#BTC $BTC progenitor Ripple this week. The SEC had hoped in vain that Judge Torres would reconsider her ruling that selling XRP to retail consumers doesn’t constitute a breach of American securities laws.
Ripple also secured a Major Payments Institution license from the MAS this week. However, the good news gains were reversed by the weekend. XRP fell 1.6% over the last seven days to hit $0.5224 by the weekend.
Only two cryptocurrencies posted any notable price movements, rallying around 15% this week: Avalanche (AVAX), which currently trades for $10.39, and Solana (SOL), which is currently worth $23.31.
On Monday, the Solana network's total value locked (TVL) hit a new 2023 high of $338.82 million.
The week began with Coinbase secured a Major Payment Institution (MPI) license from MAS. This development follows the In-Principle Approval (IPA) Coinbase received last year, part of a drive by the exchange to expand globally due to the uncertain regulatory climate on the company’s U.S. home turf.
On Tuesday, Helen Boyd, Head of Capital Markets at the independent regulatory watchdog the Financial Conduct Authority (FCA), announced that the British Treasury hopes to launch a Digital Securities Sandbox (DSS) by the end of the first quarter of next year.
A sandbox is a controlled test environment for those looking to bring innovative products to the market. The FCA already has a similar engagement via its Regulatory Sandbox where companies with viable products can begin pitching them to a closed circle of early customers, but the DSS has “a new rule set that would allow it to do new things with digital securities.”
On Thursday, Hong Kong’s police force and Securities and Futures Commission (SFC) launched a joint task force to monitor illegal activities on crypto exchanges following the suspension of trading on the JPEX exchange. The JPEX incident is one of the largest cases of financial fraud in Hong Kong history. involving at least 2,305 victims of the incident, who collectively have been defrauded of HK$1.43 billion ($182.9 million).
Ripple also secured a Major Payments Institution license from the MAS this week. However, the good news gains were reversed by the weekend. XRP fell 1.6% over the last seven days to hit $0.5224 by the weekend.
Only two cryptocurrencies posted any notable price movements, rallying around 15% this week: Avalanche (AVAX), which currently trades for $10.39, and Solana (SOL), which is currently worth $23.31.
On Monday, the Solana network's total value locked (TVL) hit a new 2023 high of $338.82 million.
The week began with Coinbase secured a Major Payment Institution (MPI) license from MAS. This development follows the In-Principle Approval (IPA) Coinbase received last year, part of a drive by the exchange to expand globally due to the uncertain regulatory climate on the company’s U.S. home turf.
On Tuesday, Helen Boyd, Head of Capital Markets at the independent regulatory watchdog the Financial Conduct Authority (FCA), announced that the British Treasury hopes to launch a Digital Securities Sandbox (DSS) by the end of the first quarter of next year.
A sandbox is a controlled test environment for those looking to bring innovative products to the market. The FCA already has a similar engagement via its Regulatory Sandbox where companies with viable products can begin pitching them to a closed circle of early customers, but the DSS has “a new rule set that would allow it to do new things with digital securities.”
On Thursday, Hong Kong’s police force and Securities and Futures Commission (SFC) launched a joint task force to monitor illegal activities on crypto exchanges following the suspension of trading on the JPEX exchange. The JPEX incident is one of the largest cases of financial fraud in Hong Kong history. involving at least 2,305 victims of the incident, who collectively have been defrauded of HK$1.43 billion ($182.9 million).