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The SEC's decision to postpone briefing deadlines in the ongoing legal battle with Ripple sheds light on the evolving dynamics of the case. This move is seen as a crucial step towards establishing a new schedule, highlighting the importance of regulatory compliance and legal management for Ripple's future trajectory. Notably, the impact of these developments on XRP's price is significant, with today's rise prompting investors to reassess their positions. XRP's approach to the $0.60 target is indicative of market sentiment and activity. Technical analysis reveals key insights into XRP's potential trajectory. The $0.60 resistance level and the 78.6% Fibonacci retracement level are pivotal points to monitor, as surpassing them could signal further price gains. Metrics such as the Moving Average Convergence Divergence (MACD) and Awesome Oscillator (AO) support the bullish trend, but a close below certain levels could invalidate the bullish scenario, potentially leading to a retracement....

The House Financial Services Committee is making significant strides in advancing US Rep Mike Flood's bill aimed at nullifying the Staff Accounting Bulletin (SAB) 121 rule, a move seen as pivotal for fostering institutional crypto adoption. This development follows concerns voiced by Senator Lummis regarding the rule's implications, stressing the need for comprehensive feedback from federal banking regulators and the public prior to its implementation. Congressmen Flood and Wiley Nickel are leading efforts to introduce a resolution under the Congressional Review Act to assert the rule's lack of effect, alongside advocating for the Uniform Treatment of Custodial Assets Act, aimed at exempting banks from treating custodied assets as liabilities, thus mitigating additional capital requirements for offering custody services for crypto-assets. The American Bankers Association has also raised alarms over SAB 121, warning of its potential impact on the banking industry's ability to provide...

Javier Milei, the libertarian president of Argentina, is spearheading efforts to curb the issuance of Argentine pesos by the country's central bank. Milei intends to introduce a bill to Congress that would penalize money issuance with jail time, aiming to prevent central bank officials from authorizing such operations. The proposed law aims to stabilize the money supply while Milei's administration works towards revitalizing the economy. This initiative precedes Milei's campaign promise of dollarizing the country, although implementation is not expected in the near term. In an interview with a local TV channel, Milei outlined the project, which defines seigniorage as a criminal offense. Under the proposed legislation, central bank officials involved in financing the treasury, directly or indirectly, would face imprisonment, including the bank's president, board members, and government officials endorsing such actions. However, the bill must undergo deliberation and approval in the...

Authorities in South Korea have apprehended individuals allegedly involved in an over-the-counter (OTC) crypto scam, shedding light on a concerning trend of illicit activities within the cryptocurrency sphere. According to reports, a multinational gang orchestrated a fraudulent OTC crypto transaction, resulting in the confinement and theft of cash from a Vietnamese woman. The incident, which occurred in Seoul's Gasan District on December 3, 2023, saw the gang lure the victim into a purported crypto transaction before locking her in a vehicle and stealing approximately $127,630 in cash along with her cell phone. Prompt police intervention led to the apprehension of six suspects, including a South Korean man in his 30s and an Egyptian man in his 20s, on charges of illegal confinement and aggravated theft. While the accused maintain that they were themselves victims of a cryptocurrency scam and assert that the victim was associated with the scam organizers, authorities have proceeded...

The Hong Kong Securities and Futures Commission (SFC) has been consistently advising investors to exercise due diligence when dealing with cryptocurrency platforms, a message reiterated on its website. Recently, Huobi HK, a prominent crypto exchange, withdrew its license application just three days after submission on February 23, under its local entity HBHL Hong Kong Limited. This move follows similar actions by two other exchanges, Amber and BitHarbour, while Meex had its application returned on February 7 for undisclosed reasons. As of February 29, all crypto exchanges in Hong Kong are required to either obtain or apply for a Virtual Asset Trading Platform (VATP) license. The SFC underscores the significance of trading through licensed exchanges, urging investors to verify the regulatory status of their platforms. The commission emphasized the importance of checking the "List of licensed virtual asset trading platforms" or the "List of virtual asset trading platform applicants"...

In a recent ruling by the United States Court of Appeals for the First Circuit, the fraud conviction of Randall Crater, the founder of cryptocurrency project My Big Coin, has been upheld. Crater was sentenced to over eight years in prison following a jury's verdict of guilt on multiple counts including wire fraud, unlawful monetary transactions, and operating an unlicensed money-transmitting business. The appellate panel, consisting of Judges Gustavo Gelpí, Jeffrey Howard, and Julie Rikelman, dismissed Crater's appeal for a new trial, rejecting arguments made by his legal team regarding Sixth Amendment rights violations and the credibility of expert testimony from Pamela Clegg of CipherTrace. The court's decision reaffirmed findings that My Big Coin was falsely marketed as a cryptocurrency payment service, resulting in substantial financial losses for victims. Despite claims of token backing by gold and partnerships with major financial entities, evidence revealed substantial...

Klaas Knot, Chair of the Financial Stability Board (FSB), recently addressed G20 finance ministers and central bankers, highlighting the persistent global financial instability and emphasizing the need for vigilance, particularly in the context of evolving digital finance. The FSB's strategic focus includes asset tokenization, with plans to assess its financial implications by 2024, alongside broader efforts to navigate the complexities of digital innovation within the financial sector. Last year, the G20 endorsed a global regulatory framework for crypto-assets, developed in collaboration with the International Monetary Fund (IMF), signaling a significant step towards regulatory coherence. Looking ahead, the FSB aims to provide an update on the implementation of this framework in October, with proposals for enhanced incident reporting exchange mechanisms to strengthen information-sharing among financial entities and regulatory authorities, thereby bolstering systemic resilience....

An Australian crypto exchange, OTCPro, owned by Rhino Trading, finds itself embroiled in a legal battle to recover approximately $328,000 mistakenly deposited into a user's account. The error occurred when $653,000 was credited to the user's account in January, instead of the intended $65,300. Following the realization of the mistake on February 4th, the exchange alleges that the user, Kow Seng Chai, failed to respond to emails requesting the return of the funds. Court documents reveal that Chai purportedly used a portion of the mistakenly sent funds to purchase Tether and withdrew approximately $626,700 in daily maximum lots of $100,000 within 10 days. Moreover, Rhino Trading claims that the phone number linked to the account did not belong to Chai, who also did not appear in court. Consequently, on February 9th, the Victoria State Supreme Court froze Chai's assets and issued an injunction on February 21st, preventing him from leaving the country, citing concerns about the disposal...

Russian parliament members are poised to potentially approve legislation allowing firms in the nation to utilize "digital financial assets" in international payments. The proposed law, excluding cryptocurrencies but encompassing digital assets like the digital ruble and regulated stablecoins, aims to facilitate foreign trade transactions and contracts between Russian residents and non-residents. The State Duma Committee on the Financial Markets has greenlit amendments to the draft law, signaling progress toward its potential enactment. However, there remain concerns about technological barriers and the exclusion of cryptocurrencies like Bitcoin from the legislation, which experts argue could limit its effectiveness in addressing issues related to international payments. Despite potential limitations, proponents of the bill see it as a means to mitigate the impact of Western sanctions on the Russian economy. As geopolitical tensions persist, Russia seeks to bolster its financial...

The Supreme People’s Procuratorate of China has sounded the alarm over a concerning surge in cybercrimes leveraging blockchain technology and metaverse environments. Highlighting the use of cryptocurrencies in money laundering schemes, prosecutors expressed deep concern about the growing trend of illicit activities obscuring the origins of illegal wealth. A notable case involving Hu Moumou's telecom network fraud operation, operating under the guise of the "SoftBank Group" App, illustrates the sophistication and scale of such criminal enterprises. Utilizing deceptive tactics like the "pig butchering" scheme, which targeted individuals through social and dating apps, perpetrators siphoned off millions from unsuspecting victims. This case, alongside others, underscores the multifaceted nature of cybercrimes, ranging from financial fraud to human smuggling. In response, law enforcement agencies have intensified efforts to combat these crimes, resulting in significant convictions and...

The US Treasury Department's Office of Foreign Assets Control (OFAC) has designated multiple wallet addresses linked to two individuals from Russia, Artur Sungatov and Ivan Kondratyev, as specially designated nationals due to their involvement in ransomware attacks. Sungatov and Kondratyev are affiliated with the LockBit ransomware syndicate, accused of orchestrating attacks that resulted in the theft of over $120 million. The US, in collaboration with the UK and international law enforcement agencies, is pursuing legal action against LockBit to hold the group accountable for its activities. LockBit, operating on a Ransomware-as-a-Service model, has been identified as the most deployed ransomware variant globally in 2022, with its double extortion tactics gaining notoriety. The action taken against LockBit underscores the global effort to combat the escalating threat of ransomware attacks. Despite a decline in ransomware payments in 2022, the surge in attacks witnessed in 2023...

The Northamptonshire Telegraph, a prominent UK newspaper, has taken down an article promoting an NFT project after concerns arose regarding its claims of donating half of the transaction fees to the National Health Service (NHS). The article, penned by a self-proclaimed "crypto wizard," touted the Nurse Coin Token and NFT, promising support for children, medical expenses, and care home development. However, the lack of evidence to substantiate these claims prompted the publication to remove the article. The incident underscores the need for diligence in investigating NFT projects amid a rising number of scams in the crypto space. As the NFT market continues to expand rapidly, regulators worldwide have issued warnings about the prevalence of scams targeting unsuspecting enthusiasts. The FBI, for instance, cautioned users about fraudsters impersonating NFT developers and advised thorough research before engaging in minting opportunities. Despite the potential of the NFT market,...