Key ideas:
- The SEC commissioner's disagreement over the SEC's case against LBRY and its eventual demise sparked investor reaction.
- The SEC and Ripple are moving toward settlement talks amid speculation that the SEC will appeal the ruling on programmatic sales.
- FLOKI is among the favorites this week after the launch of a betting program.
BTC-Spot ETF Euphoria sends BTC to $35,000
On Tuesday, BTC hit a 2023 high of $35,264. Notably, BTC last visited the $35,000 level on the way down from the November 2021 ATH of $69,276.
btc-spot related to ETF news It fueled the breakout to $35,000. Rising hopes that the SEC will approve BTC spot ETF applications attracted investor interest. Black Rock (BLACK) listed iShares Bitcoin Trust (Ticker: IBTC) on the Depository Trust & Clearing Corporation (DTCC), which clears NASDAQ trading.
News that BlackRock planned to seed the iShares Bitcoin Trust in October fueled speculation about an imminent SEC approval.
The anticipation of an influx of rigid institutional money boosted demand for BTC and the broader market. This week, from Monday to Saturday, BTC is up 13.65% to $34,113.
SEC v Ripple: Settlement and Appeal Motion Threatens XRP
On Tuesday, Judge Analisa Torres signed the order, officially dropping SEC charges against Ripple co-founder Chris Larsen and CEO Brad Garlinghouse. The Court also ordered the SEC and Ripple to move forward to a briefing schedule by November 9, with proposed remedies for the pending charges. The pending charges correspond to institutional sales of XRP.
The Court's order raises the possibility of an agreement in the SEC case against Ripple. However, XRP showed little reaction to the possibilities of a deal.
Investors Fear SEC Plans to Appeal Programmatic Selling decision has impacted buyers' appetite for XRP.
From Judge Analisa Torres refused Following the SEC's interlocutory appeal, the SEC has moved quickly toward a schedule of informational filings. The market believes that the SEC has expedited the case to appeal the ruling on programmatic sales, which is admissible after the case.
A successful appeal would shroud the crypto market in uncertainty, and US lawmakers have yet to create a crypto regulatory framework.
This week, from Monday to Saturday, XRP rose a modest 4.36% to $0.5455.
SEC Dissent: Commissioner Hester Pierce Issues Statement on LBRY Case
Hester Peirce, SEC Commissioner released a statement on Friday, disagreeing with the SEC's case against LBRY. According to the statement,
โThe Commission has initiated many concerning cryptocurrency enforcement actions, but the case of LBRY, Inc. (LBRY) has particularly disturbed me. A statement on the case is pending. โI did not support bringing the case, but I have not been able to speak publicly about my concerns while the case has been in litigation.โ
Peirce noted that LBRY decided not to appeal the Court's ruling in favor of the SEC and instead closed.
The SEC Commissioner went on to say:
โAre investors and the market really better off now that the Commission's litigation contributed to the demise of a company that had built a functional blockchain with a real-world application running on top of it? โThe case illustrates the arbitrariness and real-life consequences of the Commissionโs misguided, law enforcement-driven approach to cryptocurrencies.โ
The statement generated responses from the crypto community. Former LBRY CEO Jeremy Kauffman had this to say about the statement:
โMy impression is that Peirce is doing the best he can in circumstances and political challenges that I cannot imagine. I've attacked her before, but only because she's the only human who cares enough. This is a thoughtful note that I appreciate.โ
The lack of a crypto regulatory framework leaves cash-strapped crypto companies at the mercy of the SEC. Recently, Ripple CEO Brad Garlinghouse saying he SEC case against Ripple It has cost more than 100 million dollars.
FLOKI surpasses BTC with new staking program
On Thursday, FLOKI (FLOKI) Announced the launch of a new betting program that will begin on October 27.
FLOKI said it will launch a sister token to reward FLOKI stakers.
This week, from Monday to Saturday, FLOKIUSDT rose 48.65% to $0.00003694.
Wall Street Journal Article on Hamas and Cryptocurrencies Draws Crypto Market Anger
On Friday, Coinbase (CURRENCY) Legal Director Paul Grewal shared an excerpt from a Wall Street Journal correction.
Grewal said this:
โThis is just a correction. When his source maintains that there is โno evidenceโ to support the WSJโs claims, saying that โthe PIJ may have used cryptocurrencyโ is not only inaccurate, but unacceptable.โ
Grewal referred to an elliptical statement that countered The WSJ claims that Hamas raised millions through cryptocurrencies. According to Elliptic's statement,
"No public crypto fundraising campaign by a terrorist group has received significant levels of donations, compared to other funding sources."
