Market Update: October 21, 2022

  /  2 minutes read

A judge recently rejected the Securities and Exchange Commission’s (SEC) attempt to restrict Ripple from seeing the records. The records center on William Hinman, a former SEC director, and a widely reported speech he gave in 2018 in which he claimed that Ethereum, like Bitcoin, was “sufficiently decentralized” and was, therefore, exempt from federal securities regulation. The SEC’s December 2020 complaint against Ripple, alleging that Ripple sold XRP as unregistered securities, is heavily influenced by Hinman’s comments from that day, which reflect the darkest cloud currently hanging over continuing discussions over cryptocurrency legislation. Shortly before that ruling, another judge had denied the SEC access to documents about Ripple’s CEO salaries. The new development will undoubtedly reignite the long-running legal battle in which Ripple and the SEC recently requested a summary judgment rather than a trial.

Source: CNBC

The CEO is demanding more limitations on the issuance of stablecoins by the Federal Deposit Insurance Corporation. The industry for digital assets may strongly disagree with the notion that validators and nodes would be subject to know-your-customer requirements. The FDIC has raised this concern with some of the most prominent names in the sector. Still, the acting FDIC chair also warned against comments that mislead customers about “the availability of federal deposit protection for a certain crypto-asset product that violates the law.” Gruenberg continued, “We will continue to work with our supervised banks to ensure that any cryptocurrency asset-related operations they participate in are authorized banking activities that can be done safely and soundly and in conformity with existing rules and regulations.”

Source: Bankrate

Starting Nov. 3, the stablecoin issuer Tether will make 24,000 ATMs in Brazil accept tether (USDT). Through a partnership with SmartPay, the business will make it possible to convert USDT into Brazilian reals. From any wallet, including exchanges, users will be able to send USDT to an ATM. According to Paolo Ardoino, chief technology officer (CTO) of Tether, “Adding tether tokens to ATMs across Brazil provides the opportunity to include more people in the financial system,” said Tether Chief Technology Officer Paolo Ardoino. “This will bring major changes not only to the payments industry but to the entire Brazilian financial ecosystem.”

Source: Indiatimes

That’s it for today, see you tomorrow


Leave a Reply

Your email address will not be published. Required fields are marked *