Top Stories This Week
SEC files final response in Ripple XRP case
The U.S. Securities and Exchange Commission has filed a remedies brief challenging Ripple’s position over penalties in their ongoing legal battle. The SEC seeks substantial fines against Ripple following Judge Torres’ ruling that XRP isn’t a security in programmatic sales. Ripple contends that any fines shouldn’t exceed $10 million, citing the absence of fraudulent intent. On the other hand, the agency insists Ripple misinterpreted the court’s order and downplayed its liability. Both parties are now awaiting a final ruling. Ripple chief legal officer Stuart Alderoty criticized the SEC, arguing that its reputation continues to decline.
Grayscale withdraws its Ether futures ETF application
Grayscale has withdrawn its 19b-4 application for an Ether futures exchange-traded fund just three weeks before the U.S. Securities and Exchange Commission was set to decide on it. On May 7, the cryptocurrency asset manager filed a notice of withdrawal for the Grayscale Ethereum Futures Trust with the SEC, which was scheduled to make a decision on May 30. Traders rushed to short Ether after the announcement. Analysts believe the futures ETF application was a “trojan horse” to corner the agency into approving its spot Ether ETF proposal. As May 23 approaches, analysts are more skeptical about the SEC’s approval of a spot Ether ETF.
Satoshi-era dormant Bitcoin address wakes up after 10 years
A dormant Bitcoin address containing 687 BTC ($43.9 million), dating back to the era when Satoshi Nakamoto was still active, has woken up after 10 years. On May 6, it transferred its holdings to two different wallets, sparking curiosity among the crypto community. While speculation often links these wallets to Satoshi themself, experts believe they are more likely owned by early miners or buyers. Notably, 1.75 million Bitcoin wallets have remained inactive for over a decade, holding approximately $121 billion worth of BTC at…
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