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Also Read: US SEC Commissioners Not Happy Over Impact Theory NFT Charges advertisement The lawsuit verdict effectively granted the approval of application to convert the Grayscale Bitcoin Trust into a spot Bitcoin ETF. However, it is not clear yet as to what would be a timeline for the spot Bitcoin ETF approval, considering that the US SEC may choose to appeal the judgment. Bitcoin Exchange Supply Spike Before The Verdict On-chain data showed that around 30,000 BTC was sent to crypto exchanges prior to the Grayscale lawsuit victory announcement earlier on Tuesday, August 29, 2023, taking the total available supply to 1.16 million $BTC. This raises the question of whether the big whales have placed the trades in anticipation of a positive ruling or they knew of the Grayscale win before the judgment. According to market intelligence platform Santiment, the exchange supply of Bitcoin was boosted significantly prior to the judgment. Meanwhile, the Gr...

Also Read: XRP Copycat Jumps 520%, Innovative Project or a Red Flag? advertisement XRP Token Holders, Not Investors Recently, US SEC chair Gary Gensler evaded a question on the Ripple lawsuit ruling citing the agency takes a collective decision with all the other commissioners. Interestingly, he repeated his warning to ‘investors’ about the Crypto Market , to which American businessman Mark Cuban took objection. He said, “(Gary Gensler) is in the habit of exclusively calling token holders investors. He knows that is incorrect, but it serves his purpose.” John Deaton: The Howey Factors Reacting to Gensler’s comment on the question of the SEC going for appeal, John Deaton , the attorney representing token holders in the lawsuit, said the judge will have a cushion of the first two Howey tests satisfying the ruling that the programmatic sale of XRP tokens to retail traders is not a securities transaction. Re...

Also Read: Buy Gold? Veteran Trader Calls To Buy Gold As Bitcoin Remains Under Pressure advertisement Speaking about the potential chances for the memecoin with the rebranding opportunity, popular crypto influencer Scott Melker mentioned Musk’s background as payments company PayPal’s cofounder. He wondered if X is all about payments as the everything app is all going to be about finances. Coinbase Research Head David Duong About Dogecoin Payments On X David Duong, the head of research at Coinbase, spoke in a Twitter spaces about the new developments at Twitter. He said the world of finance naturally connects everything because users have to pay for stuff. It makes sense if and when Dogecoin (DOGE) is the unit of account that allows payments on the platform and subsequently there could be a jump in Dogecoin price. However, he warned that it is a different question if Musk will implement the memecoin for payments on the X platform. He added th...

Also Read: Gemini Derivatives Exchange Reprimanded In Philippines advertisement “It’s Time To Update The System” In a short video message, Armstrong explains “how crypto moves America forward and why it’s the most important technology we have to create more economic freedom.” Overall, the crypto ad campaign is targeted at showacasing how the digital assets industry can help update the financial system. It’s time to update the system, the CEO added. Armstrong explained that there was no stopping the invention behind cryptocurrencies, as most countries began embracing the technology. “Cryptocurrency, regardless of what you think about it, is not going anywhere. It can’t be uninvented. Most of the world is embracing this technology now to update their financial system.” He also explained how the Crypto Market is associated with a perception about financial frauds and scams. Therefore, crypto is...

Also Read: Ripple SEC Lawsuit Settlement Incoming With Hinman Docs Delay? advertisement With the SEC filing a complaint against Ripple over unregulated sale of XRP as securities, the company has been in the legal tussle since December 2020. However, the company enjoys strong support from the XRP token holder community as it still enjoys a top 10 ranking among cryptocurrencies based on market cap. Warren Jenson Joins Ripple The company announced that the former Amazon chief financial officer Warren Jenson will join its Board of Directors. Despite the uncertainty around the SEC lawsuit, the company has been moving forward with its product launches and expansions in the crypto solutions space. The company made the announcement in a statement: “ Ripple is excited to announce today that Warren Jenson is joining its Board of Directors. A seasoned CFO and operations leader, Jenson brings decades of experience in business at today’s most recogn...