El Salvador Swim in Gains + SEC Not Giving Up on XRP Yet
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Welcome to another crypto news roundup from your favorite portfolio tracking and trading platform, Coinigy.
It's been a rough week for Gensler and his SEC friends after XRP’s partial win.
The word on the street is that the SEC boss might file an appeal, which may see the ruling overturned.
Why?
Well, the ruling has a Ripple-effect (see what we did there? 😎) on any future case that the SEC may file against other tokens as they can claim they’re also not securities—a what’s good for the goose kind of situation.
Anyway, we’re no lawyers—and binge-watching Law and Order over the weekend can’t make us one—but we’ll be waiting for Gensler’s next move and keep you updated when anything happens.
Here are last week’s highlights
- El Salvador's bonds surge 62% amid Bitcoin's ETF-driven rally
- Chair Gensler says SEC reaction to Ripple decision is mixed, still under consideration
- Ethereum ICO Whale Moves $116M in ETH to Kraken
- Multiple spot crypto ETF applications go to Federal Register in step toward SEC approval
El Salvador's bonds surge 62% amid Bitcoin's ETF-driven rally
There is an old saying in the market that ratings of traditional agencies are lagging indicators. Bitcoin holder El Salvador’s recent experience suggests the same.
Since Fitch downgraded El Salvador’s debt rating in September 2022 with a prediction of a debt default in January 2023, the country’s junk-rated bonds have skyrocketed, mirroring bitcoin’s meteoric rise throughout 2023.
According to market data, the value of El Salvador’s bonds are up 62%, and now trading at 72 cents on the dollar. During the same time period, bitcoin has risen 79%.
Chair Gensler says SEC reaction to Ripple decision is mixed, still under consideration
U.S. Securities and Exchange Commission Chair Gary Gensler has commented publicly about the recent ruling on the agency’s suit against Ripple, saying the SEC is “still looking at it and assessing that opinion.”
Gensler declined to comment further on the case, but said the commission is pleased with the court's decision stating that XRP was a security when sold to institutional investors, but disappointed with the non-security ruling for retail investors and other XRP distributions.
In the crypto community, some believe it is unlikely the SEC will appeal, claiming the regulator benefits from the “current confusion.”
Ethereum ICO Whale Moves $116M in ETH to Kraken
A wallet address containing pre-mined Ethereum worth $116 million in current prices transferred its entire balance of 61,216 ETH to an address associated with the Kraken crypto exchange.
The wallet had remained dormant for eight years before this transaction took place on July 18, at 11:30 pm UTC.
Multiple spot crypto ETF applications go to Federal Register in step toward SEC approval
The U.S. Securities and Exchange Commission (SEC) has accepted applications to create spot bitcoin exchange-traded funds from six firms, including BlackRock (BLK.N), for review, the first step in the agency's process for deciding whether or not to approve the latest round of proposals.
The SEC also formally acknowledged applications from Bitwise, VanEck, WisdomTree (WT.N), Fidelity, and Invesco (IVZ.N) for similar spot bitcoin ETFs, with those proposals appearing on the Federal Register Tuesday and Wednesday.
The SEC has previously rejected dozens of spot bitcoin ETF applications, saying the proposals did not meet anti-fraud and investor protection standards.
Other Highlights Worth Mentioning
- Bitcoin Bollinger Bands echo move that ended in 40% January gains - Cointelegraph
- US House Republican committee members introduce joint digital assets bill - CoinDesk
- Altcoins ‘bled’ as Bitcoin gained dominance in Q2 - CoinGecko
- French bank Societe Generale has become the first company in France to obtain a license for crypto services - TechNews 180