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Cardano Founder Charles Hoskinson Criticize SEC Cracking Down on Companies Outside Its Jurisdiction

Mark Brennan
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Cardano Founder Charles Hoskinson Criticize SEC Cracking Down on Companies Outside Its Jurisdiction

 

Charles Hoskinson, the creator of Cardano, comments on the unfairness of the SEC.



During the hearing on Tuesday, the Director of Enforcement for the SEC, Gurbir Grewal, was questioned regarding the manner in which the SEC governs unfairly. 

In response, he admitted that the regulatory body is cracking down on businesses that are located outside of its jurisdiction. Charles Hoskinson, the creator of Cardano, responded to the news by making a sarcastic remark and said that he would file this under “tell me how you really feel.”

 

In addition, Grewal requested extra resources from Congress, including funding to increase the number of staff members working on the agency’s crypto regulatory initiatives. 

This is not the first time Hoskinson is taking aim at the regulatory agency. Just a few weeks ago, Hoskinson said that the case-by-case approach used by regulators should be avoided at all costs since it causes everyone to live in terror. He said this only illustrates what might occur when regulation is carried out by enforcement rather than law.

The blockchain engineer believes that the SEC should establish unambiguous and easy-to-grasp guidelines. In addition, there must be a transparent procedure that individuals may follow in order to adhere to and meet those criteria.

In related news, SEC enforcement proceedings against crypto businesses have piled up to the point that the agency’s fledgling crypto section is becoming overburdened, the regulator told the House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, which monitors SEC enforcement activities.

Furthermore, legislation aimed at regulating digital assets categorically was proposed earlier this month and is expected to become law. The Commodities and Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) both have authority over digital assets.

Shiba Inu (SHIB) Now Top Held Altcoin By Top 100 ETH Whales After Gaining 11% in 24 Hours

Mark Brennan
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Shiba Inu (SHIB) Now Top Held Altcoin By Top 100 ETH Whales After Gaining 11% in 24 Hours

Shiba Inu (SHIB) rose 11 percent in the last 24 hours and 24 percent in the past seven days.



In the middle of this crypto-crash environment and the very volatile cryptocurrency market, investors in SHIB should know that there is some positive news to report. Shiba Inu (SHIB), the world’s second-largest meme coin, has seen its value increase by 11 percent in the last 24 hours and by 24 percent in the past seven days.

The 24-hour technical analysis indicates a buy signal, whereas the 4-hour chart reveals that SHIB is rising. Both time periods’ indications are generally bullish, with barely a few neutral signs. The market is expected to continue its upward trajectory, which bodes well for Shiba Inu.

SHIB’s price has been rising steadily since the latest flip, indicating an uptrend. Prices rose sharply after slamming against a lower trend line a few times prior. Consequently, if the asset dips to these levels in the event of a reversal, it is likely to recover quickly.

In related developments, SHIB has the highest holding among top ETH whales after ETH, with a value of more than $560 million, Holding 494T Shib and 22% of their total assets. This might have constituted the steep increase in the meme coins’ price.

shib top holding of whales

Furthermore, since yesterday, Shiba Inu’s burn rate has increased substantially. One transaction burnt a massive 519,456,549 SHIB tokens, according to the ShibBurn Twitter account. Hundreds of trillions of SHIB have been burned in a series of subsequent transactions, each of which included a considerable quantity of SHIB.

Lastly, despite the Shiba Inu price being range-bound for the previous several days, the bulls have managed to hold a solid $0.0000010 support level throughout the retracement phase. If buyers break out of this zone, the price might rise as high as $0.0000013.

Doge Daily Transactions Surpass 80K, Also Dogecoin Large Whales Transactions Of $100k+ Spike Amid Price Rise

Mark Brennan
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0
Doge Daily Transactions Surpass 80K, Also Dogecoin Large Whales Transactions Of $100k+ Spike Amid Price Rise

 

Interest in the popular doggy token continues to rise.


 

A tweet from Santiment Feed on Tuesday reveals that Dogecoin has seen a spike in large whale transactions as the crypto market rallies.

“With many altcoins enjoying a solid rebound to their market caps in July, we can see the amount of $100k+ valued whale transactions are beginning to rise. DOGE, MATIC, & UNI are noticeably seeing rises in these large transactions on their networks,” Santiment tweeted, highlighting the trend.

 

It is worth noting that the popular meme coin has seen increased interest from whales in recent days. As reported by The Crypto Basic on Monday, the token is among the top 10 coins sought after by the biggest whales on the Binance chain.

Notably, Dogecoin has also seen a spike in transactions this week. As reported by The Crypto Basic on Monday, the doge network had processed over 75,000 transactions in 24 hours, the highest since May 2021. Meanwhile, MyDoge Wallet reported in a tweet today that the number of transactions in the last 24 hours had surpassed the 80,000 mark.

It is worth noting that despite the breakdown of the deal between Elon Musk and Twitter which raised hopes for the integration of Dogecoin for payments on the platform, there has still been a lot of positive news for the network in recent times.

Notably, efforts from the MyDoge Wallet team to introduce memes into the Dogecoin metaverse have garnered positive attention for the crypto. Additionally, it is worth noting that the Dogecoin development team is not resting on its oars as Dogecoin v1.14.6 is slated to go live soon. The upgrade promises to bring improved network security and efficiency.

At the time of writing, data from intotheblock reveals that 55% of Dogecoin holders are currently in profit. The data also shows that 65% are long-term and large holders. The doggy meme coin is trading at the $0.0738 price point, up 11% in the last 24 hours and 19.73% in the last seven days.

Ripple vs. SEC: SEC Enforcement Director Declined Answering Questions About William Hinman’s 2018 Speech

Lele Jima
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Ripple vs. SEC: SEC Enforcement Director Declined Answering Questions About William Hinman’s 2018 Speech

The SEC Enforcement Director declined to comment on Hinman’s saga. 


At Tuesday’s oversight hearing on the SEC’s enforcement division, held by a Congressional subcommittee, several crypto-related issues, including the lawsuit between the agency and Ripple, were discussed.

U.S. Rep. Warren Davidson, D-Ohio, quizzed Gurbir Grewal, the SEC’s Director of Enforcement, to clarify details related to William Hinman’s 2018 speech.

Rep. Davidson was curious to know whether the 2018 Hinman speech would be considered views of the SEC since Hinman sought guidance from SEC staff while drafting the speech.

Grewal refused to answer the question, saying, “That hypothetical is a real scenario playing out in the [Ripple] litigation.

The SEC’s Director of Enforcement also refused to answer questions to determine whether Hinman submitted the drafted speech to the agency’s Ethics Division for approval.

Controversy Surrounding Hinman’s Speech

There has been a lot of controversy surrounding Hinman’s 2018 speech, where he declared that Ethereum is not a security.

The speech has become integral to the litigation between Ripple and the Securities and Exchange Commission (SEC). Ripple had argued that the documents used in drafting the speech are essential in clarifying that XRP is not a security. The documents contained 68 draft emails among SEC staff at the time, which resulted in formulating ETH free pass speech.

Since XRP and ETH were in a head-to-head battle over which coin would ultimately become the second-largest cryptocurrency, Ripple believes there is no way the SEC staff did not discuss XRP in the document, now referred to as the Hinman document.

However, all efforts to have the SEC submit the documents have ended in futility. Even though Judge Sarah Netburn had ordered the agency to surrender the Hinman document to aid Ripple’s fair notice defense, the SEC had launched several bids to prevent this from happening.

Last week, the SEC saw its recent attempt to hold on to the document denied. As TheCryptoBasic reported, Judge Netburn denied SEC’s motion that Hinman’s document is protected by the attorney-client privilege.

This implies that the SEC would have no option but to surrender the document as ordered. Many people following the Ripple vs. SEC lawsuit, including attorney John Deaton, believe the Securities and Exchange Commission would instead settle with Ripple than submit the documents.

However, the cryptocurrency community is closely watching the SEC’s move following the recent ruling with Hinman’s document.

Unknown User Purchases $1.7 Billion Ethereum Futures Contracts In An Hour While Bitcoin Newbies Still Remain In Loss

Albert Brown
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Unknown User Purchases $1.7 Billion Ethereum Futures Contracts In An Hour While Bitcoin Newbies Still Remain In Loss

 

Ethereum futures contract sees record hourly volume. 


 

In a tweet on Wednesday from Kate Young Ju, the sub-account of CryptoQuant CEO Ki Young Ju, it is revealed that an unknown entity has purchased $1.7 billion Ethereum future contracts in an hour, beating a seven-month hourly volume record.

“Someone(s) bought $1.7B worth $ETH futures contracts in an hour. It’s 7-month biggest hourly volume in market orders,” the CryptoQuant affiliated account tweets.

 

The reason for the big splurge is unknown. Meanwhile, crypto enthusiasts in the comments remain split on how the purchase would impact the asset’s price, but many expect it to be positive in the short term at least. It is worth noting that futures contracts enable buyers and sellers to negotiate the price of an asset.

Ethereum has put up an impressive showing in recent days. The asset is up 48.79% in the last seven days, significantly outperforming Bitcoin, as Ethereum holders anticipate the migration of the asset to the proof-of-stake consensus chain.

Meanwhile, at this time, a bulk of Bitcoin investors remain in the red despite the latest market rally. CEO of the blockchain analytics firm Ki Young Ju notes that Bitcoin newcomers who constitute a bulk of the realized market cap remain in the red. 

“BTC newbies who joined in early 2021 are still underwater, taking 75% of the total realized cap,” Ki Young Ju tweeted on Wednesday.

 

However, the CryptoQuant executive notes that this indicates the price at which the next bull run should start. According to Ki Young Ju, we should expect the next bull run to start at the $30k price point.

“$30k sounds like a starting point for the next bull run,” tweeted Ki. “It doesn’t sound strange to me since most people who joined the last bull run are still underwater at that price.”

It is worth noting that the CryptoQuant executive had previously stated he expects the bull run to start after a major short squeeze event. 

At the time of writing, Ethereum is trading at $1,572, inching closer to $1,600, up 3.34% in the last 24 hours. Meanwhile, Bitcoin is trading at the $23,541 price point, up 7.33% in the last 24 hours and 20.73% in the last seven days.

Ripple’s CEO Slam US Rep for Calling XRP Security, Says He Was “Magna Cum Laude at Harvard Law” Preferring Political Agenda Over Law

Mark Brennan
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Ripple’s CEO Slam US Rep for Calling XRP Security, Says He Was “Magna Cum Laude at Harvard Law” Preferring Political Agenda Over Law

 

Ripple’s CEO and General Counsel strongly opposed US Rep. Brad Sherman’s anti-XRP comments.


Ripple executives have reacted to comments made by Brad Sherman, D-California, on Tuesday, where he urged the Securities and Exchange Commission to go after crypto exchanges that traded XRP.

Sherman, who is the Chair of a Congressional subcommittee focused on the SEC’s enforcement division, said in an oversight hearing on Tuesday: 

“The division has determined that XRP is a security and is going after XRP but, for reasons that I’ll bring up in question, has not gone after the exchanges where tens of thousands of illegal securities transactions were occurring.” 

He added: “You know [XRP] is security. That means they were illegally operating a securities exchange.” 

Ripple Executives React to Rep. Sherman’s Comment

Rep Sherman’s comment did not sit well with Ripple’s top executives, including Ripple CEO Brad Garlinghouse and Ripple’s General Counsel Stuart Alderoty. 

The duo reacted to the comments made by Rep. Sherman on their respective Twitter pages. 

Attorney Alderoty reminded Rep. Sherman that the United States is yet to classify XRP as a security, as the case is currently being challenged in court. 

He noted that only the court would determine whether the cryptocurrency is a security. 

“When elected officials don’t understand that the mere filing of a case by the SEC doesn’t determine anything…it’s more than concerning,” Attorney Alderoty added. 

Ripple’s General Counsel described Rep. Sherman’s comments as a pernicious effect of the SEC’s regulation by enforcement approach – a tactic that has been heavily slammed by the cryptocurrency community. 

On the other hand, Ripple’s CEO believes Rep. Sherman is knowledgeable about legal matters, given that he “was magna cum laude at Harvard Law.” 

Garlinghouse added that despite Rep. Sherman having good legal knowledge, he is “opting to advance a political agenda over sound policy and ignoring what the law actually says.” 

SEC vs. Ripple Lawsuit

Recall that the SEC charged Ripple in December 2020 for conducting an unregistered securities offering in the United States. 

Unlike most cryptocurrency companies, Ripple stood its ground, challenging the SEC’s argument that its native token – XRP – is not a security. 

Despite Ripple’s assertion, U.S.-based exchanges were forced to discontinue support for XRP. They fear that if Ripple is found guilty, the SEC may come after them for facilitating the trading of the digital currency on their trading platform. 

The case has lingered for more than a year, with no sign that the parties could reach a settlement soon. However, the case is expected to end on or before March 2023, as reported by TheCryptoBasic.  

The Biggest Off-Exchange BTC Wallet Transfers Another 46,000 Bitcoin, Drops To 8th Place After Offloading BTC

Albert Brown
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0
The Biggest Off-Exchange BTC Wallet Transfers Another 46,000 Bitcoin, Drops To 8th Place After Offloading BTC

Bitcoin Whale Transfers Coin Cache In Multiple Transactions And Falls To Position 8.



The BTC whale that transferred 15,500 coins yesterday has moved more, making them fall from position 3 to 8 among whales.

Yesterday as reported by The Crypto Basic, one of the largest Bitcoin whales went active, transferring loads of coins from their super-sized wallet that initially held over 117,000 BTC. The whale sent out a total of 15,500 Bitcoins with an estimated value of around $350 million.

Reports show that the whale has been transferring more coins over the past few hours. Over these hours, a total of 46,000 BTC has been transferred out of the original wallet, leaving a stash of around 71.3k BTC. Before yesterday’s transfer, this particular whale held a high position among the largest BTC whales. Now, the entity is at position 8. Still, a stash of over 70,000 BTC coins is significant.

 

btc whale sells another 46K btc

Image source: Bitcoininfocharts

The whale made five transactions to offload 46K BTC. Transferring 5000 BTC in the first and second transaction, 10,000 BTC in the third and fourth, and 16,000 BTC in the fifth transaction.

Is The Whale Leaving The Market?

The said whale activity has spurred speculations o whether this particular entity is selling off to leave the crypto market. However, it’s still not clear what the transfers are meant for. The whale could be just distributing their stash to multiple wallets for better security, or they could be preparing to sell.

Sources on Reddit reveal that this whale has been a sharp investor over multiple market cycles, always buying low and selling high. Over the last month, when the market crashed and FUD was at its peak, the whale reportedly accumulated over 10,000 BTC. It’s still unclear whether the whale is an individual, a group of individuals, or an institution.

What Could Be The Trigger?

Whale action is often seen as a market mover, but it’s only so if the whales are selling or accumulating. Based on the information available, it’s not clear whether this whale intends to sell their stash or not. If anything, they could be just moving it around as a routine. At the time of this writing, Bitcoin is priced at $23.4k, with a 24-hour gain of 6.4 % and a 7-day spike of 20%.

Symmetry Protocol releases Solana’s First Asset Management Infra

Chainwire
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Symmetry Protocol releases Solana’s First Asset Management Infra

DeFi protocol Symmetry has released the first on-chain asset management infrastructure on Solana called Symmetry Engine, announced on Twitter on Tuesday.

Symmetry Engine is a collection of SDKs that lets developers build asset management applications on-chain, as well as gain access to 0 price impact and 0 slippage liquidity.

The protocol has been launching products on Solana since 2021 and has surpassed over $500 million in volume on their DEX built with Prism Aggregator.

In traditional finance, creation & management of indices and actively managed funds has always been limited due to its capital intensive nature, as well as the complexity of moving large amounts of money to maintain risk and reward ratios. Public has been limited by the rules and methodologies of the central parties managing the funds. Symmetry is in the forefront of revolutionizing this by it’s trustless and permissionless nature.

Symmetry can be used by anyone to create a fund in less than 5 minutes. When establishing an index or an actively managed fund, protocol automatically creates a token specifically for that fund, which represents its underlying assets, price of which is determined by the weighted price movements of its asset composition. Therefore, owners of the fund token effectively hold the value of assets contained in its composition, allowing them to easily diversify their portfolio with just one token. Symmetry Engine automatically takes care of rebalancing, re-weighing and refiltering (in case it is automated) the fund on-chain.

Funds can also act as concentrated liquidity pools, market making to DEXes and earning liquidity provider fees for the fund token holders. This unlocks a wide range of possibilities for traders, as the liquidity can be offered with zero slippage, zero price impact and at a price determined by an on-chain oracle.

With the initial release, Symmetry Engine contains the following functionalities:

1. Funds SDK – Creation, management, automation and tracking of indices & actively managed funds.

2. Liquidity SDK – Access to the liquidity of the funds

Documentation for Symmetry Engine can be found at docs.symmetry.fi

 

Cardano Again Leads Development Activity, Leave Behind Ethereum, Polkadot, and Kusama

Lele Jima
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0
Cardano Again Leads Development Activity, Leave Behind Ethereum, Polkadot, and Kusama

Cardano is Leading Development Activity again this month.


With the launch of the Vasil mainnet upgrade around the corner, the Cardano development team, Input Output Global (IOG), is working round the clock to ensure the update is deployed without any hitches.

The consistency of Input Output Global has seen Cardano lead other cryptocurrency projects in terms of development activities this month.

Fresh data shared recently by Santiment shows that Cardano leads top blockchain projects like Ethereum, Polkadot, Kusama, IOTA, Internet Computer (ICP) etc.

According to Santiment, its latest ranking for top cryptocurrency projects with increased development activities goes beyond mere GitHub submissions. Santiment noted that it focused on other metrics, including issue interactions and code pushes.

“Measuring github activity goes beyond just the quantity of submissions. We measure via code pushes, issue interactions, & more,” Santiment tweeted.

Details of the Ranking

Per the data, Cardano ranks as the top crypto project with increased development activity after recording over 387 points using Santiment metrics in the last 30 days.

Polkadot came second in the rankings with 281.97 points within the period. Kusama and Ethereum ranked third and fourth with 281 and 274 points, respectively.

IOG Prepares Ahead of Vasil Mainnet Launch

It is not surprising to see Cardano leading other cryptocurrency projects in terms of development activities. The project is expected to roll out the Vasil upgrade on mainnet later this month. The upgrade is tipped to enhance key Cardano features that will see the network experience increased transaction speed and scalability, among other mouthwatering features.

As reported by TheCryptoBasic, Cardano’s development team made a total of 13,003 GitHub submissions in June alone.

SEC Requests Court That John Deaton And XRP Holders Be Stripped Of Amici Status In Ripple Case

Mark Brennan
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SEC Requests Court That John Deaton And XRP Holders Be Stripped Of Amici Status In Ripple Case

 

XRP holders may no longer be able to contribute to Ripple’s legal battle with the SEC.



A redacted copy of the SEC’s amici motion letter to Judge Analisa Torres shared on Twitter on Tuesday by James K. Filan reveals that the SEC is pushing to strip XRP holders of amici status and prevent further participation of the XRP holders’ representative, John Deaton.

 

According to the SEC’s filing, recent steps taken by Deaton constitute a threat to an expert witness. The SEC notes that Deaton has sought to provide affidavits to contest statements from an expert witness and revealed the witness’s identity to the public. This move, the SEC says, exceeds the bounds of the privileges offered by the amici status, adding that it provides no additional support to Ripple’s case as they can make such arguments.

In conclusion, the heavily redacted letter read:

“In addition, the Motion seeks to brief factual rather than legal issues, to do so on a non-dispositive motion, and to make arguments that Defendants are capable of making. Movants’ Motion should be denied, and, pursuant to the Court’s broad discretion to permit or deny the appearance of amici, Deaton should be barred from making additional filings or otherwise participating in this case. The SEC may seek further relief from the Court in light of Deaton’s and his followers’ recent conduct.”

In what was considered a big win for Ripple in their legal battle with the SEC, Torres first granted XRP holders amici status on October 4, last year. The status usually granted to persons who would be greatly affected by the outcome of a case meant that XRP holders could contribute to legal matters through their representative John Deaton who filed the motion.

It is worth noting that the nearly two-year-long legal battle has taken its toll on both the firm and holders of the XRP token. As previously reported by The Crypto Basic, Ripple chief Brad Garlinghouse revealed that the company would have spent over $100 million in legal fees at the end of the case. Meanwhile, several holders have taken losses due to the impact the case has had on the price.

Notably, Ripple scored a big win last Wednesday as Magistrate Judge Sarah Netburn denied the SEC’s motion to seal documents relevant to drafting the controversial William Hinman speech under attorney-client privilege.

At the time of writing, the XRP token is trading at the $0.3768 price point on mainstream crypto exchanges. It is up 5.52% in the last 24 hours and 20.26% in the last seven days.

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