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Judge rejects SEC move to seal Hinman documents, giving Ripple a court victory

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

EU finance ministers approve MiCA crypto legislation

The Economic and Financial Affairs Council of the European Union, consisting of member states’ finance ministers, has approved the long-awaited Markets in Crypto-Assets (MiCA) regulation following a vote on May 16.

The MiCA bill, along with amendments to various regulations and directives, received the support of finance ministers from all 27 member states. In addition to MiCA, the European Parliament adopted two other pieces of legislation related to information accompanying fund transfers and certain crypto assets.

The formal adoption of the MiCA legislation by the European Parliament on April 20 set the stage for final approval by the European Council before the regulatory framework can be implemented. The legislation establishes clear guidelines and requirements for using cryptocurrencies, digital assets, utility tokens, and stablecoins across the European Union.

The next step in the process is the bill’s publication in the Official Journal of the European Union. MiCA is expected to become law within a year, with the regulations taking effect in mid-2024.

Judge rejects SEC move to seal Hinman documents, giving Ripple a court victory

The United States securities regulator’s motion to seal records of its internal deliberations following a speech by former director William Hinman has been denied, marking a victory for the Ripple and crypto community.

In his June 2018 speech, Hinman declared that Ethereum’s native token, Ether, is not a security.

The SEC had sought to seal internal emails, text messages, and expert reports related to Hinman’s speech, arguing that their release was irrelevant to the court’s summary judgment decision and that the SEC’s mission outweighed the public’s right to access such documents.

Judge Torres rejected the SEC’s claim that sealing the documents was necessary to protect openness and sincerity within the agency, emphasizing that the deliberative process privilege did not protect the documents.

Judge Torres rejected the SEC’s claim that sealing the documents was necessary to protect openness and candor within the agency, emphasizing that the documents were not protected by the deliberative process privilege.

While the court ruled in favor of making the Hinman Speech documents public, it granted the SEC’s requests to redact certain information, including names and identifying details of SEC experts and XRP investor declarants, as well as personal and financial information of the defendants.

The court also denied several motions to seal from Ripple, including those related to Ripple’s revenues from XRP sales and compensation offered to trading platforms.

The Hinman Speech has been considered crucial evidence in Ripple’s legal battle against the SEC, alleging that XRP sales violated U.S. securities laws.

The announcement of the court’s decision caused a spike in the price of XRP, with a 2.6% increase. XRP is currently trading at $0.43.

Libra-related critical issue fixed by Sui blockchain that threatened “billions”

The Sui blockchain network has quietly addressed a critical bug that posed a potential risk to ‘billions of dollars,’ as confirmed by Zellic, the security firm responsible for auditing the network’s security.

The bug was discovered in a dependency of the bytecode verifier, which ensures the accurate translation of human-readable Move language into machine code for smart contract deployment on Sui. If left unresolved, the bug could have enabled attackers to circumvent multiple security measures, leading to significant financial losses.

Mysten Labs, the team behind SUI version of MOVE, has confirmed that the bug has been successfully fixed.

While Zellic believes the bug could have affected other Move-based networks like Aptos and Starcoin, they assert that the Aptos version was patched on April 10, as reported by the Zellic team.

According to a representative from the Move-based 0L network, their version of Move is not susceptible to this bug. They have also added a series of tests on their GitHub to demonstrate the absence of the exploit in the 0L version. The Starcoin team has also stated that their version was eliminated on April 5.

Celsius adds more than 428K stETH to the growing withdrawal line on Lido

Bankrupt crypto lending firm Celsius is eager to retrieve its staked Ether holdings from the liquid staking platform Lido, which recently introduced the withdrawal option.

Celsius has initiated the withdrawing of its Lido Staked ETH (stETH) from the protocol, requesting the withdrawal of 428,084 stETH in batches of 1,000. The total value of this stash amounts to approximately $784.7 million.

After completing the withdrawal process, Celsius will receive an equivalent amount in Ether, while the stETH tokens will be burned by Lido.

The cumulative amount of stETH in the withdrawal queue, including requests from various participants, is currently 442,000 stETH from 141 requests, with an estimated value of around $808 million. It’s worth noting that Celsius is responsible for the majority of these requests.

Lido has assured that it possesses sufficient ETH reserves to accommodate the withdrawal requests. However, a surge in Ether withdrawal requests from Lido could impact the network withdrawal queue, potentially causing delays in retrieving its ETH holdings for Celsius.

What do trendlines demonstrate, particularly when it’s broken?

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Trendlines are graphical representations that indicate the direction of a market and the levels where the price is likely to encounter support or resistance. In addition, they reveal whether the price is expected to remain above or below a specific point, known as support and resistance, respectively.

When a trendline is broken, it’s called a breakout, which can signal trading opportunities and potentially cause significant market movement with high liquidity. Essentially, trendlines provide insights into the potential behavior of buyers and sellers at certain price levels during a trend. 

No formula or calculation is involved in drawing trendlines; they are based solely on visual data analysis. GoodCrypto provides insights into analyzing charts and gaining a deeper understanding of market trends and behavior, which can give traders and investors a competitive edge.

Receive an instant notification when a new coin is listed with GoodCrypto’s PRO plan.

Top Crypto Meme of the Week

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May 18, 2023

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