Investors weren’t scared by talk of crypto rules this week. But, there’s still no progress on the crypto-Spot market, which is causing some trouble.
Important Points:
- Elon Musk’s Strong Ties to Dogecoin Foundation Exposed
- SEC Responds to Ripple’s Opposition in Legal Battle
- Ark Invest and 21Shares Seek Approval for ETH-Spot ETF
- Investor Interest Grows in SEC vs. Coinbase Case
- Crypto Regulations in Focus Before G20 Summit
Elon Musk’s Strong Ties to Dogecoin Foundation Exposed
This week, the Wall Street Journal revealed that Elon Musk has become more closely connected to Dogecoin (DOGE). According to the report, Musk provided financial support to the Dogecoin Foundation.
In 2022, crypto investors filed a massive $258 billion lawsuit against Musk, Tesla (TSLA), and SpaceX. They accused these entities of making false and deceptive claims about Dogecoin, suggesting it was a legitimate investment despite having no actual value.
Despite facing this lawsuit, Musk, after acquiring Twitter, briefly changed Twitter’s logo to the DOGE logo.
Interestingly, while the broader market behaved differently, Dogecoin (DOGE) managed to increase by 0.48% to $0.0634 from Monday through Saturday morning.
SEC Responds to Ripple’s Opposition in Legal Battle
After Ripple opposed the SEC’s motion for an interlocutory appeal, people were waiting for the SEC’s reply. On Friday, the SEC responded to Ripple’s opposition.
The SEC’s reply is a chance for them to counter Ripple’s arguments. They’re trying to explain why they need this appeal.
The SEC criticized Ripple’s defense strategy, saying the Defendants want to drag out the case to keep selling XRP. Legal experts are discussing this, and the SEC’s concerns about saving court resources.
John E. Deaton, an attorney, and founder of CryptoLaw, pointed out the SEC’s claim that Ripple is prolonging the legal process, which he thinks is a waste of court resources.
From Monday to Saturday morning, XRP’s price went down by 0.48%, trading at $0.5022.
Ark Invest and 21Shares Seek Approval for ETH-Spot ETF
On Wednesday, Ark Invest and 21Shares applied for something called an ETH-Spot ETF, specifically, the Ark 21Shares Ethereum ETF. This application comes after the SEC decided to let people comment on BTC-Spot ETF applications.
Now, what’s important to know is that the delay in getting a crypto-spot ETF approved is causing some issues in the crypto market. If these ETFs get approved, it could bring in a lot of new money from investors into the crypto world.
One thing to note is that earlier this year, the SEC said Bitcoin (BTC) is like a commodity, but they called Ethereum (ETH) a security. So, while the SEC might say yes to some of the Bitcoin ETFs, they might be more cautious with Ethereum.
From Monday to Saturday morning, the price of Ethereum (ETH) dropped by 0.14%.
Investor Interest Grows in SEC vs. Coinbase Case
People are paying more attention to the SEC vs. Coinbase (COIN) case lately. Investors are waiting for a decision from the court about Coinbase’s motion to dismiss.
If the judge grants this motion to dismiss, it could have big effects on how digital assets are treated in the United States.
Earlier this year, SEC Chair Gary Gensler said that, except for Bitcoin (BTC), all cryptocurrencies are like securities.
The SEC claims that Coinbase is acting like an unregistered securities exchange, broker, and clearing agent. If the case is dismissed, it could give us a clearer idea of how cryptos are seen when traded on US exchanges.
Legal experts think that a dismissal might push the SEC to settle the SEC vs. Ripple case.
Coinbase’s stock went up by 5.26% this week, closing the week at $82.09.
Crypto Regulations in Focus Before G20 Summit
US Pilot Program for Digital Assets Proposed: CFTC Commissioner Caroline D. Pham suggested launching a pilot program for the US digital asset markets. She discussed this at the ‘Staying Ahead of the Curve: Crypto Regulation and Competitiveness’ event at the Cato Institute. Pham emphasized that the CFTC’s framework aims to encourage innovation in technology, new products, and market structure.
Global Crypto Policy Roadmap Released: On Thursday, the Financial Stability Board (FSB) and the International Monetary Fund (IMF) released a paper outlining a roadmap for implementing crypto policies. This plan assigns responsibilities to various organizations, including the FSB, IMF, and the World Bank, focusing on G20 jurisdictions and beyond. The goal is to promote global collaboration and information sharing to better understand the evolving crypto landscape.
Crypto Market Cap’s Steady Performance: Despite concerns about a potential global regulatory framework, the crypto market cap experienced only a minor 0.20% decrease, reaching $1,023 billion from Monday through Saturday. Surprisingly, there was no widespread panic selling, which is typically seen when regulatory threats emerge.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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