The U.S. Securities and Exchange Commission (SEC) and Ripple have engaged in an intense legal battle, with the SEC pursuing substantial monetary penalties after a court ruling determined XRP is not a security. Ripple argues penalties should not exceed $10 million due to lack of fraudulent intent.
Another crypto company, Grayscale, has also garnered SEC attention. The cryptocurrency assets manager has withdrawn its Ether futures exchange-traded fund (ETF) proposal before the SEC deadline, which has aroused speculation that this could be a strategic move to facilitate approval for Grayscale’s spot Ether ETF submission.
An inactive Bitcoin address holding 687 Bitcoin (around $43.9 million) showed signs of life this week after a decade of dormancy. The wallet’s contents were split between two distinct wallets, leading to theories that these could belong to early crypto adopters or miners. Approximately $121 billion of inactive Bitcoin, held in nearly 1.75 million wallets, represents a significant portion of the inactive market.
Pioneering cryptocurrency exchange FTX faces backlash in its efforts to compensate those affected by its 2022 downfall.
Intensifying SEC-Ripple legal drama and crypto events
Despite plans to address all claims with additional compensation based on investment duration, the proposal ignores Bitcoin’s 280% price increase since FTX’s November 2022 bankruptcy filing, leading creditors to demand repayment at current market value.
In regard to cryptocurrency corruption allegations, a Nigerian official supposedly proposed a $3-million cryptocurrency settlement to Binance due to compliance issues. Binance rejected the offer, opting to follow traditional negotiation procedures advised by their local legal team.
As reported by CoinMarketCap, Bitcoin’s market value remains steady at one trillion. In altcoin news, the week’s biggest winners were Akash Network (38.34%), Render (36.04%), and Toncoin, seeing gains, while Core (-19.24%), Wormhole (-17.98%), and Lido DAO (-15.87%) have seen the steepest declines.
Closer to the national election, Australia’s progressive crypto regulations continue to attract attention. Kristin Smith, CEO of the Blockchain Association, highlighted that digital assets have become a crucial issue. With rising mainstream adoption, the necessity for robust crypto policies has become critical, making Australia’s approach towards this regulatory landscape significant for embracing the potential of blockchain technology.
