Top Stories This Week
SEC files final response in Ripple XRP case
The U.S. Securities and Exchange Commission has filed a remedies brief challenging Ripple’s position over penalties in their ongoing legal battle. The SEC seeks substantial fines against Ripple following Judge Torres’ ruling that XRP isn’t a security in programmatic sales. Ripple contends that any fines shouldn’t exceed $10 million, citing the absence of fraudulent intent. On the other hand, the agency insists Ripple misinterpreted the court’s order and downplayed its liability. Both parties are now awaiting a final ruling. Ripple chief legal officer Stuart Alderoty criticized the SEC, arguing that its reputation continues to decline.
Grayscale withdraws its Ether futures ETF application
Grayscale has withdrawn its 19b-4 application for an Ether futures exchange-traded fund just three weeks before the U.S. Securities and Exchange Commission was set to decide on it. On May 7, the cryptocurrency asset manager filed a notice of withdrawal for the Grayscale Ethereum Futures Trust with the SEC, which was scheduled to make a decision on May 30. Traders rushed to short Ether after the announcement. Analysts believe the futures ETF application was a “trojan horse” to corner the agency into approving its spot Ether ETF proposal. As May 23 approaches, analysts are more skeptical about the SEC’s approval of a spot Ether ETF.
Satoshi-era dormant Bitcoin address wakes up after 10 years
A dormant Bitcoin address containing 687 BTC ($43.9 million), dating back to the era when Satoshi Nakamoto was still active, has woken up after 10 years. On May 6, it transferred its holdings to two different wallets, sparking curiosity among the crypto community. While speculation often links these wallets to Satoshi themself, experts believe they are more likely owned by early miners or buyers. Notably, 1.75 million Bitcoin wallets have remained inactive for over a decade, holding approximately $121 billion worth of BTC at current prices.
FTX proposes ‘billions in compensation,’ but not everyone’s happy
FTX has proposed a new plan to compensate creditors affected by its 2022 collapse, offering to repay all claims plus additional compensation for the time value of their investments. This plan, which needs approval from the U.S. Bankruptcy Court in Delaware, offers a 118% recovery for claims under $50,000, covering 98% of its creditors. However, the compensation is based on the value of assets at the time of FTX’s bankruptcy in November 2022, not current prices, despite a significant 280% rise in Bitcoin’s price since then. The proposal has upset some investors, who are arguing for reimbursement at current market prices.
Nigerian officials proposed secret crypto settlement, claims Binance CEO
Binance was allegedly pressured by Nigerian officials to enter into a $3-million settlement regarding compliance issues. Reports reveal that a Nigerian official demanded crypto payments to resolve matters related to Binance’s adherence to Nigerian crypto regulations. The exchange is said to have declined the payment demand through its local legal representation and to have continued the settlement negotiations. The relationship between the exchange and local authorities has recently escalated with the detention of Binance executives.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $60,848, Ether (ETH) at $2,932 and XRP (XRP) at $0.49. The total market cap is at $2.26 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Akash Network (AKT) at 38.34%, Render (RNDR) at 36.04% and Toncoin (TON) at 23.60%.
The top three altcoin losers of the week are Core (CORE) at -19.24%, Wormhole (W) at -17.98% and Lido DAO (LDO) at -15.87%.
For more information on crypto prices, make sure to read Cointelegraph’s market analysis.
Read also
Most Memorable Quotations
“Crypto is a small piece of our overall markets. But it’s an outsized piece of the scams and frauds and problems in our markets.”
Gary Gensler, chair of the U.S. Securities and Exchange Commission
“Digital assets have emerged as a significant issue in the upcoming…
Read More: Hodler’s Digest, May 5-11 – Cointelegraph Magazine