Crypto Flipsider News – Ripple Gets Hinman Files; Market Update; Interpol Enters the Metaverse; USDT ATM Launch; Litecoin Activity Jumps
Read in the Digest:
- Ripple lawyer says ‘worth the fight’ after receiving Hinman files from the SEC.
- Bitcoin & Ethereum fail to gain steam – Toncoin today’s top gainer.
- Interpol moves enters the metaverse to promote global virtual law enforcement.
- Stablecoin issuer Tether set to launch USDT on 24,000 ATMs across Brazil.
- Litecoin (LTC) address activity & whale transactions intensify.
Ripple Lawyer Says ‘Worth the Fight’ After Receiving Hinman Files from SEC
General Counsel to Ripple Stuart Alderoty announced via his verified Twitter handle on Friday, October 21st, that Ripple has finally received the infamous Hinman documents from the Securities and Exchange Commission (SEC).
On September 29th, U.S. District Court Judge Analisa Torres ordered the SEC to hand the Hinman documents over to Ripple despite the SEC’s objection to release them, citing attorney-client privilege.
The documents contain papers, internal emails, and memos related to a speech in which William Hinman, the then-director of the SEC, remarked that cryptos like Bitcoin and Ethereum were “sufficiently decentralized”, and therefore not securities.
Despite noting that the details of the documents remain confidential for now, Alderoty asserted that the wait for the documents was worth it, adding that he feels even better about Ripple’s position in the case.
Flipsider:
- Ripple CEO Brad Garlinghouse has taken to Twitter to express his displeasure about the SEC, warning people not to believe their position on disclosure, transparency, and clarity.
Why You Should Care
The release of the document represents a big win for Ripple, and indeed the crypto community as a whole. The result of the case could set a monumental precedent for crypto regulation standards.
Bitcoin & Ethereum Fail to Gain Steam – Toncoin Today’s Top Gainer
Bitcoin (BTC) and Ethereum (ETH), the two biggest cryptocurrencies on the market, have continued to exhibit a lack of bullish momentum, as the broader crypto market succumbs to bearish pressure.
Over the last 24 hours, the price of Bitcoin has fallen by 1.4% to trade under $19k for the first time this week. According to data from CoinMarketCap, BTC exchanges at $18,805 at the time of writing.
The 24 hour price chart for Bitcoin (BTC). Source: CoinMarketCap
Ethereum’s (ETH) slip into the red has proven even more drastic than Bitcoin’s, as the top Altcoin lost 2.96% of its value in the last 24 hours. At press time, Ether trades at $1,260, setting its lowest price since Thursday, October 13th.
The 24 hour price chart for Ethereum (ETH). Source: CoinMarketCap
Flipsider:
- Toncoin (TON) has emerged as today’s biggest gainer, despite the poor performance of Bitcoin and Ethereum.
- Over the last 24 hours, the price of TON skyrocketed 12% to trade at a two-week high of $1.40
The 24 hour price chart for Toncoin (TON). Source: CoinMarketCap
Why You Should Care
The crypto market’s persistent bearish trend mirrors the larger macroeconomic trends, which have left many countries on the brink of recession.
Interpol Moves into the Metaverse to Promote Global Virtual Law Enforcement
The International Criminal Police Organization (Interpol) launched the first-ever law enforcement digital universe on October 20th as a way to assist law enforcement agencies in member countries to crack down on the growing list of “possible crimes” in the metaverse.
The fully operational Interpol metaverse, backed by Interpol Secure Cloud, enables registered users with virtual reality headsets to visit the virtual INTERPOL General Secretariat office in Lyon France, interact with other cops’ avatars, and digitally participate in immersive training courses on policing and investigation.
According to Interpol, a key driver for the development of the platform, the need for the protocol is due to bad actors already leveraging the tech to conduct crimes of data theft, counterfeiting, laundering, ransomware, phishing, sexual assault, harassment, and even those against children.
During asession at the Interpol event in Delhi, the organization announced the establishment of an expert group on the metaverse to crack down on crypto crimes to ensure that the new virtual world was secure by design.
Flipsider:
- Interpol could encounter unforseen challenges in enforcing the law in the metaverse, as some acts that are criminalized in the physical world are considered legal in the virtual world.
Why You Should Care
Law enforcement agencies have been making big moves into Web 3.0 so far this October, as calls for global crypto regulation intensify.
Stablecoin Issuer Tether Set to Launch the USDT on 24,000 ATMs Across Brazil
Tether, the issuer of the world’s largest stablecoin, has announced plans to partner with local crypto services provider SmartPay in order to launch the USDT stablecoin on more than 24,000 ATMs across Brazil.
The expansion of USDTs services is part of Tether’s partnership with SmartPay, in conjunction with TecBan, the largest ATM provider in Brazil, and Brazilian payment system PiX.
The issuer estimates that, by November 3rd, ATM users in Brazil will be able to instantly convert their Brazilian reals into USDT, and vice versa, allowing them to send their USDT anywhere in the world. Starting from February, users will be allowed to deposit Brazilian Reals at ATMs to put USDT in their wallets.
The integration of USDT into ATMs across Brazil will enable SmartPay to provide 34 million unbanked adults with easy access to the USDT stablecoin.
Flipsider:
- On October 13th, Tether announced that it had completely eliminated commercial paper from its reserves, without incurring a loss, having replaced them with U.S. Treasury Bills.
Why You Should Care
The stablecoin looks to help Brazilians whose currencies have been battered by inflation as part of a new financial revolution to boost the Brazilian Financial ecosystem at large.
Litecoin (LTC) Address Activity & Whale Transactions Intensify
While cryptos grapple with the bears to maintain their prices, popular Bitcoin alternative Litecoin (LTC) has continued to demonstrate positive sentiment with its strong whale accumulation and address activity.
On-chain data provider Santiment reports that the bear market has not stopped Litecoin (LTC) from drawing the attention of big investors, who have continued to accumulate the Altcoin throughout 2022.
Santiment reports that, over the last week, Litecoin recorded its highest whale transaction volume since the start of the year. The spike in LTC activity was sponsored by whales who hold LTC worth more than $1 million.
Flipsider:
- Despite its strong on-chain performance, data from Messari illustrates that Litecoin’s volatility is at its lowest point in two years.
Why You Should Care
Santiment also highlights that the spike in wallet activity transactions built up steam as LTC began rising against Bitcoin (BTC).
Text source: DailyCoin.com
