In this weekly recap, we cover:
- Ripple Labs dodging an SEC appeal, as Judge Analisa Torres denies the regulator’s attempt to overturn a previous ruling. The XRP market reacts with a 6% surge, but the legal battle is far from over.
- Coinbase’s legal team pushing back against the SEC, arguing that the agency has overstepped its regulatory bounds. The SEC insists that Coinbase operated as a broker, setting the stage for a prolonged legal fight.
- Binance under scrutiny following a Forbes investigation that questions the company’s 2017 ICO of Binance Coin (BNB). The report alleges that Binance controls a staggering 76% of the total BNB supply, worth about $26.6 billion.
- Ethereum Futures ETFs launching in the U.S. market with less-than-stellar trading volumes. On their first day, the ETFs recorded a combined trading volume of just $2 million, sparking debates on their future impact.
- Martin Bednall, a former BlackRock executive, stating that the SEC is likely to approve all spot Bitcoin ETFs simultaneously. Steven Schoenfeld, CEO at VanEck-owned MarketVector Indexes, concurs, suggesting approvals could happen within 3 to 6 months.
- Legal complexities for Alex Mashinsky, the former CEO of Celsius Network, who faces charges including wire fraud. Meanwhile, Celsius seeks court approval for a restructuring plan to distribute $2 billion in crypto to creditors.
- Michael Lewis facing backlash from the crypto community over his latest book “Going Infinite,” which some believe portrays Sam Bankman-Fried, the imprisoned founder of the now-bankrupt FTX exchange, in a favorable light.
- Vitalik Buterin warning of centralization risks in major Ethereum staking pools Lido and Rocket Pool, urging ecosystem participants to diversify staking pool operators to mitigate system risks.