In a significant legal development, the U.S. Court of Appeals for the Ninth Circuit has overturned the dismissal of a class-action lawsuit against Binance.US, resurfacing claims of price manipulation in the cryptocurrency market. The plaintiff, Ryan Cox, alleged that Binance.US and Binance Capital Management artificially depressed the HEX token’s value by manipulating its rankings on CoinMarketCap, which is owned by Binance. According to him, this would benefit Binance’s cryptocurrencies at the expense of HEX.
Although this was dismissed for lack of jurisdiction by an Arizona district court, the complexities in legal challenges within the digital assets space were shown through an appeal last Thursday. A panel from the Ninth Circuit ruled on August 12 that Cox presented a plausible case to establish that Binance.US might have sufficient ties to Arizona to support jurisdiction.
Meanwhile, Vice President and current presidential candidate Kamala Harris remains in favor of a very aggressive stance toward cryptocurrency oversight. Under economic advisors like Brian Deese and Bharat Ramamurti—all geared against light-handed cryptocurrency lawmaking Harris is likely to stake her ground. Her stance has prompted discussions within the crypto community about the possible implications for the industry; social media was abuzz with opinion on what policy directions may await this sector.
US Bitcoin Transfer
In what could be another major development, the U.S. government transferred $600 million worth of Bitcoin to Coinbase. Worth about 10,000 Bitcoins, it was a cooperation with Coinbase Prime for the safe completion of large-scale digital assets management. According to some analysts, such as Ryan Lee from Bitget Research, while there are concerns related to the possible market impact of this move, it will not result in immediate selling in markets due to which, or perhaps even somewhat reassuring to investors.
This is again a reflection of how the broader cryptocurrency market is moving: very mixed results. Most other majorscore similar volatility, with Bitcoin at $59,006, Ether, and XRP. This week saw some altcoins making impressive gains while others lost quite a lot. It just goes on to show that crypto markets are unpredictable. These fluctuations further reflect the very speculative nature of digital assets and how investors have to constantly navigate this volatile environment.
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