Author: Max Bauer
Ripple CEO Brad Garlinghouse has issued a stark warning about the potential fallout from the SEC’s ongoing lawsuit against his company, predicting a “shit show” for the crypto industry if the regulator prevails on a key legal argument. His comments came during a recent interview with Anthony Pompliano, also known as Pomp, where Garlinghouse addressed Ripple’s recent cross-appeal and criticized the SEC’s handling of Bitcoin ETFs. The core of the dispute revolves around the definition of an “investment contract” under the Securities Act. Ripple’s cross-appeal seeks clarity on whether such a contract requires an explicit, formal agreement. Garlinghouse argued that…
Tether, the world’s largest stablecoin issuer, has vehemently denied a recent report by the Wall Street Journal (WSJ) alleging that the company is under investigation by US federal authorities. The company also pushed back against speculation that the US Treasury Department may impose sanctions on Tether. In a statement, Tether expressed strong disapproval of the WSJ’s reporting, calling it “wildly irresponsible” and based on “pure rank speculation.” The company emphasized that no authorities have publicly confirmed any such investigation, and the article lacks named sources to substantiate its claims. Tether highlighted its long-standing cooperation with law enforcement agencies in combating…
A recent series of cryptocurrency transfers involving a Bitfinex hacker wallet seized by the US government has sparked speculation and confusion within the crypto community. Initially, approximately $20 million worth of stablecoins were moved from the seized wallet to an unidentified address, then converted to Ethereum and transferred to an unknown exchange. This led many to believe that a hack may have occurred, especially given the wallet’s history. Crypto sleuth ZachXBT even hinted at malicious intent behind the transfers. However, a significant portion of these funds, amounting to $19.3 million, was subsequently returned to US government-controlled wallets. This development suggested…
A French trader has placed a staggering $45 million bet on Donald Trump winning the upcoming US presidential election, according to an investigation by crypto prediction market platform Polymarket. The revelation follows concerns about potential market manipulation due to several large bets favoring a Republican victory. Polymarket, which prohibits US users, confirmed the French trader’s involvement after investigating several substantial accounts backing Trump. A company spokesperson stated on Thursday that their investigation revealed the individuals behind these accounts possess “extensive trading experience and financial services backgrounds.” Millions of dollars were collectively wagered by these accounts in support of a Republican…
Cryptocurrency economist Timothy Peterson has offered a bullish outlook for Bitcoin, suggesting the cryptocurrency could reach $100,000 by February 2024. In a recent statement, Peterson outlined his analysis based on a basic trendline he developed for the 2023-2024 period. Peterson dismisses the “diminishing marginal returns” argument, which suggests that Bitcoin’s price gains will decrease over time. He argues that Bitcoin’s current price trajectory is consistent with previous patterns, indicating continued potential for significant growth. “Bitcoin’s current run is not meaningfully different than prior price paths,” Peterson stated. “This puts a big dent in the ‘diminishing marginal returns’ argument.” According to…
South Korea’s Financial Services Commission (FSC) is preparing legislation to enhance regulatory oversight of virtual asset exchanges, focusing on the qualifications of major shareholders and governance structures. This announcement comes in response to concerns about the lack of transparency and potential risks associated with the current regulatory framework. FSC Chairman Kim Byung-hwan addressed the National Assembly’s Political Affairs Committee during a comprehensive state audit, stating, “Under current laws, including the Specific Financial Information Act and the Act on the Protection of Virtual Asset Users, there is no legal basis for scrutinizing major shareholders. We have therefore submitted a revision to…
Pennsylvania has taken a significant step toward establishing regulatory clarity for digital assets with the House of Representatives passing a bipartisan bill aimed at providing a framework for the burgeoning cryptocurrency industry. House Bill 2481, also known as the Bitcoin Rights bill, passed overwhelmingly with a 176-26 vote, garnering support from 76 Democrats and all 100 Republican members. This move comes amidst ongoing uncertainty at the federal level regarding cryptocurrency regulation and which agencies should oversee the $2 trillion market. The bill now proceeds to the Republican-controlled Senate after the election, and if approved, will land on Governor Josh Shapiro’s…
Bitcoin could retest its all-time high, exceeding $73,000, on November 5th, coinciding with the US presidential election, according to Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered. Kendrick’s forecast is based on an analysis of bitcoin derivatives and trading volume indicators. Standard Chartered Expects Even More Gains for Bitcoin if Donald Trump Wins “We utilize daily bitcoin volume levels and prominent strike levels to project post-election price fluctuations. Our base case anticipates a bitcoin price of approximately $73,000 on election day,” Kendrick stated in an email communication on Thursday. Kendrick’s analysis delves into potential price scenarios based…
Binance’s head of global intelligence and investigations, Tigran Gambaryan, has been released from Kuje prison in Nigeria after an eight-month detention, a family spokesperson confirmed to CoinDesk on Thursday. Gambaryan’s release came just a day after local prosecutors dropped charges against him, ending an ordeal that began with his detention in February. Gambaryan was held in Kuje prison, a facility known for housing dangerous criminals, including members of the terrorist group Boko Haram. His applications for bail were repeatedly denied, but on Wednesday, authorities approved his release to seek medical attention abroad. The Nigerian Economic and Financial Crimes Commission (EFCC)…
CryptoQuant, a leading cryptocurrency analysis firm, has issued a positive assessment of Bitcoin’s network fundamentals, suggesting that the digital asset is poised for further growth. The firm noted that Bitcoin’s hashrate, a measure of computing power used to mine new blocks, has reached an all-time high. This surge in hashrate indicates increased mining competition and has driven up mining difficulty to unprecedented levels. CryptoQuant believes that the rising hashrate and mining difficulty contribute to Bitcoin’s intrinsic value, making it a more attractive investment for sophisticated investors. Additionally, the number of active Bitcoin addresses has been steadily increasing since mid-September, signaling…