Five Things to Know in Crypto This Week: Elon Musk, Ripple, and Coinbase in Focus

Key ideas:

  • Elon Musk's Deepest Ties to the Dogecoin Foundation Exposed.
  • The SEC case against Ripple heats up as the SEC responds to Ripple's opposition filing.
  • The SEC v Coinbase case is beginning to generate more interest as investors await the Court's decision on the motion to dismiss.

SEC v Ripple Appeal Update

After the Ripple dust settled opposition filing with the SEC motion For the interlocutory appeal, investors waited for the SEC's Response Memorandum. On Friday, the SEC issued his response to Ripple's opposition filing.

The SEC's Response Memorandum offers them the opportunity to refute the arguments presented in Ripple's opposition filing.

In order to justify the need for an interlocutory appeal, the SEC took aim at Ripple's defense tactics. The SEC stated that the defendants wanted to prolong the case to allow the continued sale of XRP in the public markets. Legal experts reacted to the filing and the SEC's concerns about conserving judicial resources.

Amicus Curiae attorney and CryptoLaw founder John E. Deaton pointed to the SEC's claim that Ripple wants to extend the litigation process, wasting judicial resources.

From Monday to Saturday morning, XRP fell 0.48%, trading at $0.5022.

Ark Invest and 21Shares file for ETH-Spot ETF.

On Wednesday, Ark Invest and 21Shares archived for ETH-Spot ETF, Ark 21Shares Ethereum ETF. The filing of the ETH-Spot ETF follows the SEC's decision to open the BTC-Spot ETF requests to the public for comments.

The current delay in a spot crypto ETF market remains a hurdle for the crypto market. The approval of crypto spot ETFs would spur an influx of money from new investors into the crypto market.

Earlier this year, the SEC labeled BTC a commodity, but categorized ETH as a security.

While the SEC may approve one, some, or all of BTC-Spot's ETF applications, the ETH application could face greater scrutiny and rejection.

ETH was down 0.14%, Monday through Saturday morning.

Elon Musk and the Dogecoin Foundation

This week, the Wall Street Journal reported Elon Musk's Closer Ties to Dogecoin (DOGE). According to the WSJ, Elon Musk provided funding to the Dogecoin Foundation. In 2022, cryptocurrency investors archived a $258 billion lawsuit against Musk, Tesla (TSLA) and SpaceX. The plaintiffs alleged that the defendants "falsely and misleadingly claim that dogecoin is a legitimate investment when it has no value."

Despite the lawsuit, after Musk's acquisition of Twitter, it briefly changed its logo to DOGE.

Bucking the broader market trend, DOGE rose 0.48% to $0.0634, Monday through Saturday morning.

Interest intensifies in ongoing SEC v Coinbase case

Market interest in the ongoing SEC v Coinbase process (CURRENCY) cases have increased in recent weeks. Investors Await Court Ruling on Coinbase motion dismiss (MTD). If Chief Justice Failla grants the motion to dismiss, the implications would be significant for the US digital asset space.

Earlier this year, SEC Chairman Gary Gensler made a statement classifying all cryptocurrencies except btcas values.

The SEC alleges that Coinbase allegedly operates as an unregistered exchange, broker, and clearing agent. A dismissal would provide more clarity on how cryptocurrencies are classified when offered for trading on US exchanges.

Legal Experts speculate that a dismissal could force the SEC to resolve the SEC v Ripple case.

Coinbase gained 5.26% this week, ending the week at $82.09.

Crypto Market Regulations Become Focal Point Ahead of G20 Summit

This week, CFTC Commissioner Caroline D. Pham proposed launching a US pilot program for US digital asset markets. Speaking at the 'Staying Ahead: Crypto Regulation and Competitiveness' event at the Cato Institute, Pham stated that the CFTC's principles-based framework is designed to deliver "innovation in technology, new products and market structure."

On Thursday, the Financial Stability Board (FSB) and the International Monetary Fund (IMF) released a document that outlines a roadmap for policy implementation. The document assigned responsibilities to the FSB, the IMF and the World Bank, among others.

The roadmap focuses on G20 jurisdictions and beyond, promoting global collaboration and information sharing to understand the evolving crypto ecosystem.

From Monday to Saturday, the cryptocurrency market capitalization fell 0.20% to $1.023 billion. Despite the threat of a global regulatory framework, there was no panic selling. Historically, investors have reacted negatively to such threats.

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