XRP Faces Hurdle, FTX tries to make a comeback and more

XRP Faces Hurdle, FTX tries to make a comeback and more

What an absolute cracker of a week one that will continue to cause problems for a few more months with what was tipped to occur actually happening. XRP's decision was overturned with a judge stating he won't distinguish what a security is based on where it was sold.

Although it should be highlighted that the decision was solely in the instance for the case the Securities and Exchange Commission (SEC) as brought against Do Kwon, the former lead for the failed Terra Form Labs that owned Luna and USDT. The death spiral that in part contributed to the position we are in currently.

If you recall, Luna held a significant amount of Bitcoin in it's treasury for the event that USDT and Luna became depegged they would sell Bitcoin and purchase the failing token to prop it back up. The event did unfold and TerraForm Labs did sell their Bitcoin. However, the death spiral was too large and way out of control and all that selling the Bitcoin achieved was a catastrophic market dip.

Global Man Hunt For Do Kwon

After a series of events that entailed people showing up to Do Kwon's private residence due to the billions of dollars that were lost at the hands of the death spiral and extended heat from authorities. Do Kwon fled his home and it sparked an international man hunt to bring Do Kwon to justice and the appetite for justice hasn't stopped.

Public disclosure I personally lost a significant amount of funds in Luna and USDT as well as the Crypto project I was building so I am quite... peeved to say the least.

Do Kwon was eventually found and charged by the US SEC and a case has been lodged and is preparing for trial despite the lawyers representing Do Kwon attempting to have the case thrown out of court to their failure.

If Do Kwon is found guilty this is pretty large news as it will be one of the largest financial crimes in history and significant rulings will be made that could potentially benefit the broader market.

There is still a lot of time and events that need to unfold between now and then but it is a case I will be watching closely, I am not sure if I will ever see the money lost but perhaps watching the trial is enough.

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SEC caught out

There is an interesting development that has come forward in the case between the SEC and Coinbase with new information released or more so allegations being raised that the SEC ordered COINBASE to halt all trading except for Bitcoin.

Coinbase failed to comply with the directive as they state they believe it would have ended the digital asset sector in the US and chose to continue to provide a broad range of services to the US market.

Brian the CEO of Coinbase has stated that the SEC made the request right before they launched legal action against the exchange. It is alleged the discussions took place as the SEC notified Coinbase that they had come to the decision that all other crypto currencies were securities except Bitcoin.

Coinbase disagreed with the position and sought an explanation to which the SEC stated they were not going to explain it and than filed legal action against the company.

FTX Relaunch.... But will is succeed?

The FTT token has moved up at the rumor that FTX would be re-launching and considering the issues the company has had it is interesting to see that appetite for the once highly valued token was still there.

although no doubt it was people speculating on a low value token and that it could potentially increase as news became more available.

It didn't take long for the rumor to be confirmed and the price run for a short period did take hold prior to returning to a low.

It has been an interesting week thus far in the decentralised sector and the market is quite chaotic at current with what appears a lot of people awaiting a market break out and are itchy to get involved in any news.

There's still a long wait for the final outcome of the legal proceedings but we're all anxiously sitting by and the market is currently in an accumulation phase.

Image sources provided supplemented by Canva Pro subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.