![]() XRP gained 1.07% on Friday, ending the session at $0.6129. ![]() The parties are working toward a final penalty for XRP sales to institutional investors. The SEC v Ripple case entered its final stage in November. On the conclusion of discovery (February 12, 2024), the SEC must file its remedies-related brief by March 13, 2024. Ripple and the SEC are currently engaged in remedies-related discovery. The increasing number of adverse comments from the courts bodes well for Ripple. – Court orders SEC to show cause why it should not be sanctioned for making false and misleading representations to the Court. – Court finds that the SEC’s “inconsistent treatment of similar products is arbitrary and capricious.” Grayscale v SEC, 8/29/23 – Court agrees that the SEC defaulted on its duty to respond in good faith to Coinbase’s petition for crypto rulemaking. – Court finds the SEC demonstrated “hypocrisy” by making inconsistent arguments to the Court and not acting out of a “faithful allegiance to the law.” SEC v Ripple, 7/12/22 After highlighting a Wall Street Journal article on Thursday, it was the US courts on Friday. On Friday, Ripple Chief Legal Officer Stuart Alderoty sent another swipe at the SEC. Ripple Chief Legal Officer Stuart Alderoty Targets the SEC While the markets are hopeful of the SEC approving the BTC-spot ETFs, the courts retargeted the SEC. Notably, there were no further updates relating to in-kind and cash-created subscriptions/redemptions. Johnsson highlighted a January 5, 2024, deadline for rebuttal submissions relating to the Franklin and Hashdex applications. Seyffart responded to a Scott Johnsson post on X (previously Twitter). Really this means that any potential approval orders are going to come on either Monday Jan 8, Tuesday Jan 9, or Wednesday Jan 10. “Window is officially Jan 5th to Jan 10th. On Friday, Seyffart reiterated the upcoming window opening for the SEC to approve a first batch of BTC-spot ETFs. The increased activity raised investor expectations of a New Year batch approval of BTC-spot ETF applications. With today’s decline, the token has lost about 10% of its value in a week, the worst performer among the top 50 digital assets.Ĭrypto services provider Matrixport forecast in a report earlier this month that the price of alternative cryptocurrencies – altcoins – would likely struggle for the rest of the year against the largest crypto asset bitcoin ( BTC), partly because token unlocks are weighing on the market.Bloomberg Intelligence ETF Analyst James Seyffart shared the latest BTC-spot ETF updates. The broad market-proxy CoinDesk Market Index ( CMI) is only down 0.5% during the same period, while the sectorial CoinDesk Smart Contract Platform Index ( SMT), of which the OP token is a constituent, is roughly flat. OP has dropped 3.6% in the past 24 hours, CoinDesk Indices data shows, significantly underperforming mostly range-bound crypto markets. ![]() Read more: Large Crypto Token Unlocks Drive Prices Lower Within Two Weeks, Research Suggests However, sometimes investors front-run and may sell before the unlocking happens. When the tokens are unlocked, they become available to sell, and thus, such events are usually considered bearish often they induce price drops. Some $16 million of the assets will be issued to core contributors of the project, while $14 million were earmarked for investors.Ĭryptocurrency projects often lock a part of the token’s supply and release it gradually to prevent early investors and insiders from selling in large quantities immediately after they get the allocations. The token has a scheduled unlocking event this Saturday, according to Token.Unlocks, which will see the release of 24.16 million of OP or 3% of its circulating supply, worth roughly $30 million. Optimism ( OP) price slid Monday as the Ethereum scaling network’s native token braces for an increase in its circulating supply this week.
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