Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting the Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Galaxy Digital CEO Mike Novogratz believes the approval of several spot BItcoin ETF is likely and would be a U.S. government “seal of approval” for Bitcoin. Meanwhile, and Cathie Wood’s ARK Invest has secured some gains from the recent Coinbase stock surge and Ripple Labs scored a major win its battle with the United States Securities and Exchange Commission.
Judge deems XRP not a security in SEC lawsuit
Ripple Labs cleared a major hurdle on July 13 after a judge ruled in favor of the company in the case brought forward by the Securities and Exchange Commission (SEC).
Judge Analisa Torres of the Southern District of New York agreed with Ripple Labs that roughly half of its $1.4 billion XRP token sales didn’t constitute an illegal securities offering. Critically, the judge also determined that XRP is not a security.
“Defendants’ motion for summary judgment is GRANTED as to the Programmatic Sales, the Other Distributions, and Larsen’s and Garlinghouse’s sales, and DENIED as to the Institutional Sales,” court documents read.
PREDICTION now that the #Ripple summary judgment threw US #crypto regulation into further disarray:
Congress will finally act.
Federal financial regulators usually don't open themselves to litigation that cld MASSIVELY cut back their jurisdiction grab. The SEC did. Next up…
— Caitlin Long ⚡️ (@CaitlinLong_) July 13, 2023
The value of XRP soared on the news, reaching an intraday high of nearly $0.89, according to CoinMarketCap. That’s the highest level in over two years.
Despite the apparent win, Ripple Labs isn’t completely out of the woods yet, as part of the SEC case is still headed to trial.
Former Celsius CEO Alex Mashinsky reportedly arrested
The former CEO of now-bankrupt crypto lender Celsius, Alex Mashinsky, was reportedly arrested on the morning of July 13. The news broke minutes after the United States Securities and Exchange Commission filed a lawsuit against the crypto lender on the same day.
The former CEO was reportedly arrested after a probe into the company’s collapse, reported Bloomberg citing people familiar with the matter. Mashinsky was reportedly charged with fraud and intention to manipulate the market.
Celsius Network filed for bankruptcy on July 14 last year. Mashinsky was recently found guilty by investigators of the Commodity Futures Trading Commission, which concluded that the former CEO broke numerous U.S. regulations before the company’s implosion in 2022.
The investigation against the former CEO began after New York Attorney General sued Mashinsky on Jan. 5. The NYAG alleged that the former CEO misled investors and caused billions of dollars in losses.
The trouble for Celsius and its former CEO began in June last year when the crypto lender abruptly suspended withdrawals on the platform. On June 16, 2022, securities regulators from five different U.S. states opened an investigation into Celsius, and within a month, the platform filed for bankruptcy.
Bitcoin’s ‘seal of approval’ from SEC is coming: Novogratz
The approval of a spot Bitcoin ETF would be equivalent to a “seal of approval” from the United States government and the Securities and Exchange Commission, according to Galaxy CEO Mike Novogratz.
In a July 12 interview with Bloomberg TV the founder of crypto investment firm Galaxy Digital spoke about the multiple spot Bitcoin ETF filings before the securities regulator, including one from the $10 trillion asset manager BlackRock.
“I just think if it happens it’s the seal of approval from the SEC and the U.S. government.”
So far, no spot Bitcoin ETF has been approved by the SEC. However, Novogratz believes it that multiple applications will likely be approved.
Everything you need to know about the spot bitcoin ETF race in one beautiful table by @JSeyff pic.twitter.com/fWPSdFEO8M
— Eric Balchunas (@EricBalchunas) July 11, 2023
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
