Ethereum
Crypto News Digest by U.Today
Valeria Blokhina
What happened in the crypto industry over the past day? Read U.Today’s news roundup to find out!
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Don’t miss anything in the crypto world with U.Today’s top three crypto news stories from the past day.
Bitcoiner Samson Mow Slams Ripple for Spreading FUD on Bitcoin and Tether
Following the confrontation which took place between Ripple CEO Brad Garlinghouse and Tether CEO Paolo Ardoino, Samson Mow, head of Jan3, turned to social media to share his perspective on the situation. In his Message, Mow sided with Ardoino, writing that Ripple is now “actively spreading FUD on Tether” in order to “try to gain traction on its own stablecoin.” The CEO of Jan3 added that such a turn of events is not at all surprising for him, since a similar situation occurred in 2022; At the time, Ripple (specifically its co-founder Chris Larsen) paid $5 million to Greenpeace to launch a campaign against Bitcoin, which aimed to force the change of BTC’s proof-of-work consensus algorithm to a proof of participation.
SEC v. Ripple: Defendant Files Motion to Seal Documents
According to a recent update on the Ripple-SEC legal battle provided by defense attorney James K. Filan, Ripple filed a request to seal or narrowly tailor certain of its documents in connection with the SEC’s motion for judgment and relief. As Ripple stated, if these confidential documents were made public, its business interests would suffer “significant harm.” The company wants to seal or redact highly confidential information regarding its profits, revenues, expenses, etc. Additionally, Ripple requests that its contractual agreements with thirty business partners not be disclosed; While the company acknowledges the relevance of providing discounts to institutional buyers of XRP, it is not willing to reveal specific financial and pricing details. In addition, Ripple wants to protect the identity of certain independent financial institutions – customers and employees alike.
Here’s why the Ethereum ETF could be rejected
In a recent MessageJames Seyffart, ETF analyst at Bloomberg Intelligence, declared that the SEC’s decision to deny numerous Ethereum ETF applications in May by declaring Ethereum a security is becoming more and more likely. “It doesn’t guarantee that they will, but I think it almost guarantees that the SEC is at least considering it,” Seyffart added. The analyst’s post is a response to financial attorney Scott Johnsson, who claimed that the SEC is considering Ethereum’s security issue in its next spot ETF order. According to Johnsson, the regulator is supposed to provide “notice of the grounds for disapproval considered.” The SEC argues that since the underlying asset is a security, it was inappropriate to offer commodity-based trust shares. Interestingly, Bitcoin ETFs have not faced this problem. As a reminder, on May 23 and 24, the SEC is expected to make its final decision regarding VanEck’s and ARK’s Ethereum ETF filings, respectively.
About the Author
Valeria Blokhina
Valeria is the Community Manager at U.Today. She is passionate about crypto and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news from the world of crypto and blockchain.