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Bitwise Asset Management has submitted an application for a spot XRP exchange-traded fund (ETF) to the US Securities and Exchange Commission. The filing marks the first of its kind for the cryptocurrency. It aims to provide institutional investors exposure to XRP through traditional securities markets. The asset manager filed Form S-1 for its Bitwise XRP ETF. This initial step mirrors recent successful applications for Bitcoin and Ethereum ETFs. Bitwise's proposal would directly hold XRP tokens. The fund's launch remains contingent on two factors. First, the SEC must deem Form S-1 effective. Second, an exchange must file and receive approval for Form 19b-4, and this form requests a rule change allowing the ETF's listing. Bitwise cited investor demand as motivation for the filing. "XRP is an enduring crypto asset that many investors want exposure to," the company stated. Bitwise already manages spot Bitcoin and Ethereum ETFs. The application's timing is significant. It follows a ruling by Judge Analisa Torres that XRP is not inherently a security. However, the SEC's stance remains unclear. Market experts have weighed in on approval chances. Bloomberg analyst Eric Balchunas and ETF Store President Nate Geraci suggest approval is unlikely before US elections. Alex Thorn of Galaxy Digital sees approval odds dropping to zero if the SEC appeals its Ripple case. The SEC has indeed filed a notice of appeal in its Ripple lawsuit. This move challenges either Judge Torres' XRP ruling or the $125 million penalty against Ripple. The appeal introduces fresh uncertainty to the XRP ecosystem. Ripple CEO Brad Garlinghouse had anticipated more ETF filings following Bitwise's application. The SEC's appeal may dampen such enthusiasm in the short term. The ongoing legal battle casts a shadow over XRP's regulatory status, and it also raises questions about the viability of XRP-based financial products in the US market. As the case heads to appeal, the crypto industry watches closely. The outcome could have far-reaching implications for XRP and the broader digital asset landscape.

The SEC has slapped NovaTech and its top brass with charges. The allegation? A whopping $650 million crypto fraud. NovaTech's scheme was a doozy. It promised safe investments in crypto and forex markets. Over 200,000 investors worldwide fell for it. The company's leaders, Cynthia and Eddy Petion, are in deep trouble. They allegedly siphoned off millions for themselves. But the Petions weren't alone. The SEC also charged six promoters. These included Martin Zizi and Dapilinu Dunbar. NovaTech operated from 2019 to 2023. It was structured as a multi-level marketing scheme. Investors were told their money would be used in crypto and forex trading. Cynthia Petion made big promises. She guaranteed profits from day one. The reality was far less rosy. Most funds went to pay earlier investors and promoters. Only a small amount was actually traded. The scheme hit the Haitian-American community hard. Many investors couldn't withdraw their funds when NovaTech collapsed. Eric Werner, Director of the SEC's Fort Worth Regional Office, didn't mince words. He said NovaTech "caused untold losses to tens of thousands of victims around the world." Werner emphasized the SEC's commitment. They're going after both the masterminds and the promoters. No one's getting off easy in this case. The SEC's action sends a clear message. Crypto frauds, no matter how sophisticated, won't fly under the radar. The watchdog is keeping its eyes peeled. Not everyone thinks it is really for good, as some old-school cryptofans still see regulations as evil force on the market, yet wide crypto adoption is impossible without entities like SEC involved.

Binance Coin (BNB) has seen a massive 6,000% surge in trading volume since June. This explosion comes on the heels of several key developments in the Binance ecosystem. And of course, their is a "small" input of the infamous legal battle between Binance and SEC that was quietly dismantled recently. BNB is currently trading at $579. It's up 3% in the last 24 hours and 0.9% over the week, according to Coingecko. The SEC's decision to end its probe into Binance's stablecoin issuer is a major factor driving this increase. This move has cleared up a lot of legal mumbo-jumbo that's been hanging over Binance. The company sees it as a big win for rebuilding trust with investors. Adding fuel to the fire, former Binance CEO Changpeng Zhao (CZ) is set to be released from house arrest next month. CZ has been teasing a new project that he claims could offer a 100x return. Talk about hype! These events have created a perfect storm of optimism. It's sent BNB trading through the roof. Despite the recent trading frenzy and positive developments, the Binance-backed BNB Chain has faced adoption challenges. Market watchers have spotted a mismatch between Binance's actual support and the BNB Chain's marketing efforts. To boost the BNB Chain's success, Binance needs to tackle these issues head-on. Supporting meme coins and other innovative ideas could add value to the chain and attract more users. Industry experts reckon that overcoming these hurdles could unlock massive potential for the BNB Chain. By aligning its marketing with real support, Binance could strengthen the chain's credibility and build a more robust ecosystem. Looking ahead, BNB's price outlook remains cautiously optimistic. CoinCheckup data suggests a potential upswing in the next week. This could mean either a reversal or continuation of the current market momentum. In the longer term, BNB's value could increase by 62% in the next three months. This aligns with the overall positive sentiment and growing investor confidence. The crypto prediction platform also forecasts a 60% price rally over the next year. With favorable market conditions and recent positive developments in the Binance ecosystem, things are looking up for BNB. The removal of legal roadblocks and the BNB Chain's readiness for wider adoption set the stage for Binance's expansion in the coming quarters. It's been a wild ride for Binance and BNB. But with legal troubles in the rearview mirror and CZ gearing up for his next big move, the crypto world is watching closely. Will BNB keep its momentum, or is this just another crypto rollercoaster? Only time will tell.

Ethereum could outperform Bitcoin after the launch of spot ETFs in the US. This is according to a new Kaiko report. The launch could happen as soon as July 23. The report focuses on the Ethereum to Bitcoin Price Ratio. This metric measures how much BTC you need to buy one ETH. Right now, it's at 0.05. That's up from 0.045 before the SEC greenlit spot Ether ETFs. Ethereum's 1% market depth is another factor to watch. It's pretty low at the moment. This could lead to higher volatility. But it could also fuel a bull run. The Ethereum Exchange Reserve is at multi-year lows. This metric tracks how much Ether is available on exchanges. Low reserves could signal a supply crunch coming. Institutional demand for Ethereum ETFs might drive prices up. It's a big deal. Eric Balchunas, a Bloomberg ETF analyst, predicts a July launch. He says the SEC asked for amended S-1 forms by July 16. Tom Dunleavy, an institutional investor, has some bold predictions. He told Cointelegraph he expects $10 billion in inflows. That's roughly $1 billion per month. Ethereum's regulatory status has been a hot potato. Is it a commodity or a security? The SEC dropped its investigation into Ethereum in June. Laura Brookover, a Consensys attorney, reckons they did it to save face. The CFTC has thrown its hat in the ring too. Its chairman, Rostin Behnam, argues that ETH is a commodity. He thinks it falls under his agency's jurisdiction. All this buzz is creating a perfect storm for Ethereum. Low liquidity, potential ETF approval, and regulatory clarity could send prices soaring. But as always in crypto, it's anyone's guess. Investors are on the edge of their seats. July 23 could be a game-changer for Ethereum. Will it live up to the hype? Only time will tell.

Donald Trump's new running mate, JD Vance, has a bone to pick with SEC Chair Gary Gensler. A recently resurfaced video shows Vance calling Gensler the "worst person" to regulate crypto. So what's going to happen to our beloved crypto industry once this pair - Trump and Vance - enter the White House? The clip, now making the rounds on social media, captures Vance speaking at Remedy Fest. This private conference, hosted by Y Combinator and Bloomberg, took place on February 28. Vance didn't mince words. His clarity was quite impressive. "If there's a candidate for the worst person in my view, at least in terms of my substantive disagreement [...] it's Gary Gensler," he stated bluntly. He didn't stop there. Vance accused Gensler of injecting politics into US securities business. He also criticized Gensler's approach to blockchain and crypto regulation. This isn't Vance's first rodeo with the SEC. He's been a vocal supporter of the crypto industry throughout his political career, holds some Bitcoin himself and is known for praising crypto as a tool to diminish the oppressive role of the state. On May 16, Vance was one of 60 senators who voted to roll back the SEC's SAB 121 accounting guidelines. These guidelines prevent US banks from custodying crypto assets. Earlier this year, Vance led a group of Republican senators in a letter to Gensler. They raised concerns over an SEC enforcement action against crypto mining firm Debt Box. The letter didn't pull any punches. "It is unconscionable that any federal agency [...] could operate in such an unethical and unprofessional manner," Vance wrote. Vance's crypto support goes beyond regulatory issues. In February 2022, he praised crypto as a solution to government overreach. This was in response to Canada freezing bank accounts of truckers protesting COVID-19 lockdowns. Basically Vance praised crypto for being able to help people avoid government surveillance and even some legal hurdles. The 39-year-old senator has a diverse background. He's served in the US Marines, studied law at Yale, and worked as a venture capitalist under Peter Thiel, a famous investor who is - without a shadow of a doubt - a very crypto friendly financial titan. Vance isn't just talk when it comes to crypto. A 2022 financial disclosure report shows he holds between $100,001 and $250,000 in Bitcoin. Looks like he's putting his money where his mouth is.