Cryptocurrency

Ripple's Legal Officer Denies Trump's Criticism of Kamala Harris Support

Friday. January 17 at 5:00 PM

1 min. read

Ripple's Chief Legal Officer, Stuart Alderoty, has refuted claims that President-elect Donald Trump criticized Kamala Harris's financial backing from network executives during the election. The allegations, published by various sources, lack evidence and have sparked controversy. The dispute originated from a report by Axios, quoting Trump questioning a company's support for Harris. While the company was not named, speculations point to Ripple. The accusations are tied to Ripple co-founder Chris Larsen's substantial donations to Harris's campaign. Despite rumors, Ripple CEO Brad Garlinghouse expressed support for Larsen's actions. Alderoty dismissed the claims of Trump's criticism as baseless and fictional. Ripple's announcement of a $5 million donation to Trump's inauguration fund adds complexity to the situation. XRP, Ripple's cryptocurrency, saw an 8% increase in value, attributed to renewed focus on Ripple's position in the blockchain sector and potential pro-crypto policies under Trump's administration.

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Impact of DORA Regulations on EU Cryptocurrency Businesses

Saturday. January 18 at 1:00 AM

Cryptocurrency businesses in the European Union are now required to adhere to new cybersecurity regulations under the Digital Operational Resilience Act (DORA) effective from Jan. 17. DORA mandates virtual asset service providers (VASPs) to enhance their cybersecurity and resilience practices. To comply, EU financial entities must maintain a detailed register of contractual agreements with third-party IT service providers for secure infrastructure and risk management. These regulations, part of the Markets in Crypto-Assets Regulation (MiCA), aim to bolster resilience against cyber threats and IT failures, ensuring investor protection and market integrity. Industry experts from firms like MoonPay and Gemini exchange have emphasized the significance of DORA compliance. The regulations will not only impact VASPs but also crypto asset issuers, potentially leading to a consolidation of service providers to meet stringent security standards. Overall, DORA is expected to enhance operational resilience and safeguard investors in the evolving crypto landscape.

Cryptocurrency

Analysis of Sonic Price Movement

Friday. January 17 at 9:00 PM

Sonic (formerly FTM) price has increased by 1.8% in the past 24 hours, accompanied by a 500% surge in trading volume to $114 million. Technical indicators such as the ADX and EMA lines suggest a strengthening uptrend, potentially testing key resistance levels if momentum is sustained. However, bearish signals from the BBTrend indicator indicate mixed conditions, advising traders to be cautious about a possible reversal. Sonic's ADX has risen to 35.6, indicating a strong trend, supported by a recent golden cross formation. The current trend strength and the potential for a new golden cross suggest further price gains if buying pressure continues. Conversely, a negative BBTrend value of -6.8 signals increasing bearish pressure, potentially leading to a downtrend. Mixed signals from the ADX and BBTrend advise caution, as failure to maintain upward momentum could result in a price decline. A break below $0.74 support level could lead to further downside towards $0.61.

Cryptocurrency

BitMEX Fined $100 Million for AML Violations

Friday. January 17 at 8:00 PM

BitMEX, a cryptocurrency trading platform, has been fined $100 million for violating US anti-money laundering (AML) regulations. The penalty was imposed due to BitMEX's failure to comply with the US Bank Secrecy Act (BSA), allowing illicit transactions on its platform for several years. The company's lack of proper Know Your Customer (KYC) procedures enabled users to bypass regulations and engage in illegal trading. The penalty also extends to BitMEX's developers, emphasizing the personal and financial risks faced by CEOs of non-compliant exchanges. Despite the fine being lower than the initial request, BitMEX's parent company is on a two-year probation to enhance compliance practices. This case sets a precedent for stricter cryptocurrency regulations in the industry, highlighting the importance of regulatory frameworks for exchanges.

Cryptocurrency

US Dominance in Crypto Venture Capital Funding

Friday. January 17 at 7:00 PM

In the fourth quarter of 2024, nearly half of all venture capital funding went to cryptocurrency startups based in the United States. Galaxy Digital's report revealed that 46% of the capital invested was in US startups, surpassing Hong Kong at 16%. The US also led in deal count, with 36% of all VC deals involving US companies. Despite a challenging regulatory environment, US firms continued to excel. With an incoming pro-crypto administration, the US is poised to become even more dominant in the crypto space. Industry experts anticipate a surge in crypto venture capitalist activity this year, driven by the potential shift towards a more crypto-friendly government. The report also highlighted the potential for traditional financial services firms to enter the crypto market, further solidifying US dominance. Despite regulatory challenges, the outlook for US crypto startups remains positive.

Cryptocurrency