Eagle Crest Asset Management

July 18, 2024

Ripple Gains Advantage In Legal Battle With SEC

According to CryptoPotato, Ripple has made significant strides in its ongoing legal battle with the US Securities and Exchange Commission (SEC). The conflict, which began in December 2020, centers around allegations that Ripple and some of its executives conducted an unregistered securities offering through certain XRP sales. The case has seen numerous developments over the years and entered its trial phase in April 2024.Ripple has secured three partial court victories in 2023, which many believe have given the company an upper hand. The most notable of these occurred nearly a year ago when Judge Torres ruled that Ripple’s programmatic sales to secondary trading platforms do not constitute offers of investment contracts. Following this, the court dismissed the SEC's intention to appeal the decision, and Ripple’s CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all charges.Despite these victories, the final resolution of the case remains pending and could be delayed indefinitely due to the complexity of the legal process and potential appeals. However, some experts are optimistic about a near-term resolution. American lawyer Jeremy Hogan predicts the case could conclude before the end of the summer, while Fred Rispoli has suggested a probable settlement date of July 31. Ripple’s CEO Garlinghouse also expressed hope for a resolution “very soon,” though he did not confirm whether settlement talks are currently underway.The anticipation of a resolution has positively impacted the price of XRP. On July 18, the token’s price briefly surpassed $0.63, a level last seen in March, and its market cap rose above $34 billion before settling at $32.5 billion. This surge temporarily made XRP the sixth-largest cryptocurrency by market capitalization.The outcome of the Ripple v SEC lawsuit remains uncertain, but its resolution could have significant implications for the price of XRP and the broader cryptocurrency market.

July 18, 2024

Greece Plans To Introduce Cryptocurrency Tax Framework

According to Odaily, the Greek government is planning to introduce a tax framework for cryptocurrencies and digital assets. Although the government has not yet officially recognized these assets, a special committee is set to submit its findings on cryptocurrencies and digital assets to the Ministry of Economy and Finance. It is expected that by January 2025, cryptocurrencies will be included in the tax system. Profits from cryptocurrency and digital asset transactions will be taxed as capital gains from the sale of securities at a rate of 15%.

July 18, 2024

SEC Cancels Scheduled Closed-Door Meeting

According to BlockBeats, the U.S. Securities and Exchange Commission (SEC) has canceled a closed-door meeting that was originally scheduled for 2 PM Eastern Time on July 18. The information was disclosed on the SEC's official website.Previously, BlockBeats reported that sources indicated the meeting might address the ongoing Ripple lawsuit and potential settlement options. An internal notice suggested that, given Ripple's significance and the SEC's involvement in multiple legal cases, many in the crypto community speculated that this meeting would be a focal point.

July 17, 2024

Federal Reserve To Discuss Inflation Description In July Meeting

According to Odaily, Federal Reserve's Barkin has expressed confidence that the Fed will discuss whether it is still appropriate to describe inflation as high during its July policy meeting. He stated that a 25 basis point rate cut is insignificant regardless; the key issue is when to change the narrative. Barkin emphasized that the best way to maintain credibility is to do the right thing at the right time.

July 17, 2024

Federal Reserve Official Signals Potential Rate Cuts Amid Economic Uncertainty

According to Odaily, Federal Reserve Governor Christopher Waller indicated on Wednesday that the time for interest rate cuts is approaching, although economic uncertainties make the timing unclear. Waller stated, 'I believe the current data is consistent with achieving a soft landing, and I will be looking for data in the coming months to support this view.' He added, 'While I do not think we have reached the final goal, I do believe we are getting closer to the point where it would be reasonable to lower policy rates.'Waller noted that economic growth is currently progressing at a 'more moderate pace,' the job market is more balanced, and inflation has eased. He mentioned that the most 'optimistic' scenario would be a steady decline in inflation pressures, which is 'significant but not high,' and in such a case, 'I can imagine rate cuts in the near future.' However, Waller cautioned that the more likely scenario involves a more uneven decline in inflation, raising doubts about the ability to consistently return to the 2% target. 'In this case, the uncertainty of near-term rate cuts is greater,' he stated. The least likely but still possible scenario is a resurgence in inflation, which he did not link to the monetary policy path.

July 17, 2024

Senator Bob Menendez Found Guilty Of Accepting Bribes

According to Odaily, U.S. Senator Bob Menendez from New Jersey, a member of the Democratic Party, was found guilty by a jury on Tuesday of accepting bribes, including gold bars and luxury cars, in exchange for his political influence. Menendez is known for his strong criticism of cryptocurrencies, having previously claimed that Bitcoin is an ideal choice for criminals. He is also a co-sponsor of the 'Accountability for Cryptocurrency in El Salvador (ACES) Act,' which requires the U.S. State Department to report on the risks to the U.S. financial system posed by El Salvador's adoption of Bitcoin as legal tender.

July 17, 2024

Fed Official Discusses Potential Rate Cuts Amid Employment Market Rebalancing

According to BlockBeats, on July 17, Federal Reserve Governor Kugler stated that the rebalancing of the employment market indicates that inflation will move towards 2%. If the unemployment rate continues to rise, it would be appropriate for the Federal Reserve to cut interest rates earlier. He reiterated the stance that a rate cut later in 2024 would be suitable.Kugler mentioned that the risks faced by inflation and employment are now more balanced. While inflation has continued to decline, it remains above the target. Data released by non-governmental sectors provide another perspective on the overall economy. Additionally, Kugler expressed cautious optimism that U.S. inflation will make progress towards the 2% target. The Federal Reserve does not wish for the labor market to cool excessively.

July 16, 2024

US June Retail Sales Remain Steady

According to Odaily, the retail sales in the United States for June remained unchanged at 0%, surpassing market expectations of a -0.3% decline. The previous month's figure was recorded at 0.1%.

July 16, 2024

Fed Likely To Maintain Rates In August, Potential Cuts In September

According to BlockBeats, as of July 16, data from CME's 'FedWatch' tool indicates a 91.2% probability that the Federal Reserve will keep interest rates unchanged in August, with an 8.8% chance of a 25 basis point rate cut.Looking ahead to September, the likelihood of the Federal Reserve maintaining the current interest rates drops to 0%. The probability of a cumulative 25 basis point rate cut stands at 85.7%, while the chances of a cumulative 50 basis point cut are at 13.7%. There is also a 0.5% probability of a cumulative 75 basis point rate cut.

July 16, 2024

Terra Announces Claim Deadline for Bankruptcy Cases

According to Odaily, Terra has announced via X that the general deadline for filing claims in the Chapter 11 bankruptcy cases of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) has been set for August 10, 2024, at 5:00 AM Beijing Time. Users who have claims against TFL that arose before January 21, 2024, or July 1, 2024, must submit their claims before the general deadline.