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The cryptocurrency industry secured an early victory in its court battle with U.S. regulators when a federal judge ruled on Thursday that the sale on public exchanges of a digital asset called X.R.P. complied with securities laws. Alex Mashinsky, founder and former C.E.O. of bankrupt cryptocurrency lender Celsius Network, pleaded not guilty Thursday to U.S. fraud charges that he misled customers and artificially inflated the value of his company's propriety crypto token. With this crypto daily roundup, you can jumpstart your day with the latest updates on cryptocurrencies like Bitcoin, Ethereum, and more.
Bitcoin jumped as much as 4 percent to hover around the $ 31,500 mark. Its largest peer, Ethereum, outperformed and rose about 8 percent to top $ 2,000 levels. Popular altcoins like Dogecoin (DOGE), Litecoin (L.T.C.), Solana (S.O.L.), and Ripple (X.R.P.) posted robust gains in the last 24 hours. The global cryptocurrency market cap was trading sharply higher, surging to the $1.26 trillion mark, as it jumped almost 7 percent in the last 24 hours.
An association of United States-based industry watchdogs has opposed a potential draft bill around the crypto market by the United States House Financial Services Committee, as stated by Cointelegraph.
Crypto industry-based stakeholders had lobbied about the proposal, called the Digital Asset Market Structure Discussion Draft Bill. The watchdogs stated that the crypto industry has been unable to show any practical utilization of the bill other than speculative investment.
Alex Mashinsky, founder and former C.E.O. of bankrupt cryptocurrency lender Celsius Network, pleaded not guilty Thursday to U.S. fraud charges that he misled customers and artificially inflated the value of his company's propriety crypto token.
Three federal regulatory agencies also sued Mashinsky and Celsius concerning the case. According to an indictment that was unsealed earlier on Thursday, Mashinsky was charged with seven criminal counts – including securities fraud, commodities fraud, and wire fraud.
The cryptocurrency industry secured an early victory in its court battle with U.S. regulators when a federal judge ruled on Thursday that the sale on public exchanges of a digital asset called X.R.P. complied with securities laws.
For years, the Securities and Exchange Commission has argued that digital assets constitute securities, like stocks and bonds traded on Wall Street, and should be subject to the same strict regulations. Last month, the S.E.C. sued two of the largest crypto exchanges, Coinbase and Binance, accusing them of publicly marketing unregistered securities, reported NYtimes.
But the ruling on Thursday in a case involving the crypto company Ripple may complicate that argument and provide fodder for the crypto industry to defend itself in court.
Bankrupt crypto lender Celsius Network said its $4.7 billion settlement with the U.S. over fraud allegations won't affect its reorganization or the amount it recovers for customers. The company "continues to pursue a successful Chapter 11 Plan," Celsius said in a statement attached to a Thursday court filing. "Celsius' Special Committee and senior leadership remain committed to ongoing cooperation with regulators and government bodies as the Company remains focused on maximizing value for stakeholders."
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