This Week in Web3: Ripple's XRP Moves, Hedge Fund Mergers, and Regulatory Urgency
DeFi Planet
A digital publication on Web3 including Blockchain Technology, Cryptocurrencies, Decentralized Finance (DeFi) and so on.
Ripple's recent XRP transfers—a whopping 260 million tokens—have everyone guessing. Did they happen to coincide with their ongoing SEC lawsuit? Some think it might signal upcoming sales, potentially impacting XRP's price, which dipped 3% recently. Ripple's CEO, Brad Garlinghouse, calls the lawsuit a win for the industry and the rule of law. Whether a strategic move or a coincidence, it keeps things interesting.
However, Ripple’s legal challenges maybe impacting XRP's price, which dropped 3% to $0.52 within 24 hours after this development. The trading range has tightened, moving between $0.525 and $0.541. Trading volume also fell by 30%, and open interest in XRP futures decreased by 2%, totalling $761.69 million, according to Coinglass data.
Australian crypto hedge fund JellyC merged with Trovio Asset Management to attract big institutional investors, particularly pension funds. It was reported that JellyC will hold a majority stake in its merger with Trovio. Trovio CEO Jon Deane indicated plans to sell shares in the combined entity, although a timeline for this was not specified.?
JellyC Co-Founder Michael Prendiville stated that the merger aims to boost their assets under management (AUM) by 150%, targeting around AUD 250 million (approximately USD 166.5 million). He emphasized the importance of attracting significant investors from the Asia-Pacific region, mainly Australian pension funds. He also expressed optimism that these pension funds will begin investing in digital assets as crypto regulations progress in Australia.
Consensys, a key player in Ethereum's ecosystem, is urging the upcoming U.S. administration to streamline crypto regulations and foster innovation in the blockchain space ahead of the 2024 elections. The call for more explicit regulatory guidelines and enhanced consumer protections underlines the industry's push for a more supportive environment to drive blockchain technologies forward. They urged the future U.S. president to embrace these priorities for a "more hopeful future" for blockchain technologies and the individuals whose livelihoods depend on them.
Recently, the firm urged the U.S. Internal Revenue Service (IRS) to postpone new reporting rules, citing heavy compliance burdens and ambiguity in the regulations. Bill Hughes, a senior counsel at Consensys, criticized the Draft Form 1099-DA for its broad scope, arguing that it does not adequately address the compliance challenges faced by potential brokers.
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