Tokens

#Ripple💰 #RippleStablecoin #CoinbaseExchange. #BinanceSquareFamily
#tokens

Introduction

In a noteworthy development, the U.S. Securities and Exchange Commission (SEC) has revised its position regarding the classification of cryptocurrencies, heralding a moment of triumph for crypto supporters. In its amended complaint against Binance, the SEC stated that it does not regard crypto assets themselves as securities. This revelation, though mentioned in a footnote, quickly gained traction among industry leaders, including the Chief Legal Officers (CLOs) of Ripple and Coinbase.

Contents
1. Reactions from Coinbase and Ripple's CLOs
2. Frustration Over SEC’s Inconsistent Regulations
3. The Ripple Case Under Examination

1. Reactions from Coinbase and Ripple's CLOs

Paul Grewal, Coinbase’s Chief Legal Officer, highlighted this crucial update in a series of posts on X (formerly Twitter). He underscored the importance of the SEC’s admission by quoting directly from the amended complaint. Grewal remarked, “‘The SEC regrets any confusion it may have invited’ by falsely and repeatedly stating that tokens themselves are securities.”
He characterized the language in the footnote as “remarkable,” criticizing the agency for its reversal of a long-standing position on crypto regulation. Grewal also noted the potential ramifications this shift could have on ongoing litigation involving other crypto entities, particularly Ripple. He tagged Ripple's CLO, Stuart Alderoty, in his post, suggesting that Alderoty might be surprised by the SEC's latest statement.

2. Frustration Over SEC’s Inconsistent Regulations

Stuart Alderoty responded with a mix of vindication and frustration. Quoting Grewal’s post, he expressed his views on the SEC's contradictory approach to cryptocurrency regulation. Alderoty stated, “So the SEC finally admits that 1/ ‘crypto asset security’ is a made-up term and 2/ to prove a ‘crypto asset security’ is an investment contract, the SEC needs evidence of a bundle of ‘contracts, expectations, and understandings’?”
He went on to criticize the SEC’s ever-evolving stance, labeling the agency as “a twisted pretzel of contradictions.” Alderoty humorously proposed a redesign of the SEC's logo to reflect their complex legal entanglements.

3. The Ripple Case Under Examination

The SEC’s acknowledgment is a relief for many within the cryptocurrency sector, especially following years of what has been termed “regulation by enforcement.” Grewal emphasized this concern, stating, “That SEC absolutely ‘maintained’ that tokens themselves are securities is clear from the long record of their regulation by enforcement campaign. Why mislead...”

Conclusion and Final Thoughts

The SEC's recent admission that crypto tokens are not classified as securities represents a significant pivot in its regulatory stance, eliciting strong reactions from key figures in the industry. As the crypto community digests this announcement, the implications for ongoing litigation and future regulatory frameworks remain to be seen. The contrasting views from Coinbase and Ripple's legal leaders highlight the complexities and challenges faced by the cryptocurrency sector as it navigates an evolving regulatory landscape.

In what CCData reports as a groundbreaking verdict, Judge Torres favored #XRP in its closely watched lawsuit against the U.S. Securities and Exchange Commission (#SEC ).

This decision, as CCData indicates, could usher in a new era for the digital assets industry, specifically regarding the categorization of such assets as securities in the United States.

In a blog post published on 14 July 2023, CCData, a leading provider of institutional-grade real-time market data for digital assets, suggests that:

the ruling brings a renewed sense of optimism to an industry that has been grappling with regulatory actions, creating a potential precedent that may influence ongoing legal cases, restoring confidence in industry participation.

Moreover, CCData predicts it could potentially draw in more liquidity into the ecosystem as market makers encounter less risk in dealing with these assets.

In the aftermath of the court ruling, $XRP ’s price performance escalated to record levels, CCData observes. The #cryptocurrency peaked at $0.93—the highest since May 2021—and closed at $0.82.

Source: TradingView

This #news triggered a dramatic increase in trading activity, with XRP trading pairs on centralized exchanges hitting a total volume of $6.05 billion on the day—an impressive 1351% increase from the previous day.

Source: CCData

Moreover, #tokens such as Solana and Cardano, which have been recently classified as securities, also witnessed significant gains.

Source: CCData

As CCData indicates, the decision to relist XRP on centralized exchanges such as Coinbase, Kraken, and Gemini contributed to the jump in trading volumes.

Despite the legal complications faced by XRP due to the lawsuit, its market-depth liquidity demonstrated resilience throughout the year.

This could be an indicator of the perceived risk of market-making on the XRP pair, which becomes riskier if XRP were deemed a security.

CCData's Orderbook data suggests that the ruling caught most speculators off guard with a vast number of orders within a very tight range around $0.45 before the announcement.

This led to a surge in buy orders, causing the price to rise to $0.95 from $0.60.

From a derivatives perspective, XRP maintained a positive funding rate, which CCData attributes to the broader positive market sentiment.

The event stimulated a significant rise in Open Interest across exchanges, reaching three times higher than its baselinelevel prior to the announcement.

CCData highlights this increase as a demonstration ofthe positive speculation surrounding $XRP .

In conclusion, CCData believes:

this landmark verdict introduces new clarity to the digitalasset market. and that this development could reshape industry trends, potentially boostcoins deemed securities, and challenge $BTC 's market cap dominance.

Furthermore, it says that:

this could prompt a reevaluation of the SEC's regulation by enforcement approach and catalyze industry growth by attracting fresh liquidity and fostering confidence in continued innovation in the digital asset sector.

The volume of searches on Google for the word “#Bitcoin❗ $BTC
” reached an annual low last week. Google scores search queries on a scale from 0 to 100, depending on the importance of the topic in the total number of queries for all topics. On a scale of 0 to 100, the interest of users from around the world in the first cryptocurrency dropped to 33 points by the end of the week.

At the same time, the volume of search queries for the word “#Memecoins🤑🤑 ” amounted to 77 out of 100 during the same period, but has yet to surpass the previous historical high of 100 points reached at the end of October 2023.

#CryptoQuant CEO and founder Ki Young Ju believes that the number of searches for memcoins will return to the previous all-time high by the end of October 2024, as interest in these digital assets remains extremely high.

Memcoins have exceeded expectations in 2024 and show no signs of beginning to slow down in popularity before the end of the year. Since September 12, 2024, 491,000 new tokens have been created on the Solana$SOL
network.

On Oct. 9, the Solana Floor account reported that nearly 20,000 new #tokens had been launched on Solana in the previous 24 hours, with the majority being memcoins.

The news outlet also noted that by October 12, the total market capitalization of memcoins on Solana exceeded $10 billion, with trading volume of approximately $2.3 billion in 24 hours.

Platforms like Pump.Fun have fueled the hype around memcoins on Solana thanks to a simplified user interface, low transaction fees and access to fast liquidity on decentralized exchanges like Raydium, allowing virtually anyone to issue new tokens.

Earlier in 2024, industry executive Justin Sun announced the launch of SunPump, a memcoin creation platform on the Tron$TRX
network, similar to the Pump.Fun platform on Solana. According to Dune, 90,000 memcoins have been created on the SunPump platform since its launch in August.

Memcoins have been repeatedly criticized by investors, industry executives and business tycoons. Investor Mark Cuban recently stated that he believes “every memcoin is a prepared fraud” and warned the public against trading these highly speculative assets. The rapid growth of new tokens on various blockchain platforms may indicate growing interest, but it also increases the likelihood of questionable projects.
#MemeCoinTrending