Schlagwort: crypto business

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SEC won’t give ‘crypto a pass,’ agency’s enforcement chief says

SEC enforcement unit director Gurbir Grewal non-enforcement would be “betrayal of trust.”

The US Securities and Exchange Commission (SEC) is not about to get off track with regard to taking legal action against crypto companies that break the securities laws, the agency’s enforcement chief warned on Friday. 

Gurbir Grewal, the Enforcement Director at the SEC was speaking at a conference in Washington D.C.

SEC to continue crack down – Grewal

The crypto industry has over the past few years been unhappy with the US securities watchdog, particularly around what’s seen as the regulator’s pivot to regulation by enforcement. It’s an outlook many say stifles innovation.

But that isn’t going to stop the SEC from taking an aggressive approach towards enforcing rules it says apply to crypto companies, Grewal said at the event organised by the Practising Law Institute. 

He warned that the agency will not give “crypto a pass,” adding that the regulator will pursue action against those who break the law irrespective of the technology used. According to the SEC enforcement boss, taking a different approach – in this case non-enforcement of rules underpinning the regulatory ecosystem – would be akin to “betrayal of trust.”

The SEC is determined to take the enforcement route despite misgivings within the crypto space, with the unit eyeing 125 new staff to boost its efficiency.

Grewal’s comments come a day after SEC Chair Gary Gensler noted that the agency was keen on more crypto companies, particularly crypto brokers and exchanges, getting registered. Gensler has reiterated this before, saying the SEC has the regulatory authority to take enforcement actions against securities.

In December 2020, the SEC brought a lawsuit against Ripple Labs for what it maintains is the crypto company’s sale of unregistered securities.

There are multiple other crypto-related cases the agency has filed. Recently, the regulator charged a former Coinbase staff with insider trading and listed nine tokens it said were securities (seven of these were on Coinbase).

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Ripple’s SEC case “endgame” speculated after major date, but how is XRP behaving?

  • Ripple case with SEC facts expected to trickle in on September 19

  • The case will have wide impacts on XRP and the broader crypto

  • XRP is recovering but remains in consolidation mode

The Ripple v. SEC case could get an interesting twist on September 19. It is the day that the parties submit open redacted briefs that will support the summary judgment of the case. Afterward and before the end of the year, lawyers from both sides will discuss. The negotiations will culminate in refining the briefs for case determination. Will this mark the end of the long-standing conflict between the regulator and Ripple?

Pro-XRP activist and lawyer Jeremy Hogan is excited about the new date, which is slightly a week away. In a tweet on Friday, Hogan hinted that the date marks “the endgame.” In the tweet, he did note that it is the day the public will know what each party holds.

There is an interesting fact why any development between SEC and Ripple is crucial for now. For a long time, investors have waited for the case’s conclusion. Ripple has made a majority of small wins. That has led to speculations it will outwit the regulator in defending that XRP cannot be classified as a security. XRP’s price has been tied to the projected ruling. The ruling will have wider ramifications on the broader crypto sector.

XRP price outlook and prediction

XRP has surged by 4.27% in the last 24 hours. That averages the gains by other major cryptos. It illustrates that the September 19 event is yet to influence the price. 

Source – TradingView

A technical outlook shows XRP is still trapped in the consolidation channel. The token is recovering from the bottom of the channel. The RSI reading of 52 suggests no oversold or overbought conditions.

Concluding thoughts

September 19 is a key development to watch if trading XRP. It will offer some clues about future case determination and XRP price. The cryptocurrency will be best bought on a breakout at $0.37.

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A bullish breakout from inside bar setup makes BNB return to $326 realistic

  • BNB has forced a breakout at $278

  • BNB Chain announced the zkBNB testnet on Wednesday

  • The cryptocurrency is a buy with a potential surge to $326

Bullish breakouts are important price action cues. They suggest an increase in buying, forcing the price to pierce through supply zones. That is exactly what is happening to the Binance coin BNB/USD. 

BNB trades at $295 as of press time. It becomes interesting when we look at the trading volumes, which show a jump of 18.49% in 24 hours. The price had gained by 6.34%. This comes barely two days after BNB Chain announced a major breakthrough in its scaling solution.

On Wednesday, Binance said it was addressing its scaling issues through the zkBNB testnet. The testnet is expected to support 100 million addresses. The transactions per second are expected to be 10,000 on the testnet. Since the launch, BNB has gathered momentum and breached a key level.

BNB inside bar breakout is underway as moving averages join support

Source – TradingView

On the daily chart, a breakout candlestick from an inside bar can be seen towering above the $278 support. Following the breakout, the 20-day moving average has joined the support for the first time since mid-August. BNB also looks set to reclaim back the support of the 50-day MA. 

With the next resistance at $326, BNB has a lot of room to move. The positive developments and crypto recoveries will boost the token back to the resistance zone. BNB is a buy on the breakout. However, investors should take advantage of a potential retracement once the price hits $300.

Summary

Binance coin is bullish and eyes $326 again. A bullish breakout from an insider bar setup at the $278 support makes a bullish case strong. $300 could offer some minor resistance forcing a short-term retracement. BNB is a buy at the current or lower level.

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Should I buy Ethereum Now?

Ethereum price erased most of the gains it made in 2021 as concerns about digital currencies rose. The coin dropped to a year-to-date low of $881 in June and then started a slow recovery that saw it rise above $2,000 in August. ETH was trading at $1,703 on Friday, which was about 93% above the lowest level this year.

Ethereum Merge is the main catalyst

Ethereum price has staged a strong recovery in the past few weeks as investors focus on the upcoming merge event. This will be the biggest transition in the blockchain industry as it will see the network move from a proof-of-work into a proof-of-stake platform. It will merge the current version with the Beacon Chain.

As a result, Ethereum mining will not be possible. Instead, the network will use a set of validators to confirm or deny transactions. In addition, the new network will set a stage for more upgrades in the future that will make Ethereum faster and more cost-effective. For example, Ethereum will introduce sharding, a technology that has been used by blockchains like Elrond and Near Protocol.

Historically, cryptocurrencies tend to rally towards a major upgrade or event. For example, Bitcoin tends to always rally ahead of a halving event. Still, it is still unclear whether ETH will continue rising after the merge. 

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Ethereum price, like other cryptocurrencies, is also being affected by other factors. Like Bitcoin, the coin is being affected by Fed’s monetary policies. This year, the bank has maintained an extremely hawkish tone that has seen it rise interest rates by 225 basis points and start a quantitative tightening policy.

In addition, Ethereum’s ecosystem has been shrinking. The total value locked (TVL) in its DeFi ecosystem has fallen while the value of NFT trades has fallen sharply.

Ethereum price prediction

The daily chart shows that Ethereum price has been in a strong bullish trend in the past few weeks. Along the way, it managed to move above the important resistance level at $1,281, which was the highest level on June 26. 

The pair has also moved above the 25-day and 50-day moving averages, which is a bullish sign. However, a closer look shows that it has formed a small head and shoulders pattern. Therefore, the coin will likely retreat in the coming weeks as investors sell the fact. If this happens, the next key reference level will be at $1,281.

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Web3 game studio Revolving Games closes $25M funding round

  • Revolving Games raised $12 million in pre-seed financing and another $13.2 million in seed funding from investors led by Animoca Brands and Pantera Capital.
  • The company will use the capital to develop its blockchain-based games.
  • Its ‘Skyborne Legacy’ title on Polygon is expected in early October.

Gaming studio Revolving Games has closed a $25 million funding round as it looks to advance development of blockchain-based games, according to details shared on Friday.

The funding includes a pre-seed financing round that netted the Web3 game developer $12 million from investors and a further $13.2 million in new capital raised in a seed round.

Revolving Games to release game on Polygon

The company, founded in 2020 as a mobile game studio and before the Web2 era began to pave way for Web3, raised the funds over the past two and half years. Top venture firms Pantera Capital and Animoca Brands are among prominent investors to back the investment.

“Web3 gaming is one of the most innovative and rapidly developing sectors within the crypto industry, and we’re proud to be in the vanguard of this digital revolution,” Pantera Capital general partner Paul Veradittakit commented.

Other investors backing the blockchain-focused game developer are Polygon, Kenetic, Dapper Labs and Permanens Capital Partners. Rockstar Games co-founder Dan Houser, who is an adviser at the company, also participated in the latest round.

Revolving Games plans to use the funds to build AAA blockchain games, including a second title to add to its Battlestar Galactica. As noted in the press release, the second title will be a blockchain-based MMO game dubbed ‘Skyborne Legacy’.

The game will be anchored on the Polygon blockchain. Skyborne Legacy is set for release in early October.

“With 2 studios and a team of 100+, we’re committed to building high-quality AAA titles that are fun and lasting. We understand that any successful game starts first with constructing vast online worlds, and we’ve brought in key hires and strategic investors to help us do that,” the team tweeted.

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