Bitcoin and Ethereum prices were flat for the third week in a row, while three projects, XRP, LTC, and LDO, posted notable rallies.
For the third week in a row, Bitcoin and Ethereum prices were flat as the United States Securities and Exchange Commission (SEC) showed no sign of budging on its claim to be the industry’s top regulator.
Bitcoin (BTC) added a modest 0.3% to its value in the last seven days and is currently trading at $27,110.29. Likewise, Ethereum (ETH) only grew 0.6% and is currently changing hands at $1,825.
Top Cryptocurrencies This Week and the SEC
There were no substantial losses among any of the top thirty cryptocurrencies this week. Three projects registered notable rallies. XRP exploded 9.4% and entered the weekend at $0.46. The coin’s progenitor Ripple has scored a small court victory against the SEC in the latter’s ongoing lawsuit against the company for selling XRP as an unregistered security.
On Tuesday, Judge Analisa Torres blocked the SEC’s motion to seal documents linked to a speech by former SEC head Bill Hinman that explained why Bitcoin and Ethereum should not be considered securities. Torres said the documents in question were “subject to a strong presumption of public access.”
Ripple’s defense had previously defended Hinman’s case for XRP, but the SEC countered that Hinman’s speech represented Hinman’s personal views before unsuccessfully filing for the motion to seal the documents.
Ripple made headlines again on Thursday with the news that it has launched its central bank digital currency (CBDC) platform, aimed at central banks and governments looking to create their own centrally issued stablecoins, along with the financial institutions that will distribute them and the users, both retail and corporate, who will trade, hold and use them.
Another big mover was Litecoin (LTC), which exploded 13.2% this week and is trading at $91.29 right now. The Litecoin network recently rose in popularity as a result of Ordinals Inscriptions, a craze that brings NFT-style assets to Blockchains with unsophisticated smart contracts, such as Bitcoin and Litecoin.
Elsewhere, the Ethereum Lido DAO (LDO) staking token rose 13.7% this week, maintaining the momentum of last week.
SEC “Ready to Help”
On Monday, SEC Chairman Gary Gensler pushed back on claims that the SEC’s regulatory guidance for cryptocurrency companies was unclear. Speaking at an opening session, Gensler insisted that “the rules have already been published,” adding that his agency “stands ready to help them comply.”
The SEC’s position is widely perceived as bogus because the regulator is simultaneously bombarding the industry with lawsuits. Even one of the SEC’s own commissioners, Hester Pierce, has dissented a couple of times due to lack of clarity, most recently over her agency’s decision to shut down the Kraken staking platform and her proposal to change the definition of “exchange” to bring crypto companies to your jurisdiction.
Another noteworthy event on Monday was the SEC’s response to Coinbase’s request for an injunction, an order that would require the agency to clarify its rules on crypto regulations. Lawyers for the regulator urged the court to dismiss Coinbase’s application.
By Audy Castaneda
