Don’t miss a thing in the world of crypto with the top three US cryptocurrency news stories from the past day.
Don’t miss a thing in the world of crypto with the top three US cryptocurrency news stories from the past day.
Bitcoiner Samson Mow criticizes Ripple for spreading FUD about Bitcoin and Tether
Following the confrontation which was developed between Ripple CEO Brad Garlinghouse and Tether CEO Paolo Ardoino, Jan3 boss Samson Mow, took to social media to share your opinion on the situation. In its x publication, Mow sided with Ardoino and wrote that Ripple is now “actively spreading FUD on Tether” to “try to gain traction on its own stablecoin.” The Jan3 CEO added that such a turn of events does not surprise him at all, since a similar situation occurred in 2022; Back then, Ripple (particularly its co-founder Chris Larsen) paid $5 million to Greenpeace to start a campaign against Bitcoin, which aimed to force the switch from BTC’s proof-of-work consensus algorithm to a proof-of-stake one.
SEC v. Ripple: Defendant Files Motion to Seal Documents
According to a recent update on the Ripple-SEC legal battle provided by defense attorney James K. Filan, Ripple has filed a motion to seal or narrowly tailor certain of its documents in connection with the SEC’s motion for judgment and remedies. As Ripple claims, if these confidential documents were made public, its business interests would suffer “significant harm.” The company wants to seal or redact highly confidential information about its profits, income, expenses, etc. Additionally, Ripple requests to keep its contractual agreements with thirty business partners secret; Although the company recognizes the relevance of the fact that it provided discounts to institutional buyers of XRP, it is not willing to disclose specific financial and price details. Additionally, Ripple wishes to protect the identities of certain non-party financial institutions, both customers and employees.
Here’s why the Ethereum ETF could be denied
In a recent x publicationJames Seyffart, ETF analyst at Bloomberg Intelligence, fixed that the SEC’s decision to deny numerous Ethereum ETF applications this May claiming that Ethereum is a security is increasingly likely. “It’s not a guarantee that they’re going to do this, but I think it almost guarantees that the SEC is at least considering it,” Seyffart added. The analyst’s post comes in response to financial lawyer Scott Johnsson, who stated that the SEC is considering the security issue for Ethereum in its upcoming spot ETF order. According to Johnsson, the regulator is supposed to provide “notice of the reasons for disapproval being considered.” The SEC maintains that since the underlying asset is a security, it was inappropriate to offer commodity-based trust shares. Interestingly, Bitcoin ETFs did not have to address this issue. As a reminder, on May 23 and 24 the SEC is expected to make its final decision on VanEck and ARK’s Ethereum ETF filings, respectively.
