Welcome to the Daily Crypto News Weekend Update. Badda Boom badda bing
Last Friday, Sarah covered the SEC's greenlighting of the Ethereum ETF. Despite the hype, it doesn't mean we'll be able to buy it just yet. It’s approved in principle, but the actual trading could still be weeks or even months away. The media made a big deal out of it, but it’s more of a symbolic victory than anything else. The only media that really dug into what it means was DL News. Essentially, companies can now file S1 forms for the Ethereum spot ETF, but it's still a waiting game.
Moving on to Monday, Sarah tackled the topic of low float, high FDV tokens. This term has been floating around the investment scene, and it basically refers to tokens with low liquidity and high fully diluted valuations. It's become a bit of a buzzword, and many projects use it to promote their tokens. The reality is that many altcoins launch with inflated values, making it tough for retail investors to make money. It's a standard practice that benefits VCs and early investors, but often leaves regular investors high and dry.
On Tuesday, I reported that Donald Trump said he would pardon Ross Ulbricht, the founder of Silk Road, who’s serving two life sentences plus 40 years. Trump made this promise at a Libertarian conference, but it’s hard to take him seriously. He had the chance to pardon Ulbricht during his presidency and didn’t. It’s likely just political pandering. The conversation around Ulbricht’s harsh sentence continues, and many believe 11 years in prison is enough.
Wednesday's news was about the SEC's case against Debt Box being dismissed. The judge found that the SEC engaged in bad faith, making false and misleading statements to obtain a restraining order. The SEC now has to pay Debtbox’s $1.8 million in legal fees. This case raises questions about the integrity of the SEC and whether this kind of behavior is systemic. If they lied to prosecute Debtbox, what else might they be hiding in their other cases?
Finally, on Thursday, we discussed Ripple's $25 million donation to Fair Shake, a crypto-focused super PAC. This brings their total contributions to $45 million. Super PACs can take unlimited money and use it to influence elections, and Ripple, along with other crypto companies, is doing just that. They spent $10 million to oppose California Democrat Katie Porter, successfully knocking her out of the Senate race. This seems like a warning shot aimed at Elizabeth Warren, who has been vocal about her anti-crypto stance. It’s clear that the crypto industry is gearing up for a political fight, and they have the funds to make an impact.
That's a wrap for this week’s news. We hope you enjoyed our roundup and found it informative. Don't forget to follow us on Twitter at DCNDailyCrypto.
Happy hodling everyone!
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