This Week in Coins: SEC and CBDC News Push XRP Rally During Slow Week – Decryption

Bitcoin and Ethereum prices have remained flat relative to Third week in a row Since the US Securities and Exchange Commission (SEC) has shown no signs of giving up ground on its claim to be the primary regulator of the industry.

Bitcoin (BTC) has added a modest 0.3% to its value over the past seven days and is currently trading at $27,110.29. Similarly, Ethereum (ETH) only grew by 0.6% and is currently trading at $1,825.

There were no major losses among any of the top thirty cryptocurrencies this week. Three projects have recorded notable marches.

XRP price increased by 9.4% and entered the weekend at $0.46. The predecessor of the currency, Ripple, recorded a Small courtroom victory against the Securities and Exchange Commission in its ongoing lawsuit against the company for selling XRP as an unregistered security.

On Tuesday, Judge Annalisa Torres denied the SEC’s request to close documents related to a speech by former SEC director Bill Hinman explaining why Bitcoin and Ethereum should not be considered securities. Torres said the documents in question were “subject to a strong assumption of public access”.

Ripple’s defense had previously presented Hinman’s case regarding XRP, but the SEC responded that Hinman’s letter represented Hinman’s personal views before unsuccessfully requesting a motion to seal the documents.

Ripple hit the headlines again on Thursday with its news has been launched Central Bank Digital Currency (CBDC) platform. The platform has been offered to central banks and governments looking to create their own centrally issued stablecoins, along with the financial institutions that will distribute them and the users – individuals and businesses – that will trade, hold and use them.

The other big mover was Litecoin (LTC) which this week exploded 13.2% and was trading at $91.29 at the time of writing. Litecoin network recently increase in popularity as a result ordinal inscriptionsa craze that brings NFT-style assets to blockchains with underdeveloped smart contracts, such as Bitcoin and Litecoin.

Ethereum Staking Lido DAO (LDO) Token Up 13.7% This Week, Maintaining Momentum from last week.

SEC ‘Ready to Help’

On Monday, SEC Chairman Gary Gensler disputed allegations that the SEC’s regulatory guidance for crypto firms was not clear. speaks in a keyword At the hearing, Gensler insisted that “the rules have already been posted” and added that his agency is “willing to help them comply.”

The SEC’s stance is widely seen as disingenuous as the regulator is simultaneously bombarding the industry with lawsuits. Even one of the SEC’s commissioners, Hester Pierce, has objected several times over the lack of clarity, most recently with her agency’s decision to close. Below the Staking Kraken platform and its proposal to Amending the definition of “exchange” To bring crypto companies into their jurisdiction.

Another noteworthy event on Monday was The SEC’s response to Coinbase’s petition for an injunction, one that would require the agency to clarify its rules on crypto regulations. Lawyers for the regulator urged the court to deny Coinbase’s request.

around the world

In the South Korean press on Monday, Samsung announced her partnership With the Bank of Korea (BOK) to conduct joint research aimed at developing a CBD ecosystem.

The two parties signed a Memorandum of Understanding (MOU) to deepen their research into offline CBDC payments, according to Korea Herald a report.

Samsung previously participated in BOK’s CBDC pilot project Last year, offline CBDC technology was developed to enable transfers and payments through near field communication (NFC), even when the devices of the sender and recipient of the transaction are not connected to the Internet.

On Tuesday, European Union finance ministers approved block markets in crypto assets (mica) invoice with no objections. these signs the last step The process of legislation coming into force now means that the European Union has a comprehensive and unified set of guidelines for regulating cryptocurrencies across all of its 27 member states.

Finally on Wednesday, a cross-party panel of British MPs on Wednesday published a report recommending that the British government Cryptocurrency is prescribed as gambling. The outlandish proposal envisages handing oversight to a gambling commission and includes possible addiction support taxes and debt counseling.

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