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The U.S. Securities and Exchange Commission (SEC) has filed an appeal in its ongoing legal battle against Ripple Labs. The appeal challenges aspects of the court’s previous sales ruling but notably leaves XRP’s non-security status untouched. This marks yet another chapter in the high-profile case, with the SEC focusing its appeal on Ripple’s sales practices and the involvement of its executives rather than the overall classification of XRP as a non-security. SEC Appeal: Ripple Sales and Executive Involvement, A Disaster? In July 2023, U.S. District Judge Analisa Torres ruled in favor of Ripple, determining that sales of XRP to retail investors on digital…
Tron’s memecoin launchpad, SunPump, has driven the blockchain’s quarterly revenue to an all-time high of $151.2 million in the third quarter of 2024, according to a report by Messari. This marks a significant 30% increase compared to the previous quarter, fueled by a surge in decentralized finance (DeFi) activity linked to the launch of over 89,000 memecoins between August 12 and September 30. Tron’s DeFi Transactions Increase by 487% The report, released on October 17, highlights a staggering 487% increase in Tron’s DeFi transactions during Q3. “SunPump activity began picking up on August 16 and went parabolic in the following two-week…
A former loans manager at South Korea’s NH Bank (NongHyup) who has been accused of stealing company funds to buy crypto says they “lost everything.” Per the broadcaster JTBC, NH thinks that a manager surnamed Kim embezzled a total of $12.5 million worth of loans. NH Bank Staffer ‘Stole Loan Funds to Spend on Crypto’ The bank found evidence of irregularities during an audit in August this year. NH reportedly thinks Kim stole money “on 106 occasions over four years,” from “June 2020 to August 2024.” JTBC said it had seen the audit, commissioned by NH headquarters, detailing “a suspicious flow of loans…
Worldcoin announced a new partnership with Dune on October 11 to improve data access and provide real-time insights for World Chain users. According to the announcement published by Worldcoin, Dune’s data analytics tools will enable the Worldcoin community to explore on-chain data and track metrics related to decentralized finance (DeFi) and other public blockchain projects once the World Chain main net launches. Data Access and Insights on World Chain The collaboration is expected to enhance transparency within the World Chain ecosystem by providing users with improved access to on-chain data and helping them track and understand network performance. Dune’s platform will enable…
Blockchain analytics firm Arkham Intelligence is set to launch a cryptocurrency derivatives exchange as early as next month. The new platform is aimed at retail traders and will compete directly with established giants like Binance, sources familiar with the matter revealed, according to a report by Bloomberg. The exchange will operate under a license in the Dominican Republic, where Arkham is reportedly in the final stages of securing regulatory approval. Demand for Crypto Derivatives Continues to Increase The move aligns with the growing demand for cryptocurrency derivatives, a market that has seen rapid expansion in recent months, driven mainly by retail…
Hong Kong’s financial regulator has granted its third license under the new crypto trading platform regime, with plans to approve more by the end of the year. In an interview with local media outlet HK01, Julia Leung, Chief Executive of the Securities and Futures Commission (SFC), confirmed that HKVAX is the latest firm to receive a license to operate as a crypto exchange in Hong Kong. This follows earlier approvals for OSL and HashKey, which are already licensed to provide crypto trading services. 11 More Platforms Are Under Consideration Leung highlighted that 11 other platforms are currently on the SFC’s “deemed-to-be-licensed”…
The United Arab Emirates (UAE) has made official the decision to exempt crypto transactions from value-added tax (VAT). This VAT exemption applies to the exchange and transfer of virtual assets. Notably, the new rule is retroactive, meaning it covers crypto transactions from as far back as January 1, 2018. The official update was released in Arabic on October 2, 2024, followed by an English translation on October 4, 2024. This VAT exemption provides significant relief to businesses and investors in the UAE’s cryptocurrency ecosystem. UAE Exempting VAT: What Does It Mean For Crypto? The Federal Tax Authority (FTA) published amendments that bring digital assets…
The International Monetary Fund (IMF) has urged El Salvador to review its Bitcoin policies and enhance its cryptocurrency regulations. In a press conference on October 3, Julie Kozack, the director of the IMF’s communications department, highlighted the collaborative efforts between IMF staff and Salvadoran officials. Their goal is to complete a new program supported by the IMF, which aims to stabilize the country’s economy, make necessary adjustments, and promote growth-focused reforms. However, the IMF’s recommendation reflects ongoing concerns about the risks associated with Bitcoin as a legal tender. If the country acts on this advice, it could lead to a more stable economic environment,…
There are three crucial factors – primarily US-related – that will drive the performance of Bitcoin (BTC)’s price in the fourth quarter of this year, according to the latest CoinMarketCap’s Quarterly Report. Firstly, the report discussed significant macroeconomic conditions. Many are focused on the US Federal Reserve’s rate decisions, as has been the case recently as well. However, the report noted the “crucial role” that broader economic indicators play, including productivity indicators, unemployment data, and inflation. Indications of a recession could limit BTC’s upside potential, since investors would become more reluctant to take risks. Therefore, said the report, “if there are strong signs that the US is headed for a…
Zhu Guangyao, former Chinese minister of Finance, advocates for the government to research cryptocurrency more closely. Speaking during an event at Tsinghua PBC Chief Economist Forum, held in Beijing on Saturday, Zhu said that cryptos are a “crucial aspect to the development of the digital economy.” First reported by Sina, he first highlighted that cryptos “have negative effects.” He added that China should fully recognise the risks associated with the asset class to the capital market. “But we must study the latest international changes and policy adjustments because it is a crucial aspect to the development of the digital economy.”…