• The U.S. Securities and Exchange Commission (SEC) has an ongoing lawsuit against Ripple Labs, which claims that Ripple Labs raised billions of dollars through an unregistered securities offering and that XRP is a security.
• IG Bank, a London-based company, noted that a victory for the SEC would severely limit the growth of crypto companies.
• A positive outcome for Ripple could result in XRP soaring, but the outcome of the case is uncertain.
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Ripple Labs, the company behind the cryptocurrency XRP, for allegedly raising billions of dollars through an unregistered securities offering. The SEC claims that XRP is a security, and therefore subject to federal securities laws. Ripple Labs has denied the accusations and is fighting the case in court.
The verdict of this case could have an immense impact on the future of cryptocurrency in the United States. It has already generated a lot of interest within the crypto space, but it seems that banks are now taking notice as well. Recently, IG Bank, a Swiss-regulated financial company that provides professional clients with investment and trading services, wrote a piece about the Ripple v. SEC case.
The bank noted that a victory for the SEC could severely limit the ability of crypto companies to grow and introduce new coins to generate revenue. On the other hand, if Ripple Labs prevails in the case, the value of XRP could skyrocket. However, the outcome of the case remains uncertain.
The Ripple v. SEC case is not only important for Ripple Labs and XRP, but also for the future of cryptocurrency in the US. If the SEC wins, it could set a precedent for other crypto companies and could mean that more coins and tokens will be classified as securities. On the other hand, if Ripple Labs wins, it could pave the way for other crypto companies to thrive in the US.
Whichever way the case goes, it is sure to have a lasting impact on the US cryptocurrency scene. It is therefore important to pay attention to the case and its developments, as it could shape the future of the industry in the US.
• Ripple and the SEC have filed their final round of briefs in December, requesting the court to grant them summary judgment.
• The CEO of Ripple, Brad Garlinghouse, expressed hope at Davos that the company’s legal dispute with the Securities and Exchange Commission will be resolved in 2023.
• James K. Filan predicts that the court’s judgment is expected soon and a decision could be made as early as June.
The legal dispute between Ripple and the Securities and Exchange Commission (SEC) has been ongoing since late 2020. After months of proceedings, both parties submitted their final round of briefs in December, requesting the court to grant them summary judgment. The court documents also included Omnibus applications to seal documents related to the summary judgment motions.
At the World Economic Forum in Davos, Switzerland, Ripple’s CEO Brad Garlinghouse shared his optimism about the outcome of the case. He expressed hope that the dispute would be resolved in 2023, and possibly even sooner in the first half of the year. He believes that the facts and the law are in Ripple’s favor, and he is confident that the court will reach a favorable decision.
James K. Filan, a lawyer associated with the case, provided an update on the proceedings on Twitter. He said that all motions have been thoroughly briefed and the court’s judgment is expected soon. He further noted that a decision could be made as early as June.
The outcome of this case could have a significant impact on both Ripple and the cryptocurrency industry as a whole. If the court rules that XRP is a security, it would be subject to SEC regulations and could open the door for other regulatory bodies to classify cryptocurrencies as such. On the other hand, if the court rules that XRP is not a security, it could help to legitimize the cryptocurrency industry and provide greater legal certainty to its participants.
For now, all that remains is to wait for the court’s decision. Ripple and the crypto industry are hopeful that the judge’s ruling will be a positive one, and that the case will be resolved in 2023. In the meantime, Ripple and other cryptocurrency companies will continue to work with regulators to ensure that the industry remains compliant with all applicable laws.
• Bitcoin YouTuber and influencer Ben Armstrong has predicted that Bitcoin will experience a run up to $25,000 or $30,000 in the next 10-15 weeks.
• Bitcoin’s recent positive momentum has caused the cryptocurrency to trade above its 200-day moving average.
• During one of Bitcoin’s bull runs, the cryptocurrency caused significant losses for bears by forcing the liquidation of short bets worth millions of dollars.
Bitcoin, the world’s largest cryptocurrency, has experienced a major surge in its price in recent weeks. This surge has been largely attributed to the positive sentiment in the crypto world, as Bitcoin recently surpassed the $18,000 and $19,000 marks on January 12th. This has led to a major sense of optimism among traders and investors, especially after the cryptocurrency had been trading in a bearish market for the majority of 2020.
Due to this newfound bullishness, Ben Armstrong, also known as BitBoy Crypto, a contentious YouTuber and influencer in the cryptocurrency world, has taken to Twitter to make a prediction about the price movement of Bitcoin this year. BitBoy believes that Bitcoin is at the beginning of a run-up that could drive the value of the cryptocurrency to $25,000 or potentially even $30,000 within the next 10 to 15 weeks. He based this prediction on the current market conditions, which appear to be quite bullish.
The recent turnaround in Bitcoin’s price has brought a dominant positive momentum, with the cryptocurrency trading above its 200-day moving average. This has given buyers reason to believe that they can purchase more Bitcoin at a lower price than its current trading value. During one of Bitcoin’s bull runs, the cryptocurrency caused significant losses for bears by forcing the liquidation of short bets worth millions of dollars. According to Coinglass, the total for liquidated shorts reached $1.3 billion in the past week.
All in all, it appears that Bitcoin is currently trading in a bullish market and is likely to experience a major surge in its price in the coming weeks. This is a sentiment that is shared by many crypto traders and investors, and it is likely that the cryptocurrency will reach the predicted $25,000 or $30,000 mark in the near future. Only time will tell if BitBoy’s prediction will come true, but it is certainly one to watch out for.
• The TerraClassic (LUNC) price has been experiencing a bearish cartel and may reach the levels it traded during the beginning of 2023.
• The current trade setup indicates the scope for an extended consolidation along the support levels as the price may struggle to hold above $0.0001.
• Both cases indicate an extended consolidation for another couple of weeks, where-in the volatility may deplete while the volume may maintain decent levels.
The TerraClassic (LUNC) price has been experiencing a bearish cartel which has successfully dragged the token lower and may reach the levels it traded during the beginning of 2023. The price was on its way to completing the parabolic recovery that it began after experiencing rejection at $0.000185 during the last few days of 2022. However, the fresh price crash that began on 03 January 2023, squeezed the bulls to a large extent, compelling the price to drop below $0.00015 levels.
The current trade setup indicates the scope for an extended consolidation along the support levels as the price may struggle to hold above $0.0001. As the bearish clouds have outspread over the TerraClassic (LUNC) price rally, the possibilities of a bullish breakout appear fewer but cannot be completely eliminated. The LUNC price has been trading within a bearish triangle and almost reached the apex of the consolidation where-in the possibility of a bearish breakout appears to be imminent. If the price experiences a bearish breakout, it may try to hold at the lower support zone, failing to which it may head toward the crucial level of $0.000086.
On the other hand, the price may extend the consolidation indefinitely and hover just below the important resistance levels at $0.000163 until it receives a significant buying volume to rise high. Both cases indicate an extended consolidation for another couple of weeks, where-in the volatility may deplete while the volume may maintain decent levels. However, the possibility of a bull run above $0.0003 appears too optimistic as of now since the bearish cartel may continue to drag the price lower.
It is important to note that the TerraClassic (LUNC) price is highly volatile and may upturn any time due to the rising buying volume. Hence, it is suggested that investors should accumulate the coins during the dips and hold the coins for long-term prospects. Additionally, the buyers should also adhere to the stop-loss strategies while trading the coin in order to limit the losses in case of a sudden price crash.
• US prosecutors are looking into the activities of former FTX engineer Nishad Singh, who is believed to have borrowed $543 million from Alameda.
• If found guilty, Singh could face charges as soon as February.
• US Attorney Damian Williams has hinted that they will be looking further into SBF’s inner circle as part of their investigation.
The United States federal prosecutors in Manhattan are getting closer to the heart of SBF’s inner circle, with the latest being Nishad Singh, the former FTX Director of Engineering. Reports suggest that Singh had borrowed a staggering $543 million from Alameda, and if found guilty, could be charged as soon as February.
The US Attorney for the Southern District of New York, Damian Williams, has hinted that the authorities are looking into SBF’s inner circle as part of their investigation. “If you participated in misconduct at FTX or Alameda, now is the time to get ahead of it. We are moving quickly and our patience is not eternal,” Williams said.
The FTX and Alameda scandal involves a number of complex multi-chain transactions that have taken place over the course of several years. It is believed that the crisis began more than twelve months ago and the company was silently struggling.
Besides the legal implications, Singh has also been involved in the US midterm elections as a prolific donor. According to the Federal Election Commission records, Singh has donated a total of $9.3 million since 2020 to Democratic aspirants. Although it may seem like a large amount of money, it is a drop in the ocean when compared to SBF’s $2 billion total donations.
It is yet to be seen how the white-collar crime court in New York will handle the deconstruction of the FTX and Alameda scandal. It is also uncertain how the US prosecutors will handle the investigation of SBF’s inner circle. However, one thing is for sure, the consequences could be huge for those involved.