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Ripple CEO Admits Regulatory Missteps Amid Ongoing SEC Legal Battle, Sees XRP ETF as 'Inevitable

Ripple CEO Brad Garlinghouse admitted the company should have engaged earlier with US regulators, as it now grapples with legal battles and seeks to catch up in the evolving regulatory landscape.

Author

Steven Walgenbach
October 24, 2024

Breaking Crypto Stories

Here are the top stories today:

  • Ripple ‘Made a Mistake’ Not Talking To Regulators Early, Says CEO

  • Ethereum ‘Verge’ Upgrade To Enable Nodes on Phones and Smartwatches

  • Jailed Crypto Scammers Blew Stolen Funds on Shark Tank, Hookers: Report

  • Polymarket Bets Under Review as 2024 Presidential Election Odds Skew Towards Trump

  • Tether CEO: US Crypto Regulations Are Crucial for the Future - Are We Ready for Change?

  • Spot Bitcoin ETF Outflows Bring an End To 7-Day Inflow Streak

Question of the Day

Why is there a disconnect between what Polymarket and traditional election polls say?

Ripple CEO Brad Garlinghouse acknowledged that the company should have engaged with US regulators earlier, as Ripple and the crypto industry now face legal challenges and play catch-up in regulatory efforts.

  • Garlinghouse admitted regret for Ripple's late engagement with US regulators, as the company now navigates legal battles with the SEC, including disputes over XRP's classification as a security.

  • He criticized US regulatory lag and SEC Chair Gary Gensler's approach, while also addressing the damage caused to the industry by figures like Sam Bankman-Fried and misinformation from certain lawmakers.

  • Garlinghouse sees an XRP ETF as "inevitable," citing growing institutional demand and recent ETF filings, which he believes will contribute to upward price pressure for XRP and other cryptocurrencies.

Ethereum's next upgrade, "The Verge," aims to enhance security and accessibility by introducing stateless verification and other improvements to reduce hardware requirements for running nodes.

  • The Verge upgrade introduces stateless verification, allowing Ethereum nodes to verify blocks without storing large amounts of data, making node operation possible on smaller devices like phones or smartwatches.

  • Proposed changes include implementing Verkle trees or STARK-based alternatives to improve scalability and security, while addressing potential vulnerabilities to quantum computing.

  • Multidimensional gas system adjustments aim to enhance network efficiency, separating costs for calldata, computation, and state access, which could make solo staking more accessible and reduce hardware barriers.

🤑Jailed Crypto Scammers Blew Stolen Funds on Shark Tank, Hookers: Report

Five individuals were sentenced to prison for a $21.6 million crypto fraud involving lavish spending, marking Austria's largest fraud trial.

  • The fraud scheme involved $21.6 million stolen from 40,000 investors, using investment schemes like EXW Wallet and EXW tokens, which collapsed in 2020.

  • Lavish spending included shark tanks, private jets, and sex workers, with the operation primarily based in Dubai and some funds smuggled to Austria.

  • The October 23 verdict sentenced five individuals to prison, while five others were acquitted, and some suspects remain at large; several convicted plan to appeal.

Polymarket's 2024 Presidential Election predictions face scrutiny due to concerns over the impact of overseas bets on odds accuracy and regulatory compliance.

  • Overseas bets on Polymarket raise concerns about their potential influence on the accuracy of 2024 Presidential Election predictions, skewing the odds.

  • Regulatory challenges emerge as different countries' betting laws complicate the legality of international wagers on the platform.

  • Polymarket aims to enhance transparency by exploring stricter guidelines and increased monitoring of overseas bets to maintain credibility.

The Tether CEO stresses the urgent need for comprehensive US cryptocurrency regulations to protect investors, stabilize the market, and encourage innovation amid a fragmented regulatory landscape.

  • Urgent call for clear US crypto regulations aims to protect investors, enhance market stability, and encourage innovation in the digital currency sector.

  • Current regulatory landscape is fragmented with varying state and federal approaches, creating confusion and hindering industry growth.

  • Challenges in implementing regulations include balancing regulation with innovation, understanding complex technologies, and coordinating with global standards.

🛑Spot Bitcoin ETF Outflows Bring an End To 7-Day Inflow Streak

Recent outflows from spot Bitcoin ETFs have ended a seven-day streak of inflows, raising questions about investor confidence and market outlook.

  • Outflows from spot Bitcoin ETFs signal reduced investor interest, ending a seven-day period of net inflows and reflecting broader market concerns.

  • Contributing factors include market volatility, regulatory uncertainty, and alternative investment options, which may be leading investors to diversify away from these ETFs.

  • Potential implications for investors include downward price pressure on Bitcoin, liquidity concerns for the ETFs, and the need to reassess investment strategies in response to shifting market dynamics.

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