Bitcoin offered extreme volatility this week, with prices fluctuating sharply. It fell from $97,000 to $93,000 before climbing to $102,000.
What drives wild movements? The atmosphere is strong.
The US Senate failed to advance its stable coin regulating law, the Genius Act, after Democrats retracted their support over concerns about Trump’s family’s crypto business relationships.
The measure initially received bipartisan support, but fell short with 48-49 votes as all Democrats and two Republicans Rand Paul and Josh Hawley opposed.
Tensions have risen following reports of $2 billion investments from companies backed by Abu Dhabi, a crypto company associated with the Trump family. Senate Majority Leader John Tune has accused Democrats of abandoning the bills that were formed.
At the same time, Jonathan Jachym, world director of policy and government relations at Kraken, urged lawmakers to “come together for the next few months to finalize the Stablecoin and market structure bill by August.”
The Securities and Exchange Commission (SEC) has reached a settlement between Ripple Lab and its top executives, Bradley Girlinghouse and Christian Larsen, solving a long-term legal battle over claims for unregistered securities sales.
As part of the agreement, the SEC and Ripple asked federal courts to resolve the existing order against Ripple and announce $125 million in their escrow accounts. Ripple pays SEC $50 million and the remaining funds will be returned to the company.
The SEC emphasized that the settlement intends to advance broader efforts to establish clearer crypto regulations without taking a stance on the adequacy of the initial claim against Ripple.
Alex Mashinsky, former CEO of Celsius Network, has been sentenced to 12 years in prison after pleading guilty to fraud.
His ruling follows a $4.7 billion settlement between Celsius and the Federal Trade Commission. It is one of the largest committees in the institution’s history that addressed misleading investor allegations.
The downfall of machine skiing is part of an ongoing crackdown on crypto industry leaders, including FTX founder Sambankmanfried. He has worked for Sam Bank Manfried, CZ for Scars and Binance for 25 years.
Disclaimer: The opinions and opinions expressed in this article are those of the authors and do not necessarily reflect the views of TheStreet Crypto. This work is for informational purposes only and should not be considered financial or investment advice.