American watchdog SEC took a recent hit as the battle against Ripple moved into an interesting phase this week.
There is good reason for the SEC to worry right now with a string of defeats in a row. In their latest acrimony, Judge Netburn approved Ripple’s motion to authenticate SEC officials’ public remarks.
This motion was initially objected to by the SEC who claimed that Ripple is trying to reopen fact discovery.
No end here
The SEC vs. Ripple case continues to attract the crypto community as it wears on into another month.
The case has seen it all through the years and is not looking to end anytime soon.
In the above motion, filed on 4 August, the SEC had put a condition, in case, if Ripple were to go ahead with the motion.
The condition for the consent was that “the Defendants agree to reopen discovery.”
This move could allow the SEC to file its own subpoenas to attain copies of unspecified recordings.
Famed lawyer James Filan continues to post his insights on this case. He has been visibly irritated at the lackluster response from the SEC. In this regard, he noted,
“The SEC’s response is simply an abuse of the judicial process and a waste of the Court’s time, as evidenced by the fact that the SEC waited five days to file a one sentence response in which the SEC then misconstrued Ripple’s original request.”
The SEC’s behavior has also been questioned by the crypto community recently.
One enthusiast who went by the name Ashley PROSPER on Twitter stated, “the SEC behaving badly could get the case dismissed.”
Not to forget, judge Netburn has already used the term “unfaithful allegiance to the law (bad faith)” towards the SEC.
The SEC behaving badly could get the case dismissed. 4 of the 5 factors for dismissal have been met, and Judge netburn using the term “unfaithful allegiance to the law” (bad faith) is another check in the dismissal box. Unlikely, but… something to consider. pic.twitter.com/e8vupINsrq
— Ashley PROSPER (@AshleyPROSPER1) August 14, 2022
Meanwhile, it has also been reported that both parties are filing their responses to the motions to exclude expert testimony.
These responses are under seal right now. But what will happen now in this seemingly never-ending legal battle continues to be an interesting topic for the crypto community.
Crypto Touted By Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps The Next Day
Following the U.S. Securities and Exchange Commission (SEC) charges against the socialite Kim Kardashian for unlawfully touting the crypto asset ethereummax, the digital currency jumped 124% in value. However, the ethereummax pump was followed by a massive dump as the cryptocurrency slid 47% lower than the high it reached on October 3.
EMAX Token Markets Wake Up From Lifeless Slumber After Kardashian’s SEC Charges Go Public
After being rather lifeless for quite some time, the crypto asset ethereummax (EMAX) saw a brief spike on Monday after the SEC charges against Kim Kardashian were released to the general public. While Kardashian was forced to pay $1.26 million in penalties, the crypto asset she promoted in June 2021 skyrocketed 124% higher against the U.S. dollar. While the ethereummax (EMAX) pump lasted until the early morning hours on Tuesday, October 4, EMAX prices started to nosedive at 7:10 a.m. (ET) that day.
From the coin’s high of $0.000000009788 it dropped more than 47% during the day on October 4. While EMAX is a touch higher than it was prior to the pump, most of the rise was erased on Tuesday. Although, it is still 18.7% higher in USD value since Monday’s low before the pump. EMAX trade volume is very low, as trades during the last 24 hours equate to $97,847, and a significant share of EMAX is traded on Uniswap V2. A large share of EMAX trades are swapped with wrapped ethereum (WETH) and EMAX also has volume on Hotbit and Bitforex.
There are two quadrillion coins as far as the total supply is concerned, but the number of EMAX tokens in circulation is unknown. EMAX is trading today for prices that are 99.1% less than the token’s all-time high recorded on May 31, 2021. At the time, EMAX climbed to $0.000000597636 per unit. Ever since that day last year, EMAX’s value has been super low all the way up until Kardashian’s charges were announced by SEC Chair Gary Gensler.
In addition to Kardashian, the professional boxer Floyd Mayweather and former Boston Celtics forward Paul Pierce promoted EMAX as well. Mayweather participated in the EMAX touting even though he and DJ Khaled were fined by the SEC in 2018 for unlawful initial coin offering (ICO) promotions.
At the Bitcoin 2021 conference in Miami, the crowd booed Mayweather when he appeared on stage wearing an EMAX t-shirt. NBA Hall-of-Fame legend Pierce showed his affection for EMAX after he was let go by ESPN for sharing a live video of himself dancing with exotic dancers. After being fired by ESPN in April, a month later, Pierce tweeted:
[ESPN] I don’t need you. I got [Ethereummax]. I made more money with this crypto in the past month then I did with y’all in a year. TRUTH shall set u Free — My own boss. Ethereummax.org check it out for yourself.
Besides the SEC charges against Kardashian, the three celebrities were accused of helping EMAX pump and dump in a class-action lawsuit against the famous trio. The class-action explained that Mayweather, Pierce, and Kardashian allegedly “misled consumers who invested in ethereummax (EMAX) cryptocurrency” tokens amid a roughly month-long “pump and dump” scheme.
EMAX executives Giovanni Perone, Steve Gentile, and EMAX developer Justin French were also named in the class action lawsuit. The 25-page lawsuit said that the celebrities leveraged their large social media followings to “instill trust” with investors. At the time of writing, 110,049 unique addresses hold EMAX and the coin has been transferred 480,893 times since the network launched.
Tags in this story
$1.26 million, ad, advertisement, anti-touting laws, Boston Celtics, Celebrities, celebrity, Celebs, Class Action Lawsuit, crypto assets, Emax, EMAX token, ERC20, ERC20 project, ETH Max, Ethereum Max, EthereumMax, famous socialite, Floyd ‘Money’ Mayweather, Floyd Mayweather, Floyd Mayweather Jr lawsuit, Floyd Mayweather Jr., Gary Gensler, Instagram post, Kim Kardashian, Kim Kardashian class action lawsuit, Kim Kardashian cryptocurrency, Kim Kardashian EthereumMax, Paul Pierce, SEC, sec chair, Shilling Ethereum Max, Touting
What do you think about the brief EMAX pump and dump after the SEC charges against Kardashian went public? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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BNB and BUSD holders, this Binance announcement can affect…
Binance made a major expansion and partnership-related announcements recently. On 3 October, Binance announced that it signed a memorandum of understanding (MoU) with the Financial Monitoring Agency of Kazakhstan.
The MoU was signed as part of its ongoing efforts to educate law enforcement agencies around the world. Furthermore, as per the announcement, the company also set up offices in the Brazilian cities of Sao Paulo and Rio de Janeiro.
These announcements coupled with recent developments from Binance might impact the dominance of the BUSD and the positive price movement of the Binance Coin [BNB].
Here’s AMBCrypto’s Price Prediction for Binance Coin for 2023-24
Positioning BUSD for dominance
Binance’s BUSD auto-conversion, which converts new deposits of USDC, USDP, and TUSD to BUSD at a 1:1 ratio, was announced on 5 September.
The exchange’s goal in implementing the BUSD auto-conversion was, ostensibly, to boost liquidity, and it was implemented on 29 September.
In terms of market cap, BUSD was now the third largest stablecoin, after USDT and USDC. According to Coinmarketcap, BUSD had a market cap of over $20 billion, with over $6 billion traded in the last 24 hours. In comparison to USDC, this trading volume was significantly higher.
Sideways but bullish
In recent weeks, the BNB price mainly moved sideways. However, following the news on 3 October, there was a rise in price. BNB began trading at $284.7, reached a high of $289.1, and closed at $286.9. As of the time of this writing, it was trading around $290.
On a daily time frame, the $256 area provided strong support, but fresh support appeared to be emerging in the $278 area. The $300 area was acting as resistance for quite some time.
Additionally, the Relative Strength Index (RSI) showed a bullish trend, with the RSI above the neutral line. The RSI reading above 50 indicated buying pressure was increasing relative to its level at the start of the period.
Based on the data provided by the Awesome Oscillator (AO), it was clear that the bullish trend was not particularly robust.
The plus DI and signal line of the Directional Movement Index (DMI) hovered just above 20, which also indicated a weak bullish trend.
Furthermore, the 30-day Market Value to Realized Value (MVRV) ratio for BNB was above 18%, which indicated that the asset was in the overvalued zone. In this region, sellers could step in as traders cashed out their gains.
However, developer activity was stagnant at 0.02, which suggested that the chain was not actively developing new features.
It’s to be noted here that Binance also announced on 29 September that it had opened local offices in New Zealand and registered with the Ministry of Business, Innovation, and Employment there.
A-Z of how the BNB Chain fared in September
BNB Chain, home to leading decentralized exchanges PancakeSwap and Venus Protocol, closed Q3 with growth in some of its ecosystem metrics.
According to the decentralized finance (DeFi) analytics platform AnalytEx, BNB Chain recorded growth in its number of daily transactions. It also recorded growth in the number of unique wallet addresses, and daily block count in September.
The Chain, however, registered declines in the gas fees paid to process transactions on the network within the 30-day period. Furthermore, the average size of blocks mined per day on the network continued on its four-month-long decline.
BNB Chain in September
As per data from AnalytEx, a daily average of 3.25 million transactions were completed on the BNB Chain in September. This was a 1.2% growth from the 3.21 million transactions logged as a daily average in August.
With a count of 3.25 million transactions, the index for average daily transactions on BNB Chain in the last quarter fell by 14%. In July, daily average transactions on BNB Chain sat at 3.70 million.
AnalytEx further found that in September, the average number of daily active wallets on BNB Chain grew by 11.48%. According to the DeFi analytics platform, BNB Chain registered an average of 890,253 daily active wallets within the 30-day period.
In August, this stood at 798,559 addresses. While the BNB Chain saw a drop in its daily average transactions in the just concluded quarter, the average number of daily active wallets on the network grew by 2% in the last quarter.
A mixed bag of pros and cons
According to data from CoinGecko, within the period under review, the price per BNB rallied to a high of $297.82 on 12 September, after which it declined by over 5% to close the trading month at $281.
This fall in the price of BNB led to a drop in the gas fees paid for transactions completed on BNB Chain in September.
According to AnalytEx, the average gas fee paid for transactions on BNB Chain was 7.06 gwei, a 2.1% drop from the 7.21 gwei paid in August.
Interestingly, September’s average gas fee represented a decline from what was paid in August. It ranked as the second highest average gas fee paid for transactions on BNB Chain in the last six months.
Lastly, in addition to the decline in the average gas fee on the network, BNB Chain also witnessed a drop in the size of blocks mined per day in September. In fact, the average size of blocks mined on the network witnessed a consistent fall since May.
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