Steven Nerayoff sues Covington & Burling for $100M, alleging mishandled extortion case.

Nerayoff claims that the withheld evidence could have prevented charges. 

Covington & Burling refutes allegations, and describes Nerayoff’s lawsuit as meritless.

Steven Nerayoff, an influential early adviser to the Ethereum network, has filed a lawsuit against the law firm Covington & Burling, seeking damages of $100 million. The lawsuit alleges that the firm mishandled his defense during a 2019 extortion case, which impacted his professional and personal life.

The Extortion Case

In September 2019 Nerayoff was arrested alongside Michael Hlady who was an associate at his blockchain consulting firm Alchemist. The pair was arrested on charges of extorting a cryptocurrency startup. According to the U.S. prosecutors, the duo allegedly threatened to destroy the startup if their demands for more cryptocurrency and company shares were not met.

The legal complaint, filed on September 6 in the New York County Supreme Court, claims that Covington’s defense was critically flawed. Nerayoff asserts that his attorney, Alan Vinegrad of Covington, advised against turning over crucial evidence to the prosecutors, including videos and emails that purportedly demonstrated the legality of his actions. Nerayoff contends that this evidence  was finally submitted in June 2022 and led to the dismissal of the charges in May 2023.

Claims and Defenses

Nerayoff alleges that if this exculpatory evidence had been presented earlier, the charges in fall 2019 could have been avoided. He also argues that the failure to properly handle the defense not only prolonged the legal battle but also caused him major financial damage. The damages include over $1 million in subsequent legal fees and lost business opportunities within the cryptocurrency sector. Covington & Burling has responded firmly, stating that the lawsuit is without merit and vowing to defend against it vigorously.

Ongoing Legal Battles

The lawsuit is one of several legal actions initiated by Nerayoff this year. Some of the other  disputes include an ongoing $9.6 billion lawsuit against the government and a $10 million defamation claim against a social media personality. These reflect his contentious interactions within the legal and crypto communities.

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朝鲜黑客于周一凌晨将窃取的价值 1100 万美元的以太币转移到 Tornado Cash。

7 月份的黑客攻击导致 WazirX 损失超过 1.5 亿美元，其中 SHIB 价值就达 1 亿美元。

由于 WazirX 面临重大财务打击，重组工作仍在继续。

区块链数据追踪机构 Arkham Intelligence 透露，WazirX 黑客已转移 5,000 ETH，价值超过 1100 万美元。黑客于周一凌晨将资金转移到 Tornado Cash。此举被认为与朝鲜有关，被视为一种掩盖被盗资金数字踪迹的努力。

BBVA now offers USDC in Switzerland, enhancing efficiency for institutional clients.

USDC streamlines transactions and enhances asset management for BBVA investors.

Following Metaco’s integration, BBVA expands digital asset services to meet client needs.

BBVA, the renowned Spanish multinational bank, is enhancing its offerings for institutional clients by introducing Circle’s USDC stablecoin through its Swiss branch. This move represents a notable shift in how traditional banks embrace digital assets, highlighting a growing trend toward blockchain technology within the financial sector.

The introduction of USDC to BBVA’s platform in Switzerland marks a pivotal moment for the bank’s institutional and private banking clients. These clients can now manage USDC alongside traditional investments on the same platform. 

This development allows for more streamlined transactions, as clients can exchange, custody, and convert USDC into various currencies, including euros and U.S. dollars. Consequently, transactions are completed more quickly, enhancing overall efficiency.

BBVA’s initiative is expected to benefit investment fund managers significantly. These clients often use stablecoins to facilitate cryptocurrency trades across multiple exchanges. By integrating USDC into its platform, BBVA aims to meet its clients’ evolving needs and ensure they have the tools necessary for efficient asset management and transaction execution.

The introduction of USDC follows BBVA’s strategic migration to Metaco’s Harmonize platform in 2023. This blockchain infrastructure, owned by Ripple, enables BBVA to connect with various blockchain networks, streamlining transactions and expanding its digital asset offerings. This platform’s integration is part of BBVA’s broader strategy to enhance its digital solutions and adapt to the growing demand for blockchain technology in financial services.

In addition to its Swiss branch, BBVA’s subsidiary in Türkiye, Garanti BBVA Digital Assets, also supports cryptocurrency trading, including Bitcoin, Ethereum, and Avalanche. This broader reach underscores BBVA’s commitment to embracing digital assets and providing a comprehensive suite of services to its clients worldwide.

While BBVA’s support for USDC marks a significant step forward, whether the bank will support USDC across all networks, including Coinbase’s Base layer-2 solution, remains unclear. However, Philippe Meyer, BBVA Switzerland’s head of digital solutions and blockchain, emphasizes that the bank will continue to assess and expand its offerings based on client needs.

The post BBVA Swiss Branch Rolls Out USDC for Institutional Investors appeared first on CryptoTale.

Nigeria’s SEC plans to enforce regulations on all unregulated crypto exchanges.

SEC approved two crypto exchanges, Quidax and Busha, under its regulatory framework.

SEC aims to protect investors and ensure compliance with strict anti-fraud measures.

The Securities and Exchange Commission (SEC) has announced plans to initiate enforcement actions against individuals and businesses operating in cryptocurrency without proper regulatory oversight. This step follows the approval of two crypto exchanges under its supervision. 

According to local reports, SEC Director-General Dr. Emomotimi Agama emphasized the Commission’s commitment to protecting investors and ensuring that market participants adhere to regulatory frameworks.

Focus on Regulatory Compliance

Dr. Agama underscored the importance of compliance in the crypto market. With the rapid growth of digital assets, the SEC aims to create an environment where innovation can thrive while safeguarding investor interests. Notably, this announcement comes after the recent approval of two exchanges, Quidax and Busha, which are now the first officially recognized crypto platforms in Nigeria.

Agama reiterated the SEC’s intent to regulate all entities operating in the digital space, stressing that businesses must meet the Commission’s stringent guidelines. By closely monitoring activities, the SEC aims to prevent fraud and misinformation in the digital market.

According to Agama, total transparency, anti-money laundering (AML) measures, and combating the financing of terrorism (CFT) protocols will be critical areas of focus in ensuring that crypto operations do not undermine the country’s economy.

Stricter Measures for Market Participants

The SEC’s stance on regulation is clear: Non-compliant businesses will not be allowed to operate in the Nigerian crypto market. Dr. Agama mentioned that while numerous exchanges have submitted applications, only those meeting the Commission’s high standards will be granted licenses. This approach ensures that investors are protected while allowing innovative platforms to emerge.

In addition to crypto exchanges, the SEC has expanded its regulatory incubation programs to include four other companies testing their models under the Regulatory Incubation (RI) Program. These companies, including Trovotech Ltd and Dream City Capital, aim further to integrate digital assets into the Nigerian financial landscape. The Commission emphasized that other applications are still under review and will be assessed case-by-case.

Investor Protection as a Priority

The SEC’s focus on regulating the crypto market reflects the increasing interest of young Nigerians in digital assets. However, while fostering this interest, the Commission remains committed to ensuring that all platforms operate transparently. 

To achieve this, Agama stressed the importance of education and clear regulatory frameworks. The approval of Quidax and Busha represents a significant step towards a well-regulated digital asset market, offering investors protection and ensuring that innovation is not stifled.

The post  SEC to Crack Down on Unregulated Exchanges in Nigeria Soon appeared first on CryptoTale.

Agile Energy X 将多余的可再生能源转化为比特币挖矿，减少浪费。

日本的碳中和目标受益于Agile Energy X的绿色采矿战略。

利用比特币挖矿获取多余的能源每年可在日本产生 3600 亿日元的收入。

东京电力公司 (TEPCO) 的子公司 Agile Energy X 正在利用可再生能源的剩余电力，开创一种创新的比特币挖矿方法。该项目目前正在栃木县和群马县进行，标志着绿色能源与加密货币运营相结合迈出了重要一步。

Fractal Bitcoin blends proof of work and merged mining, accelerating block times.

The launch was marked by a contentious 50% premine, sparking widespread discussion.

Borrows core features from Bitcoin, setting a total supply limit of 210 million.

Fractal Bitcoin has officially activated its mainnet, unveiling a version that heavily borrows from Bitcoin Core v24.0.1. The announcement came through a social media post by @mononautical, a developer in the memepool community. This new blockchain integrates familiar elements from other projects like namecoin and bcash but introduces significant tweaks in its consensus mechanism.

"Fractal Bitcoin" launched their mainnet a few hours ago.

It appears to be a hastily cloned copy of Bitcoin Core v24.0.1, with a few consensus tweaks and some code ripped off of namecoin and bcash.

The chain also started with a hefty and immediately spendable 50% premine. pic.twitter.com/usqEcCsMH6

— mononaut (tx/acc) (@mononautical) September 9, 2024

The primary alterations in Fractal Bitcoin include a combination of standard proof of work and merged mining blocks. It boasts a rapid 30-second target block time and features a continuous difficulty adjustment mechanism directly lifted from bcash. Its tokenomics reveal a striking difference: a maximum supply cap of 210 million tokens, with an initial block reward set at 25 tokens. These rewards will see a halving every 2.1 million blocks.

Premine Sparks Market Debate 

The most controversial aspect of this launch is the substantial premine. Initially, the founders made 50% of the total token supply fully spendable. This immediate availability starkly contrasts with the gradual earnings miners will accumulate over two years—the length of a halving period for Fractal Bitcoin.

BTC Dominance Peaks: Does It Mark the End of Bear Market?

Further scrutiny of the project’s litepaper reveals an ambitious yet vague use of technical jargon. Terms like “virtualization,” “recursive scaling,” and “layered approaches” pepper the document, yet the practical deployment shows little alignment with these concepts. Critics, including @mononautical, have labeled the project as just another “shitfork” of Bitcoin, suggesting it offers minimal innovation or real-world application.

Critics Challenge Technical Claims

Token distribution beyond the hefty premine includes 15% allocated to an ecosystem treasury and another 10% reserved for community grants. Smaller portions of the supply are earmarked for presales and consultants, each receiving 5%. Core contributors are allocated 15% of the total tokens, with specific caps set on annual distributions to ensure a controlled release over a decade.

The setup of Fractal Bitcoin underscores a trend in the crypto space: New chains often mimic established protocols with minor tweaks, focusing more on market capture than technological innovation. As the community reacts to these developments, the actual utility and acceptance of Fractal Bitcoin remain to be seen.

The post Fractal Bitcoin Launches a Clone with Tweaks and Issues appeared first on CryptoTale.

Friend.tech 代币将其在智能合约上的权力转移到以太坊的空地址。

ETH的空地址是销毁地址，发送的代币无法恢复或重复使用。

此次转移发生在该代币宣布建立区块链三个月后。

Friend.tech 是一个基于以太坊第 2 层基础的平台，周日，它将其代币 FRIEND 的权力转移到一个空的以太坊 (ETH) 地址，成为头条新闻。市场观察人士表示，空地址是一个销毁地址，代币一旦发送，就无法重复使用或恢复。

比特币的主导地位显示出达到顶峰的潜在迹象，暗示市场可能出现转变。

分析师认为，比特币出现看涨背离，预示着潜在的突破。

山寨币在 BTC 中的市值已达到自 7 月份以来的最高点，这是一个积极的信号。

比特币最近经历了下跌，这种加密货币正在努力恢复其地位。数字资产正在横盘整理，反映了加密货币市场的普遍趋势。价格走势波动剧烈，比特币难以突破这一波动区间。这种模式与其他主要加密货币的普遍走势一致，表明市场正处于一段不确定时期。

OpenAI 付费用户达到 100 万，自 4 月份的 60 万用户以来增长了 67%。

新的高级计划，包括 Strawberry 等 AI 模型，每月费用可能高达 2,000 美元。

埃隆·马斯克 (Elon Musk) 于 2023 年推出的 xAI 预计将在 2024 年底成为竞争对手。

ChatGPT 背后的公司 OpenAI 已正式宣布其商业服务（包括 ChatGPT Enterprise、Team 和 Edu）的付费用户超过 100 万。最近的一份报告显示，自 4 月份拥有 60 万用户以来，用户数量增长了 67%。该公司先进的 AI 模型推动了这一快速增长，尤其是在企业和教育领域。

周五，美国法院驳回了 CFTC 提出的支持预测市场 Kalshi 的动议。

该监管机构提出紧急动议，请求暂缓执行 14 天。

CFTC 尚未决定是否对长达一年的法律诉讼提起上诉。

美国法院的裁决让该国公民可以通过衍生品押注即将到来的选举。9 月 6 日，卡尔希在美国法庭上击败了商品期货交易委员会 (CFTC)，在长达一年的法律诉讼中取得了胜利。周五晚些时候，该机构提交了一份紧急动议，要求联邦法官暂时搁置对卡尔希有利的裁决。

在币安推出美元保证金永续合约后，Neiro 飙升超过 600%。

9 月 6 日，Neiro 成为推文最多的山寨币，超越了主要竞争对手。

一位鲸鱼购买了 1750 万 NEIRO，使其成为该代币最重要的个人持有者。

NEIRO 是一种新兴的 memecoin，也是 Shiba Inu 的竞争对手，在币安推出美元保证金永续合约后，其价格大幅上涨了 600% 以上。由于经济不确定性，比特币 (BTC) 和以太坊 (ETH) 等顶级资产陷入困境，加密货币市场正在普遍低迷，而此次上涨正是在这种情况下发生的。

卡尔达诺首次创下日交易量 35,000 ADA 的新纪录。

Snek.Fun 平台迅速受到创作者和交易者的欢迎。 

该平台在推出后的第一个小时内就增加了 API 流量并减缓了交易速度。

卡尔达诺周五首次突破 35,000 ADA，实现了每日交易量的重要里程碑，这可能是一项了不起的壮举。这项成就是在 Snek.fun 推出后取得的，Snek.fun 是由 Snek 和 Splash Protocol 团队创建的卡尔达诺首个启动板。

Chainlink 可能即将结束调整，或面临扭转之前的最后一次下跌。

LINK 的价格接近 6.4 美元左右的关键支撑位，这对于看涨转变至关重要。

山寨币市场呈现看跌趋势，ETH、BNB、SOL、XRP 和 DOGE 均有所下跌。

山寨币市场正在经历重大转变，Chainlink（LINK/USD）在最新的 Elliott Wave 分析中占据突出地位。截至发稿时，Chainlink 交易价为 9.89 美元，下跌了 0.34%。技术分析师 Charting Guy 强调了两种可能的情况。市场可能即将结束修正阶段，可能形成 C 波的截断波 5。或者，在月中出现潜在转机之前，可能会出现最后一次下跌。

VanEck will liquidate its Ethereum Futures ETF, with shares delisted by September 16.

VanEck wants to focus on products such as the spot Bitcoin ETF, which is performing better.

The final liquidation of the Ethereum Futures ETF will occur around September 23, 2024.

VanEck, a prominent asset manager, has announced plans to close and liquidate the VanEck Ethereum Strategy exchange-traded fund (EFUT). The decision, made public on September 6, 2024, followed a thorough review of key aspects such as performance, liquidity, and investor demand. Shareholders have until September 16, 2024, to sell their shares before the fund is officially delisted from the market. The final liquidation will be completed around September 23, 2024, when remaining shareholders will receive a cash payout based on the net asset value of their shares. This move signals a shift in VanEck’s approach to its Ethereum-related offerings.

Now that our spot ethereum ETP has been approved, we are closing our ETF that invested in ethereum futures. https://t.co/xYfK6StoWS

— VanEck (@vaneck_us) September 6, 2024

These payouts will reflect the net asset value of the shares on the liquidation date. The asset manager’s decision follows an analysis of the fund’s underperformance and reduced investor interest, which ultimately led to the conclusion that the ETF was no longer viable.

Ethereum ETF Revolution: SEC Approvals, ARK Invest’s Exit, and Market Dynamics Performance Review Triggers Liquidation Decision

VanEck’s evaluation of the Ethereum futures ETF involved a detailed review of its performance and investor response since its launch. Despite initial optimism, the fund faced challenges in attracting sufficient investor interest and maintaining strong liquidity. These factors, combined with the overall performance of the ETF, contributed to the Board of Trustees’ decision to close the fund. 

This comes just a few months after VanEck launched its spot Ethereum ETF in July 2024, following the earlier release of its spot Bitcoin ETF in January of the same year. While the spot Bitcoin ETF has seen significant success with over $574 million in total inflows, the Ethereum futures ETF struggled to generate similar levels of interest.

Broader Impact on VanEck’s ETF Strategy

This latest development is part of VanEck’s broader strategy to fine-tune its ETF offerings. The closure of the Ethereum futures ETF reflects a strategic shift in response to market demand. 

By focusing on more successful products such as the spot Bitcoin ETF, which currently holds $605 million in Bitcoin reserves, VanEck aims to consolidate its efforts around higher-performing assets. The Ethereum futures ETF’s liquidation marks a pivotal moment for the firm as it continues to adapt its strategies in a rapidly evolving market.

The post VanEck to Close Ethereum Futures ETF, Deadline in September  appeared first on CryptoTale.

XRP shows bullish potential with cup-and-handle patterns on the four-hour chart.

Whale Alert detects large XRP transfers, raising concerns within the crypto community.

Ethereum futures-based ETF shuts down amid market volatility, shifting investor interest.

Cryptoinsightuk, a crypto analyst, reports that the XRP/ETH pair’s chart signals potential bullish trends. Several cup-and-handle patterns have formed on the four-hour chart, suggesting possible upward momentum. XRP currently holds strong support around 0.000219, with resistance at 0.000236. 

It might not be the way we want it to happen, but look where $XRP vs $ETH is again haah; pic.twitter.com/2iu3NkaBGg

— Cryptoinsightuk (@Cryptoinsightuk) September 6, 2024

A breakout above this resistance could trigger further gains for XRP holders. However, a failure to breach this level could lead to a retracement of support. Traders closely monitor volume and RSI indicators to predict the market’s next move.

Whale Alert Detects Large XRP Transfers

Blockchain tracking service Whale Alert reported several large XRP transfers in the past 24 hours, one of which was carried out by Ripple Labs. According to Whale Alert, Ripple moved 100 million XRP, worth over $54.59 million. 

100,000,000 #XRP (54,594,473 USD) transferred from #Ripple to unknown wallethttps://t.co/5UoknxkDkv

— Whale Alert (@whale_alert) September 6, 2024

This has raised concerns within the XRP community regarding Ripple’s intentions. Cumulatively, four substantial transactions have transferred over 187 million XRP. Traders are paying close attention to these transfers, anticipating potential market impacts.

XRP Market Volatility and Price Decline

XRP is valued at $0.526780 and has a 24-hour trading volume of $1.48 billion. Its market cap has dropped by 3.29% in the past 24 hours to $29.67 billion. XRP’s derivatives market indicates bullish sentiment, with trading volume spiking by 108.88% to $1.51 billion. 

Source: Coinglass

Long positions on Binance outnumber short positions by a ratio of 2.84, suggesting optimism. However, the market remains volatile, with significant short liquidations over the short term but larger long liquidations totaling $4.22 million within 24 hours. Traders are advised to stay cautious amid this volatility.

Ethereum’s Price Drop and ETF Shuttering

Ethereum is priced at $2,261.85, dropping by 5.07% in the past 24 hours. Its market cap stands at $272.14 billion. Despite the decline, the Ethereum derivatives market also shows bullish sentiment. Trading volume surged by 116.12% to $45.83 billion, while options volume rose by 94.36% to $792.12 million. 

Source: Coinglass

Long positions dominate the market across exchanges, and optimism for a price rise is high. However, like XRP, Ethereum’s market shows volatility, with $75.72 million in liquidations over 24 hours, primarily affecting long positions. Traders continue to position themselves for gains but remain cautious due to high liquidation levels.

Related News:

XRP To Moon? Analysts Predict Breakout Amid Massive Moves
Amid these developments, asset manager VanEck announced the closure of its futures-based Ethereum exchange-traded fund (ETF). The decision was influenced by performance, liquidity, assets under management, and a shift in investor interest towards spot cryptocurrency ETFs. The VanEck Ethereum Strategy ETF (EFUT) will cease trading on September 16, with fund assets being liquidated and returned to investors by September 23.

The post XRP Shows Bullish Patterns While Ethereum ETF Faces Closure appeared first on CryptoTale.

Bitcoin price growth slows in the 2022 cycle, reaching under 4x gains as the market matures.

The cycles show smaller price swings, indicating decreasing volatility and ascending stability.

Bitcoin hashrate hits an all-time high of 700M TH/s in 2024, showing stronger network security.

Bitcoin’s price behavior across multiple market cycles has shown a significant shift in recent years, marked by slow growth and reduced volatility. This data provides insights into how Bitcoin’s market is maturing as it becomes more institutionalized.

Diminishing Returns in Price Growth Across Cycles

A closer look at the chart illustrates that each Bitcoin cycle presents varied growth patterns. The initial Genesis to 2011 cycle witnessed steep and rapid gains. During this phase, Bitcoin’s price surged exponentially as adoption increased. 

The subsequent 2011 to 2015 cycle followed a similar pattern, showing significant growth. Yet it was not without its extreme volatility noted by sharp declines after peaks. In contrast, the 2015 to 2018 cycle experienced growth, though with reduced magnitude. The 2018 to 2022 cycle continued this trend with more tempered growth, peaking at 8 times the low, while the ongoing 2022 cycle has shown a more gradual recovery, trailing at under 4 times the cycle low.

Market Maturation and Reduced Volatility

While Bitcoin’s early cycles were characterized by dramatic price swings, the data suggests a gradual decline in volatility. For instance, the 2011 to 2015 cycle displayed sharp peaks and valleys, while the 2015 to 2018 cycle saw more stable fluctuations. This stabilization has become more evident in the 2018 to 2022 cycle, where the volatility was less pronounced. 

Bitcoin Price Is On A Recovery Stage: Can BTC Hit $69,000?

The ongoing 2022 cycle further supports the view that the market is becoming less speculative as Bitcoin integrates more into institutional frameworks and traditional markets. These observations indicate a shift in market dynamics as liquidity grows and the asset’s price becomes more stable over time.

Bitcoin Hashrate Hits New Record High

Elsewhere, another metric to keep an eye on is the growth in the Bitcoin network hashrate. Recent data reveals a strong correlation between hashrate growth and Bitcoin’s price. From 2010 to 2024, the hashrate surged, recently reaching a new all-time high of around 700 million terahashes per second. 

JUST IN: #Bitcoin's hash rate hit a new ALL TIME HIGH pic.twitter.com/LUFSd40rRq

— Bitcoin Magazine (@BitcoinMagazine) September 6, 2024

This growth in computational power used for securing the Bitcoin network indicates the increasing competition among miners. The continuous increase in hashrate reflects the market’s trust in Bitcoin’s network security and its growing influence in the global financial system.

The post BTC Growth Slows as Market Matures, Hashrate Hits Record appeared first on CryptoTale.

NY Judge allows partial document disclosure to Coinbase but rejects Gensler’s subpoena.

Coinbase reduces demand for Gensler’s private communications based on SEC assurances.

Judge Failla orders extensive SEC document production regarding the Howey Test analysis.

The New York Court has partially granted a motion by cryptocurrency exchange Coinbase against the U.S. Securities and Exchange Commission (SEC). The court’s decision allows Coinbase to access specific documents but denies the request to subpoena SEC Chair Gary Gensler.

Court Grants Partial Document Access

During a telephonic conference on September 5, 2024, U.S. District Judge Katherine Polk Failla ruled out Coinbase’s July motion. The ruling compels the SEC to release documents central to Coinbase’s ongoing litigation. However, the court dismissed Coinbase’s effort to subpoena Chair Gensler.

Coinbase initiated legal action against the SEC last year, alleging the agency improperly sued them for operating without proper registration. The lawsuit is in the discovery phase, where each party gathers evidence from the other.

Coinbase requested documents regarding the tokens involved in the SEC’s complaint and information about how the SEC viewed Coinbase’s status as a public company in April 2021.

They also requested documents on statements Gensler made during his tenure, both in his personal and professional zones.

SEC Challenges Coinbase’s Discovery Requests as ‘Excessive’ Subpoena Request For Gensler Denied

Judge Failla has limited the scope of the subpoena against Gensler. Initially, Coinbase had served a subpoena in June demanding the Chair provide documents related to his private emails from 2017 to the present. This request was later narrowed down to his period at the helm of the SEC starting in 2021. Following discussions, Coinbase withdrew this request based on assurances from SEC counsel that Gensler did not use personal communication channels for SEC business.

The court also narrowed the types of documents the SEC must provide. It focused on the Howey Test, a method used to determine if a transaction qualifies as an investment contract. Coinbase had argued for the SEC to conduct a preliminary search of non-enforcement files to challenge the agency’s claims of undue burden. The court required the SEC to expand its search beyond the five staff members initially proposed but did not extend this to current or past commissioners.

Coinbase Gains Key SEC Documents

Additionally, Judge Failla allowed the SEC to keep certain internal documents sealed, especially those with external attachments. This decision follows her granting the SEC’s motion to “permanently file under seal” certain redactions.

Coinbase’s Chief Legal Officer Paul Grewal commented on the court’s decision. He emphasized that despite withdrawing one subpoena request, the order significantly aids Coinbase’s defense by granting access to crucial SEC documents related to their Howey analysis.

Grewal shared his satisfaction with the court’s ruling on social media, noting the importance of the documents the court has ordered the SEC to produce. He expressed gratitude for the Judge and indicated plans to share the court transcript shortly.
The court’s decision marks a pivotal moment in the legal battle between Coinbase and the SEC. It provides the exchange with essential documentation for its defense while setting boundaries on the scope of information it can seek.

The post Judge Denies Gensler Subpoena in SEC vs Coinbase Dispute appeared first on CryptoTale.

India’s Financial Intelligence Unit will assess four offshore cryptocurrency exchanges.

The exchanges would be approved before 2025 based on a stringent compliance review.

The move to bring in offshore exchanges paves the way for the growth of the crypto economy.

Crypto users in India can heave a sigh of relief as new crypto exchanges will come to pass before 2025. India’s Financial Intelligence Unit (FIU-IND) will assess around four offshore cryptocurrency exchanges, of which two will get the nod, implying that they can initiate operations.

Stringent Compliance Test

Although the names of the offshore exchanges are not yet revealed, they would follow the example of Binance and KuCoin, which were previously banned for non-compliance with India’s strict anti-money laundering (AML) laws.

According to a source, the Financial Intelligence Unit-India (FIU-India) will approve the new offshore exchanges based on their compliance with transaction visibility, suspicious transaction reporting (STR), and other AML protocols.

Re-entry of Binance, KuCoin

Following the ban imposed in 2023, over nine offshore cryptocurrency exchanges banned their operations in India. Earlier in March 2024, KuCoin was the first exchange to revoke the ban on its website by paying a hefty fine of over 35 lakhs INR to comply with Indian regulations. Binance followed behind in August by spending over $2 million on the Financial Intelligence Unit to resume its operations. 

India to Release Cryptocurrency Policy Paper by September, Says DEA Secretary Enhancing Domestic Market Competition

The decision to reintroduce offshore exchanges into the Indian market comes during significant growth in the domestic cryptocurrency ecosystem. The re-entry is expected to enhance market competition and offer Indian investors more diverse options. The conservative yet innovative approach suggests new pathways and provides rigorous control to check non-compliance and fraud against investors.

Crypto Legislation Paper

The Indian government has evolved its approach to the crypto platform by balancing innovation and financial security. The Department of Economic Affairs (DEA) has proposed to release a consultation paper between September and October regarding crypto legislation in the country. The paper will provide deep insights from industry holders in shaping the country’s long-term regulatory framework for digital assets.

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Bitcoin’s MACD indicator flip turns bearish, signaling a potential market correction.

Experts predict Bitcoin could fall to the $46K range as cautious sentiment dominates.

With mixed signals and indicators, traders prepare for possible increased volatility.

Crypto Rover, a crypto analyst, has raised alarms as Bitcoin’s Moving Average Convergence Divergence (MACD) indicator turns bearish. At press time, Bitcoin is priced at $56,835.87, showing a 0.24% increase in the last 24 hours with a trading volume of $34.54 billion. Despite this modest uptick, market sentiment remains cautious. 

The #Bitcoin MACD is flipping bearish!

Should we be worried? pic.twitter.com/PRdTwIIS2d

— Crypto Rover (@rovercrc) September 6, 2024

Bitcoin’s dominance has slightly decreased, while the Crypto Fear & Greed Index points to extreme fear, sitting at 22. This bearish flip in the MACD is leading some traders to prepare for potential volatility, with some analysts predicting a price correction to lower levels.

Source: Coinglass

Potential Correction Amid Bearish Indicators

The Bitcoin market is showing signs of caution as bearish technical signals emerge. Veteran analyst Peter Brandt has warned of a possible correction, suggesting Bitcoin may test the mid-$40,000 range. 

This is called an inverted expanding triangle or a megaphone. A test of the lower boundary would be to 46,000 or so. A massive thrust into new ATHs is required to get this bull market back on track $BTC
Selling is stronger than buying in this pattern pic.twitter.com/ekDZUJXXgd

— Peter Brandt (@PeterLBrandt) September 5, 2024

This prediction aligns with Bitcoin’s recent trading pattern, marked by sharp fluctuations and intense resistance levels near $71,000 and $68,200. Despite the current price holding above $56,000, the MACD flip could signal a downturn, driving further caution among traders.

Bitcoin Falls Below $56K as Crypto Market Faces Extreme Fear Cautious Sentiment Prevails in Crypto Markets

Additionally, Bitcoin’s exchange balance has slightly reduced as more BTC is moved to private wallets, hinting at a long-term bullish sentiment. However, short-term trading indicators remain mixed. Futures markets are active, with a notable rise in options open interest, which may indicate preparations for increased volatility. Funding rates and long/short ratios suggest traders are cautious, waiting for clearer signals.

Source: Santiment

Gold futures have dipped by 0.38% to $2041.65, while the U.S. Dollar Index saw a minor increase. This shift suggests investors move towards less volatile assets, reflecting broader market uncertainty. As Bitcoin’s price faces potential headwinds, investors remain watchful, taking strategic positions to manage risk in an increasingly volatile market.

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Ripple co-founder Chris Larsen joined 88 business leaders for Kamala Harris’  2024 elections.

Former Ripple board member Gene Sperling also left Biden’s administration to support Harris.

The CEO also predicted that the SEC Chair may step down, regardless of the election outcome.

Chris Larsen, co-founder and executive chairman of Ripple, has officially endorsed Vice President Kamala Harris for her 2024 presidential bid. Larsen signed a letter alongside 88 other corporate leaders endorsing Harris. This letter, reported by CNBC on September 6, includes prominent figures such as Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, Snap chairman Michael Lynton, and former 21st Century Fox CEO James Murdoch.

The support from Larsen and other business executives signals growing engagement from tech and cryptocurrency sectors in the political process. While the endorsement doesn’t solely focus on crypto, the involvement of leaders from the crypto world is noticeable as the industry continues to grow its influence in politics.

Gene Sperling Joins Harris’ Campaign

In addition to Larsen’s endorsement, Gene Sperling, a former Ripple board member, has also joined Harris’ campaign. Sperling, an economic adviser under multiple U.S. administrations, including Bill Clinton, Barack Obama, and Joe Biden, recently left his position at the White House in August to work with Harris. His departure signals an increasing number of individuals with a background in crypto taking part in major political campaigns.

David Plouffe, a former adviser to Binance and the crypto payments company Alchemy Pay, has also joined Harris’ 2024 campaign team, further showcasing the growing relevance of crypto-experienced advisers in U.S. politics.

Ripple CLO Urges VP Kamala Harris to End SEC’s Crypto War Impact on the Crypto Industry

Ripple CEO Brad Garlinghouse has suggested that the 2024 presidential election could have a notable impact on the crypto industry. Garlinghouse reportedly predicted that U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler will step down, regardless of the outcome of the election. While it’s unclear how this may affect the regulations, it’s evident that both Harris and her competitors are becoming increasingly involved with the crypto community.

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