cryptocurrency operations. The sources indicate that the probe centers on collaboration with whistleblowers and scrutinizes Block's processing of transactions involving sanctioned countries as well as purportedly terrorist groups. These accusations highlight serious holes in the company's supervision, possibly reflecting other areas of its business like the crypto services plus Cash App.
Jack Dorsey Block Faces Sanctions Compliance Issues
Reports bear witness that prior employees have provided substantial information, nearly 100 pages, describing Block's trade with sanctioned countries like Russia and Iran. The documents allegedly reflect that though the company knew about possible misappropriation of its platforms, it continued to do business with sanctioned parties, which can be a major slip on the part of Block's duty of enforcing economic sanctions as directed by the U.S. Office of Foreign Assets Control (OFAC).
On the other hand, Block states it did not intentionally violate any international sanctions. The company highlights that legal compliance is its priority, and the company's lawyers, together with the external consultants, are in the process of resolving the problems raised. Also, Block ensures that its discipline of sanctions screening is done regularly for its merchants to comply with the set standards.
Also, the cited information highlighted that quite a lot of transactions that might have been required to be reported to OFAC went undetected or unreported. Block is alleged to be negligent when it comes to compliance, thus causing concern about the accuracy of its compliance system, which is the foundation for legal operations.
Block’s Response to Regulatory Challenges
Meanwhile, Block's robust position is to continue with its cooperation and intensive compliance with a focus on rectification of this matter, restructuring the processes for stronger regulatory compliance. A continuing investigation by federal prosecutors might uncover how deep and in which manner the company's operations failed to meet the regulatory demands. While it is doing this, the fintech giant still has to ensure its platforms aren't abused while they allow legal crypto activities.

The post "Changpeng Zhao Sentencing and Its Long-Term Impacts on the Cryptocurrency Market" first appeared on 36crypto.com News.
The recent sentencing of Changpeng Zhao, the former CEO of Binance, for the Bank Secrecy Act violation has a symbolic importance for the current state of the cryptocurrency market. In this section, we present how the industry will likely be affected by the introduction of this major occurrence in the future.
Increased Regulatory Oversight
The #crypto community now faces the threat of being held responsible for any new and robust regulations, as Zhao has been punished. By way of doing more frequent and detailed audits, tighter control over compliance, and maybe adding regulations that would uplift the transparency and security of the market into being. In this way, ethical oversight is meant to avoid using some platforms and circumventing the financial laws, but it will also result in operational complications.
The higher interference can offer an opportunity to make the markets more stable as a result. With the fact that cryptographic entities make an effort to pursue new and existing laws, investors' confidence will be restored, which will then, in turn, increase attraction to institutional investors. It may assist in the transformation of the cryptocurrency market, which seems to be volatile nowadays. Thus, more newcomers, like long-term investors and other people or organizations involved in investing, will be attracted by it.
Changpeng Zhao Punished, Crypto Market Regulations Tighten
Originally, the extent of the attention to compliance would appease the markets, but it could also bring innovation within the industry to a halt. Much tighter restrictions may mean that the crypto companies do not develop new financial products to the required depth and speed. On the other hand, this can cause the continuous strengthening of the decentralization movement. Now, there could be augmented cooperation on techniques and systems capable of reducing sharply the use of centralized structures, and that could lead the world to a higher and more stable crypto-ecosystem.
Ultimately, the impact of sentencing CZ on the cryptocurrency market can be crucial. Even though it does give rise to problems, it also provides chances for the markets to be improved, where a more stable and safe investment environment is created. This, in turn, is going to revamp the role of cryptocurrencies in businesses, which could eventually lead to a more homogenized, worldwide connection market.

The post "Senator Lummis Vows to Defend Crypto Rights Against Biden Administration" first appeared on 36crypto.com News.
US Senator Cynthia Lummis has publicly voiced her concerns regarding what she perceives as the Biden administration's adverse stance on Bitcoin and decentralized finance. Sen. Lummis, a cryptocurrency rights supporter, claimed that she is protecting people's cryptocurrency from attacks by authorities.
A while ago, Senator Lummis was quoted as saying, "I am standing up for your right to have your key and run your node." This statement demonstrates her call to action to protect an individual's standing and maintain such control in opposition to what she labels an attack on an individual's rights by the current administration.
Senator Lummis Advocates for Crypto Regulation Balance
Since #Bitcoin was the innovation and leading example in the decentralized financial space, and its adoption continues to increase, the senator's stand could perhaps affect the future of Bitcoin and other crypto platforms. Through her cry for less prescriptive regulations, Lummis twigged into the demographic of the lawmakers who see the future in the field of digital currency and the technologies on which it is based. In addition to that, her support could be oriented towards the legislative talks where the rationale of the regulatory fears and the innovative improvements are discussed.
Nevertheless, Lummis's arguments also shed some light on what will be a subject of a never-ending discussion in U.S. governance; that is, the best way to ensure the safety of digital currencies. Some officials support tighter controls to stop financial misuse and protect customers. However, others, like Lummis, emphasize the free-market approach that promotes innovations on the digital level and keeps the people in their control.
Briefly, her undeniable support of cryptocurrency rights makes her the locomotive of the heartfelt national conversation about the equilibrium between regulation and invention in the digital economy. As her future behavior will be scrutinized not just by her supporters but also by the opposition, she will become an example to the whole cryptocurrency world.

The post "FTX Offloads Locked Solana Tokens at $85 to $110 Range" first appeared on 36crypto.com News.
A strategic plan endorsed by the #FTX estate envisages the sale of locked Solana tokens in the second round, raising bids from between $85 to $110 per token. The auction, worth 1.8 million SOL, was contested by several bidders, of which Galaxy Trading and Pantera were well-known.
Investor Interest and Bidding Dynamics
Tenders were subject to rigorous KYC guidelines, and companies were expected to have secured their bids by April 25. Nevertheless, successful bids have been recorded at $95 and above, whereas bids as low as $85 might not be accepted. This has amounted to a 13%—to 26% discount to the current market prices. The discount is because tokens are seen as lodgers, and there is a delay in releasing them to the market.
Galaxy Trading, wholly owned by Galaxy Digital, was planning to attract more investors and came up with an idea to increase the cost of its SOL tokens. We are inclined to amplify our exposure to the latest auction distributed by Pantera Capital, purchasing tokens subject to a 4-year vesting period.
In the future, the estate will be headed towards the next sale on May 1. Mike Cagney, CEO of Figure Markets, will organize this. The process of setting up a special purpose vehicle at Figure Markets to bid for the locked SOL is striving to attract non-US and US accredited investors only.
Debt Alleviation Strategies and FTX Future Auction Plans
This step is one of those made earlier by FTX, which sold 1.9 billion worth of Solana tokens, thus showing FTX's continuity of the plan to manage the debt and streamline operations. The 41 million SOL tokens that the estate authority is still holding, with an estimated valuation of 7.5 billion US dollars, continue to attract investors' attention even as market forces fluctuate.
The price of the Solana token dropped slightly to $174.2 by 1 p.m. ET this afternoon, and the price continued to move in a similar direction. FTX's bankruptcy announcement in November 2022 still brings a good level of interest from investors who are considering buying a majority of FTX's Solana product portfolio as a key aspect of digital assets.