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SEC stands firm in Ripple case, demanding injunctions

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

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SEC stands firm in Ripple case, demanding injunctions

The legal tussle between Ripple Labs and the U.S. Securities and Exchange Commission is nearing a pivotal moment as the SEC has submitted its final response in the ongoing lawsuit regarding Ripple’s XRP sales. The SEC’s latest filing asserts that Ripple’s past behavior does not eliminate the possibility of future violations, hence the necessity for injunctions. Despite Ripple’s claims of compliance and adjustments to their sales strategy, the SEC remains unconvinced, arguing that Ripple’s actions still pose a risk of non-compliance.

Ripple’s defense, which includes efforts to demonstrate cooperation and legal adherence since the 2013 initial coin offering, has been met with skepticism by the SEC. The regulatory body has dismissed Ripple’s arguments about restructuring its sales and conducting business with accredited investors or outside the U.S., stating that these do not alleviate the need for legal action to prevent future breaches.

As the crypto community watches closely, Ripple’s chief legal officer, Stuart Alderoty, has publicly criticized the SEC’s approach, suggesting that the regulator is out of step with international counterparts who have established crypto frameworks. With a final judgment expected around September, Ripple is also expanding its business in Japan, partnering with HashKey DX to bring XRPL enterprise solutions to the market.

Trump to host dinner for “Mugshot” NFT investors at Mar-a-Lago

Donald Trump is set to host a dinner for cryptocurrency enthusiasts who invested in his “Mugshot” NFT collection. The exclusive event, scheduled for May 8 at his Mar-a-Lago residence in Florida, is a reward for those who purchased at least $4,653 worth of the NFTs. The dinner, not listed on Trump’s official website, is part of a promotional campaign for the digital trading cards, which depict his hypothetical mug shot following a fictional surrender at Fulton County Jail in Georgia.

The NFT promotion coincides with Trump’s ongoing legal challenges, including a criminal trial in New York for falsifying business records related to a payment to Stormy Daniels. Despite the trial, Trump has found time to engage with his supporters, offering the dinner on a Wednesday when court is not in session. The former president has faced multiple contempt citations during the proceedings for his public comments on the case.

The Mar-a-Lago dinner’s agenda is uncertain, with no indication whether cryptocurrency will be a discussion point. Trump, who has previously accepted crypto payments for merchandise but claimed never to own Bitcoin, has expressed skepticism about digital currencies. As he prepares for a potential rematch with President Joe Biden in the 2024 election, his stance on crypto and related policies may become more prominent.

Biden to veto House Resolution on SEC crypto regulation

President Joe Biden has signaled his intention to veto a resolution from the House of Representatives that seeks to overturn a Securities and Exchange Commission rule impacting the crypto industry. The White House has expressed strong opposition to the resolution, arguing that it would undermine the SEC’s ability to protect investors and the financial system. The contentious SEC rule, SAB No. 121, requires banks to account for customers’ digital assets on their balance sheets, a move aimed at mitigating risks in the crypto market.

Debate over the resolution, H.J.Res. 109, has seen bipartisan engagement, with Republican Representative Patrick McHenry advocating for the resolution, suggesting that regulated banks are best equipped to safeguard digital assets. In contrast, Democrat Representative Maxine Waters has defended the SEC’s rule for ensuring transparency and addressing the unique risks of cryptocurrencies, referencing the collapse of firms like FTX as a cautionary example.

The House’s proceedings on the resolution were postponed after an initial voice vote seemed to pass it, with a formal count requested by McHenry. Should the resolution eventually pass and be vetoed by President Biden, the House would need a two-thirds majority to override the veto, as per constitutional provisions.

Emart24 launches Bitcoin meal boxes in collaboration with Bithumb

In a novel marketing move, Emart24, a South Korean convenience store chain, has teamed up with the cryptocurrency exchange Bithumb to offer Bitcoin-themed “meal boxes.” These meal boxes, priced at 5,900 Korean won (approximately $4.30), come with a chance for customers to win Bitcoin. Around 30,000 of these boxes are expected to be available by the end of May.

Customers who purchase the meal boxes will find a coupon inside, which can be redeemed for 10,000 won worth of Bitcoin upon downloading Bithumb’s app and entering the coupon number. Furthermore, Bithumb is incentivizing customers to engage with their platform by offering 20,000 won worth of Bitcoin to those who open a Bitcoin account with NH Nonghyup bank or link an existing account to Bithumb.

This initiative comes amidst a period of significant interest in cryptocurrency in South Korea, following the Bitcoin halving event and the cryptocurrency’s surge to near-record highs. Bithumb, a major player in the South Korean crypto market and a member of the Digital Asset Exchange Association, is also exploring a potential initial public offering. Meanwhile, the South Korean government has been tightening regulations on the crypto industry, introducing stricter penalties for crypto-related crimes and monitoring unlicensed exchanges.

RSI strategy #1: overbought and oversold signals

rsi trading strategy

📈 The Relative Strength Index is a powerful tool for traders, especially in volatile markets like cryptocurrencies.

When the market is range-bound, RSI can help identify overbought and oversold signals. But here’s the catch: there’s no guarantee you’ll catch the absolute bottom or top of the market. Buying solely based on an oversold signal can be risky, as the market might continue to fall even after the signal.

🤔 So, how do you make the most of RSI? Combine it with other indicators like Moving Averages and Bollinger Bands. This not only confirms signals but also helps you make more informed trading decisions.

Remember, while RSI alone isn’t enough to base your entire trading strategy on, it does provide invaluable insight to help you navigate the market with more confidence.

💡Curious about how to use the Relative Strength Index to your advantage in the crypto market? Dive deeper into our latest article to discover the secrets of successful crypto trading!

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May 9, 2024

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