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Crypto News Digest by U.Today
Valeria Blokhina
What happened in the crypto industry last day? Read U.Today’s news roundup to find out!
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Don’t miss a thing in the world of crypto with U.Today’s top three crypto news stories from the day before.
Bitcoiner Samson Mow criticizes Ripple for spreading FUD about Bitcoin and Tether
Following the confrontation which unfolded between Ripple CEO Brad Garlinghouse and Tether CEO Paolo Ardoino, Samson Mow, head of Jan3, took to social media to share your opinion on the situation. In his X post, Mow sided with Ardoino, writing that Ripple is now “actively spreading FUD about Tether” to “try to get traction on its own stablecoin.” The Jan3 CEO added that such a turn of events is no surprise to him as a similar situation happened in 2022; At that time, Ripple (particularly its co-founder Chris Larsen) paid $5 million to Greenpeace to start a campaign against Bitcoin, which aimed to force the change from BTC’s proof-of-work consensus algorithm to a proof-of-stake algorithm.
SEC v. Ripple: Defendant files motion to seal documents
According to a recent to update on the Ripple-SEC legal battle provided by defense attorney James K. Filan, Ripple presented a motion to seal or narrowly adapt certain of its documents in connection with the SEC’s motion for judgment and remedies. As stated by Ripple, if these confidential documents were made public, its business interests would suffer “significant harm”. The company wants to seal or redact highly confidential information regarding its earnings, income, expenses, and so on. Furthermore, Ripple requests to keep its contractual agreements with third-party business partners undisclosed; While the company recognizes the significance of having provided discounts to institutional buyers of XRP, it is unwilling to reveal specific financial and pricing details. Additionally, Ripple wants to protect the identities of certain non-partisan financial institutions – both customers and employees.
Here’s Why the Ethereum ETF Might Get Neglected
In a recent X postJames Seyffart, ETF analyst at Bloomberg Intelligence, stated that the SEC’s decision to deny several Ethereum ETF applications in May of this year, stating that Ethereum is a security, is becoming increasingly likely. “It’s not a guarantee that they will do it, but I think it’s almost a guarantee that the SEC is at least considering it,” Seyffart added. The analyst’s post comes as a response to financial lawyer Scott Johnsson, who stated that the SEC is considering the security issue of Ethereum in its upcoming spot ETF filing. According to Johnsson, the regulator must provide “notice of the grounds for disapproval under consideration”. The SEC argues that since the underlying asset is a security, it was inappropriate to offer commodity-based fiat shares. Interestingly, Bitcoin ETFs have not had to deal with this problem. As a reminder, on May 23rd and 24th, the SEC is expected to make its final decision on VanEck and ARK’s Ethereum ETF registrations, respectively.
About the author
Valeria Blokhina
Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news from the world of cryptography and blockchain.