Here are the latest developments in the crypto markets for October 4, 2023:
- A U.S. federal judge has rejected the U.S. Securities and Exchange Commission’s (SEC) attempt to appeal its significant loss against Ripple, the crypto company linked to the XRP token. Following this news, XRP’s price experienced a 5% rally. District Judge Analisa Torres, in a brief ruling on Tuesday, stated that the SEC failed to demonstrate that there were significant legal questions or substantial grounds for differing opinions. Nevertheless, the SEC isn’t entirely defeated, as the judge has scheduled an April 2024 trial date to address other unresolved issues. The agency may still consider appealing the entire case after this trial.
- The absence of a clearly defined U.S. legal framework for cryptocurrencies does not hinder the pursuit of fraud charges against Sam Bankman-Fried, the founder of FTX, according to a filing by the U.S. Department of Justice (DOJ) published early Wednesday. The trial of Bankman-Fried began on Tuesday. The former CEO of the crypto exchange has pleaded not guilty to allegations of misappropriating customer funds from FTX. Meanwhile, both sides’ lawyers continue to dispute the evidence that the yet-to-be-selected jury will be allowed to hear. Prosecutors are now challenging Bankman-Fried’s claims, reiterated on Monday, that the regulatory status of crypto exchanges is relevant.
- A new decentralized finance data platform, known as Project Atlas, could play a crucial role in shaping future regulations for participants in the crypto market, as revealed in a study released by the Bank for International Settlements (BIS) on Wednesday. The BIS, in collaboration with the Dutch and German central banks, has initially used Project Atlas to map significant international transactions between crypto exchanges. Cecilia Skingsley, head of the BIS Innovation Hub, stated that they are developing a valuable public resource for central banks worldwide. Cross-border transaction data holds relevance for various areas, including payments and macroeconomic analysis.