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Bybit Announces zkSync Listing, Faces Backlash Over ZK Ticker

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1 month ago

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Bybit has declared the upcoming listing of zkSync. Accompanying this announcement is a contentious decision to reassign the “ZK” ticker, previously held by Polyhedra Network, to zkSync.

This decision has elicited a lot of negative responses, especially from Polyhedra Network, which was unhappy with the change of branding.

Bybit Faces Backlash Over ZK Ticker Change

The conflict over the “ZK” ticker arose when Bybit went public with its intention to use it for listing zkSync, an action that interfered with Polyhedra Network’s rights to the ticker. In a social media post, Polyhedra Network expressed their discontent with the change as it was similar to being bullied and having their deserved ticker name stripped from them. 

The response has been rather negative as the people and other stakeholders have discussed the possibility and the ethicality of such a move. However, in its defense, Bybit has argued that this action is part of a trend of streamlining of the services provided to its clients as well as enhancing the layout of the trading platform.

Furthermore, to ensure that Bybit users and other stakeholders do not panic, Bybit has stated that this change in ticker will not impact the tokens that investors have with them concerning the Polyhedra Network tokens that are already being traded on Bybit. Due to the fact that Bybit has continued supporting Polyhedra Network and its community after this incident, it seems that the decision was not made due to hostility, but for the sake of business.

Bybit Regulatory Challenges 

This ticker controversy arises at a time when Bybit is facing some issues with the regulatory bodies. Earlier this month, the French financial markets regulator AMF urged the citizens not to use Bybit as the company has no license in France.

Nevertheless, Bybit had to cease operations in France in October 2023 because of local legislation, and its operations remain under scrutiny as the company seeks a license to operate legally in the country.

The reactions from the market to the announcements made by Bybit have been mixed.  While some of the community member are satisfied with the move because it will enable them to concentrate on new listings, there are others who are equally convinced that it will be a negative change that will affect the credibility of projects that have already been launched such as Polyhedra Network.

Read Also: Chainlink Price Analysis: Investors Eye Higher Rally as Profit-Taking Ratio Hits 11:1

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Regulation

Ripple and Coinbase Use Binance Win to Contest SEC Claims

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12 hours ago

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July 2, 2024

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Coinbase and Ripple Labs are using Binance’s pivotal legal victory to challenge ongoing cases with the U.S. Securities and Exchange Commission (SEC). Both companies argue that the SEC’s approach needs more clarity and consistency, necessitating formal rulemaking to better define the regulatory perimeter for digital assets.

Ripple, Coinbase Cite Binance Case Against SEC

Ripple Labs and Coinbase have intensified their legal defenses by referencing a recent court order involving Binance, which achieved a partial dismissal in its SEC lawsuit. The companies argue that this precedent highlights the need for the SEC to establish clear regulations. In its latest court filing, Ripple emphasized the judge’s remark that cryptocurrency does not align seamlessly with existing securities laws, such as those established by the 1946 Howey Test. This test is crucial for determining whether a transaction qualifies as an investment contract and thus falls under securities regulation.

 

Coinbase has concurrently voiced concerns over the SEC’s expansive interpretation of securities laws applied to the crypto industry. The exchange asserts that this broad application could be more extensive and better defined, pushing for a definitive rulemaking process to provide legal clarity. In its appeal, Coinbase cited the recent Binance ruling to bolster its case for rulemaking, arguing that the decision underscores the inconsistencies in current regulatory applications.

 

Also Read: Bybit Exchange Unveils Support For ASI Alliance, Will FET Rebound?

Coinbase Demands Clarity in SEC Regulatory Battle

The SEC has engaged with various cryptocurrency platforms and assets, deeming some of their operations as securities offerings without proper registration. In the case of Ripple, the SEC’s lawsuit initiated in December 2020 alleged that Ripple raised over $1.3 billion through sales of its XRP token, which the SEC classified as an unregistered security. However, in a significant turn, Judge Analisa Torres ruled that certain “programmatic sales” of XRP did not constitute securities transactions, introducing a nuanced interpretation Ripple now seeks to leverage to challenge broader SEC claims.

 

Coinbase faces similar regulatory scrutiny. The SEC argues that the platform operated as an unregistered securities exchange, a claim that Coinbase refutes, urging a formal rulemaking process to clarify these regulatory boundaries. Both Coinbase and Ripple use recent judicial outcomes, notably the Binance case, to argue for a more structured and transparent regulatory framework from the SEC, stressing that the current state of affairs is inefficient and unclear.

Crypto Firms Rally Around Binance Court Decision

The partial victory for Binance in its own SEC lawsuit has become a strategic reference point for other crypto entities embroiled in legal challenges with the regulator. Despite Judge Amy Berman Jackson’s decision to proceed with most of the SEC’s claims against Binance, her dismissal of the charge regarding secondary sales of Binance Coin (BNB) as securities has been perceived as a significant legal precedent. Coinbase and Ripple have particularly highlighted this aspect of the ruling in their ongoing litigation.

 

Further developments are anticipated, with a scheduled conference for the SEC’s case against Binance set for July 9. Meanwhile, Coinbase and Ripple continue to press for regulatory clarity, which they argue is crucial for the industry’s stability and growth.

 

Also Read: Genesis Digital Is Considering Going Public Via IPO In US: Report

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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U.S. Election Won’t Alter Positive Crypto Regulations, Says Mike Novogratz

Published

15 hours ago

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July 2, 2024

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Galaxy Digital founder and CEO Mike Novogratz believes the U.S. crypto sector is poised for positive regulatory developments regardless of the outcome of the upcoming presidential election. Speaking on CNBC’s ‘Squawk Box,’ Novogratz expressed confidence in the future of crypto regulation, citing a bipartisan approach as a key factor.

Mike Novogratz Predicts Bipartisan Crypto Support in US

Mike Novogratz emphasized that the crypto industry enjoys support from both major political parties in the U.S. He acknowledged that while some Democrats, notably Senator Elizabeth Warren and a small group of others, have been critical of the industry, the majority are pro-innovation and pro-crypto. This broad support suggests favorable regulatory changes are imminent, regardless of who wins the next election.

 

The billionaire CEO underscored the importance of a bipartisan stance on crypto, arguing that partisan disagreements should not hinder the industry’s growth. He stated that crypto needs to be a bipartisan issue to avoid regulatory instability, which can deter innovation and investment. Mike Novogratz’s remarks highlight the growing recognition of the potential benefits of crypto technology across the political spectrum.

 

Despite the current regulatory uncertainties and occasional government crackdowns, Mike Novogratz is optimistic about the future. He believes the situation is shifting towards more clarity and support for the crypto sector. This optimism is driven by the increasing number of lawmakers who recognize the importance of fostering innovation and the potential economic benefits of the burgeoning industry.

 

Novogratz pointed out that the frustrations stemming from regulatory ambiguity are being addressed as more politicians understand the significance of crypto. He predicts the next administration will enact favorable crypto legislation regardless of political affiliation. This legislative support is expected to provide the industry the stability needed to thrive and innovate.

 

Also Read: Binance Unveils Changes In Turkey In Compliance With Regulation

Novogratz: Bitcoin Essential Amid Economic Concerns

Commenting on Bitcoin’s recent performance, Mike Novogratz referred to the price surge following the approval of a Bitcoin ETF, which pushed the cryptocurrency’s value above $73,000 in March. Bitcoin (BTC) will likely trade within the $55,000 to $73,000 range until new market-moving news emerges. This range reflects a period of consolidation after a significant upward move.

 

Mike Novogratz reiterated his belief that Bitcoin remains a crucial asset for any investment portfolio, especially given the current economic conditions. He highlighted concerns about the growing U.S. debt and government spending, which he described as akin to “spending like drunken sailors.” In such a financial environment, Novogratz argues that Bitcoin offers a hedge against fiscal irresponsibility and inflation.

Also Read: Circle Rolls Out New Ad Calling on Common Sense US Stablecoin Regulation

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Tether Inks MoU With BTguru to Boost Crypto Freedom in Turkey

Published

19 hours ago

on

July 2, 2024

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Tether, the company behind the USDT stablecoin, has partnered with Turkish crypto firm BTguru. This collaboration formalized through a memorandum of understanding (MoU), aims to promote the use of digital assets and blockchain technology across Turkey. The partnership focuses on developing educational programs and exploring new business avenues within the country’s banking and financial sectors.

Tether and BTguru Boost Turkey’s Crypto Framework

The MoU between Tether and BTguru marks a significant step towards integrating digital assets into mainstream financial operations in Turkey. The agreement outlines plans to create educational initiatives to acquaint private and public stakeholders with the benefits of cryptocurrencies and blockchain technologies. Moreover, these programs intend to elevate the understanding and responsible use of these technologies across diverse sectors.

Furthermore, Tether and BTguru are set to investigate the potential of peer-to-peer (P2P) technologies. They will leverage BTguru’s extensive network to facilitate dialogues with critical financial institutions, aiming to foster a broader acceptance and integration of digital assets within traditional banking frameworks. This partnership aspect underscores a strategic move to bridge the gap between conventional banking and the evolving crypto landscape.

In addition to educational efforts, the partnership will explore practical technology applications in the financial sector. One of the primary areas of focus will be the tokenization of real-world assets. This initiative offers banks novel ways to handle assets digitally, potentially transforming how assets are managed, traded, and secured.

Another critical collaboration area involves assessing the viability of regional payment networks that could operate using digital currencies. By exploring these possibilities, Tether and BTguru aim to enhance the efficiency, security, and accessibility of financial transactions across the region. These explorations are timely, as Turkey shows a high rate of cryptocurrency adoption, with significant portions of its population actively engaging in crypto transactions.

Also Read: Robinhood Plans to Introduce Crypto Futures In US and Europe Very Soon

Regulatory Improvements Boost Turkey’s Crypto Appeal

The expansion of Tether into the Turkish market is strategically significant. Recently, Turkey has shown a rapid increase in cryptocurrency adoption, making it an essential player in the global crypto economy. This is evident from its high transaction volume and the notable percentage of GDP represented by stablecoin purchases.

Tether’s partnership with BTguru coincides with Turkey’s improved regulatory environment. Following its removal from the Financial Action Task Force’s (FATF) gray list, Turkey has demonstrated substantial progress in enhancing its anti-money laundering and counter-terrorist financing protocols. This regulatory advancement makes Turkey an even more attractive market for cryptocurrency firms looking to expand their operations.

Also Read: Court Grants Consensys Request For Expedited Hearing Against The SEC

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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