The market has experienced another week of relatively flat performance; Bitcoin (BTC) saw a modest increase of 0.3% with a current value of $27,110.29, and Ethereum (ETH) grew 0.6%, trading at $1,825. This comes as the United States Securities and Exchange Commission (SEC) remains firm in its assertion that it holds the role of lead regulator for the industry.
Despite the overall market stagnation, several cryptocurrencies have managed to rally significantly. XRP, for example, enjoyed a notable 9.4% increase, ending the week at $0.46. Ripple, XRP’s creator, won a minor legal victory in its ongoing lawsuit with the SEC, which accuses the company of selling XRP as an unregistered security. After Judge Analisa Torres denied the SEC’s request to seal documents connected to a speech by former SEC director Bill Hinman, Ripple’s defense found support in Hinman’s opinion on Bitcoin and Ethereum being exempt from securities designation. Interestingly enough, Ripple has also made waves with the launch of its Central Bank Digital Currency (CBDC) platform, aimed at central banks, governments, and financial institutions seeking to develop and distribute stablecoins.
Another cryptocurrency on the rise is Litecoin (LTC), which gained 13.2% and is trading at $91.29. The renewed interest in the Litecoin network can be attributed to the growing popularity of Ordinal Inscriptions, a trend that brings NFT-style assets to blockchains without sophisticated smart contracts, such as Bitcoin and Litecoin. Additionally, Ethereum staking token Lido DAO (LDO) continued its upward momentum, increasing by 13.7% this week.
Despite concerns about the lack of clarity in the SEC’s regulatory guidance for crypto companies, SEC chairman Gary Gensler maintained that the rules are well-established. Gensler’s assertion is met with skepticism, as the SEC continues to pursue legal action against industry players. Even SEC Commissioner Hester Pierce has questioned her agency’s stance on several occasions. In response to Coinbase’s petition for a writ of mandamus, an order requiring the SEC to clarify its crypto regulations, the agency’s lawyers have urged the court to dismiss the request.
On a global scale, Samsung and the Bank of Korea (BOK) have announced a partnership to develop an ecosystem for CBDCs through joint research. Additionally, the European Union Finance Ministers have unanimously approved the Markets in Crypto Assets (MiCA) bill, creating a unified set of guidelines for regulating crypto across its 27 member states. Lastly, a cross-party committee of British MPs has published a report proposing the classification of cryptocurrency as gambling, which would come with additional regulations and potential taxes.
Source: Decrypt
