ETH MERGE Countdown – SEC vs Ripple Update

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2022-11-27 20:50:52

Market situation

Bitcoin last day fluctuated around $ 22,000 before the CPI was released.

According to Coinshare statistics, digital asset investment products have cash flows out of $62.7 million in the past week. The outflow is mainly from BTC and ETH. Some funds with small inflows are Short Bitcoin, ADA, XRP.

The US financial market was quite quiet yesterday waiting for the announcement of the CPI. US stocks rose slightly in all three indexes Dow, S&P 500 and Nasdaq. Stock futures are mostly flat. Oil price fluctuates at 8 USD/barrel. Gold is flat at 1731 USD/ounce.

The most awaited information is the US CPI that was announced later. The consumer price index (CPI) in August increased by 0.1%. Excluding food and energy, inflation rose 0.6%. Both numbers were higher than expected, causing all US stocks to plummet in the early trading session.

The CPI, driven by food, shelter and health care services remains high and continues to rise despite a significant drop in petrol prices. In particular, the inflation of food shows no sign of abating.

Fed futures also show investor anxiety. With the results of CPI, most investors think that the Fed will increase at least 0.75% and possibly up to 1% in this September meeting.

Ethereum Merge countdown

Google added an “Ethereum Merge” event countdown timer.

In the interface there is a cute countdown timer depicting two pandas, one black and one white, slowly approaching each other. When the countdown hits 0 at some point on September 14, the two pandas will become one. Many people think that Google’s addition of Ethereum Merge countdown proves the importance of Ethereum Merge for everyone, not just crypto advocates.

SEC and Ripple lawsuit update

Here’s an update from the SEC’s lawsuit against Ripple that has been around since 2020. US Attorney John Deaton has pointed out two key aspects that will cause the SEC to settle with Ripple, ending a long battle. in court over the XRP token sale.

John E Deaton is an attorney representing 65,000 XRP holders in the lawsuit with the SEC. He shared in a recent tweet and outlined the following two cases that brought up two scenarios that could force the SEC to make a deal with Ripple.

First, former SEC director William Hinman once said that ETH is not a security in 2018. At that time, the SEC also transferred the management of ETH to the CFTC Futures Regulatory Commission. In this case, when the SEC is required to hand over documents such as a series of emails and notes with a draft of a speech by former director William Hinman about ETH will be the key point. Ripple can then rely on the basis that the SEC decides that ETH is not a security to justify the same for XRP.

A second aspect that could prompt a settlement is if the SEC receives an adverse ruling in the LBRY case. The SEC sued LBRY last March, alleging that the decentralized content platform sold millions of LBRY Credit (LBC) tokens in 2016. The token was also accused by the SEC of being an unregistered security. The LBRY lawsuit could end sooner, and if the SEC loses this case, they will soon arrange a settlement with Ripple.

Another lawyer, Jeremy Hogan, followed and similarly commented on the Ripple lawsuit. He said that it is likely that the timeframe for the settlement of the SEC case against Ripple will end at the end of November.

The impact of the outcome of the SEC case on Ripple and the crypto industry is huge. If Ripple wins the lawsuit, it will help XRP continue to grow. At the same time, it also makes the SEC need to be cautious and have clear legality before suing and accusing securities with any subsequent crypto projects. This also helps to promote the development of the crypto market.

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