The cryptocurrency corporation Ripple argued in a fresh filing on Friday that the U.S. Securities and Exchange Commission (SEC) hasn’t presented a strong enough case to merit an appeals court’s involvement in its ongoing legal battle with Ripple.A federal judge’s decision that Ripple’s programmatic sales of XRP did not break the law on securities is being appealed by the SEC, and the judge has granted the SEC permission to do so.The SEC will have to persuade the Second Circuit Court of Appeals to take the case if Judge Analisa Torres of the Southern District of New York grants approval to the bid.Ripple stated in its petition on Friday that there are no relevant legal issues and that an appeal would not hasten the conclusion of the case as a whole. Both the SEC’s motion for an appeal and the judgment from July failed to “present a controlling question of law,” according to Ripple’s filing on Friday. The regulator also failed to demonstrate that an appeal would expedite the resolution of the case or that other judges might disagree with the decision, both of which are necessary conditions for the judge to approve an appeal, the filing added.In July, Judge Torres concluded that while Ripple had broken the law when selling XRP to institutions, it had not done so while making the cryptocurrency accessible to regular investors by listing it on exchanges. Judge Jed Rakoff, a separate judge in the same court, disapproved of Judge Torres’ conclusion in his own decision in the SEC’s lawsuit against Terraform Labs. The regulator raised this issue when it submitted the substantial portion of its appeal on August 18.In its petition on Friday, Ripple claimed that each case’s factual foundations were unique, which produced various rulings. “This Court’s summary-judgment ruling relied on record evidence that Ripple made no ‘promises or offers’ to purchasers in Programmatic Sales,” the filing said. “Terraform, by contrast, accepted the SEC’s allegations that Terraform and its founder promised all purchasers – those who bought directly from Terraform or from some other source – ‘rates

The so-called “whales” of the bitcoin (BTC) community didn’t appear intimidated by the recent price decline and significantly expanded their holdings.According to data from the cryptocurrency analytics company IntoTheBlock, addresses with at least 0.1% of the total supply of bitcoin, or more than $500 million, raised their holdings by a combined $1.5 billion in the final two weeks of August. The increase occurred while inflows into centralized exchanges were near zero, suggesting that “there is organic buying demand rather than just funds moving to exchange addresses,” Lucas Outumuro, head of research at IntoTheBlock, wrote in a report. Large-scale digital asset owners are known as whales.Because their purchases and trades have a significant impact on markets, cryptocurrency observers regularly monitor their conduct to foresee market changes.The transactions were made during a time when the price of BTC fell to a two-month low before briefly rising due to a significant court ruling in Grayscale’s effort to establish a spot bitcoin exchange-traded fund in the United States. According to IntoTheBlock statistics, large holders began to load up after Aug. 17, when BTC fell more than 10% to below $26,000, its lowest price since June.Additionally, they upped their shares earlier this week when fund management Grayscale defeated the Securities and Exchange Commission (SEC) in court.The regulator was directed to examine and overturn its decision to deny converting the $14 billion Grayscale Bitcoin Trust into a more desired spot bitcoin ETF by a federal appeals court. The court’s ruling was seen by analysts as a significant step towards the U.S. listing of the first spot BTC ETF, which would increase accessibility of the largest cryptocurrency for a new class of investors.Although BTC fell back below $26,000 on Friday, it has now recouped all of the gains from the brief rally sparked by the Grayscale decision. Despite the weak price action, the accumulation suggests that “institutional investors are getting optimistic

First UPI integration for the Indian retail CBDC, which has experienced a range of initiatives since its test debut in December, is found in the Yes Bank app. Yes Bank declared on August 30 that the digital rupee, the Reserve Bank of India’s (RBI) central bank’s digital currency, will have improved usage. This was made

The price of XRP may be affected by this action, according to rumours.The cryptocurrency tracking service Whale Alert has recently discovered a big purchase of Ripple’s XRP token. 66,666,659 XRP, or about $33,065,809, were reportedly transferred from Binance to an unidentified wallet, according to Whale Alert. The decision has spurred discussion about the possible effects

According to a report published last week by alternative asset manager Brevan Howard Digital, the market for stablecoins like tether (USDT) and USD Coin (USDC) is anticipated to expand to trillions of dollars in supply and hundreds of trillions of dollars in transaction value in the upcoming years as more and more people around the world use these cryptocurrencies to access U.S. currency.According to co-head of venture investments Peter Johnson and analyst Sai Nimmagadda, stablecoins will “increasingly provide financial services to the global unbanked and underbanked, provide an escape from high-inflation currencies, and ignite an explosion of innovation built upon these new global open-network money movement rails.” According to the investment manager, the recent launch of PayPal USD (PYUSD), the company’s own stablecoin, by the payments giant Paypal (PYPL), “highlights the opportunity in stablecoins” and has the potential to “upend global financial services.”Stablecoins are a particular class of cryptocurrency whose value is tied to another asset, usually the dollar. “In 2022, stablecoins settled over $11t on-chain, dwarfing the volumes processed by Paypal ($1.4t), almost surpassing the payment volume of Visa ($11.6t), and reaching 14% of the volume settled by ACH, and over 1% the volume settled by Fedwire,” the authors wrote. A specific kind of computerized bank-to-bank transfer used in the US is called an ACH payment.Fedwire is a central bank money settlement mechanism run by American Federal Reserve institutions. “It is remarkable that in just a few years, a

A lesser portion of the stablecoin market is tied to other currencies, despite the dominance of tokens backed by the dollar, such as tether (USDT) and USD Coin (USDC).The Turkish Lira (TRY), one of the world’s most volatile fiat currencies, is now used to back a stablecoin that isn’t tethered to the US dollar.Users can issue and redeem 1 TRYB for 1 TRY using the Ethereum-based TRYB stablecoin from Turkish fintech business BiLira.The stablecoin is fully backed, per the official website, by fiat reserves kept in Turkish banks. According to Coingecko data, TRYB’s market cap increased by 325% to $136.10 million in just three weeks.With a market cap of $224 million, Tether’s EURt, a stablecoin pegged to the euro, is the second-largest non-USD-pegged stablecoin in the world.The largest stablecoin in the world, dollar-pegged USDT, is likewise supported by tether and has a market valuation of approximately $83 billion. “Since the Turkish lira price has been very volatile and losing value against the U.S. dollar, the TRYB token is mostly a medium of exchange currency. Our customers have been using the TRYB token as a gateway to exchange their Turkish lira fiat into cryptocurrency and vice versa,” BiLira stated in an email.

A proposed $175 million agreement with the shuttered exchange FTX has drawn criticism from creditors of the insolvent cryptocurrency lender Genesis Global Capital (GGC), who are claiming that GGC used vote-buying to “manipulate” the bankruptcy procedure.The Thursday papers provide Genesis, which wants to finish up its business and start paying back former clients, yet another hardship. After declaring bankruptcy in January, GGC has been at odds with its parent company Digital Currency Group (DCG) about how to handle more than a billion dollars in debt, and the tentative agreement hasn’t been well received by all of the creditors. The two bankrupt firms entered into a new legal agreement in the middle of August that allows FTX’s Alameda Research to claim $175 million on the Genesis estate. This is a big decrease from the $4 billion that FTX had originally requested, but other creditors aren’t happy with that either. “[Genesis’] proposed settlement with FTX is an attempt to manipulate the plan voting process… a sweetheart pre-plan deal,” said a late Thursday night filing by crypto exchange Gemini, which is owed some $766 million by Genesis, adding that the proposal “cannot be accepted at face value.” Creditors are effectively charging Genesis with ballot-stuffing because bankruptcy plans must be approved by creditors in proportion to their claims. “[Genesis], by entering into the

Despite Beijing’s 2021 complete ban on cryptocurrencies, some Chinese courts have found that owners of virtual assets retain property rights. A report on the legality of virtual assets that examined the aspects of these digital assets that violated criminal law was published in China by a People’s Court. According to the court’s report, virtual assets

Sam Bankman-Fried, the creator of the now-defunct crypto exchange FTX, previously controlled $605.7 million in stock, which popular trading site Robinhood (HOOD) has agreed to purchase from USMS. Around the beginning of this year, the United States government seized the 55 million HOOD shares owned by Bankman-Fried and other FTX co-founder Gary Wang through Emergent

To improve the efficiency and security of the exchange of digital assets, Standard Custody & Trust Company, LLC has teamed up with GSR Markets Limited. Standard Custody, which is overseen by the New York Department of Financial Services, brings to the table its experience as an accredited custodian. GSR adds to this by providing reliable

Following the launch of Layer-2 solution Base by Coinbase, four security incidents occurred.Throughout the month of August, hacks and exploits cost cryptocurrency users a total of $15.8 million. A recent report from blockchain security company Immunfi states that a total of $23.4 million in cryptocurrency was lost due to hacking and fraud, which is a

In a filing on Wednesday, a New York judge dismissed a proposed class action lawsuit against prominent decentralized crypto exchange Uniswap and classed popular cryptocurrencies ether (ETH) and bitcoin (BTC) as “commodities”.A group of investors sued Uniswap and its founder Hayden Adams in April 2022 on the grounds that the DeFi platform had broken U.S. securities laws by failing to register as a broker-dealer or exchange and by offering and soliciting shares on an unregistered exchange.The lawsuit aimed to hold Uniswap liable for investors’ losses caused by “scam tokens” created and traded on the network. The Ethereum (ERC-20) tokens Bezoge (BEZOGE), Alphawolf Finance (AWF), and EthereumMax (EMAX) are among those mentioned in the lawsuit. The issuers of the alleged “scam tokens” were declared to be the real defendants in the case, not Uniswap, according to Wednesday’s decision to dismiss the lawsuit before it goes to trial.Judge Katherine Polk Failla of the Southern District of New York specifically referred to ETH as a commodity and declined to “stretch the federal securities laws to cover the conduct alleged” in the case against Uniswap, in contrast to Securities and Exchange Commission (SEC) Chief Gary Gensler who has so far refrained from referring to the cryptocurrency as a security. The court’s decision to dismiss the class action lawsuit may have an impact on future lawsuits brought against decentralized protocols and potentially even lawsuits claiming that U.S. securities laws have been broken.Additionally, Judge Polk Failla is in charge of the SEC’s case against Coinbase. According to Judge Polk Failla’s ruling published after the order on Wednesday, the decentralized architecture of the Uniswap Protocol rendered identifying scam token issuers “unknown and unknowable,” leaving no “identifiable defendant” in the case. In the absence of “actual issuers” of the “scam tokens,” the plaintiffs argued that Uniswap facilitated the trades at issue by “providing a marketplace and facilities for bringing together buyers and sellers of securities” for a transaction fee, “hoping that this Court might overlook the fact that the current state

Following the approval of EOS tokens for trade on Japanese exchanges on Wednesday, the resurrection tale of the EOS Network, a blockchain that raised $4 billion in its initial coin offering (ICO) but had nothing to show for it in its early years, is quickly taking shape. The Japan Virtual and Crypto Asset Exchange Association

Patricia made it clear that it will function much like a “IOU” (I owe you) document, acting as a way for the exchange to acknowledge its debt to its consumers. Nigerian cryptocurrency exchange’s introduction of Patricia Token (PTK) Users responded to Patricia on social media by expressing distrust and some doubt on the reasons behind

Swiss-based cryptocurrency bank Seba said that the Hong Kong Securities and Futures Commission (SFC) had granted approval-in-principle (AIP) for the establishment of its regional subsidiary as part of an effort to increase its global reach. The permission is the first stage in getting Seba Hong Kong a complete licence to trade in traditional securities and

A group of creditors is opposing the provisional agreement reached between parent company Digital Currency Group (DCG) and collapsed lender Genesis Global Capital (GGC), who described the treatment of more than a billion dollars in outstanding loans in a filing on Tuesday as “wholly insufficient.”Following the fall of the cryptocurrency exchange FTX and the hedge fund Three Arrows Capital, Genesis’ lending division GGC declared bankruptcy in January. Months of negotiations over DCG’s contribution have caused the wind-up to be postponed. DCG, which is also the parent company of CoinDesk, agreed to a series of partial repayments to settle liabilities of $630 million in unsecured loans due in May 2023 and $1.1 billion due in 2032 as part of an in-principle agreement announced by Genesis on Tuesday. “DCG’s contribution to the estate in satisfaction of creditor claims is wholly insufficient to satisfy even the uncontested loan amounts due, let alone, the valuable estate claims assertable by creditors against DCG and its directors and officers, including Barry Silbert,” a group of Genesis lenders said in a filing to the Bankruptcy

Following Ripple’s successful appeal last month, Grayscale, the manager of the Grayscale Bitcoin Trust (GBTC), has won another significant victory for the cryptocurrency sector before the SEC, broker Bernstein reported in a research report on Tuesday.The SEC must reconsider its decision to deny Grayscale’s request to have the GBTC converted into an exchange-traded fund (ETF), according to a federal court’s ruling on Tuesday. According to analysts led by Gautam Chhugani, the decision “likely clears the path for a spot bitcoin ETF” and raises the possibility that the SEC may accept all of the pending applications at once.ETFs monitor the performance of an underlying asset and are exchanged on an exchange much like stocks.Because they enable market participants to participate in cryptocurrencies without having to own the underlying digital assets directly, they are becoming more and more popular.The court’s ruling prevents the conversion of the GBTC product into an ETF right away, but it “provides a fair basis for Grayscale to be treated in line with other Bitcoin ETF applicants,” according to the newspaper. The first evaluation is anticipated to be completed next week, and the final SEC review is anticipated to be completed in the early months of 2024, according to the memo.In a previous statement, Bernstein predicted that in two to three years, the spot bitcoin ETF market will be significant and represent 10% of the total value of bitcoin.

According to a Tuesday court document, federal prosecutors dispute former FTX CEO Sam Bankman-Fried’s allegations that his use of a special laptop and other court-ordered accommodations haven’t done much to assist him prepare his case while he’s imprisoned.The letter to Judge Lewis Kaplan comes days after Bankman-Fried’s attorneys asked the U.S. District Court for the Southern District of New York to give their client access to a cellblock and an internet-capable laptop five days a week in the weeks preceding his October trial at the federal courthouse in Manhattan, New York. However, the prosecution claims that Bankman-Fried’s technological limitations are only temporary. “inconveniences” that have not hindered his defense preparation and are necessary as a result of his alleged “witness tampering.” “The defendant’s unlimited access to these resources was curtailed solely as a consequence of his own criminal activities while on bail,” prosecutors said in the letter. The prosecutors also noted Bankman-Fried’s access to technological

 Tradeteq, a marketplace for private debt and physical assets based in the UK, announced on Tuesday that it had launched a tokenized U.S. Treasury offering on the layer 1 blockchain XDC Network.The U.S. Treasury Yield (USTY) tokens, available to professional investors on Tradeteq’s Yieldteq platform, are blockchain-based representations of shares in a U.S. Treasury bond exchange-traded fund (ETF).Securitize, a supplier of tokenization services, onboards purchasers, keeps track of share ownership, and controls dividend payments. The launch of the new product coincides with tokenization emerging as one of the most popular developments in the battered digital asset sector.According to a Bank of America report, the tokenization of real-world assets (RWAs), which involves creating blockchain-based tokens of conventional financial assets like government bonds or private equity, could change the financial system. Bernstein predicted that the market for RWAs could reach $5 trillion in the following five years. According to rwa.xyz, the demand for tokenized Treasury bonds increased by almost six times this year to $622 million.While yields in cryptocurrency lending have fallen due to significant deleveraging during the bear market, crypto companies and investment funds seek these products in order to benefit from rising government bond rates.In a tight race among blockchains to be the best place to trade tokenized assets, XDC has entered the fray.Although other networks are making progress with RWA acceptance, Stellar and Ethereum are the top markets for tokenized Treasuries.utilizing the Polygon (MATIC) network, JPMorgan carried out deals utilizing tokenized versions of the Singapore dollar and the Japanese yen, and Securitize released equity tokens of a real estate investment trust on the Avalanche (AVAX) blockchain.

Due to poor market activity, Indian cryptocurrency investment platform CoinSwitch reduced its customer care staff by more than a third.A firm spokeswoman informed CoinDesk that the 44 job losses, which happened roughly three weeks ago, represent slightly under 7% of all staff.Prior to the layoffs, the company employed about 640 people altogether after hiring about 60 workers since April, primarily in the compliance and product technology departments.There are still 82 people on the customer service team. CoinSwitch is not the only company that needs to adjust to a new climate.Rival CoinDCX reduced its workforce by around 12% earlier this month, firing 71 people as a bear crypto market and India’s tax laws combined to lower trading volumes and, consequently, revenue.India has placed high taxes on cryptocurrencies, including a disputed 1% tax deducted at source (TDS) on all transactions starting on February 1, 2022, as well as a 30% tax on cryptocurrency revenues. “As and when volumes grow and we open new roles, we will be happy to welcome back those impacted,” a company spokesperson said. According to a source, CoinSwitch has provided severance and other benefits for up to four months depending on the term of the fired employees.The employment reductions were first reported by the local Indian news outlet Moneycontrol earlier today.According to a source, CoinSwitch has provided severance and other benefits for up to four months depending on the term of the fired employees.

According to statistics recorded by the Velo statistics app, Dogecoin (DOGE) is down 10% so far this year, with the majority of the bearish pressure on the top meme cryptocurrency occurring during European hours.During European and American trading hours, DOGE’s cumulative year-to-date returns were -44.44% and -25%, respectively.The total return for the Asia-Pacific day was positive 25.6%, meanwhile. To put it another way, sellers have dominated during the European (8:00 a.m.–6:00 p.m. Brussels time) and American (8:00 a.m.–6:00 p.m. New York time) trading hours.The Asian hours, which are defined as 8:00 a.m. to 6:00 p.m. Seoul time, have seen buyers get the upper hand. The session-wise results of the self-described “Dogecoin Killer Shiba Inu” (SHIB) present a similar picture.Meanwhile, during American hours, bitcoin has constantly risen. These equal-length time frames were chosen by Velo after taking into account regional volume profiles and stock market hours.There is some overlap between the sessions.Memecoins have been around for a while and are actively traded on South Korean exchanges like Upbit and Bithumb, which explains why DOGE and SHIB performed well during the Asian trading session.The majority of trading volume during DOGE’s 10% increase in late July came from Upbit, which is known for speculating in trading pairs for crypto-Korean won. Due to its lack of social mobility options, exorbitant real estate costs, and competitive labor market, South Korea, according to Matrixport, dominates the market for smaller tokens.In addition, the gloomy performance of DOGE and SHIB during U.S. and European hours is consistent with the hazy regulatory future for alternative cryptocurrencies.In its action against Coinbase and Binance, which was filed in June, the U.S. Securities and Exchange Commission (SEC) refers to various altcoins as securities.Although DOGE and SHIB were not mentioned, tougher rules for cryptocurrencies may have an influence on memecoins.

The 2023 Google Cloud Customer of the Year Award for the Financial Services Industry has been won by OrBit Markets, a Singapore-based institutional liquidity provider in the world of digital asset options and structured derivatives. The honour is more than only decorative; it denotes the company’s ability to successfully negotiate the complex requirements of high-volume

The time limit has expired for Clockwork, an automation tooling startup in Solana. Nick Garfield, the project’s creator and a partner at Multicoin Capital, announced on Sunday that he and his group were “stepping away from active development of the protocol” and that the infrastructure supporting the project would be shut off on October 31. Payroll transfers and other routine transactions that smart contracts, the foundation for creating economies on blockchains, can possibly improve are the focus of Clockwork’s technology. “Ultimately the reason we are stepping away now is simple opportunity cost,” Garfield said in a post on X, formerly Twitter. “We admittedly see limited commercial upside in continuing to develop the protocol, and have a growing personal interest to explore new opportunities.” Even when the company stops supporting Clockwork, Garfield advised users to clone the project’s open source code and create their own variations.

According to wallet statistics from Arkham Intelligence, the investing and trading platform Robinhood (HOOD) currently contains more than $3 billion in bitcoin (BTC) in a single wallet.After cryptocurrency exchanges Bitfinex and Binance, which respectively hold tokens valued at $6.4 billion and $4.3 billion on single wallets, this places it as the third-largest bitcoin holder.The wallet had previously become well-known among market observers in the previous few months as the identity of its owners aroused discussions and worries about who the mysterious owner of such a big amount of bitcoin could be. As of Monday, Robinhood has not made any public remarks on these assets.The moves spurred theories about everything from the transfers of user holdings at cryptocurrency exchange Gemini to the holdings of financial powerhouse BlackRock, which applied for a Bitcoin ETF earlier this year.Over the course of three months, Robinhood transferred over 118,300 bitcoin from a number of other smaller wallets to the wallet, according to data.Representatives of Arkham acknowledged in a Telegram message  that Jump Trading, a cryptocurrency trading company, is the custodian of these tokens. These assets are all stored on the Bitcoin blockchain.Following the first transaction on March 8, enormous sums of bitcoin were exchanged up until July 14, according to BitInfoCharts.Although there aren’t many cryptocurrency trades on Robinhood’s platform, the holdings reveal the breadth of the company’s exposure to bitcoin. According to its most recent earnings report, Robinhood’s crypto trading revenue for the second quarter was barely $31 million, a decrease of 18% from the $38 million for the first quarter.The statistics represented 16% of the $193 million in trade revenue across all categories, which, as previously reported, fell by 7% sequentially.

HashKey Exchange, the first retail virtual asset exchange (crypto exchange) in the city with a licence, officially started operations on August 28, 2023. Leading banks, insurance companies, and officials from the Big 4 auditing firms were present at the official launch, which was held at the Maritime Museum Central. The site, which offers direct bank

Data illustrating the scope of illegal cryptocurrency activity in Southeast Asia have been released by Bitrace, a renowned blockchain analytics company. The revelations cast doubt on widely held media narratives and provide a more thorough understanding of the region’s crypto ecosystem. The anonymity, decentralisation, and borderlessness of cryptocurrencies have made them popular among Southeast Asian

The access of afflicted users to FTX’s claims page has been temporarily suspended, according to the bankrupt cryptocurrency exchange. This choice was made in response to a cybersecurity incident at Kroll, which is the company in charge of keeping track of FTX’s continuing bankruptcy proceedings as the designated claims and notification agent. The statement, which

The CEO of Binance, Changpeng Zhao, also known by his initials CZ, recently raised a troubling issue on his Twitter platform. New phishing assaults are reportedly a threat to users of renowned cryptocurrency exchanges FTX, BlockFi, and Genesis. It is thought that the Kroll data leak is directly responsible for this rise in harmful activity.

According to reports, in 2020, Kronos Research, a top-five worldwide cryptocurrency quantitative trading team, lost $1.4 million (about 42 million Taiwanese dollars). Two displeased engineers at the organisation were found to be the main culprits behind this significant loss. Unhappy about not getting their promised bonuses, these people maliciously changed the code that was used