Here are the top 3 news stories from U.Today: Grayscale sells $2.14 billion worth of BTC after ETF approval, Coinbase’s chief lawyer exposes SEC misconduct, and Gemini’s cryptic XRP tweets spark speculation within the community.
U.Today presents the top 3 news stories from the last day.
Grayscale sells $2.14 billion worth of BTC after ETF approval.
According to recent data from Lookonchain, Grayscale has reduced its Bitcoin holdings by 52,227 BTC, worth $2.14 billion, following the approval of ETFs. This divestment has led to the company’s total BTC holdings dropping to 566,973 BTC, with a value of $23.21 billion. The crypto-community was surprised by Grayscale’s decision to sell such a significant portion of BTC, with some analysts speculating that the company strategically moved its assets to capitalize on the growing interest of institutions in cryptocurrency. Meanwhile, Bitcoin’s price has dropped by 5% in the last 24 hours, trading at $35,654 according to CoinMarketCap.
Coinbase’s chief lawyer reveals SEC misconduct in recent XRP posts.
In his recent XRP posts, Stuart Alderoty, Chief Legal Officer at Ripple, revealed what he considers to be serious misconduct by the SEC in their case against Coinbase. The regulator has accused the exchange of selling unregistered securities, a claim that Alderoty strongly disagrees with. He cites the influential Revak case as an example, arguing that the Howey Test requires more than just effort and involves an investment into a shared enterprise. This contradicts the SEC’s focus on whether investors have a right to privacy by pooling their capital with a promoter’s efforts.
Gemini’s cryptic XRP tweets spark speculation within the community.
Gemini, a major crypto exchange, has been causing a buzz in the XRP community with its recent tweets mentioning the token. Phrases like “Don’t forget about XRP,” “Xcited about XRP,” and “Xrriving shortly” have led to speculation among the community and notable influencers like Crypto Eri. Some believe this could be a hint at a new product or a joint venture for a XRP ETF in the European Union, considering Gemini’s recent approval as a Digital Asset Service Provider (DASP) in France and its role as a custodian for VanEck’s newly launched spot Bitcoin ETF.
This article was first published on U.Today.