Grayscale Dumps $2.14 Billion in BTC, Ripple CLO Exposes Major Misconduct in Coinbase v. SEC Case, Gemini's Cryptic XRP Posts Stir Community: Crypto News Digest by U.Today

Here are the top three news stories over the past day presented to you by U.Today.

Grayscale dumps $2.14 billion in Bitcoin (BTC) post-ETF approval

According to recent data provided by Lookonchain X account, Grayscale decreased its Bitcoin holdings by 52,227 BTC valued at $2.14 billion. This divestment followed the recent approval of spot Bitcoin ETFs by the SEC. At the moment, Grayscale is holding 566,973 BTC worth $23.21 billion. The Grayscale's move to sell such a substantial portion of its BTC holdings ignited significant speculation among the members of the crypto community. As suggested by analysts, Grayscale may have strategically moved its assets to capitalize on the growing institutional interest in the cryptocurrency after spot Bitcoin ETFs were greenlit. Meanwhile, Bitcoin's price has dropped by 5% over the past 24 hours; per CoinMarketCap, BTC is currently trading at $38,654.

Coinbase v. SEC: Ripple's chief lawyer exposes major misconduct

In a recent X post, Stuart Alderoty, chief legal officer at Ripple, unveiled what he believes to be major misconduct by the SEC following the recent hearing in the Coinbase case. The regulator is accusing the exchange of selling securities that were not registered, a claim that Coinbase is strongly disputing. However, Alderoty's post defies the SEC's narrative, stating that their focus on whether investors are "pooling [their] capital with the promoter's efforts" is fundamentally flawed. The lawyer argues, citing the influential Revak case, that the Howey test requires more than mere investment in effort; it demands an investment in a common enterprise.

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Gemini’s mysterious XRP tweets spark speculation within community

The XRP community was recently stirred up by the latest X posts by Gemini, a major crypto exchange. The posts included several mentions of the Ripple-affiliated token, with phrases like "Don't forget about xrp," "xcited about xrp" and "xrriving shortly" causing quite a buzz among Gemini's followers and market participants. Notable community influencers, such as Crypto Eri, took to the posts' comments to share their guesses about the meaning behind the cryptic messages. According to some suggestions, Gemini could be hinting at a new European Union joint venture for a spot XRP ETF, considering Gemini's recent approval as a Digital Asset Service Provider (DASP) in France and its role as a custodian for VanEck’s newly launched spot Bitcoin ETF.