U.Today presents the top three stories of the day.
Grayscale dumps $2.14 billion worth of BTC after ETF approval
According to recent data from Lookonchain, Grayscale has reduced its BTC holdings by 52,227 BTC, which is worth $2.14 billion. This decrease is due to the recent approval of spot Bitcoin ETFs by the SEC. Currently, Grayscale holds 566,973 BTC worth $23.21 billion. This move has sparked speculation among the crypto community, with analysts suggesting that Grayscale strategically sold its BTC to take advantage of the increasing institutional interest in cryptocurrency. However, Bitcoin’s price has dropped by 5% in the past 24 hours.
Coinbase’s chief lawyer exposes misconduct by the SEC
In a recent post, Stuart Alderoty, the Chief Legal Officer at Ripple, revealed what he believes to be serious misconduct by the SEC in their case against Coinbase. The SEC has accused the exchange of selling unregistered securities, a claim that Alderoty strongly disagrees with. He argues that the focus should be on whether investors have a right to privacy, not on pooling their capital with the promoter’s efforts. This post contradicts the SEC’s narrative and cites the influential Revak case, stating that the Howey test requires an investment into a collective enterprise, not just a mere effort.
Gemini’s mysterious XRP tweets spark speculation within the community
Gemini, a major crypto exchange, recently posted cryptic tweets referencing XRP, causing a stir among the XRP community. The tweets include phrases like “Don’t forget about xrp,” “xcited about xrp,” and “xrriving shortly.” This has led to speculation that Gemini may be hinting at a potential European Union joint venture for a spot XRP ETF, considering their recent approval as a Digital Asset Service Provider (DASP) in France and their role as a custodian for VanEck’s newly launched spot Bitcoin ETF. Notable community influencers, such as Crypto Eri, have also commented on these tweets with their own guesses and theories.
This article was first published on U.Today.
