Ripple CEO Brad Garlinghouse disapproves of SEC’s use of XRP markets report

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Quick weekly news

Binance CEO reportedly considered shutting down U.S. arm

Binance, the popular crypto trading platform, has reportedly faced internal discussions about potentially shuttering its U.S. entity, Binance.US, to safeguard its global operations. While Binance declined to comment on the matter, anonymous sources cited by a tech media outlet revealed that the board of directors at Binance.US initiated a vote to liquidate the company.

However, a unanimous decision could not be reached, as Binance.US CEO Brian Shroder opposed the idea. Shroder expressed concerns that a sudden shutdown would adversely affect users, who would be compelled to move or liquidate their assets quickly.

Facing increased scrutiny from U.S. regulators, Binance and its CEO, Changpeng Zhao, have become targets of legal action. The U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and Zhao on March 27, alleging trading violations. Subsequently, on June 5, the U.S. Securities and Exchange Commission (SEC) filed another lawsuit, accusing Binance of benefiting at the expense of investors.

Despite these developments, Binance has not officially commented on the reported discussions.

Ripple CEO Brad Garlinghouse disapproves of SEC’s use of XRP markets report

On Aug. 2, Ripple CEO Brad Garlinghouse expressed his disapproval of the United States Securities and Exchange Commission (SEC) for using Ripple’s quarterly XRP Markets Report as evidence against the company in the ongoing lawsuit. The reports were initially introduced to enhance transparency in the cryptocurrency industry by voluntarily offering updates on Ripple’s XRP holdings.

However, Garlinghouse revealed that these reports were later turned against Ripple in the SEC’s lawsuit. While the company remains committed to transparency, he hinted that future reports might undergo some changes.

On July 31, Ripple released its Q2 2023 XRP Markets Report, focusing on critical highlights, including Judge Torres’ significant summary judgment ruling, clarifying misconceptions, and providing insights into Ripple’s XRP holdings.

Besides Garlinghouse’s criticism, XRP lawyer John Deaton strongly disapproves of the SEC’s use of these reports as evidence against the company and its executives in the ongoing lawsuit. He highlighted that Ripple willingly publishes these reports quarterly, while other firms conceal token sales and deliberately disguise such transactions.

Ripple acknowledged the significant ruling by Judge Torres, which declared that XRP is not considered a security. However, the company clarified that sales executed under written contracts could be categorized as investment contracts and fall under the security classification.

Litecoin halving completed

The Litecoin halving event is over, reducing block rewards to 6.25 LTC per block. On Aug. 2, at block 2,520,000, the Litecoin blockchain underwent its automated halving procedure. Miners are now receiving half the rewards, and we’re looking forward to the next halving in approximately four years.

Litecoin founder Charlie Lee addressed the differences in halving countdown timers, favoring NiceHash as the most accurate. Nevertheless, they all agreed on the Aug. 2 date.

Regarding price, LTC has been on a downward trend since early July, when it reached $110 for the first time since April 2022. It’s currently around $92, the same level two weeks ago.

Exciting news on adoption! BitPay CEO Stephen Pair revealed that Litecoin and Bitcoin Lightning payments achieved their best months on the global payments platform.

New memecoin plummets on Coinbase’s Base network

A newly launched memecoin, BALD (Baldy), on Coinbase’s Base network experienced a dramatic 85% drop after its developer allegedly withdrew 1,034 Ether (approximately $1.9 million) in liquidity from the market. Social media reports and blockchain data have been abuzz with discussions surrounding the sudden price crash.

The developer behind BALD, known by the pseudonymous Twitter handle “Bald,” denied engaging in market sales of the coin. Instead, they said they added or removed two-sided liquidity and made purchases. However, this explanation has sparked a debate within the community, as some argue that adding two-sided liquidity can lead to token sales.

Coinbase’s Base network was launched for builders on July 13, but ordinary users were advised to refrain from using it due to the lack of a functioning user interface (UI) for its bridge. The official release of the network to users is planned for August, with the introduction of a bridge UI.

BALD’s rapid rise and subsequent fall have sparked discussions on social media, with many keeping a close eye on further developments.

Understanding support and resistance basics in trading

Support and resistance lines are horizontal and signify crucial levels in the market.

Support: A level with many buyers
Resistance: A level with many sellers

These levels are more like regions than single lines. A support region is where the price has been supported or resisted multiple times. It helps traders identify significant levels.

Being able to spot support and resistance is vital for trading success.

In the daily BTC/USD chart, the resistance lies between $58,000 and $64,000 (orange box). Depending on the timeframe, regions can vary in size, ranging from 1% to 10%. If the price turns the resistance region into support, it may lead to further price continuation.

Learn how to spot crucial levels in the market, understand support and resistance regions, and make informed trading decisions.

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