Elon Musk and Mark Cuban challenge SEC's in-house trials, citing unfair outcomes and Seventh Amendment concerns.Elon Musk and Mark Cuban have joined forces, presenting a joint amicus brief to the Supreme Court. They challenge the Securities and Exchange Commission’s (SEC) method of conducting in-house trials without juries. The crux of their argument is that such administrative proceedings yield unequal results for SEC defendants. Consequently, this practice has been deemed questionable, especially when the right to a jury trial, as laid out in the Seventh Amendment, could be at stakeThe backdrop of this challenge involves a case known as US SEC v. Jarkesy. In this instance, plaintiff George Jarkesy claims his Seventh Amendment rights were compromised. He asserts that the SEC’s juryless, internal adjudication process led by a commission-appointed administrative law judge goes against these rights. This essentially amounts to a single entity serving as the judge, jury, and executioner.US SEC Admits Fault, Billionaires Demand ChangeInterestingly, Musk and Cuban highlighted a change in the SEC’s approach between 2013 and 2014. They noted that the SEC began to handle more cases in-house, rather than in federal courts. This shift occurred after a series of unsuccessful insider trading cases before juries. However, this method of sidestepping jury trials has been fraught with issues. Significantly, the SEC admitted in April 2022 that their personnel wrongly accessed files in various cases, one of them being Jarkesy’s.Additionally, despite this oversight, the SEC introduced new regulations for public companies. Effective from July 26, these guidelines demand companies to reveal significant data breaches within four days. Moreover, it’s worth noting that the SEC identified its internal control deficiencies leading to inappropriate file sharing in 2021, but only reported it a year later.Conflict Deepens Over SEC Judicial PracticesOn the flip side, Justice Department Solicitor General Elizabeth Prelogar argues that the 5th Circuit’s ruling in favor of Jarkesy was misguided. She believes that Congress did not breach the Seventh Amendment by allowing the SEC to initiate administrative proceedings for civil penalties. Hence, she’s urging the Supreme Court to change its decision. Currently, the CEO renowned for transforming Twitter into X is confronting his third significant legal challenge from the financial watchdog, following previous lawsuits in 2018 and 2019. Now, the authority is seeking a federal court’s intervention to compel testimony from Musk regarding his takeover of Twitter, focusing on his public statements related to the transaction, as revealed by judicial documents. However, Musk and Cuban’s stance remains firm. They’re urging the justices to support the 5th Circuit’s verdict. Their lawyers argue that choosing administrative proceedings over available federal court juries contradicts the SEC’s mission. Additionally, such choices could potentially harm investors and the markets the SEC pledges to safeguard.#Elonmusk #crypto2023 #Billioners Q

The group Crypto Aid Israel, made up of prominent Israelis in the crypto community and also comprising organizations such as 42Studio and MarketAcross, is making strides toward its goal of helping Israelis who have been impacted by the recent spate of Hamas attacks.  The Web3 and crypto communities have shown their strength and togetherness by contributing over $185,000 (about 700,000 NIS) to the community-backed effort, as per the latest information shared with Finbold on October 20. In addition, over 30 businesses have banded together to back our initiative, with major players like accounting powerhouse KPMG lending a hand with distributions and fundraising. Companies like Zengo, a cryptocurrency wallet service, Fuse, Wonderland, Psagot Equity, and many more are also making significant contributions to the campaign via either public relations or financial means. Crypto Aid Israel has recently announced that two rounds of assistance disbursement to various frontline groups have been finalized. These funds, totaling 200,000 NIS, are meant to help individuals in need in a significant way.  The following NGOs have received Crypto Aid Israel funding, Foundation for Advancing Citizens of Eshkol Regional Council: provides important services and goods to Israel’s southern communities.  Funding supported the transportation and lodging requirements of individuals who live near Gaza but are not legally recognized as such by Israel. This aid helps impacted individuals to seek safety and refuge. Zaka, is an Israeli volunteer NGO that provides search and rescue, disaster response, and emergency medical assistance following significant catastrophes and crises. Funding was used for securing critical medical equipment and ceramic vests for Zaka’s volunteers who are operating on the front lines.  Another is Latet, which is an Israeli NGO that fights poverty and provides food security and social help to poor areas. We believe that while modest initially, the crypto channel is an important, speedy, and innovative one and will enable new contributors to join our global ecosystem and support Israel in such an important hour,“ added Crypto and New Digital Initiatives advisor to Latet’s board, Eyal Gura.Tim Freed, a senior leader within Crypto Aid Israel, commented: “We are deeply humbled by the outpouring of support from the global crypto community. Together, we have made significant strides in our mission to assist those affected by the recent wave of Hamas terrorism. The completion of two rounds of aid distribution shows how crypto can be used as a force of good in the world. Crypto Aid Israel faces phishing attacksNotably, Crypto Aid Israel has experienced significant phishing assaults, highlighting the continued need for increased vigilance in light of the current tough conditions.Furthermore, a temporary interruption in the functionality of their website transpired, with the hosting provider swiftly resolved this disruption in response to concerns over possible fraudulent operations impersonating Crypto Aid Israel, demonstrating our steadfast commitment to transparency and validity.#crypto2023 #Web3 #crypto #war

Renowned financial literacy advocate and "Rich Dad Poor Dad" author, Robert Kiyosaki, recently took to X to share his perspective on the impacts of inflation on different economic classesFinancial educator and author of the bestselling book "Rich Dad Poor Dad," Robert Kiyosaki, recently took to X (formerly Twitter) to share his thoughts on inflation and its effects on different economic classes.  In his post, Kiyosaki pointed out to the disparity between how inflation impacts the poor and middle class compared to the wealthy.  He believes that the former group becomes poorer due to their reliance on dollars, and the rich, who prioritize assets like gold, silver, and Bitcoin, become richer.Recent inflation updatesU.S. inflation has shown signs of a slight decrease, with consumer price increases slowly diminishing. As of Oct. 12, consumer prices in September rose by 0.4% compared to the 0.6% increase in August. However, the year-over-year inflation rate remained consistent at 3.7%. Focusing on core prices, which exclude unstable costs like food and energy, there was a climb of 4.1% from the previous year, a decrease from the 4.3% pace seen in August. This is the smallest increment observed in two years. Despite these shifts, the month-to-month price hikes still surpass the Federal Reserve's 2% target. Experts believe these inflation figures will not considerably influence the Federal Reserve's outlook, as a gradual inflation decline was already anticipated.  Additionally, Austan Goolsbee, president of the Chicago Fed, expressed confidence in the declining trend of inflation, suggesting that the present state is not just a fleeting anomaly.  The continuing debate among Federal Reserve officials centers around whether further adjustments to the benchmark policy rate will be necessary this year.Kiyosaki's recent Bitcoin takes This isn't the first time Kiyosaki has used his platform to spotlight Bitcoin over the past month. In a series of posts throughout September, he offered insights on hyperinflation, emphasizing that it leads to a decline in money's purchasing power. He urged followers to invest in assets like gold, silver, and Bitcoin.  In another post, Kiyosaki warned about the impending arrival of central bank digital currencies (CBDCs) and the potential privacy concerns associated with them. He suggested that traditional assets and cash might become invaluable once CBDCs dominate the market. Not all of his Bitcoin takes are bullish. As reported by U.Today, Kiyosaki commented on Citibank's announcement of offering blockchain technology to transform institutional savings into tokens for swift cross-border transactions, raising questions about the future of Bitcoin and the U.S. dollar.#bitcoin #CryptoTalks #cryptonews

The price of XRP jumped by 5% after the US SEC dropped its lawsuit against Ripple's executives Brad Garlinghouse and Chris LarsenXRP price is building up momentum for a parabolic run following the historic backtrack of the United States Securities and Exchange Commission (SEC) in its close to 3-year lawsuit against Brad Garlinghouse and Chris Larsen, the top executives of its associated blockchain payments firm Ripple Labs Inc.XRP Bulls Building UpAt the time of writing, XRP is changing hands at a price of $0.5081, up by 4.07% in the past 24 hours. While this price action appears mild compared to that printed following the July 13 ruling from Judge Analisa Torres, XRP bulls are notably building momentum as showcased in its trading volume.Per on-chain data, XRP’s trading volume has spiked 60% in the past 24 hours with the biggest of the traction sustained over the past few hours since the news of the dismissed charge rented the air. Overall, about $1.78 billion has been traded on spot exchanges overall.XRP currently has no legal limitations in the United States and as such, there is nothing hampering its growth at the moment. The digital currency is notably the only altcoin in the US with the regulatory clarity of being a non-security asset. Secured through extensive litigation, XRP has regained its slot on spot exchanges including Coinbase and Kraken, and most liquidity hubs and indexes are beginning to integrate it back into their folds.XRP serves a role in payments and with the legal tussle pinning down the firm and its executives now clearing, more mainstream payment firms may begin to embrace the digital currency to power their operations.

The US SEC has dismissed its case against Ripple Labs Executives Brad Garlinghouse and Chris Larsen in a historic twistAmerican blockchain payments firm, Ripple Labs Inc. has announced that the charges levied against CEO Brad Garlinghouse and founder Chris Larsen by the United States Securities and Exchange Commission (SEC) have been dropped.SEC vs Ripple Execs: Dismissed Without PrejudicePer the announcement, Ripple Labs said the SEC voted to dismiss the allegations without prejudice. This historic move has been declared a major win for the payments firm which scored an earlier win against the regulator back in July when Judge Analisa Torres declared that the sales of XRP on secondary marketplaces do not constitute an investment contract.The SEC’s case against Ripple Labs is multifaceted as the markets regulator accused the firm’s executives of masterminding the sales of XRP which it deemed an investment contract. Clearing these charges has been described by the firm as “a stunning capitulation by the government.”“Today, we are legally vindicated and personally redeemed in our battle against a troubling attempt to abuse the rules in order to advance a political agenda to suffocate crypto in America. It is a travesty that we were forced to defend ourselves from an ill-advised attack that was flawed from the day it was filed,” said Executive Chairman Chris Larsen.Despite clearing these charges, Ripple confirmed that it will not relent in its efforts to fight for more regulatory clarity in the US.#XRP #ripple #crypto #cryptonews #SEC

Ethereum price wobbles between $1,500 support and $1,600 resistance but appetite among whales could trigger a substantial rebound.Ethereum price is still trading below all the key bull market indicators despite Bitcoin’s rally to $30,000 this week. The second-largest cryptocurrency is trading below its $1,600 support/resistance on Thursday and might need to drop further to sweep through fresh liquidity preferably at $1,500 and build the momentum for a rebound. Addresses On The Ethereum Blockchain Hit 100 Million Ethereum price might be caught up in the crypto winter but the same does not apply to the network, which has continued to experience significant growth over the last few years. According to on-chain insight shared by @finelady_p on X (formerly Twitter) and reposted by blockchain analytics firm IntoTheBlock (ITB), “ the number of addresses with a balance has been steadily increasing over the past few years,” affirming the positive outlook for Ethereum, in that, “ there is growing interest in Ethereum and that people are holding onto their ETH for the long-term.Interest in Ethereum has over the last few weeks continued to rise and this can be attributed to the Securities and Exchange Commission (SEC) approving a bunch of Ether futures exchange-traded funds (ETFs) in the US. “The fact that the number of Ethereum addresses with a balance is increasing and that the price has started to rebound in recent weeks are positive signs for the future of Ethereum,” the X user added. Santiment, another leading on-chain analytics platform, highlighted that Ethereum addresses belonging to whales in the “billionaire tier (holding at least 1M #ETH)” currently account for 32.3% of the circulating supply and this is the first milestone of this kind since 2016.Network activity involving these high net worth addresses achieved “transactions valued at more than $1 million on Wednesday, the second highest day in five weeks. According to Santiment, history is unfolding ahead of the anticipated bull run in 2024 and 2025.ETH Bulls Hunt For SupportThe Moving Average Convergence Divergence (MACD) indicator reinforces the bearish outlook in Ethereum price as it slides into the negative region — below the mean line (0.00).  Traders are bound to seek exposure to short positions in ETH as long as the sell signal holds. In other words, if the blue MACD line holds below the signal line in red.The position of Ethereum price below the ascending trendline as shown on the weekly chart puts bulls at a significant disadvantage. Therefore, the downtrend might need to extend to $1,500 support to collect more liquidity as more investors buy lower-priced ETH tokens, thus building the momentum for a substantial recovery above $1,600. On the upside, Ethereum could start to flip bullish after stepping above some of the bull market indicators like the 200-week Exponential Moving Average (EMA) (purple) at $1,625 and the 21-week EMA (red) at $1,696. The subsequent movement above the 100-week EMA could propel ETH to $2,000 and possibly trigger the next bullish phase to $3,000.#CryptoTalks #cryptonews #crypto2023 #ETH #Ethereum

Polygon Labs has announced the inauguration of the Polygon Protocol Council as the next step in move toward Polygon 2.0Polygon, the popular Ethereum Layer-2 scaling solution has taken a significant step forward with the inauguration of its Protocol Council, a significant step forward in the journey towards advancing Polygon 2.0.Tasks Before the Polygon Protocol CouncilThe news of the Polygon Protocol Council’s formation was officially shared on the X social media platform by Polygon Labs. This update marked a pivotal moment in the project’s ongoing mission to achieve a decentralized, community-led governance structure for the various protocols under the @0xPolygon umbrella. The foundation for this monumental step lies in PIP-29, which is now live and actively proposes the creation of the Polygon Protocol Council. This proposal signifies the next chapter in Polygon’s evolution and its commitment to embracing the principles of decentralization and inclusivity, at the heart of blockchain technology. As part of the broader Polygon 2.0 movement, the establishment of the Polygon Protocol Council is essential to guarantee ongoing security while enabling the adaptability and improvement of the network. This new community-governed body will consist of 13 distinguished members, each playing a crucial role in ensuring the proper functioning of Polygon’s ecosystem. The primary responsibility of the Polygon Protocol Council is to oversee timelock-limited upgrades to the Polygon system’s smart contracts. These smart contracts represent the fundamental components of the Polygon protocols, which are implemented on the Ethereum blockchain#Polygon #crypto #Blockchain

Key Takeaways:- Poor quarter over quarter price performance at -11.5%, but BTC it still outperforming most asset classes including gold, treasuries, commodities, cash, and REITs year to date- US bid that drove Bitcoin up in H1 has fully diminished at the time of writing- Volume, liquidity, volatility, and search trends all continue to decline- Grayscale’s discount to NAV has closed from -48% to -16% throughout the year- Percentage of Bitcoin held by long term holders has reached an all time high of over 76%- Bitcoin native valuation still shows BTC is in lower bounds of value- Active addresses slightly up while transfer volume (entity-adjusted) continues to declineFollowing a strong H1 price performance for Bitcoin, Q3 showed to be lackluster for BTC, down 11.5% quarter over quarter.However, in this great chart from NYDIG, we can see that throughout 2023 YTD Bitcoin has quietly outperformed most major asset classes including large cap growth, mid and small cap growth, US and European stocks, commodities, treasuries, gold, cash, emerging markets, and REITs.One of the biggest drivers of Bitcoin’s performance in the first half of the year was the Bitcoin ETF applications that were filed by several well-known traditional financial institutions including Blackrock and Fidelity. These filings were followed with a strong bid for BTC during US trading hours. As shown below, this US trading hour premium that was quite noticeable in March, has since fully diminished.This is also reflected by Bitcoin’s CME futures open interest declining, which is primarily traded by traditional hedge funds, family offices, etc. Open interest refers to the number of futures contracts outstanding.Other measures of excitement in the Bitcoin market have also shown a decline, including Bitcoin’s trading volume across spot and futures, Bitcoin’s 3-month futures basis (difference between spot and 3 month futures contracts), and can even be reflected by measures as basic as google search trends. It is safe to say that the Bitcoin market is in a period of deep apathy.One positive trend that we’ve seen throughout the year is the GBTC discount to net asset value closing in, reflecting increased sentiment around Grayscale’s likelihood of being able to convert their current closed end trust into a spot Bitcoin ETF. Throughout 2023 the GBTC discount has closed in from -48% to just -16%.In terms of valuation, one of the metrics that we follow most closely is the MVRV ratio. This compares Bitcoin’s current marginal trading price to its realized price, which is the cost basis of the entire network based on on-chain data. The idea of the methodology is that whenever MVRV is high, market participants are sitting with a large amount of unrealized profit and are incentivized to realize some of that profit, while when going negative means that the market in aggregate is underwater by definition. While the market is no longer in deep undervalued territory as it was at the end of last year, it is still far from overheated levels reached during the peak of 2017 and 2021.Whether Bitcoin’s cyclicality is driven by halvings, macro forces, general behavior dynamics, or a combination of all three is up for debate; but when comparing this current cycle’s performance from its lows relative to Bitcoin’s three prior cycles, things appear to be playing out quite similarly from a time perspective.Meanwhile, flipping over to network activity, we can see that the percentage of Bitcoin’s supply held by long term holders has reached an all time high at over 76%. This means that more than 3 out of every 4 BTC it held by long term holders. For reference, long term holders are defined as on-chain entities that have held their Bitcoin for more than 155 days, a threshold where on-chain data scientists have found the likelihood of coins being spent drops off the most significantly. This reflects the deep belief of Bitcoin’s core holder base despite crypto market wide contagion and macro uncertainty, as well as the rise of custody products.When plotting out the amount of Bitcoin supply held by long term holders relative to short term holders, we can see the impulses that shape Bitcoin’s multi-year market cycles, as savvy investors accumulate throughout the bear market and distribute into the bull.Another positive trend underneath the hood is the amount of Bitcoin held by on-chain entities with less than 10 Bitcoin, which not only trends up and to the right throughout Bitcoin’s entire history, has seen a large rise over the trailing year, with this quarter being no different. This is a positive trend that we’d like to see continue for the sake of Bitcoin’s supply distribution.This quarter Bitcoin’s block height breached 800,000, a milestone reflecting that the decentralized network has continued to function as intended for well over a decade.Bitcoin's hash rate has also set new all time highs this quarter, but with the halving on the horizon, increased competition may spell troubles for miners without competitive energy costs.Active addresses saw a jump from 950,000 to just over 1,000,000 throughout Q3.Meanwhile, the 7 day moving average of Glassnode’s entity-adjusted transfer volume continues to slump, down to just over $3.1 billion settled by the Bitcoin network a day.Although still down from its July highs, Bitcoin’s public lightning network capacity jumped in Bitcoin terms throughout the last few weeks, currently sitting at 5,200 BTC. It is worth noting that this is just public lightning network capacity, and true figures may look different.The USD denominated version of lightning network capacity offers a less favorable look, down to $140 million from its late 2021 peak of $215 million.#bitcoin #crypto