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Last Updated : December 28, 2022 / 01:04 PM IST
Cryptocurrency roundup: SEC’s motion to hide Hinman documents, Japan to lif ban on stablecoins domestic issue, and more
On December 22, the SEC submitted a motion to seal the summary judgment document, requesting that several pieces of information and documents, including the Hinman Speech materials, be sealed.
Big Story
SEC Requests Sealing of Controversial Hinman Speech Materials in Ongoing Legal Dispute with Ripple
The United States Securities and Exchange Commission (SEC) has requested that the controversial “Hinman Speech” materials be sealed, claiming they have no bearing on the court’s summary judgment ruling.
Crypto Regulations
Japan to Lift Ban on Domestic Circulation of Foreign-Issued Stablecoins in 2023
The Japanese government is reviewing significant cryptocurrency regulations related to the use of stablecoins like USDT and USD Coin (USDC), according to a report.
> Japan’s Financial Services Agency (FSA) will end its ban on the domestic circulation of foreign-issued stablecoins in 2023, allowing local exchanges to handle stablecoin trade under the conditions of asset preservation through deposits and a maximum remittance limit, local news outlet Nikkei reported.
> “If payment using stablecoins spreads, international remittances may become faster and cheaper,” according to the report.
> The FSA has stated that other laws regarding anti-money laundering measures will be necessary to permit stablecoin distribution in Japan.
Storm Freezes Mining
Arctic Storm Causes Disruptions in North American Bitcoin Mining Industry
A strong storm swept across North America over the weekend and caused miners to shut down throughout the United States.
> Data from BTC.com shows that between December 21 and December 24, the Bitcoin mining hashrate – a measure of computational power on the blockchain – decreased by approximately 100 exahashes per second (EH/s), or 40%, to 156 EH/s.
Restructuring PlanMining
Crypto Lender Vauld Abandons Potential Nexo Acquisition
Several months after the two parties initially agreed to investigate the transaction, and less than a month before the Singapore-based target is required to develop a restructuring plan, cryptocurrency lender Vauld said that rival Nexo’s planned acquisition of the company has been shelved.
> Vauld stated in a private Twitter message that “We were previously exploring a potential acquisition by Nexo as part of the proposed restructuring plan.”
> “To provide a very brief summary, our discussions with Nexo have unfortunately not come to fruition.”
Wallet Theft
BitKeep Cryptocurrency Wallets Compromised by Hackers, $8 Million in Assets Stolen
Thieves compromised BitKeep cryptocurrency wallets after creating an “unofficial” Android app, resulting in the theft of money from user wallets.
> According to blockchain security services provider PeckShield, approximately $8 million worth of assets were reportedly stolen.
> The theft appears to have occurred through the downloading of hacked and maliciously-coded unofficial APK packages.
> BitKeep has advised users to transfer their funds to the official Chrome plugin wallet or the app downloaded from the official store, create a new wallet address, and keep their mnemonic phrase safe.
New Collaboration
Palau Collaborating with Ripple to Launch National Stablecoin
The President of Palau, Whipps Jr., announced in an interview that the country is working with Ripple to launch a national stablecoin.
> He stated that the stablecoin, which will help to make payments simpler and more secure, will be launched soon.
Price Drop
Dogecoin and Shiba Inu prices drop, as Bitcoin and Ether trade rangebound
> Bitcoin, the most well-known digital token remained relatively flat in trade on Monday with a slight positive tilt at $16,845.
> According to data from CoinGecko, the market capitalization of all cryptocurrencies worldwide stayed below the $1 trillion threshold, coming in at $844 billion, which is nearly unchanged from the previous 24 hours.
> The second-largest cryptocurrency, Ether, which is connected to the Ethereum blockchain, remained virtually unchanged at $1,215.
Market Minutes | Will PSUs continue to outperform next year?
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