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XRP Lawsuit: SEC adds on to letter, explaining why Hinman documents…

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XRP Lawsuit: SEC adds on to letter, explaining why Hinman documents…

As we approach the middle of 2022, the SEC’s lawsuit against Ripple is still dragging on – and it seems that “privilege” is still very much the theme of the season. Now, the SEC has filed another document to support its earlier argument in favor of shielding “internal SEC documents” which are related to the 2018 speech delivered by the SEC’s former Director of the Division of Corporation Finance, William Hinman.

Rip-ple them a new one?

According to a filing dated 18 May 2022, the SEC claimed that the speech was developed by Hinman as an SEC official and not Hinman as a private individual. Additionally, Hinman had consulted with attorneys in order to develop the said speech and the SEC wanted attorney-client privilege to protect speech drafts and other documents related to the speech.

The filing provided by former federal prosecutor James K. Filan, stated,

“The attorney-client privilege protects the Speech drafts reflecting legal advice that Director Hinman sought and that attorneys in Corp Fin and other offices provided, as well as portions of final drafts and emails transmitting legal advice regarding the content of the Speech.”

But didn’t the court previously rule that the speech contained Hinman’s “personal views?” The SEC filing said,

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“Even if it contains personal views, Director Hinman did not give the Speech in his personal capacity—the Speech would bear no relevance to Defendants’ defenses if it had not been given by a senior SEC employee.”

Adding to that, the SEC’s filing pointed out occasions during the depositions when Ripple officials were advised of their own right to attorney-client privilege.

The SEC filing further noted,

“While the Court has ruled the Speech reflected Director Hinman’s “personal views,” as opposed to official agency policy, it has never held that Director Hinman was acting only in his “personal capacity.” “

Finally, the SEC stressed that Hinman spoke as a “government official.”

Check your privilege

In a filing dated 13 May, Ripple replied to the SEC’s earlier letter from 29 April, where the government agency insisted that documents related to the Hinman speech were protected by privilege. Ripple’s response had noted that while Hinman could receive “privileged legal advice” as a government official,

“…communications  about  the  substance  of  his  personal  remarks  are  not within  the  scope of any  such  attorney-client  relationship.”

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Sahana is a full-time journalist at AMBCrypto. She has a Masters in Journalism and her areas of study include crypto-regulation, digital society, privacy, and intersectionality. Ask her about film photography and philately.

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MATIC- Attack on network component but exchange outflows high, here’s why

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MATIC- Attack on network component but exchange outflows high, here’s why

Polygon’s MATIC token concluded the month of June with a 30% bearish correction. The token has kicked off July with the same bearish energy and may potentially seek more downside due to a network attack.

The Polygon network’s latest update on 1 July revealed that its public RPC gateway offered by Ankr experienced a DNS hijack. The attack reportedly compromised control over some services on the Polygon network. One of the latest updates confirmed that the Polygon PoS network was not affected by the attack.

Ankr is currently working to restore its Polygon RPC’s domain functionality that cannot be accessed. Wallet users and dapp partners may be affected. We will continue to post updates here as they become available.

This DOES NOT affect the Polygon PoS chain.

[2/2]

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— Polygon – MATIC 💚 (@0xPolygon) July 1, 2022

Network attacks or downtime have historically had a negative impact on a network’s native cryptocurrency. That being said, MATIC may be due for more downside if the same premise holds true.

MATIC’s long-term price action has been trading within a falling wedge pattern. However, its latest rally which started on 19 June kicked off before the price interacted with its support level.

Source: TradingView

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A closer look at its price action reveals that the rally started after the Relative Strength Index (RSI) dipped into oversold territory. However, the Money Flow Index (MFI) stood just below neutral 50 headed upwards hinting towards some accumulation of the token.

The latest retracement started after an 80% uptick. MATIC still has some ground to cover before reaching the oversold territory once again.

Can the bulls reclaim their dominance?

MATIC’s exchange flows reveal an interesting observation in the last two days. Exchange inflows peaked at 1.52 million on 30 June while exchange outflows on the same day peaked at 10.27 million.

Exchange inflows on 1 July stood at 2.23 million while exchange outflows during the same trading session were at 10.99 million. This means the exchange outflows outweighed the inflows in the last two days.

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Source: Santiment

The higher exchange outflows align with observations of reduced sell-offs from address balances. Supply distribution by the balance on addresses points toward the likelihood of a bullish uptick as addresses with large balances start buying.

For example, addresses holding  between one million and 10 million MATIC coins increased their balances from 9.48% ton 30 June to 9.68% at press time.

Source: Santiment

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Furthermore, addresses holding between 100,000 MATIC and one million MATIC dropped from 1.84% on 30 June to 1.79% on 2 July. Addresses with more than 10 million coins dropped from 86% to 85.82% during the same period. This explains why there is still some selling pressure despite higher exchange outflows than inflows.

The slight uptick in some address balances also reflects the overall uptick recorded by the supply held by top addresses metric in the last five days. The probability of MATIC’s bullish recovery is further supported by the strong network growth that the Polygon network achieved in the last 30 days.

Source: Santiment

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Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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Bear Market Bottom Is Approaching! Here Is When, Per The Top Researcher

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Bear Market Bottom Is Approaching! Here Is When, Per The Top Researcher

A well-known cryptocurrency expert believes he has discovered exactly when the Bitcoin (BTC) market correction will completely emerge.

According to anonymous analyst Rekt Capital in a recent conversation with Real Vision, there is formation of a chain of bottoms before BTC reaches its actual bottom.

A generational bottom happens whenever currency’s values see a steep fall. However, it is very unlikely to fall that weak again. Therefore it is known as occurring “once in a generation.” The analyst  also believes that a few months down the line stabilization is required.

Rekt Capital is of the opinion that the generational bottom will emerge once the downturn accelerates. Also the sideways phase of lateral stabilization will last for many months.

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He further says this may require quite a long time for not just one but each of those stages to finish. Though the bottoming stage, acceleration, and decline don’t really take this long, it is the consolidation which requires the longest.

Bear Market To Hit Bottom In Fourth Quarter

Rekt Capital also feels that following that dropping off, we’ll witness parallel price movement for quite a few months. This will continue until we ultimately hit a resistance region for a breakthrough towards a new global upswing.

He also expects the crypto bearish pull to reach a bottom somewhere around the fourth quarter of 2022. This is when the halving cycle is scheduled to occur.

Explaining his stance, the strategist claims that following halving, the price activity accelerates the most. The upcoming halving will actually occur in April 2024… Hence he believes that will see this bottom at least 500 days before the halving time. If this pattern holds true for this phase, the bearish price bottom will not be formed till the fourth quarter.

In addition, the strategist informs his 320,000 Twitter supporters that Bitcoin is “hitting record highs of dumping.”

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Rekt Capital concludes his analysis by quoting that this tremendous overselling may eventually correlate with the time of highest income potential.

At the time of publication, Bitcoin is changing hands at $19,215 with a drop of 1.62% over the last 24hrs

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Study: AUM Of Crypto Investment Products At Record Lows In June, Trust Products Garner Lowest Total Since December 2020

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Study: AUM Of Crypto Investment Products At Record Lows In June, Trust Products Garner Lowest Total Since December 2020

The latest data from Cryptocompare shows that assets under management (AUM) of crypto investment products reached record lows during the month of June. The data also shows 21 Shares Short Bitcoin ETP as the only digital investment product that registered a positive 30-day return (30.8%) as of June 23.

Three Arrows Capital Insolvency Factor

The AUM of crypto investment products dropped to record lows in the month of June 2022, the latest data from Cryptocompare has shown. According to the regulated benchmark administrator and digital asset data firm, this drop in the AUM was primarily caused by the uncertainties surrounding the future of crypto lending companies like Three Arrows Capital.

As the data shows, crypto exchange-traded funds (ETFs) had the most significant drop, a 52.0% decline to $1.31 billion in AUM. On the other hand, trust products which account for 80.3% of the market fell by 35.8% finishing the month at $17.3 billion. Exchange-traded commodities (ETCs) and exchange-traded notes (ETNs) fell by 36.7% and 30.6% to $1.34 billion and $1.61 billion, respectively. Summarizing the findings, Cryptocompare said:

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All four product types made new record lows with Trust products recording the lowest AUM since December 2020, while ETCs AUM reached its lowest since October 2020. ETNs and ETFs followed, recording their lowest AUM since January 2021 and April 2021 respectively.

21 Shares Bucks Trend

Meanwhile, the report notes that 21 Shares Short Bitcoin ETP is the only digital investment product that registered a positive 30-day return (30.8%) as of June 23. As of June 27, the ETP had an AUM of $16.5 million, which is an all-time high for the product. After rising for three consecutive months, this ETP has emerged as one of the few products that appears to take advantage of current market conditions, the report said.

In contrast to the 21 Shares, Purpose and Coinshares ETPs had the largest outflows in BTC and ETH during the same period.

“Purpose Bitcoin ETF (BTCC) sold 18,170 BTC while 3iq Coinshares Bitcoin ETF (BTCQ) saw 7,384 BTC flow out of the fund (as of 24th June). Overall, the two registered drops of 56.7% and 57.1% in AUM in June, respectively. Proshares Bitcoin Strategy ETF (BITO) saw the largest inflow after purchasing 7,264 BTC during the month,” the digital asset data firm’s report noted.

The data also shows that 3iq Coinshares Ether ETF (ETHQ), which had an outflow of 26,499 ETH, recorded the biggest outflow among ethereum products during the period. It was followed by Purpose Ether ETF (ETHH) which saw an outflow of 24,409 ETH in June.

What are your thoughts on this story? Let us know what you think in the comments section below.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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