By appealing the SEC vs Ripple court case, the SEC makes it clear that it wants to hold on to its own view and conviction with all its might. The SEC is positioning itself as a “regent” in an opaque regulatory phase and is thus causing displeasure and incomprehension among almost all market participants.
Thought of the week
Digital Asset News
Bitcoin traders continue to battle for a narrow price range and are looking to gain the upper hand as the huge tension could provide a significant directional move. Bitcoin is once again at a crossroads, with the bulls and the bears fighting for control over the further direction of thrust in the current sideways movement.
As BTC has now repeatedly failed to make a sustainable upswing, bulls and bears continue to find themselves in a “fiercely contested” price range, as Daan Crypto Trades sums up.
After several ups and downs above and below the current price level, this area is now moving into focus as a decisive zone.
The unchanged status quo since mid-June manifests itself accordingly in support at 28,500 US dollars and the associated resistance at 31,800 US dollars.
This in turn results in a critical zone at 29,700 US dollars, which is of top priority for the bulls to gain enough momentum for the long-awaited breakout.
“Pretty clear that the US$29,500 – US$29,700 area is being fiercely contested by both bulls and bears,” as the expert notes to that effect. And further: “Therefore, it is imperative to keep an eye on this zone.”
In France, changes to existing crypto regulation will come into force next year to align national regulations with the new EU Markets in Crypto-Assets (MiCA) law, which aims to regulate the handling of cryptocurrencies in a pan-European framework.
The Autorité des Marchés Financiers (AMF), France’s main financial regulator, has accordingly announced that the existing regulations for cryptocurrencies and for crypto service providers (DASPs) will be adapted to take account of the “expanded” legal situation created by MiCA. This emerges from an official press release of 10 August.
First and foremost, these are “enhanced” registration requirements for crypto platforms, which are set out in the new Article 721-1-2 of the AMF General Regulations. These new requirements include systems for dealing with conflicts of interest, additional disclosure requirements, the separation of client and platform assets and the prohibition of using client assets without their explicit prior consent.
Barely a month after Ripple scored an important point victory in its case against the SEC, the exchange supervisory authority is now requesting an appeal regarding the assessment of XRP. The US Securities and Exchange Commission (SEC) wants to appeal against the much-noticed court decision from July, in which it was decided that the cryptocurrency XRP – insofar as it is sold to retail investors – is not to be classified as a security.
In a letter dated 9 August to presiding judge Analisa Torres, the SEC states that the interpretation of the decision warrants reconsideration by an appellate court.
“An injunction is warranted here,” according to the SEC, which therefore asks for a review of the decision while the case is still pending. “These two issues involve important questions of law on which there is substantial disagreement, reflected in a split that has already developed within the judicial circuit.” This means that the SEC will not “let up” and this issue is likely to drag on for years.
The American financial giant PayPal launched a new stablecoin called PayPal USD (PYUSD) on 7 August.
The US dollar-linked stablecoin is issued by Paxos Trust Co. and is fully backed by US dollar deposits, short-term bonds and similar cash. Stablecoin is based on Ethereum and is “designed for digital payments and Web3”. The company says it will soon be available to customers in the United States. PayPal USD can be redeemed for US dollars at any time, exchanged for other cryptocurrencies at PayPal and transferred between PayPal and Venmo. The company claims this will soon be available as a payment method for purchases.
PayPal’s launch of a stablecoin could help the company become a crypto payments giant. The company started working on this in 2020 after paving the way for crypto payments on the platform.
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.