Congressman Tom Emmer has stated that the Supreme Court’s decision to overturn Chevron deference significantly limits “the regulatory abuses” of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler. The ruling is seen as a game changer for the crypto industry and other tech sectors, promising more predictable and grounded regulations. Supreme Court’s Chevron Ruling […]
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Supreme Court’s Chevron Ruling Seen as ‘a Game Changer’ for Crypto Industry
The U.S. Supreme Court has struck down Chevron deference, a doctrine that allowed federal agencies broad discretion in interpreting ambiguous statutes. This decision is seen as a pivotal shift towards greater regulatory clarity and judicial oversight, especially impacting the digital assets sector. Supreme Court Overturns Chevron Deference, Paving Way for Regulatory Clarity in Digital Assets […]
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Supreme Court Rules SEC In-House Penalty Proceedings Violate Seventh Amendment
The Supreme Court ruled on Thursday that the U.S. Securities and Exchange Commission (SEC)’s use of in-house proceedings to impose civil penalties for securities fraud violates the Seventh Amendment’s right to a jury trial. The case arose from the SEC’s action against George Jarkesy Jr. and his firm, Patriot28 LLC, for alleged securities fraud. The […]
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US Supreme Court to Hear Nvidia’s Bid to Dismiss Crypto-Related Lawsuit
The U.S. Supreme Court has agreed to hear Nvidia’s appeal to dismiss a securities fraud lawsuit accusing the company of misleading investors about its sales to the cryptocurrency industry. Nvidia’s appeal follows a lower court’s decision to revive a class-action lawsuit. The suit alleges that Nvidia and its CEO, Jensen Huang, downplayed the impact of […]
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Coinbase Bears The Brunt Of Supreme Court’s Dogecoin Verdict, DOGE Suffers 4% Slump
In a recent ruling that could have implications for the crypto industry, the US Supreme Court unanimously sided against US-based cryptocurrency exchange Coinbase, over a 2021 Dogecoin (DOGE) sweepstakes dispute.
The court’s decision, delivered by Justice Ketanji Brown Jackson, dismissed Coinbase’s argument that a ruling against it would invite legal turmoil, emphasizing the importance of contractual agreements and the role of courts in resolving disputes.
Coinbase Arguments Dismissed
The key issue was whether the dispute should be submitted to arbitration or litigated in court. According to Bloomberg Law, the court emphasized that arbitration requires the consent of the parties and that in cases involving conflicting contracts, the court must determine the parties’ intent.
Coinbase had contended that a ruling against it would “create chaos” by encouraging parties to challenge arbitration agreements. However, the court rejected this concern, stating that it did not foresee such chaos arising from its decision.
The case revolved around a sweepstakes in which consumers alleged they were deceived into paying 0 to participate. The conflict emerged due to the presence of two contracts that pointed to different dispute resolution mechanisms.
David Suski and others who participated sued the exchange and the company that ran the Dogecoin sweepstakes.
They alleged violations of California’s false advertising law, unfair competition law, and the Consumer Legal Remedies Act.
While a general user agreement mandated arbitration for all disputes, a sweepstakes-specific contract stipulated that disputes must be brought before a California court.
Varying Outcomes In Future Cases?
Justice Jackson highlighted the need for a court to determine which contract should govern the resolution of the dispute in such situations.
However, the court refrained from addressing whether the Ninth Circuit Court of Appeals correctly determined that the sweepstakes-specific contract “superseded” the general user agreement, deeming it beyond the scope of the question presented.
Justice Neil Gorsuch provided a concurring opinion, emphasizing the contractual nature of arbitration and suggesting that different facts could yield a different outcome. He noted that the enforceability of arbitration depended on the parties’ agreement.
Coinbase’s Chief Legal Officer, Paul Grewal, reflected on the ruling, acknowledging both victories and defeats. Grewal expressed gratitude for the opportunity to present their case to the court and appreciated their consideration of the matter.
Double-Digit Drop For COIN, DOGE Follows Suit
Following the verdict, Coinbase stock, which trades under the ticker COIN, took a significant hit, plunging over 11% to a valuation of 0. This decline came as a surprise given the initial expectations of a potential victory. Prior to the ruling, Coinbase’s stock had reached a high of 0 on Wednesday.
At the same time, the dog-themed meme cryptocurrency DOGE has also experienced a retracement of more than 4% over the past 24 hours, resulting in a current trading price of .158.
Featured image from Shutterstock, chart from TradingView.com
Memecoins Reign Supreme: CoinGecko Reveals Most Profitable Crypto Narrative Of Q1
In the first quarter of 2024 (Q1), memecoins emerged as the most profitable crypto narrative, delivering massive average returns of 1312.6% across its top tokens, according to a recent study and report conducted by CoinGecko.
This figure far surpassed the returns of other narratives, highlighting the growing popularity and frenzy surrounding memecoins in the cryptocurrency market.
RWA Vs Memecoins
Three newly launched tokens were among the top 10 memecoins by market cap at the end of the quarter: Brett (BRETT), BOOK OF MEME (BOME) and Cat in a dogs world (MEW).
BRETT generated the highest returns since its launch with a gain of 7727.6%, closely followed by dogwifhat (WIF) with a gain of 2721.2% during the quarter. Notably, the memecoin narrative outperformed other crypto narratives by a significant margin.
Compared to the second most profitable narrative, RWA, memecoins were 4.6 times more profitable, and their returns were 33.3 times higher than those of the Layer 2 narrative, which experienced the lowest gains in Q1.
The RWA narrative, which stands for “Real-World Assets“, returned 285.6% in Q1. Although it briefly held the title of the most profitable narrative in early February, memecoins and artificial intelligence-based (AI) tokens outperformed RWA in terms of returns. However, RWA managed to regain its position ahead of the AI narrative by the end of March.
Notable winners in the RWA category included MANTRA (OM) and TokenFi (TOKEN), which posted quarter-to-date (QTD) returns of 1074.4% and 419.7% respectively. XDC Network (XDC) was the only RWA token to decline, falling 15.6% for the quarter.
Artificial intelligence closely followed RWA as the only other narrative to deliver three-digit returns, reaching 222.0% in Q1. All large-cap AI tokens experienced gains, with AIOZ Network (AIOZ) leading the pack at 480.2% and Fetch.ai (FET) following closely at 378.3%.
Even the lowest gainer in the AI category, OriginTrail (TRAC), returned a respectable 74.9% during the quarter, indicating the overall interest in AI-related tokens.
Layer 1 Tokens Trail Behind
The decentralized finance (DeFi) narrative delivered moderate returns of 98.9% in the first quarter. In late February, DeFi returns were boosted by the Uniswap (UNI) fee switch proposal. DeFi tokens that performed well included Jupiter (JUP) with gains of 125.7%, Maker (MKR) with 121.2%, and The Graph (GRT) with 111.0% QTD.
In contrast, the Layer 1 (L1) narrative delivered relatively lower profitability with 70.0% returns in Q1 2024. While Solana (SOL) garnered attention as a popular memecoin chain, the top-performing large L1 cryptocurrencies were Toncoin (TON) and Bitcoin Cash (BCH) with gains of 131.2% and 130.5%, respectively.
Bitcoin (BTC) achieved a 65.1% gain, reaching new all-time highs, while Ethereum (ETH) posted a more modest 53.9% increase, despite the anticipation surrounding US spot Ethereum ETF applications.
Layer 2 (L2) emerged as the least profitable crypto narrative in Q1, with a relatively lower gain of 39.5%. Established Ethereum L2 solutions underperformed, with Arbitrum (ARB) returning 5.6%, Polygon (MATIC) seeing a 1.2% gain, and Optimism (OP) closing the quarter with a slight decline of 1.2%. However, Stacks (STX) and Mantle (MNT) recorded relatively strong returns of 142.5% and 95.8% QTD, respectively.
As of this writing, Dogecoin (DOGE), the largest memecoin by market capitalization, is trading at .1745. Over the past 24 hours, it has experienced a price correction of nearly 7%. In the last month, Dogecoin has shown limited bullish momentum, with a marginal gain of only 0.7% during this time period.
Featured image from Shutterstock, chart from TradingView.com
Supreme Court Ruling Bolsters Australian FTX Creditors’ Prospects for Full Recovery
The prospects of Australian creditors of the crypto exchange FTX getting all their money back recently received a boost after a judge ruled that only those who initiated Australian dollar withdrawal requests are entitled to a share of the million recovered. Australian investors with crypto-to-crypto withdrawal requests will have to wait for the completion of bankruptcy proceedings in the U.S.
Australian Dollar Withdrawal Requests
A recent ruling by the Victorian Supreme Court in January has increased the likelihood of Australian creditors of the crypto exchange FTX getting all their money back, a report has said. In his ruling, Judge Patricia Matthews clarified that only those who initiated Australian dollar withdrawal requests — about 747 investors — qualify for full reimbursement.
According to a report in the Australian Financial Review, the million collected by the advisory and investment firm Korda Mentha is sufficient to pay back all the 747 investors. The suggestion that Australian investors are set to be made whole follows reports that FTX has prioritized repaying creditors over reviving the platform.
Meanwhile, the Supreme Court judge ruled however that Australian investors with crypto-to-crypto withdrawal requests will have to wait for the completion of bankruptcy proceedings in the U.S. FTX lawyer Andrew Dietderich said he is optimistic that all creditors will be made whole.
“There is still a great amount of work, and risk, between us and that result. But we believe the objective is within reach, and we have a strategy to achieve it,” Dietderich reportedly told a U.S. judge.
In another development, the FTX creditor committee lawyer, Kris Hansen, reportedly emphasized that all reimbursements will be calculated based on prices prevailing at the time of the bankruptcy filing. This stance means that the remarkable surge in the value of cryptocurrencies such as bitcoin (BTC) and Solana (SOL) — which has soared by more than 600% since November 2022 — will not directly translate into higher payouts for creditors.
While this decision has frustrated some creditors, a U.S. judge has ruled that FTX’s reimbursement proposal adheres to legal standards and is above board.
What are your thoughts on this story? Let us know what you think in the comments section below.
Bitcoin Reigns Supreme in NFT Market With Record-Breaking $853 Million in December Sales
In November, Bitcoin clinched the leading position in monthly non-fungible token (NFT) sales, and interestingly, this month Bitcoin continued to retain its top status, amassing a total of 3 million in sales.
NFT Sales Surge: Bitcoin Holds Top Spot With Unprecedented December Rise
Although NFT sales have declined in the past week, falling over 35% from the previous week, December witnessed a record-breaking .7 billion in NFT transactions. This marked an increase of more than 69% compared to November’s figures, with Bitcoin continuing to dominate NFT sales across blockchains. Moreover, BTC-based NFT sales soared 127.63% above the chain’s November totals, according to cryptoslam.io statistics.
In December, Bitcoin’s NFT sales reached 3 million, while Ethereum’s NFT sales totaled 4.79 million. BTC-focused NFT sales outpaced ETH’s, being 2.34 times greater in December. Solana secured the third spot with about 5.14 million in NFT sales, experiencing a 312% increase from November’s Solana-centric NFT figures. Following the top three, Polygon and Arbitrum were the subsequent leading blockchains in NFT sales.
The highest-valued NFT transaction of December featured a digital copy of Vincent Van Gogh’s Self-portrait, 1888 (Van Gogh’s painting #216), which commanded a price of .19 million. Ethereum hosted the sale of Frxethredemption Ticket #33, bringing in 8,433 this month. Additionally, Cardano’s Deep Vision #05128 fetched 1,750, while BNB’s Lockdealnft #91 garnered 9,824. Completing the list of December’s five most costly NFTs was Solana’s Boogle #009, selling for 4,209.
Out of the top ten NFT collections in terms of sales, seven of them derive from the Bitcoin blockchain. Solana’s Tensorians took the fifth position in terms of sales and the chain’s Mad Lads collection held the eighth spot. Arbitrum’s Sentry Node collection took the ninth position this past month. In December there were 11,290,812 NFT transactions between 469,389 sellers and 600,744 NFT buyers.
As Bitcoin secures the top spot in NFT sales for November and December, amassing impressive figures, the crypto community watches with bated breath. Will this be a sustaining trend or a fleeting moment of dominance in the NFT world? Only time will tell if Bitcoin can maintain its lead or if the tides will turn, reshaping the landscape of NFT sales in the blockchain world.
What do you think about the NFT sales in December? Share your thoughts and opinions about this subject in the comments section below.
Novogratz: JPMorgan CEO Jamie Dimon Is Wrong About Bitcoin, ‘Supreme Arrogance’ to Dismiss Value
Galaxy Digital CEO Mike Novogratz says JPMorgan CEO Jamie Dimon has been proven wrong about bitcoin. “I think it’s supreme arrogance to think he knows what has value but all the rest of the people don’t,” said Novogratz after the JPMorgan executive slammed bitcoin as being used by criminals, emphasizing that he would shut it down if he were the government.
Jamie Dimon ‘Keeps Being Wrong’ About Bitcoin, Says Novogratz
Galaxy Digital CEO Mike Novogratz fiercely criticized JPMorgan CEO Jamie Dimon’s recent remarks about bitcoin and cryptocurrency. The JPMorgan boss said during a congressional hearing earlier this week that he would close down crypto and bitcoin if he were the government, claiming that they are primarily used by criminals, drug traffickers, money launderers, and tax evaders.
Expressing his opinion that Dimon is wrong about bitcoin, Novogratz stated:
He keeps doubling down and he keeps being wrong.
The Galaxy Digital chief proceeded to point out that many of Dimon’s own clients and some of the wealthiest people in the U.S. believe in bitcoin, including Fidelity Investments CEO Abigail Johnson, famed investor Stanley Druckenmiller, and Bridgewater Associates founder Ray Dalio. Novogratz said they are “big, big investors” who “believe that bitcoin is a store of value.”
Novogratz further shared that his firm’s clients believe in bitcoin, stating: “We see it in our client base. Our trading desk has been busy with hedge funds buying. We see it in institutions buying. So, I don’t know where Jamie gets off thinking he’s smarter than all those guys.” He stressed:
I think it’s supreme arrogance to think he knows what has value but all the rest of the people don’t.
“And quite frankly he’s just been proven wrong. Bitcoin has way outperformed JPMorgan’s stock over one year, five years, 10 years — you name the period. People around the world believe in this, and they believe in the community’s ecosystem. They see governments spending too much money, not just here in the U.S. but everywhere, and think you are going to debase fiat currency,” Novogratz described. He also cited Blackrock CEO Larry Fink stating that he expects to see bitcoin in all portfolios.
Do you agree with Mike Novogratz that it’s supreme arrogance for JPMorgan CEO Jamie Dimon to think he knows what has value but all the rest of the people don’t? Let us know in the comments section below.
Nigerian Supreme Court Extends Old Banknote Demonetization Deadline Again
The Supreme Court of Nigeria has again extended the lifespan of the N1000, N500, and N200 naira notes. The Central Bank of Nigeria (CBN) also reiterated that all banknotes, including the previously demonetized naira, remain legal tender “ad infinitum, even beyond the initial 31 December 2023, deadline”
Demonetization Deadline Extended Again
The Supreme Court of Nigeria has reportedly granted the Federal Government’s request to extend the lifespan of the N1000, N500, and N200 naira notes for the second time. With the previous deadline of December 31, 2023, set by the same court nearing, the Nigerian government was forced to seek an extension of the validity of the notes.
Before the latest ruling, the Supreme Court had previously invalidated a demonetization directive issued by then-President Muhammadu Buhari. At the time, the court blasted the Buhari government and then Central Bank of Nigeria (CBN) governor Godwin Emefiele for proceeding with the process without seeking the public’s views.
As reported by Bitcoin.com News, the CBN’s controversial old naira banknote demonetization was initially set to be completed by the end of 2022. However, many Nigerians were unable to return the old banknotes before the deadline and this eventually forced the central bank to move the cut-off day. Despite the deadline extensions, the cash shortages persisted.
To ameliorate Nigerians’ woes, many Nigerian state governors sued the federal government and urged the Supreme Court to reverse the monetary policy.
Consulting the Public
The Supreme Court panel led by John Okoro reportedly directed that the old naira banknotes should remain legal tender until they are replaced with the redesigned notes. This decision means the old notes will co-exist as legal tender with the redesigned ones.
Explaining the reasoning behind the judgment, Okoro said:
“The old versions of 200, 500, 1000 naira notes/currency shall continue to be legal tenders alongside the new or designed versions until the government decides to bring the circulation of the old versions to an end after it consults with critical stakeholders and after putting all required structures in place.”
Just weeks before the Supreme Court made its latest ruling, the Central Bank of Nigeria (CBN), which is now led by Olayemi Michael Cardoso, reiterated that all banknotes including the previously demonetized naira, remain legal tender “ad infinitum, even beyond the initial 31 December 2023, deadline.”
What are your thoughts on this story? Let us know what you think in the comments section below.