Take a look at what happened in the world of crypto over the weekend with U. Today’s top three news stories.
The SEC and Ripple are gearing up for the next significant deadline in their legal battle as both parties are entering the case’s “remedies” phase focusing on institutional sales. As a reminder, in July 2023, the fintech company scored a win in the lawsuit; nevertheless, the court found that some institutional sales of XRP were investment contracts and, as such, had to have been registered with the SEC. Earlier in February, Judge Netburn ordered Ripple to provide its 2022-2023 financial statements, post-complaint contracts and to answer an interrogatory regarding the proceeds from institutional XRP sales after the complaint was filed. The initial deadline for remedies-related discovery was Feb. 12; however, Ripple and its legal team requested a one-week extension to Feb. 20. Thus, the company made tomorrow, Feb. 20, the next crucial deadline in the legal battle.
The сrypto community is abuzz with speculations regarding the potential launch of an Ethereum ETF in March. However, Bloomberg Intelligence analyst James Seyffart has questioned the possibility of this development. In a recent X post, he stated that there is very little chance that an Ethereum ETF will launch in the estimated time frame. He even agreed to bet four ETH against the rumored likelihood of an imminent Ethereum ETF launch. It is interesting to note that even though Seyffart is still skeptical about a March launch, he did not extend his doubts regarding an Ethereum ETF by the end of 2024. Meanwhile, recent developments suggest that financial firms are still working to get regulatory permission for Ethereum ETFs. VanEck and ARK/21Shares have submitted revised filings, with Standard Chartered and Franklin Templeton making strides in their respective applications for Ethereum ETFs.
Per data provided by Whale Alert, Tron founder Justin Sun has recently made a significant transfer worth $500 million. The transaction has sparked controversy since it swiftly moved from JustLend, a platform that Sun supports, to HTX, a platform where Sun holds a prominent advisory position. The transaction’s implications are more complicated due to Sun’s involvement in JustLend, a Tron-based financial platform well known for its stUSDT products. Adding to the rumors in the crypto community, JustLend received another $642.06 million USDT from an unidentified wallet that was allegedly connected to Sun. Although the exact reasons for Justin Sun’s $500 million transfer are still unknown, a number of plausible theories have come up. Some suggest it could be a strategic move to inject liquidity into HTX, bolstering the platform Sun advises, while others believe that it might be a personal investment, diversifying his holdings beyond Tron-related projects.