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SEC Fails to Request Access Ripple’s Communications


US judge has denied the Securities and Exchange Commission’s (SEC) request to access Ripple’s legal communications. (Read More)

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US Judge Sarah Netburn of the District Court for the Southern District of New York has denied the United States Securities and Exchange Commission (SEC) request to access Ripple’s legal communications in the course of the ongoing legal tussle between both entities. 

According to the denial memo, the SEC had requested the court earlier to order Ripple to give up all communications constituting, transmitting, or discussing any legal advice Ripple sought or received if it offers and sales of XRP was or would be subject to federal securities laws. Hence, the court denied this demand as a breach of Attorney-Client privilege.

The battle between the SEC and Ripple has been ongoing since December 2020. The SEC accused Ripple of being involved in the XRP cryptocurrency sales, which offered security without proper registrations. While the blockchain payments firm defended its position in that there were no clear guidelines from the SEC, both have explored new options to stay on the winning side of the court case.

Thus far, Ripple has recorded more than one victory against the SEC, despite the current denial of access to the firm’s communications. Against the SEC’s initial refusal to hand over its documents regarding the classification of Bitcoin (BTC) and Ethereum (ETH) as non-securities. The court has compelled the agency to grant access to those documents. Additionally, Judge Netburn has denied the SEC from prying into the personal financial records of the two indicted Ripple executives, in this case, CEO Brad Garlinghouse and Co-Founder Chris Larsen.  

While law enforcement officials were once divided on the current Ripple-SEC case, a former SEC executive has argued that Ripple has a good chance of winning the case. Both entities appear to have more to uncover in the ongoing legal battle; a win for Ripple can change the regulatory terrain for cryptocurrencies in the US.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/sec-fails-request-access-ripples-communications

Blockchain

How Many Bitcoin U-Turns? Goldman Sachs Now Says Bitcoin Is Not a Viable Investment

Republished by Plato

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The US multinational investment bank Goldman Sachs continues with its 180-turns on the cryptocurrency industry. After its recent interest that included filing for a Bitcoin ETF and exploring crypto as an asset class, the institutions’ latest report said virtual currencies are not a “viable investment.”

Crypto Is Not a Viable Investment: Goldman

It’s safe to say that Goldman Sachs has displayed a controversial approach to the cryptocurrency space. The latest report coming from the Wall Street giant takes it back a notch by going to its hostile policy from previous years.

Titled “Digital Assets: Beauty Is Not in the Eye of the Beholder,” it touched upon some of the most recent concerns, including high energy consumption required in the process of mining. This topic was raised in May by Tesla’s Elon Musk, who criticized BTC for using too much coal fuel.

Despite numerous reports claiming otherwise, Tesla disabled bitcoin payments citing environmental issues.

The paper also touched upon cryptocurrencies’ usage in ransomware attacks after numerous hacks transpired on US soil in recent months. After each, the perpetrators indeed requested the payments to be sent in bitcoin.


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Furthermore, the document named impending regulations as the “biggest risk to the speculative aspects of this ecosystem.” Keeping in mind all of these concerns, the bank concluded:

“After analyzing various valuation methodologies and applying our multi-factor strategic asset allocation model, we have concluded that cryptocurrencies are no a viable investment for our clients’ diversified portfolios.”

How Many U-Turns?

The mentioned-above word ‘controversial’ might not be strong enough to describe Goldman’s ever-changing views on the industry.

The institution was among the first regulated entity to launch a crypto trading desk all the way back in 2017. Yet, that came amid the parabolic price increases, and when the year-long bear market followed, Goldman halted the initiative.

In the meantime, Goldman held a conference call in which it said bitcoin is not an asset class. Bank executives repeatedly questioned BTC’s ability to serve as a reliable store of value and blasted its volatility.

Yet again, Goldman restarted the trading desk this year when, once again, prices were skyrocketing to new highs. It also filed for a Bitcoin ETF with the SEC, explored launching custody services, added BTC to its year-to-date returns report, participated in investment rounds in crypto projects, and enabled clients to trade bitcoin derivatives.

With all of that in mind, it’s not such a surprise that Alex Kruger and other crypto community members viewed Goldman’s latest U-turn as nothing out of the ordinary.

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Source: https://cryptopotato.com/how-many-bitcoin-u-turns-goldman-sachs-now-says-bitcoin-is-not-a-viable-investment/

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Blockchain

What these Ethereum, Chainlink, Binance Coin market players are up to

Republished by Plato

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The cryptocurrency market is evidently going through yet another free-fall period. In fact, the price of a major asset like Bitcoin has dropped below $35,000. With Ethereum, the situation was a little worse as its valuation dropped below $2,150 for the 1st time since 24 May.

However, while price action screamed bearish on the charts, whales have been pretty active over this volatile period. Here, it is also important to note that we are still amidst strong uncertainty, meaning bulls have a chance to recover in strength.

Keeping tabs on whale activity might allow us to approach particular altcoins with more confidence, or keep away from the ones with possible red flags.

Ethereum Whales are on fire!

Source: Santiment

Ethereum’s value may have collapsed quickly from its ATH levels but since the aforementioned correction, the supply held by top addresses has steadily gone up. The percentage of the total circulating supply held by top ETH addresses had dropped down to 18.4% too, but it was 19.8% at press time. In quantifiable numbers, more than 1.3 million ETH has been accumulated by these whale addresses post the May 19th crash.

It is quite a contrary sight considering ETH’s price has been deflating, failing to break above $3,000. But, it can also be inferred that Ethereum’s future is what investors are concerned with. Ethereum is heading towards its largest Options Expiry on June 25th and it may have a strong impact on its price.

Additionally, it is largely anticipated that the London Hard fork is also going down in July, which will be introducing the EIP-1559 protocol. Ethereum also announced that on 24th June, the testnet for the hard fork will be going live.

Source: Santiment

For Binance Coin, the number of whale addresses increased as well and from a fundamental point of view, it made clear sense too. BNB runs everything related to Binance and the exchange’s position in the market is fairly strong, regardless of bullish/bearish conditions.

On a long-term basis, market recovery would always fall in line with a bullish recovery for BNB. The asset being 50% under its ATH levels can therefore be considered to be an ideal accumulation range.

Chainlink – No more strength in Hodlers?

Source: Santiment

Surprisingly, Chainlink is one of the assets that has seen a consistent decline in supply held by top addresses. Here, it is also important to note that the decreasing whale activity has been ongoing since the beginning of 2021. Curiously, earlier last year, whale activity had dominated LINK’s network, so it is a complete change from its previous level of engagement.

From a development point of view, Chainlink continues to develop partnerships and collaborate with multiple organizations for DeFi improvements, so a decrease in whale addresses may also mean higher distribution. And yet, a lack of higher hodling addresses might be indicative of falling trust in its long-term valuation.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/what-these-ethereum-chainlink-binance-coin-market-players-are-up-to

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Blockchain

How Many Bitcoin U-Turns? Goldman Sachs Now Says Bitcoin Is Not a Viable Investment

Republished by Plato

Published

on

The US multinational investment bank Goldman Sachs continues with its 180-turns on the cryptocurrency industry. After its recent interest that included filing for a Bitcoin ETF and exploring crypto as an asset class, the institutions’ latest report said virtual currencies are not a “viable investment.”

Crypto Is Not a Viable Investment: Goldman

It’s safe to say that Goldman Sachs has displayed a controversial approach to the cryptocurrency space. The latest report coming from the Wall Street giant takes it back a notch by going to its hostile policy from previous years.

Titled “Digital Assets: Beauty Is Not in the Eye of the Beholder,” it touched upon some of the most recent concerns, including high energy consumption required in the process of mining. This topic was raised in May by Tesla’s Elon Musk, who criticized BTC for using too much coal fuel.

Despite numerous reports claiming otherwise, Tesla disabled bitcoin payments citing environmental issues.

The paper also touched upon cryptocurrencies’ usage in ransomware attacks after numerous hacks transpired on US soil in recent months. After each, the perpetrators indeed requested the payments to be sent in bitcoin.


ADVERTISEMENT

Furthermore, the document named impending regulations as the “biggest risk to the speculative aspects of this ecosystem.” Keeping in mind all of these concerns, the bank concluded:

“After analyzing various valuation methodologies and applying our multi-factor strategic asset allocation model, we have concluded that cryptocurrencies are no a viable investment for our clients’ diversified portfolios.”

How Many U-Turns?

The mentioned-above word ‘controversial’ might not be strong enough to describe Goldman’s ever-changing views on the industry.

The institution was among the first regulated entity to launch a crypto trading desk all the way back in 2017. Yet, that came amid the parabolic price increases, and when the year-long bear market followed, Goldman halted the initiative.

In the meantime, Goldman held a conference call in which it said bitcoin is not an asset class. Bank executives repeatedly questioned BTC’s ability to serve as a reliable store of value and blasted its volatility.

Yet again, Goldman restarted the trading desk this year when, once again, prices were skyrocketing to new highs. It also filed for a Bitcoin ETF with the SEC, explored launching custody services, added BTC to its year-to-date returns report, participated in investment rounds in crypto projects, and enabled clients to trade bitcoin derivatives.

With all of that in mind, it’s not such a surprise that Alex Kruger and other crypto community members viewed Goldman’s latest U-turn as nothing out of the ordinary.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/how-many-bitcoin-u-turns-goldman-sachs-now-says-bitcoin-is-not-a-viable-investment/

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