Welcome back to Altcoins at a Glance. If you are still here and surviving despite the FUD surrounding the crypto industry, then the Cryptonewsbytes team wishes to congratulate you. We also know that your time is precious, so we have read up on the most important altcoin news for the week and summarized them for you.
XRP Ledger to be Used for Columbia’s CBDC
- Ripple has partnered with Banco de la República, the central bank of Columbia, to develop the country’s Central Bank Digital Currency (CBDC).
- The CBDC development will be under the guidance of the Directorate of Digital Government. It will focus on educating public entities about blockchain’s benefits. The project will also focus on using the CBDC platform for high-value payment transactions.
- According to Ripple, their CBDC platform is a “frictionless end-to-end solution for central banks, governments, and financial institutions to issue their own central bank digital currency.”
- According to James Wallis, XRP VP of Central Bank Engagements & CBDC, “The innovative capabilities of the (Ripple CBDC) platform will help enable instant settlement of both domestic and cross-border payments, reduce risk, and improve the user experience of quickly sending and receiving digital currency on either side of a transaction.”
Hinman Documents Released – Will it Affect the XRP Case and Altcoins?
- The SEC’s internal communications regarding a speech delivered by William Hinman, former director of the SEC’s Division of Corporate Finance, has been released to the public. In Hinman’s speech, he stated that Bitcoin and Ethereum should not be considered securities under U.S. laws
- Hinman stated in internal SEC emails stated that Ether should not be considered as security.
- The SEC initiated a lawsuit against Ripple Labs for allegedly offering unregistered securities in the form of XRP tokens. Ripple Labs hopes that the Hinman documents could help them win the case.
- The crypto community is interested in the outcome of the proceedings since it will probably affect a lot of altcoins.
Elon Musk Denies Owning DOGE
- Billionaire Elon Musk denies owning Dogecoin as a defense to a lawsuit accusing him of insider trading.
- Musk’s lawyer Alex Spiro said that accusations that the tech billionaire and Tesla owned DOGE wallets were not true.
- Musk is currently facing a $258 million lawsuit for insider trading.
- Accusers are claiming that Musk exploited DOGE by using Twitter, using paid influencers, and appearing on Saturday Night Live.
- The lawsuit also highlights the time Elon changed the Twitter logo to DOGE’s iconic Shiba Inu Logo. The switch caused a spike in the meme token’s price and Elon allegedly sold $124 million worth of DOGE during the logo change
Crypto Marketplace Delisted Altcoins – ETH, ADA, SOL, MATIC
- Bakkt, a crypto marketplace, has reportedly delisted several prominent Altcoins, namely Ethereum (ETH), Cardano (ADA), Solana (SOL), and Polygon (MATIC). The company is removing the tokens until there are clear regulations regarding digital assets.
- This news comes after the SEC sued Binance and Coinbase for alleged dealing with unregistered securities. ADA, SOL and MATIC were all tagged as securities.
- Robinhood, a popular trading platform, has also announced that it will stop supporting ADA, SOL, and MATIC by June 27, 2023.
That is it for your weekly Altcoins at a Glance. We hope to see you again next week.
Featured Image from Pixabay
