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Also Read: Russia’s Putin Says US Dollar Losing Global Role; Bitcoin To Gain? advertisement Attorney Caleb J. Robertson Appears For Garlinghouse In a filing dated August 22, 2023, Attorney Caleb J. Robertson of Cleary Gottlieb Steen & Hamilton LLP appeared on behalf of the Ripple CEO in the lawsuit against the US SEC. In the filing, the attorney requested the court to provide all papers and communications in the lawsuit. Besides the Ripple litigation, attorney Robertson has experience working in enforcement space for a cryptocurrency platform “In connection with multiple government investigations.” He also represents financial institutions, securities trading firms, investment managers, and public companies in regulatory issues. Ripple CEO’s Role In XRP Lawsuit In its December 22, 2020 complaint against the company, the US SEC named Garlinghouse along with Christian Larsen, the company’s co-founder for raising capital t...

Also Read: Wall Street Files 7 Ethereum ETF Applications; Will US SEC Approve? advertisement The company stares at a very interesting time in the regulatory scope of Crypto Market as the industry experts grow increasingly confident of the US Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETF applications. In this context, the Michael Saylor cofounded company may face tough time defending its position as the largest institutional holder of BTC. The company in its quarterly earnings reported that it holds as many as 152,800 BTC with an average Bitcoin price of $29,672 per cryptocurrency. Bitcoin & Certainty While the crypto asset industry faces fear and uncertainty over regulatory clarity in the United States , trading of Bitcoin is hardly contested by regulators. Speaking to CNBC, Saylor said Bitcoin is the “Most certain thing in an economy full of uncertainty.” Also, he welcomed the spot ETF developments f...

Also Read: Coinbase Stock Rallies As CBOE Amends Bitcoin ETF Applications advertisement The SEC’s actions have already led to several US based crypto companies looking elsewhere to conduct business due to the highly uncertain market environment involving repeated enforcement actions. In June 2023, the federal regulatory agency launched one of the largest attacks on the crypto businesses, with back to back lawsuits against the two top crypto exchanges in the world. Deadline To Submit Inputs On Crypto Taxation Senate Finance Committee Chairman Ron Wyden and Finance Committee Ranking Member Mike Crapo have invited members of the crypto community and other stakeholders to help them better understand how Congress can address the tax challenges. The committee has admitted that the growth of Crypto Market created new regulatory issues like the challenge of monitoring it based on the existing federal tax laws. Further, the committee is seeking detailed re...

Also Read: Bitcoin Price: Tim Draper is Not Losing Sight on $250k Target advertisement Musk has recently been criticizing artificial intelligence firms over potential threats if limitations are not placed on the level of AI based development. The Tesla CEO explained that the new restrictions on non-verified users are placed to prevent “excessive data scraping.” Twitter Blocks Access To ChatGPT Web Tool A new restriction placed on Twitter is reportedly affecting a blockage to the platform’s data access to ChatGPT web browser extension. Earlier, the OpenAI chatbot could easily browse Twitter data and perform regular action like summarize a series of tweets. For example, a request to pull out some tweets from any random Twitter account would result in a ‘technical issue’ message. Meanwhile, some of the verified Twitter users are welcoming these actions from the platform, saying they protect users. Jessica Tetreau, a verified us...

Financial Markets Remain Volatile In a note to clients on Monday, JPMorgan’s equity macro strategy team expressed concerns that equities may be slow to factor in the risks of a contested debt-ceiling rise and the growing probabilities of a technical default. As the US gets closer to the deadline, these risks could sharply re-price, leading to broader market turbulence. advertisement Read More: STEPN Secures Landmark Integration With Apple, GMT Price Explodes Over 8% Bank of America Research, on the other hand, highlights that debt ceiling concerns typically impact stocks when the X-date, the day the US is expected to default on its obligations, is within two weeks. Moreover, Goldman Sachs projects that the Treasury’s cash balance can fall below $30 billion by June 8-9, a threshold historically used to project the deadline. While speaking about the development, Goldman Sachs’ economic research team was quoted as saying: We also expect a few more...