SEC, Ripple case nears conclusion, Grayscale withdraws ETF filing, and more: Hodler’s Digest, May 5-11
SEC files final response in its case against Ripple, Grayscale withdraws futures ETH ETF filing, and dormant BTC wallet wakes up after 10 years.
The U.S. Securities and Exchange Commission has filed a remedies brief challenging Ripples position over penalties in their ongoing legal battle. The SEC seeks substantial fines against Ripple following Judge Torres ruling that XRP isnt a security in programmatic sales. Ripple contends that any fines shouldnt exceed $10 million, citing the absence of fraudulent intent. On the other hand, the agency insists Ripple misinterpreted the courts order and downplayed its liability. Both parties are now awaiting a final ruling. Ripple chief legal officer Stuart Alderoty criticized the SEC, arguing that its reputation continues to decline.
Grayscale has withdrawn its 19b-4 application for an Ether futures exchange-traded fund just three weeks before the U.S. Securities and Exchange Commission was set to decide on it. On May 7, the cryptocurrency asset manager filed a notice of withdrawal for the Grayscale Ethereum Futures Trust with the SEC, which was scheduled to make a decision on May 30. Traders rushed to short Ether after the announcement. Analysts believe the futures ETF application was a trojan horse to corner the agency into approving its spot Ether ETF proposal. As May 23 approaches, analysts are more skeptical about the SECs approval of a spot Ether ETF.
A dormant Bitcoin address containing 687 BTC ($43.9 million), dating back to the era when Satoshi Nakamoto was still active, has woken up after 10 years. On May 6, it transferred its holdings to two different wallets, sparking curiosity among the crypto community. While speculation often links these wallets to Satoshi themself, experts believe they are more likely owned by early miners or buyers. Notably, 1.75 million Bitcoin wallets have remained inactive for over a decade, holding approximately $121 billion worth of BTC at current prices.
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Author: Editorial Staff
