🔴 Another Big Win for Ripple! | This Week in Crypto – Sep 26, 2022
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JP Morgan’s CEO is against crypto again, Ripple is nearing dismissal in its SEC lawsuit, and Binance could buy Voyager’s assets. These and more this week in crypto writing.
JPMorgan CEO Attacks Crypto – Again
At a congressional hearing this week, JPMorgan CEO Jamie Dimon was vocal in his criticism of crypto. He called cryptocurrencies a “dangerous decentralized ponzi scheme,” though he also said he would accept properly regulated stablecoins. On the other hand, Dimon declared that JPMorgan is a big user of blockchain technology.
Ripple lawsuit nears dismissal
XRP hit a 4-month high after surging 44 percent last week following news that Ripple and the SEC have both filed motions for summary judgment in a $1.3 billion lawsuit. Ripple is seeking dismissal of the suit, while the SEC, which indicted Ripple in December 2020 alleging unregistered securities trading when it sold XRP, is hoping for a ruling in its favor without a trial.
Cardano Vasil update goes live
After several months of delays, the Cardano Vasil update and hard fork started this week. The update brings performance and feature improvements to the blockchain, and is its most significant update since the addition of smart contract functionality last September. Cardano’s token, ADA, is also showing strong price performance, rising nearly 10% over the past seven days.
Binance Races buys Voyager assets
Crypto exchange Binance has reportedly made the highest bid of around $50 million for the assets of bankrupt crypto-lending firm Voyager Digital. Voyager, which filed for Chapter 11 bankruptcy in July with as much as $10 billion in debt, began the process of selling its assets earlier this month.
Nasdaq offers cryptocurrency services
The world’s second largest exchange, Nasdaq, is officially entering the cryptocurrency market and offering crypto services to institutional investors. Nasdaq is establishing a new unit to provide institutional solutions with a focus on better custody, liquidity and integrity. The new service supports their efforts to facilitate wider institutional participation in digital assets.
Kraken’s CEO resigns
Kraken’s Jesse Powell announced that he is stepping down as CEO of the crypto exchange he founded in 2011. He will be replaced by longtime COO Dave Ripley. Powell will become the company’s first chairman of the board and plans to continue his activities in the company.
Australia Bill takes aim at China’s digital yuan
Australian politician Andrew Bragg wants to prepare his country for the widespread use of China’s central bank’s digital currency, the digital yuan, under a new bill. The proposal sets out disclosure requirements for banks that could offer Chinese central bank digital currency for use in Australia, and aims to create a licensing framework for stablecoin issuers.
Britain proposes new encryption law
The UK introduced a bill that would make it easier to seize, freeze and return law enforcement officers when they are used in criminal activities such as money laundering, drugs and cybercrime. The bill builds on the previous Financial Crimes Transparency and Enforcement Act, which helped regulators sanction Russia and freeze the country’s assets.
This is what happened this week in crypto, see you next week.