Energy ETF (XLE) Hits New 52-Week High
This energy ETF hits a new 52-week high. Are more gains in store for this ETF?
This energy ETF hits a new 52-week high. Are more gains in store for this ETF?
Binance is set to enhance crypto compliance and interoperability with traditional legal and financial systems through its recent partnership with the Global Travel Rule (GTR) Alliance. This alliance merges virtual-asset service providers using the same solution to comply with critical international anti-money-laundering rules. Joining the GTR Alliance means greater levels of data security and regulatory compliance for Binance, aligning with the Financial Action Task Force’s (FATF) Recommendation 16, also known as the Travel Rule. This reporting requirement is already enforced in various countries and is predicted to become a universal standard in the coming years. Binance recognizes the importance of a regulated environment in dispelling negative perceptions about crypto, protecting users, and encouraging broader adoption of crypto assets. Their collaboration with GTR ensures user data remains safe and private. The GTR creates a secure platform for companies to navigate FATF Travel Rule requirements by offering a global solution, secure encrypted channels, and a seamless one-time integration, therefore promoting interoperability and standardized compliance in the digital-asset space. In terms of data security, GTR provides VASPs with control over their decryption keys while applying Keccak256 encryption to all Personal Identifiable Information (PII), transforming sensitive user data into unique identifiers. The platform eliminates plaintext PII storage and uses mutual transport layer security (mTLS) technology for transmission, which enhances the security framework. By joining GTR, Binance can collaborate with other compliance-focused industry leaders like CODE, Sygna, and Sumsub. This move aims to enhance trust within the crypto ecosystem and tackle collective compliance needs.
According to Foresight News, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) plans to launch a new platform within the next 1 to 2 years that will connect central bank digital currencies (CBDCs) currently under development to existing financial systems. The latest tests involve 38 central banks, commercial banks, and settlement platforms, with a focus on interoperability between different CBDCs. The trials also explore the potential of CBDCs for complex trade or foreign exchange payments and transaction automation to speed up processes and reduce costs. SWIFT is considering productizing the new platform within the next 12-24 months, aiming to transition from the experimental stage to reality.
-- Most Asian currencies tread water on Tuesday, taking little cheer from a softer dollar as traders remained cautious ahead of more cues on U.S. inflation and the...
The stock market (^DJI, ^IXIC, ^GSPC) is in bloom, opening the morning in the green after Monday's pullbacks. Consumer discretionary stocks (XLY) lead sector gains this morning. Yahoo Finance Live analyzes the market and sector action happening after Tuesday's market open. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Luke Carberry Mogan.
According to Bloomberg, the Securities and Exchange Commission (SEC) is set to release a public brief on Tuesday regarding its lawsuit against Ripple. The SEC sued Ripple in 2020, alleging that the company violated its rules by raising funds through the sale of the digital token XRP without registering it as a security. The outcome of this case is being closely monitored by the cryptocurrency community due to its potential implications for the SEC's jurisdiction. In a development seen as a setback for the SEC's authority, a federal judge ruled in July that sales of XRP to retail investors on exchanges did not constitute investment contracts. Following this news, XRP's value increased by approximately 4% to 66 cents on Monday. The token has experienced a growth of around 6% this year.
According to Bloomberg, South Korean billionaire Kwon, 32, left Stanford University in 2015 with a computer science degree. His TerraUSD, an algorithmic stablecoin, and its sister token Luna experienced a significant increase in value during the pandemic. However, TerraUSD's implosion shook the digital token market globally, exacerbating a $2 trillion wipeout. Kwon's Terraform Labs has rejected the South Korean charges, stating that the case against him has become a 'billionaire.'
-- Australian consumer sentiment weakened slightly in March, a private survey showed on Tuesday, as respondents remained largely pessimistic over Australia’s economic...
According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) is reportedly requesting a New York judge to impose a $2 billion judgment against Ripple Labs. The motion for judgment and remedies was filed on Friday and remains under seal to outside parties. Ripple Labs' chief legal officer, Stuart Alderoty, stated that redacted versions of the documents will be publicly available by Tuesday, March 26. The judgment would conclude this phase of the multi-year legal battle between Ripple Labs and the SEC, which started in December 2020 when the SEC sued the crypto firm and its executives for allegedly violating federal securities laws by selling XRP to both institutional and retail customers. The lawsuit led to the widespread delisting or trading suspension of XRP from U.S. exchanges. A federal judge ruled last year that Ripple violated federal securities laws in directly selling XRP to institutional investors, but not in selling XRP to retail investors through exchanges. Ripple Labs' CEO, Brad Garlinghouse, indicated in his X (formerly Twitter) post that the company will fight back against the proposed judgment motion. He wrote, 'The SEC plans to ask the Judge for $2B in a case that involved no allegations (let alone findings) of fraud or recklessness. There is absolutely no precedent for this. We will continue to expose the SEC for what they are when we respond to this.' Alderoty stated that the company will file its response to the SEC's motion next month. An SEC spokesperson declined to comment.
According to Cointelegraph: The SEC has commenced its civil trial against Terraform Labs, portraying the company as a 'house of cards' that led to investors losing significantly. The trial kick-started on March 25, following a lawsuit filed by the SEC in February 2023 against Terra and its co-founder, Do Kwon, for allegedly orchestrating a multi-billion dollar crypto asset securities fraud. Do Kwon did not appear in the courtroom on trial day one. Source: Reuters The SEC's allegation revolves around the supposed misleading of investors about the stability of TerraUSD (UST), an algorithmic stablecoin. Following its depegging from the U.S. dollar, Terra and other tokens faced a major dip, contributing to a significant market downturn in 2022 that resulted in multiple company bankruptcies. Originally slated to begin in January, the trial was delayed to March, awaiting Do Kwon's defense in person. Judge Jed Rakoff previously ruled in favor of the SEC over Terra's handling of unregistered securities and in favor of Kwon and his platform for offering and selling security-based swaps in December 2023. The Terraform trial marks one of many anticipated legal confrontations in the crypto sphere in 2024. Sam Bankman-Fried, FTX's former CEO, is set to be sentenced following his conviction on seven felony charges on March 28.