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Crypto Market Crashes after SEC files lawsuit against Ripple

The crypto market crashes after Ripple was investigated by the Securities and Exchange Commission (SEC) and has continued to the present. Though the price of bitcoin has hardly fallen, but the price of Sushi has suffered a sharp fall in five minutes, XRP has dumped by 40% since yesterday, while EOS has hit a half year low.

The SEC is suing Ripple and two of its executives, CEO Brad Garlinghouse and co-founder Chris Larsen. At the heart of the federal agency’s complaint is the claim that XRP should be treated as a security — like a share in a company — rather than a currency. This move led to XRP plunged by more than 40% in one day, indirectly collapsing the whole market.


U.S. FinCEN’s proposed crypto wallet rules may shock DeFi

The crypto wallet rules proposed by FinCEN have the greatest impact on the defi project and are the least clear. On the one hand, many defi projects rely on smart contracts to store or host funds. For example, users interact with compound by connecting their MetaMask wallets to the lending platform. Subsequent transactions are reflected in the wallet itself and are held by the only user. On the other hand, these smart contract driven platforms have no physical address and do not necessarily run under the auspices of the actual company.

US President Financial Markets Workgroup considers limiting multi-coin stablecoins

US President Financial Markets Workgroup today issued a new statement on regulatory considerations for stablecoins, including the possibility of restricting “multi-coin stablecoin”. Stablecoin issuers should be able to comply with sanctions obligations and be able to make one-on-one redemption, the report said. The statement of the workgroup also suggested that the stablecoins might pose a threat to “international currency stability”, and suggested that actions should be taken to ensure that “the stablecoin does not damage the confidence and ability of domestic fiat money”.

Grayscale stops buying

Grayscale announced on Monday that its bitcoin, bitcoin cash, Ethereum, ETC, LTC will not accept new investors at present. However, the temporary closure of new investors will still be able to obtain additional capital from existing investors. Grayscale is still increasing its holdings of bitcoin since Monday. Yesterday, grayscale also held 8703 bitcoins, with a total holding of 597000.

The $2.3 billion bitcoin option contract will expire on Friday

More than 100000 bitcoin option contracts, worth about $2.3 billion, will expire on Friday, the largest amount ever, according to data from Skew.

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