Coinbase Challenges SEC On Unregistered Securities: Ripple CTO Responds

SEC Wells Notice To Coinbase

• The U.S. Securities and Exchanges Commission (SEC) has sent a Wells Notice to Coinbase for alleged unregistered securities offerings.
• Coinbase has complained that the SEC did not provide them with adequate information in the notice or enough room to register their business operations.
• Ripple’s CTO, David Schwartz, has criticized the SEC for not providing clear guidelines before attacking crypto firms.

Coinbase Challenges SEC

Coinbase recently received a Wells Notice from the SEC alleging its staking services offer unregistered securities. Through its chief legal officer, Paul Grewal, Coinbase has called out the regulator to provide reasonable rules for crypto, noting that they are willing to follow such regulations if provided. Grewal believes enforcement actions are not enough to define crypto regulations and legislation is needed instead.

Ripple Responds To Coinbase

Ripple’s CTO, David Schwartz, responded to Paul Grewal’s statement by criticizing the US Securities and Exchanges Commission for not clarifying cryptocurrency regulatory guidelines before attacking crypto firms. Ripple’s Chief Legal Officer Stuart Alderoty also released a comment via tweet suggesting that they might be throwing in weight for Coinbase against the SEC allegations.

Ripple XRP Price Drop

The controversy surrounding this case continues to escalate, but it appears unaffected on Ripple XRP’s price as it plunged by 4% on the chart l XRPUSDT on Binance today.


It remains uncertain what action will be taken by either side in this ongoing saga between Coinbase and the SEC over their staking services offering unregistered securities or when clear cryptocurrency regulations will be provided by US regulators in order to protect investors and businesses alike who operate within this space.

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• Shiba Inu (SHIB) recently faced issues due to the controversy surrounding the Shibarium code.
• YouTube influencer Shytoshi Kusuma called out BitBoy, a popular crypto influencer, for ignoring him in a live stream and failing to mention SHIB.
• A lawsuit has been filed against BitBoy and other influencers for allegedly promoting FTX crypto projects.

Shibarium Code Controversy

The popular meme coin SHIB recently faced issues due to the controversy surrounding the Shibarium code. But the latest on the layer 2 network is that its beta launch will hit the metaverse this week. But while anticipation grows within the community, some crypto enthusiasts are seemingly unaffected.

Shytoshi Kusuma Calls Out BitBoy

In a recent development, a famous YouTube influencer shared his skepticism of SHIB, causing the lead developer to call him out. Don’t wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today! You’re a Waste of Time, Says Shytoshi Kusuma A recent tweet showed Shytoshi Kusuma calling BitBoy a waste of time. The lead developer revealed how the crypto influencer ignored him in a live stream and failed to mention Shiba Inu throughout the broadcast. As such, Kusuma wrote that he would disengage him. Related Reading: Bitcoin Supply Is Becoming Less Concentrated On Whales With Time, Glassnode Reveals Also, in the post, the lead developer pointed out that BitBoy had a real beef to handle, so he wouldn’t call his recent attitude a beef. Instead, he requests that Bitboy stop fudding. Notably, some users responded to the interchange urging Kusuma to fix the problem instead of fighting.

Lawsuit Against Influencers

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? 570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Play Now! Price registers 3% gain l SHIBUSDT on The reel beef according to Kusuma is the court case against Ben Armstrong aka Bitboy and others for promoting crypto projects like FTX without proper disclosure or information about these projects‘ risks involved with investing in them Adam Moskowitz is representing U S residents and other plaintiffs against Armstrong Kevin Paffrath and Erika Kullbergm The lawsuit alleges that they deceived investors into spending money on FTX This case follows similar lawsuits against popular influencers who made money promoting failed crypto projects

Bitboy Responds

However BitBoy shared a tweet stating that he’s excited about this lawsuit as he’ll countersue all plaintiffs including their lawyer which will prove his non-involvement with FTX


This dispute between two influential members of cryptocurrency industry highlights how important it is for investors to do their own research before investing in any project or currency Furthermore it serves as an example of why it’s essential for individuals not take advice from people who may have ulterior motives when recommending investments

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Harnessing Crypto Potential: Fed Forms Team to Regulate Industry

• Michael Barr, Federal Reserve Vice Chair for Supervision, has acknowledged the potential of crypto technology to transform the financial system.
• However, concerns about fraud, money laundering and other illicit activities have led to the need for „guardrails“ in order to harness its potential.
• The Federal Reserve is assembling a specialized team of experts to aid in the regulation of digital currency industry.

Crypto Technology Holds Promise for Financial System

Michael Barr, Federal Reserve Vice Chair for Supervision, has acknowledged that crypto technology still holds promise for transforming the financial system, but emphasized the need for „guardrails“ to harness its potential.

Investors and Financial Institutions Capitalizing on Crypto Potential

The use of cryptocurrencies such as Bitcoin and Ethereum continues to surge in popularity, with investors and financial institutions alike seeking to capitalize on their potential for high returns and decentralized transactions. However, the lack of regulation and oversight in the sector has raised concerns about fraud, money laundering, and other illicit activities.

Federal Reserve Assembling Specialized Team

According to Barr, the Federal Reserve is assembling a „specialized team of experts“ to aid in the regulation of the digital currency industry. The Fed’s top regulator has stated that digital asset experts are required to „help us learn from new developments and make sure we’re up to date on innovation in this sector.“

U.S Central Bank Taking Measures For Caution

The U.S central bank has taken a number of measures in recent months to ensure lenders are treating the cryptocurrency sector with caution. These measures include mandating banks to report any cryptocurrency activities to regulators before moving forward and warning businesses that digital currency deposits can be highly volatile.

Federal Reserve’s Stance On Crypto Regulation

The Federal Reserve plays a key role in regulating the country’s financial system including emerging area of digital assets .While it does not have direct regulatory authority over asset types like Bitcoin and Ethereum ,it does have oversight responsibilities for banks engaging with these assets .In recent years ,the fed has taken a cautious approach bitcoin regulation , citing concerns over potential risks associated with them .

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Monkey Drainer Retires: $50B in Crypto Lost Last Year

  • Monkey Drainer Phishing Group Retires From Crypto Scams: The notorious Monkey Drainer has announced its retirement from crypto scams and has destroyed all the tools used for their operations.
  • Effect of Monkey Drainer on Crypto Sector: Since emerging, the group had accumulated up to $13 million worth of NFTs and crypto through more than 7,300 transactions.
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Monkey Drainer Retires From Crypto Scams

Hacking is no longer new in the crypto space. The industry has seen many incidents since its inception and even recorded more during the 2022 crypto winter, especially in the DeFi Sector. Yahoo Finance said the crypto sector lost almost $50 billion last year. The full report covers all the largest crypto hacks and scams of 2022. Apart from the North Korean Lazarus group, other players, such as the notorious Monkey Drainer, have been known for perpetrating high-profile and high-value thefts in Web3. But in a recent development, the phishing scammer has announced retiring from crypto scams to move onto another sector.

Effect of Monkey Drainer on Crypto Sector

Monkey Drainer disclosed its decision to shut down operations on its Telegram channel. The group stated they would destroy all the servers, files, and devices that aid their operations immediately and won’t return to the sector. In a tweet, Blockchain security firm CertiK reported that Monkey Drainer had stolen over $1 million in ETH through their phishing scams but since emerging had accumulated up to $13 Million worth of NFTs and crypto through more than 7,300 transactions.

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In their post before announcing retirement from cryptocurrency scams, Monkey drainer advised other upcoming cyber criminals not to lose themselves in pursuing easy money. Further they suggested that those more dedicated should operate a large cybercrime group and recommended Venom drainer as a top notch replacement service for young budding gangsters wishing them victory in their pursuit..

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Binance Closes Positions of Australian Traders, Sparking Debate

• Binance recently closed the positions of some Australian traders after incorrectly labeling them as “wholesale investors”
• This decision has stirred debate and controversy across social media platforms
• The exchange is offering compensation for losses incurred while trading derivatives on Binance

Binance Closes Positions of Australian Traders

Binance, a crypto exchange, recently confirmed through their official Twitter handle that it had closed the positions of some Australian traders. The company had incorrectly classified these users in the country as „wholesale investors.“

Regulatory Requirements

The closing of positions was due to the need to comply with Australian regulations. Binance has contacted all impacted users and will provide full compensation for any losses incurred while trading derivatives on the platform.

Community Response

The decision has caused an uproar among members of the crypto community, who have been debating and discussing this move on social media platforms. A screenshot of an official message sent by Binance to those affected was shared across these channels. According to this statement, accounts were liquidated or „nuked“ and users are still able to access the platform for spot trades. To regain access to derivatives, such as Perpetual Futures Contracts, new information must be provided in order to meet regulatory requirements.

Compensation Plan

Binance is currently working on a remediation and compensation plan for those affected by this decision. If any refunds or payments are owed by the exchange, their Customer Support Team will contact users directly with further details once they have identified any issues with current or closed accounts. As required by Australian regulations, participants must meet certain criteria in order to qualify as “sophisticated investors” before gaining access to derivatives markets.

Final Thoughts

Binance’s decision to close these positions has caused waves throughout the crypto community and raised questions about how exchanges should operate when it comes to complying with regional regulations. It remains unclear whether recent activity or all activity since account opening will be covered under their compensation plan; however, customers can expect contact from customer support teams if refunds or payments are owed.

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Crypto Regs at Stake: Layton Seeks Access to Hinman Speech Docs

• Forbes journalist Dr. Roslyn Layton has filed a motion to intervene in the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
• The motion seeks access to the Hinman speech documents from the court, which have immense importance for public scrutiny of crypto regulation.
• Layton argues that both the First Amendment and federal common law give the press a fundamental right to access these judicial documents.

Motion To Intervene

In an effort to prevent the SEC’s December 22 motion to seal some of the Hinman speech documents, Forbes journalist Dr. Roslyn Layton has filed a motion to intervene, seeking access to them from the court. She is represented by attorney J. Carl Cecere in this case with no financial interest in either Ripple or XRP, nor does she have any financial interest in this legal proceeding.

Importance Of Documents

Dr. Layton is a regulatory policy columnist, visiting researcher at Aalborg University and executive vice president of Strand Consulting who has written numerous articles on Forbes about the Hinman speech documents and their central role for the crypto industry. According to her petition, an extraordinary amount is at stake not just for Ripple, its execs and XRP holders but also for entire crypto industry as it will determine its future in this country due to lack of explicit regulatory guidance from SEC concerning cryptocurrencies .

Right To Access Documents

The Forbes senior contributor argues that both First Amendment and federal common law grant press a fundamental right to access these judicial documents as SEC has conceded their importance for public scrutiny of cryptocurrency regulations given by Hinman’s speech which was found opaque due to its lack of explicitness .

Ripple And Ethereum (ETH)

Accordingly Ripple Labs is facing a billion-dollar fine while Ethereum (ETH) has been declared outside SEC’s jurisdiction causing inconsistency between two major cryptocurrencies prescribing need of releasing Hinman documents even more especially when it comes down on Ripple’s case .


All eyes are now on Judge Analisa Torres‘ decision while Dr Roslyn Laytons’ motion could have potential massive impact on US securities regulation concerning cryptocurrencies if granted access thus allowing us all wait curiously till we find out what would be outcome of this legal dispute .

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• Brave and Solana have partnered to enable support for SOL dApss on the Brave browser.
• This collaboration is intended to push adoption of crypto while providing an efficient user experience.
• Whale activity has been spotted on Solana as millions of tokens have been transferred in unknown wallets.

Brave and Solana Join Hands

As the adoption of cryptocurrencies such as Solana continues to expand, it has become the service provider’s responsibility to make the usage of crypto as seamless and efficient as possible. In the latest news, Brave and Solana have joined hands to push the adoption of crypto while making usage efficient.

Brave’s Update To Boost Crypto Adoption

Brave announced via a Twitter thread on Feb 7, disclosing that the browser has now added support for SOL dApss following its partnership with the network. Brave will enable a wallet whereby sending, receiving, storing, and purchasing SOL-based tokens can be possible on the browser. The aim behind the collaboration of enabling dApp support seems to be more of a push for adoption than an update. CEO and co-founder of Brave, Branden Eich said, „with the addition of Solana dApp support on mobile, we are expanding that reach to another key group seeking fast and friendly ways to use their crypto on the go.“ Head of partnerships at Solana Foundation, Amelia Daly made a statement saying, „user experience can be very fragmented in crypto. The Brave dApp integration is important because it allows for seamless browser-based connections to your favorite Solana programs, and it is optimized for mobile.“

What Does This Mean?

Brave is a full-featured mobile browser that can explore and connect to DApps. The new dApp-supported feature is suggested to further affirm its spot in the web3 ecosystem. By integrating this feature into their app they are hoping users will take advantage of this feature when using their application or visiting websites associated with it allowing them greater access into blockchain technology without any extra steps required from them other than downloading their application or visiting these sites with their existing account information saved in their app settings.

Solana Becomes More Attractive

While the network has always aimed for adoption both native token SOL has so far become attractive large investors . According reports whales currently active on solano million SOL token seen move whale alerts chain transactions monitoring platform recently reported transfer 7 981 517 sol worth 184 488 088 across unknown wallets . So far solano demonstrated level maturity bouncing back ftx saga experienced late last year since beginning year recorded bullish trends spiking nearly 70% past 30 days .


Through this collaboration between Brave and Solana they hope provide more efficient user experience while pushing adoption creating more opportunities access blockchain technology all within one app . Although only time tell if successful current signs seem optimistic both networks seeing increased attention whale activity increase price native token .

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• In February 2021, Tesla revealed its intention to sell cars using Bitcoin, prompting the cryptocurrency’s price to skyrocket and investing $1.5 billion in the crypto.
• By autumn of 2021, Bitcoin had reached historic highs of around $70,000 but then began a bear market and dropped to $23,133 by February 1st 2023.
• On Tuesday Tesla disclosed that it had suffered a gross impairment loss of $204 million on their digital assets throughout 2022 and 2021.

Tesla’s Crypto Investment

In February of 2021, Tesla revealed its intention to sell automobiles using Bitcoin, prompting the price of the cryptocurrency to skyrocket, while also purchasing $1.5 billion worth of the crypto. One BTC was valued at around $43,000 at the time of the investment. Elon Musk, CEO of Tesla, was then quite positive about the crypto’s future, stating that the company believes in the „long-term potential“ of digital assets as an „investment and liquid alternative to cash.“

Bitcoin Price Reaches Historic Highs

Due in part to the billionaire’s passionate support of cryptocurrency, the price of Bitcoin reached historic highs of about $70,000 by autumn. But then the bear market would soon start to rear its ugly head and changed the landscape.

Tesla Records Major Bitcoin Loss

Fast forward to Feb. 1st, 2023 – Bitcoin is trading at $23,133 – losing more than half its value since its all-time high in the autumn of 2021. Tesla has removedthe verbiage from its previous annual reports that appearedto indicatean optimistic stance on investingin cryptocurrency. Tesla statedin a regulatory filing withthe United States Securitiesand Exchange Commissionon TuesdaythattheirBitcoin holdings suffered agross impairmentlossof$204millionin 2022.

Losses Grow Double Since 2021

Tesla was oneofthefirstcompaniestomake substantial investmentsin bitcoin.The automaker lostmorethan doublewhatit invested betweenFebruary2021andFebruary2023dueinparttothe bearmarketthat followedTerraLuna’simplosionMay2021 andworseningeconomicconditionsgloballyduetothepandemicandsubsidizing regulationsintheUSthatmadeelectricvehicleslessattractivetopotential buyerscomparedtothepreviousyearsmadeitevenharderforTesla tomaintainitsbitcoinholdingsprofitableastheyhadhopedforinitially whenmakingtheirinvestmentintoBTCat$43kpercoinbackinFebruary 2021nowatthedateofwritingthisarticleeachcoinisvaluedat$23k percoinrepresentinga46%lossonspecificallytheirbitcoinholdings alone .

Outlook for Cryptocurrency Investing

Despite losing about 70%ofitsvalue , some marketanalystsbelieve bitcoin hasremained robustandmayundergoarebound , particularlyasconsumersintimidatedbythecryptomarketflocktowardmoredevelopedecosystemssuchasBitcoinandEthereum(ETH).ThoughTeslahaslostmoneyonitsbitcoininvestmentsithasnotdeterredthemfromcontinuingtousecryptoassetstopayforservicesandsuppliesbuttheyaretakingsignificantlyfewerrisksthanbefore themajorlossduring2022andonwards

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Litecoin Surpasses Ethereum in Unique Addresses, Sign of Rapid Adoption

• Litecoin has recently surpassed Ethereum in the total number of unique addresses involved in at least one transaction on the chain.
• This is an indicator from the on-chain analytics firm Glassnode that measures the total number of unique addresses of a cryptocurrency that have been involved in at least one transaction (whether as a sender or a receiver) on the chain during the entire lifetime of the network.
• The growth of Litecoin has been much more significant than that of Ethereum, suggesting that users are creating new addresses on the blockchain, which could be a sign of new investors adopting the crypto.

The cryptocurrency market has been increasingly competitive in recent years, and the competition has only been further intensified as new players have entered the fray. One of the most prominent of these new players is Litecoin, which has seen rapid adoption in recent months, surpassing Ethereum in the total number of unique addresses of a cryptocurrency that have been involved in at least one transaction (whether as a sender or a receiver) on the chain during the entire lifetime of the network.

This metric, known as the “total addresses”, is an indicator from the on-chain analytics firm Glassnode that measures the total number of unique addresses of a cryptocurrency that have been involved in at least one transaction (whether as a sender or a receiver) on the chain during the entire lifetime of the network. When the value of this metric goes up, it typically signals that users are creating new addresses on the blockchain, which could be a sign of new investors adopting the crypto.

In recent months, Litecoin has seen some sharp growth in new addresses on the network, and while Ethereum has also seen an increase, its growth has been significantly tamer. This has led to Litecoin surpassing Ethereum in the total number of unique addresses, as displayed in the chart below:

As displayed in the above graph, the total number of Ethereum addresses was greater than that of Litecoin until very recently. However, the growth of Litecoin has been much more significant than that of Ethereum, suggesting that users are creating new addresses on the blockchain, which could be a sign of new investors adopting the crypto.

The director of the Litecoin Foundation, Jay Milla, has noted this surge in adoption, tweeting “Litecoin has continued to see rapid adoption recently.” This is a positive sign for the crypto, as adoption is one of the key factors that will determine the success of any cryptocurrency.

With Litecoin’s recent surge in adoption, it is clear that the cryptocurrency is becoming increasingly popular. This could be the start of a new wave of adoption for the crypto, and it will be interesting to see how this affects the price of Litecoin in the coming months and years.

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Massive Profit-Taking Could End Crypto Mini-Bull Run

• Bitcoin (BTC) and Ethereum (ETH) prices have crossed pre-FTX crash levels and are currently rallying in the market.
• However, Santiment data revealed that there is massive profit-taking happening across the two largest cryptocurrencies.
• This could have severe implications for the current mini-bull run being experienced.

As the crypto market continues to heat up, Bitcoin (BTC) and Ethereum (ETH) have both been pushing higher since the prices of the digital assets crossed over into pre-FTX crash levels. This has resulted in a mini bull run for the two largest cryptocurrencies, but this may not last for long.

On-chain data aggregator Santiment recently revealed that there is a significant amount of profit-taking happening across Bitcoin and Ethereum. This is understandable as investors would want to take profit off the top of their investments, especially considering the massive gains that both assets have seen since the start of the year. According to the chart Santiment shared, the level of profit-taking being recorded across Bitcoin and Ethereum has surged to 2021 levels. This means that Bitcoin’s profit-taking rose to February 2021 levels, while Ethereum surged higher to October 2021 levels.

This surge in profit-taking could indicate that investors are expecting the rally to slow down and may not last for long. This could have severe implications for the current mini-bull run being experienced in the crypto market. If holders start to take profits from their investments, it could lead to a sell-off that could cause prices to dip across the market.

It is important to note that this is just speculation at this point and it is impossible to predict what will happen in the crypto market. However, this surge in profit-taking could be an indication that investors are expecting a pullback in the near future. Therefore, it is important that investors remain vigilant and do their own research before making any investment decisions.

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