Yesterday’s SEC lawsuit against Ripple dominated the front pages today with several key strategic partners formally addressing the issue and offering their views on their relationship with the cryptographic firm. Another important piece of news that made headlines was the announcement of the new SEC president after the former resigned early. Let’s take a look at some of the most important stories of the day,
- Sell Roisman replaces Jay Clayton as the new president of the SEC
- Ripple’s key partners, SBI Holdings and MoneyGram, are responding to the SEC lawsuit.
- Binance Korea will close within one year of opening due to low trading volume.
- Bitcoin will remain above $ 23,000, while XRP will drop below $ 0.25.
Pro-Crypto Elad Roisman takes over as SEC’s new president
Sell Roisman is the new chairman of the Security and Replacement Committee (SEC), Jay Clayton, Trump’s appointed deputy. Roisman’s appointment was well received by the cryptographic community as it is known to be pro-bitcoin and cryptocurrency in general. The news was provided by SEC Commissioner Hester Pierce.
Congratulations, President Roisman. I look forward to the leadership of the SEC.
– Hester Peirce (@HesterPeirce)
Jay Clayton’s retirement is scheduled for June 2021, however, due to the results of the U.S. presidential election, Clayton ended his term six months earlier. Clayton’s tenure was seen as somewhat regressive, and the cryptographic community was primarily opposed to rejecting several Bitcoin Exchange Traded Fund (BTC ETF) proposals. The new president, on the other hand, is considered a cryptographer, and many believe it could pave the way for positive regulation during his tenure.
Ripple Key Partners SBI Holdings and MoneyGram are responding to the SEC lawsuit
Against Ripple and his two leaders, the SEC is currently the hottest topic in cryptocurrency. Several stock exchanges announced the delisting of the XRP token yesterday, while today two key strategic partners, SBI Holdings and MoneyGram, have formally addressed the issue, but have given quite opposite answers.
SBI Holdings has extended its unconditional support to Ripple and ensured that even if the lawsuit is against them, they really don’t have to worry as 90% of its customers are outside the US while 80% of the transfer volume it generates is is from outside the United States. MoneyGram, on the other hand, acted with caution and suggested waiting for the lawsuit to unfold and not using its money transfer corridors until then. They claimed that although Ripple is one of their most important money transfer partners, they do not use their ODL services.
Binance Korea will cease operations within one year of launch
The closure of Binance’s Korean subsidiary, also known as Binance KR, today due to low trading volume and liquidity within one year of its launch. The official announcement can be read,
Binance KR eliminates local swap operations due to low usage and volume with a limited trading pair BKRW, resulting in limited liquidity for users.
Binance has also announced a closing schedule that customers will not be able to access their account on the stock exchange. The final timetable is as follows:
- Completion of BKRW upload and new registrations at Binance KR: December 24, 2020, 13:00 KST
- Closing of all trading services at Binance KR: January 10, 2021 at 13:00 KST
- Hard shutdown (expected): January 29, 2021, 1:00 PM KST
- Withdrawal of BKRW / BUSD Liquid Swap and BKRW Trading Pairs: January 29, 2021, 13:00 KST
Bitcoin remains above $ 23,000, while XRP Nosedives is below $ 0.25
The cryptocurrency market was in recovery mode today after yesterday of significant dumping due to the Ripple lawsuit, which resulted in the loss of Tether, the third-largest cryptocurrency, due to a 40% drop in price. XRP consolidated above $ 0.50 before the SEC lawsuit, but fell to $ 0.25 and is currently trading at $ 0.26.
Bitcoin, on the other hand, continues to maintain its position above $ 23,000, despite the fact that most altcoins registered hundreds of millions worth of landfills with positions liquidated yesterday.