Day: August 9, 2023

The Securities and Exchange Commission (SEC) has filed a letter with the United States District Court Southern District of New York seeking permission for an interlocutory appeal in its ongoing legal battle with Ripple. The SEC wants to appeal the part of the court’s decision regarding programmatic sales and other distributions of XRP. The agency believes there are substantial differences of opinion on controlling questions of law, and an inter-district split has already developed. The SEC argues that an interlocutory review would help expedite the termination of the litigation. However, the SEC would need approval from the court to appeal, followed by permission from the Second Circuit. The SEC accused Ripple of raising $1.3 billion through the sale of XRP, which it considers an unregistered security.

AI Sentiment: Negative

The article discusses the recent price decline of XRP following the Ripple vs. SEC lawsuit ruling. The XRP price dropped to $0.60 but has support at this level. There is a possibility of further gains to $0.7 and $1. The market data and sentiment suggest limited fundamental improvement for XRP. However, the current market structure indicates a potential rally in XRP’s price. Technical indicators support a bullish outlook, but caution is advised as there are potential challenges and regulatory uncertainties that could affect the price. Traders should remain cautious, make informed decisions, and practice risk management in the cryptocurrency market.

AI Sentiment: Negative

According to Santiment, the development activity of Chainlink on GitHub has significantly increased, making it one of the top five most developed assets in the last 30 days. Additionally, whales and sharks holding 100,000-10 million LINK coins now have the highest amount since December 2022. Chainlink is currently trading at $7.34, with a 3.1% increase in the last 24 hours. The influx of USDC and USDT to exchanges in the past has foreshadowed crypto surges, indicating potential bullish trends. The article discusses these developments in the context of the future of finance and cryptocurrency.

AI Sentiment: Positive

A federal judge is planning to schedule a jury trial for the civil case between the US Securities and Exchange Commission (SEC) and Ripple Labs in the second quarter of 2024. Judge Analisa Torres has set deadlines for the SEC and Ripple defense lawyers to submit specific motions. The trial is expected to start between April 1 and June 30, 2024.

AI Sentiment: Neutral

The animated sitcom Futurama recently released an episode called “How the West Was 101001,” which mocks cryptocurrency miners. The episode, set in the year 3023, features characters mining bitcoin and facing bankruptcy as a result of its volatility. They then try to make money by mining a toxic metal used for crypto mining called thallium. The show also humorously highlights concerns about the environmental impact of cryptocurrency mining. The fictional world includes a “crypto country” named Doge City, referencing the popular meme coin Dogecoin. Futurama has a long history and has recently premiered its 11th season on Hulu.

AI Sentiment: Negative

Judge Torres has issued a Pretrial Scheduling Order for the SEC vs Ripple case, stating that the jury trial is expected to take place in the second quarter of 2024. XRP’s price remained bleak, and indicators such as MACD, MFI, and RSI did not show signs of revival. Both parties are required to submit pretrial filings, and the Court will schedule a final pretrial conference once the trial date is certain. Trading XRP and other cryptocurrencies is considered a high-risk investment.

AI Sentiment: Negative

A federal judge has set a timeline for the Ripple Labs and US Securities and Exchange Commission (SEC) case, stating that the trial is expected to take place in the second quarter of 2024. The judge has given both parties until December 4, 2023, to submit all necessary filings and motions. The ruling also states that it has not been determined whether a written contract is required as part of the Howey test. The trial will also determine whether XRP qualifies as a security. Additionally, the article provides information about upcoming events and news in the cryptocurrency industry.

AI Sentiment: Neutral

Cryptocurrency exchange Bitstamp has announced that it will no longer offer trading for seven tokens to customers residing in the United States, with the change coming into effect on August 29. However, users will still be able to store these tokens in their accounts and withdraw them at any time. The article suggests that the move may be influenced by recent actions from the U.S. Securities and Exchange Commission (SEC).

AI Sentiment: Negative

ARK Invest’s Cathie Wood believes that if the SEC approves a Bitcoin spot ETF, it will likely approve more than one at once. Wood also predicts that the SEC will lose the Grayscale case.

AI Sentiment: Positive

Non-profit organization Better Markets has called on the US Securities and Exchange Commission (SEC) to reject spot bitcoin ETF applications, citing concerns about market manipulation and the involvement of Coinbase. Better Markets argued that relying on Coinbase for market surveillance would be of little value, as only a small portion of global spot bitcoin trading occurs on the platform. The organization also highlighted that Coinbase is not registered with the SEC or the Commodity Futures Trading Commission and mentioned its legal issues with the SEC. The SEC has received numerous applications for spot bitcoin ETFs in recent months, but Better Markets believes that the crypto industry benefits criminals and facilitates illegal activities such as ransomware and money laundering.

AI Sentiment: Negative