2023-11-16 19:25

NEW YORK - Ripple's general counsel, Stuart Alderoty, took to Twitter today to voice criticism against the Securities and Exchange Commission (SEC) and its chairman, Gary Gensler. His comments follow a series of legal challenges faced by the SEC, including a recent court ruling favoring Ripple and setbacks in other high-profile cases. Alderoty's critique comes in the wake of decision that XRP, Ripple's digital asset, is not a security and that most transactions involving XRP were lawful. This ruling relates back to December 2020 when the SEC initiated legal action against Ripple for allegedly selling XRP as an unregistered security. In addition to the Ripple case, the SEC has experienced other legal defeats. Notably, the commission lost a case against Grayscale Investments regarding an application for a Bitcoin exchange-traded fund (ETF). These losses have highlighted inconsistencies in the SEC's regulatory approach, sparking debate over its current strategies under Gensler's leadership. Alderoty drew parallels between Gensler and a character from the film "A Few Good Men," suggesting that the SEC chair was concealing important information from a felon meeting. The criticism underscores the tension between Ripple and the regulatory body following the prolonged litigation. The SEC's potential $770 million penalty against Ripple may be reduced given these recent developments. Factors such as excluding non-U.S. sales of XRP and incorporating legitimate business expenses could mitigate the fine. The court's findings have brought attention to the SEC's enforcement tactics and regulatory clarity in the digital asset space. As these legal battles unfold, industry observers are closely monitoring how they will shape future regulatory frameworks for cryptocurrencies and related investment products in the United States. https://www.investing.com/news/cryptocurrency-news/ripple-executive-criticizes-sec-after-legal-setbacks-93CH-3236895

2023-11-16 18:57

Copyrighted Image by: Reuters NEW YORK - ZetaChain, a blockchain startup, announced a significant expansion in the decentralized finance (DeFi) space with its collaboration with Sushi, a decentralized exchange. This partnership marks a milestone by enabling native Bitcoin (BTC) support and the ability to swap unwrapped BTC across 30 different networks. The announcement comes as Bitcoin experiences a surge in price and trading volume, fueled by the anticipation of an approved Bitcoin exchange-traded fund (ETF). The integration between ZetaChain and Sushi leverages DeFi primitives, which are the foundational components of DeFi applications, to enhance user empowerment. This move is part of a broader effort by ZetaChain to drive Bitcoin's integration into DeFi and address the challenges of network interoperability that have long plagued the cryptocurrency ecosystem. ZetaChain's platform stands out for supporting the deployment of smart contracts capable of interacting with native Bitcoin. This capability was initially proposed by Ethereum, which boasts a robust developer community. In contrast, Bitcoin has traditionally seen fewer developers focused on such applications due to its more limited scripting capabilities. Ankur Nandwani from ZetaChain pointed out that their Layer 1 blockchain is designed for creating decentralized apps (dApps) that can seamlessly interact with other blockchains, a key feature in today's fragmented blockchain landscape. This development is especially noteworthy given that Ethereum has been the go-to blockchain for dApps due to its extensive support for smart contracts and a large developer base. The founder of ZetaChain acknowledged the role of earlier blockchain projects like Basic Attention Token, Colored Coins, and Mastercoin in paving the way for their current progress. These projects contributed to the foundational technology and concepts that ZetaChain now builds upon. In addition to its work with Sushi, ZetaChain has also recently integrated with OKX's self-custodial wallet. This integration, which occurred in October, allows Bitcoin users direct access to dApps without needing to leave the Bitcoin network—a significant step towards greater accessibility and usability in the DeFi sector. Backed by a $27 million Series A funding round from prominent investors including Jane Street Capital, Blockchain.com, and Sky9 Capital, ZetaChain is well-positioned to continue its efforts in bridging various blockchains and bringing innovative solutions to the DeFi ecosystem. https://www.investing.com/news/cryptocurrency-news/zetachain-teams-up-with-sushi-for-bitcoin-defi-integration-93CH-3236883

2023-11-16 18:42

Copyrighted Image by: Reuters. NEW YORK - Taproot Wizards, a project championing Bitcoin innovation, has successfully raised $7.5 million in seed funding, led by venture capital firm Standard Crypto. The fresh capital injection is set to bolster the project's ambition to transform Bitcoin's blockchain and elevate its competitive edge against prominent blockchains such as Ethereum and Solana. The initiative stands out by introducing a limited edition of 2,121 wizard-themed non-fungible tokens (NFTs), mirroring the finite supply of 21 million Bitcoin. As of today, fewer than 1% of these unique digital assets, known as Taproot Wizards’ Ordinals, have been created and distributed to members actively engaged in the community. These individuals have earned their Ordinals by participating in educational programs or showcasing their loyalty through various fan-driven activities. Alex Vasudev, co-founder of Standard Crypto, has expressed high hopes for Taproot Wizards, drawing parallels with Yuga Labs' successful investment in the Bored Ape Yacht Club. He anticipates similar opportunities for branding and fostering a more vibrant Bitcoin ecosystem. In line with this vision, the project's co-founder Wertheimer stressed that their mission is not confined to Taproot Wizards alone but extends to sparking a broader wave of innovation within the Bitcoin landscape. The project's momentum is further underscored by the recent adoption of the Ordinals protocol on the Bitcoin network. Since its introduction earlier this year, there have been nearly 1.9 million inscriptions recorded between late October and early November. This surge in activity has led to a dramatic 970% increase in network fees since August, signaling a significant uptick in demand and engagement on the network. Despite some concerns from the Bitcoin community regarding potential network congestion, the enthusiasm around Taproot Wizards is palpable. The project's successful funding round and a record-breaking transaction on the Bitcoin network in February trace back to the early days of cryptocurrency when it was often referred to as "magic internet money." Now, with Taproot Wizards described as "magic internet JPEGs," it seems that history may be repeating itself as they bring a new layer of digital art and ownership to the original cryptocurrency platform. https://www.investing.com/news/cryptocurrency-news/taproot-wizards-raises-75-million-to-bring-nfts-to-bitcoin-network-93CH-3236875

2023-11-16 18:28

Copyrighted Image by: Reuters. LAGOS - Nigeria's currency, the naira, plunged to an unprecedented low of N1,105 to the U.S. dollar in the official market on Thursday, according to the latest data from LSEG. The significant drop from a previous rate of N830 per dollar has intensified economic uncertainty within the country. The exact cause of the naira's steep decline remains unclear, but it is occurring amidst chronic dollar shortages that have plagued Nigeria since a downturn in oil prices led to a withdrawal of foreign investors from local markets. This shortage has been exacerbated by speculative activities and cash hoarding, which have contributed to the naira reaching record lows in the parallel market as well. In response to these challenges, the Central Bank of Nigeria (CBN) is taking decisive steps. It is cracking down on illegal currency trading and moving forward with a digitization strategy for foreign exchange transactions. These efforts are aimed at curbing speculative demands and reducing the gap between official and parallel market exchange rates. As part of its strategy to stabilize the currency and manage the economic instability, the government is also advocating for the digitization of forex transactions. This approach is intended to streamline processes and restrict opportunities for speculative traders to manipulate the market. These currency fluctuations have significant implications for Africa's largest economy, as they affect everything from inflation rates to the cost of imports. The CBN's actions represent a direct intervention in an attempt to restore confidence in the naira and mitigate further economic disruption. https://www.investing.com/news/forex-news/nigerian-naira-hits-record-low-against-us-dollar-in-official-market-93CH-3236867

2023-11-16 18:07

Copyrighted Image by: Reuters. WASHINGTON - U.S. agricultural exports witnessed a significant shift in the week ending on Wednesday, with soybean shipments reaching an annual high and corn sales exceeding market expectations, according to the latest USDA report. The surge in soybean exports was primarily driven by a substantial increase in purchases from China. In detail, soybean exports for the week peaked at 3.92 million metric tons. This marked a notable high for the year, with China accounting for a massive 2.61 million tons of the total sales. The heightened activity in soybean trade highlights China's robust demand and its impact on U.S. export figures. Corn also saw an impressive performance during the same period, with sales jumping 78% from the previous week to reach 1.81 million metric tons. These figures surpassed analyst projections, which had estimated corn sales to be between 900,000 tons and 1.7 million tons. On the other hand, wheat exports did not fare as well, experiencing a significant drop. Sales halved from the previous week, reaching only 176,300 tons, which fell short of analysts' expectations ranging from 250,000 tons to 500,000 tons. Despite the uptick in corn sales, Doug Bergman from RCM Alternatives expressed skepticism regarding any substantial increase in CBOT corn prices, citing the lack of a catalyst that could drive such a leap. This sentiment was mirrored in the performance of the most-active CBOT grains contracts, which collectively faced a downturn. The data underscores the volatility and unpredictability of agricultural commodity markets while highlighting the influence of key international buyers like China on U.S. exports. The agricultural sector will continue to monitor these dynamics closely as they have direct implications for pricing and market trends. https://www.investing.com/news/commodities-news/us-soybean-exports-hit-annual-peak-corn-sales-surpass-forecasts-93CH-3236847

2023-11-16 18:04

Copyrighted Image by: Reuters. NEW YORK - Binance, one of the world's leading cryptocurrency exchanges, has announced the integration of KAS Coin into its futures trading platform, offering leverage up to 50 times. This development led to an immediate price increase for KAS Coin, which jumped from $0.131 to $0.148. The integration into Binance's futures market is a significant move for KAS Coin, as such listings on the exchange often result in substantial growth for altcoins. The volatile nature of the futures trading platform can amplify price movements, and this listing is no exception. KAS Coin's official entry onto the Binance futures market is scheduled for today at 02:00 UTC. Traders and investors are anticipating this event, which is expected to bring about further price volatility for the coin. In the lead-up to this listing, KAS Coin has shown remarkable performance, with its value soaring approximately 65% within just 35 hours. This rally reflects a strong bullish sentiment among investors. However, it's important to note that the broader cryptocurrency market is facing challenges, as evidenced by a recent decline in Bitcoin's price. This downturn could potentially impact the momentum of KAS Coin's growth following its new availability for leveraged trading on Binance. https://www.investing.com/news/cryptocurrency-news/binance-adds-kas-coin-to-futures-platform-triggering-price-jump-93CH-3236841