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Peter Davis

An writer at FOMOdrive

  • Jun 19, 2023
  • 3 min read

Ripple Labs may win against SEC

The hashing power of bitcoin has reached its peak level ever recorded.

A criminal case is set to be launched by US authorities against Binance.

In the United States, crypto exchanges must obtain registration with the Securities and Exchange Commission (SEC), and all digital currencies will be considered securities.

A bill was proposed in the US Congress to remove Gary Gensler from office.

For the past 2.5 months, XRP has been reaching new highs.

Glassnode reports that the 7-day moving average of the Bitcoin hashrate has reached an all-time high of 393.9 EH/s. It is anticipated that the recalculation of the mining difficulty will result in a new peak of 52.84 T within the next 24 hours. The combination of a decreasing Bitcoin price and increasing mining difficulty is putting pressure on miners' profitability.

JPMorgan has suggested that crypto exchanges in the US will need to register with the SEC as brokers, and that all cryptocurrencies on these platforms will be considered securities. This could have a major impact on the crypto industry, as it would put a lot of pressure on the sector.

John Reed Stark, a former official from the Securities and Exchange Commission (SEC), has suggested that the US Department of Justice (DOJ) may bring criminal charges against the leadership of the Binance cryptocurrency exchange.

Binance US has contested the SEC's demand for an emergency asset freeze, labeling it "harsh and excessively burdensome." To handle the SEC's lawsuit, Binance.US has employed a lawyer who was employed by the SEC from 2009 to 2014.

Journalists from Fortune discovered a video from 2018 in which Gary Gensler, the future Chairman of the SEC, declared that Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) are not securities.

Congressmen Warren Davidson and Tom Emmer have proposed a new bill to oust Gary Gensler from his position as chairman of the U.S. Securities and Exchange Commission (SEC) in order to safeguard the cryptocurrency market from "oppression".

Jeremy Aller, CEO of Circle, declared that it is time for the US government to create international crypto regulations that would have a major effect not only on the crypto sector, but also on the strength of the dollar in the upcoming decades. He suggested that the first step should be the passing of a law concerning stablecoins.

XRP surged to around $0.56, its highest in 2.5 months, after the court released documents related to a 2018 speech by former SEC official William Hinman. In the speech, Hinman stated that Bitcoin and Ethereum are not securities for some reason. Ripple Labs is confident that Hinman's statements refute all SEC allegations, giving the company a good chance of success in this case.

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