Category: Forex News

Five Things to Know in Crypto This Week: BTC Impacts ETF Flows and MircoStrategy

COIN Weekly Chart 230324

SEC v Ripple:

XRP outperformed the broader crypto market from Monday (Mar 18) to Saturday (Mar 23), falling by 1.15% to $0.6117. In contrast, the total crypto market cap was down 6.01% to $2,361 billion.

The Coinbase filing with the CFTC fueled a Wednesday-Thursday rally, reversing losses from Tuesday (Mar 19).

XRP faces several headwinds, including SEC plans to appeal the Programmatic Sales of XRP ruling. In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP do not satisfy the third prong of the Howey Test.

Moreover, XRP benefitted from increased scrutiny of SEC activity within the US digital asset space.

An ongoing investigation into crypto conflicts of interest within the SEC could also unravel SEC plans to appeal the ruling. In 2022, government watchdog Empower Oversight reported possible financial conflicts of interest within the SEC to the Office of Inspector General (OIG).

The OIG is reportedly nearing the end of its investigation. Adverse findings against the SEC could force the SEC to settle the case against Ripple. A settlement would end SEC plans to appeal against the Programmatic Sales ruling.

The investigation pertains to former SEC director William Hinman. Hinman allegedly received millions of dollars from Simpson Thacher, his former employer, while at the SEC. Simpson Thacher is part of a group that promotes Enterprise Ethereum.

Hinman famously stated that bitcoin (BTC) and ethereum (ETH) are not securities in 2018. BTC and ETH benefitted from the speech, while XRP tumbled over fear of SEC action. Hinman returned to his former employer after leaving the SEC.

In March 2024, Empower Oversight expanded its investigations into financial conflicts of interest. Empower Oversight submitted a letter to the FOIA requesting records relating to ethical violations within the SEC.

In addition to requesting documents relating to Bill Hinman, Empower Oversight targeted former SEC Chair Jay Clayton. Clayton filed the charges against Ripple on his final day as SEC Chair. Clayton joined One River Asset Management after leaving the SEC. One River Asset Management was a hedge fund focused on BTC and ETH.

Source link

Discover more from BIPNs

Subscribe to get the latest posts to your email.

Written by : Editorial team of BIPNs

Main team of content of Any type of content should be approved by us.

Share this article:

Share your opinion. And leave a reply within the comments from below.

Discover more from BIPNs

Subscribe to get the latest posts to your email.