Mt Gox Sell BTC?  |  SEC x Ripple Updates And Events Of The Week

Mt Gox Sell BTC? | SEC x Ripple Updates And Events Of The Week


2023-05-18 04:39:42

Market situation

Over the weekend, Bitcoin price had a significant drop towards 22,000 and then recovered and moved sideways around $22,400. The major altcoins were also relatively flat after BTC moved sideways around the retracement level.

This week, financial markets will receive information on unemployment rate and employment document announcement from ADP company. In addition, the Fed governor will speak and Chairman Powell will attend hearings in the US House and Senate. According to the Fed’s futures contract, most participants believe that the Fed will continue to raise interest rates by 0.25% at the next meeting in March and May.

This BTC drop has many hypothetical threads predicting its cause. One of those assumptions is related to the Mt.Gox exchange. According to the information, the Mt. Gox will pay a portion to the victims starting March 10 and running until September 30. This is for the victims who choose to get it early, the remaining victims will have to wait another 3-5 years. .

There are currently no specific numbers on the number of people who choose to get early, but the two biggest victims, Bitcoinica and MtGox Investment Funds, have chosen to get early. They represent about 20% of the total amount and they choose to receive in Bitcoin. A total of 142 thousand BTC that Mt. Gox debt to victims will be paid in installments. Victims can choose to get BTC or cash.

Therefore, many people believe that this sale that caused the price to go down came from the Mt. Gox to pay the victims. This possibility is possible but we do not have definitive data. The Mt. Gox paying victims is something that has greatly influenced investor sentiment over the years. When this happens the whole market expects it to have as little impact as possible.

SEC opposes Binance.US asset purchase of Voyager

U.S. Bankruptcy Court Judge Michael Wiles was highly skeptical of the Securities and Exchange Commission’s (SEC) attempt to block Binance.US’s purchase of assets from crypto lender Voyager Digital in Singapore. The trial took place last Thursday.

At the time of the trial, the SEC sent its attorney William Uptegrove to present its objection. This objection is raised because the SEC considers the SEC’s VGX token to be a security. However, the SEC has not made any official announcement or decision on this token.

The judge of the trial was surprised and asked the lawyer again:: You came here and told me… that I should stop people from receiving 73% of the money because you think VGX tokens can be securities. That’s a strange objection. I have a feeling that this objection was made as a kind of cover-up so that you would later say you raised these issues, but the SEC hasn’t really investigated or made any decision on VGX… I need to know. specific details.

The SEC has not yet made a specific decision on whether VGX tokens are securities or not. But their objections could cause victims to wait longer to receive compensation. So the judge disagreed with the SEC’s objection.

Update on SEC vs Ripple lawsuit

In the latest update, Ripple’s defense attorney James Filan shared on Twitter that Ripple has filed a letter regarding the so-called “Fair Notice’ Defense” defense. court.

The due process clause of the United States Constitution requires individuals to be fairly informed of actions prohibited by law. For Ripple, the fair notification protection goes something like this: XRP cannot be registered with securities regulators, which have never provided clear enough information about the regulation securities in the context of cryptocurrencies. Therefore, the fact that the SEC does not have a clear law on tokens as securities but penalizes Ripple is not fair to them. In addition, the SEC knew about Ripple many years ago and had exchanges back and forth many times. At the same time, Ripple has been selling XRP for years without being sued, but now, the SEC is suing them.

Many people think that, with this argument, Ripple has the ability to win the SEC. If Ripple wins, the possibility of the SEC filing a complaint is said to be low. Because if the SEC loses again, it will make this agency completely lose its ability to control the crypto market.

Ripple CEO Grad Garlinghouse said in an interview with Bloomberg that the lawsuit is coming to an end. He also emphasized that the actions of the SEC with Ripple and other crypto projects over the past two years have caused a lot of companies to become disgruntled and leave the US. If this continues, talented people or companies with breakthroughs in the crypto and technology markets will leave their countries. This is a huge loss caused by the SEC. Not only Ripple, the SEC has also caused difficulties for many projects and companies such as Coinbase, Binace.US, Kraken, etc.

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