Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
Ripple contests prior ruling’s Howey test application on XRP institutional sales in appeal
Ripple Labs filed its Form C submission on Thursday, advancing its ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC).
Form C, a preliminary statement for civil appeals, specifies the legal basis on which Ripple challenges the prior ruling by the Southern District of New York. In this filing, Ripple has requested the appeals court to apply a “de novo” standard, which entails re-evaluating the decision based on questions concerning the application of the law.
A primary focus of the appeal is the district court’s use of the Howey test to classify Ripple’s XRP transactions. According to the Howey test, these transactions involved an investment of money in a joint enterprise with a reasonable expectation of profit derived solely from Ripple’s efforts, potentially classifying XRP institutional sales as securities transactions.
Additionally, Ripple argues that the court ruling did not fully consider its claim of inadequate notice, stemming from the SEC’s “inconsistent” and “deliberately vague” communications regarding enforcing federal securities laws.
Ripple also seeks clarification on the specific “essential elements” required for a transaction to be defined as an investment contract and calls for re-evaluating the SEC’s injunction against the company.
Microsoft Shareholders to Vote on Potential Bitcoin Investment as Board Urges Caution
Microsoft’s upcoming shareholder meeting on December 10 is expected to be a significant event, as the board of directors and shareholders will review a proposal for the company to invest in Bitcoin.
According to a recent filing with the Securities and Exchange Commission (SEC), a proposal titled “Assessment of Investing in Bitcoin” has been added as an official voting item. This development has sparked considerable interest in both tech and financial sectors, including the cryptocurrency community.
The proposal, submitted to the SEC, has already encountered opposition from Microsoft’s board. The board has recommended voting against the proposal, deeming it “unnecessary.” They argue that the company’s management already thoroughly considers a variety of investment assets, including Bitcoin on occasion.
Microsoft’s Global Treasury and Investment Services team regularly assesses various investment options, focusing on diversification, inflation protection, and risk management.
The board further emphasized that management possesses the expertise to select assets contributing to Microsoft’s operational stability without needing a specific shareholder-mandated directive regarding Bitcoin investment.
Polymarket Trader Betting on Donald Trump Win Ends Up Getting 99% Odds.
On Friday, Republican Donald Trump’s odds of winning the presidency briefly surged to 99% for one user on Polymarket, resulting from continuous purchases that temporarily mispriced the order book.
The "GCorttell93" account bought over 4.5 million Trump contracts in the “Presidential Election Winner 2024” market, spending more than $3 million within a short time frame. This rapid activity led to a segment of $275,000 being filled at 99% odds significantly above the actual market odds of 63%.
Other portions of the account's bets were executed at varying prices, such as $129,000 at 65.9 cents and $102,000 at 62.7 cents.
On Polymarket, the price of shares reflects the current market belief in the likelihood of an outcome. For instance, a 'Yes' share priced at $0.60 signals a 60% estimated probability for that outcome.
Polymarket’s blockchain-based order book dynamically adjusts odds with each trade, displaying the highest price buyers are willing to pay (bids) and the lowest price sellers are willing to accept (asks).
This structure enables price discovery and maintains liquidity, allowing users to place limit orders set at a specified buy or sell price that may not immediately execute without a matching bid or ask. However, executing a market buy order can fill bids at considerably higher prices if the order depth cannot absorb all purchases at the current market rate.
Dutch tax authority seeks feedback on draft bill for crypto firms to report user data.
The Dutch tax authority has begun gathering public feedback on a draft bill requiring cryptocurrency firms to collect and report relevant user transaction data to the tax agency.
In a statement released Thursday, the Netherlands’ Ministry of Finance explained that the proposed legislation aims to enhance transparency in crypto ownership. According to the Ministry, the bill "will not affect crypto holders, as they are already required to report their crypto balances."
The initiative aligns with the EU's Eighth Directive on Administrative Cooperation (DAC8), which mandates EU member states to implement regulations requiring crypto firms to report customer holdings data to be shared among EU tax authorities. Member states have until December 31, 2025, to enact these rules, with an official start date of January 1, 2026.
Public consultation on the Netherlands’ draft bill began on October 24 and will conclude on November 21. Authorities plan to present the draft to the House of Representatives by the second quarter of 2025.
“With this bill, we are taking an important step in taxing cryptocurrencies,” said Folkert Idsinga, State Secretary for Tax Affairs and the Tax Administration of the Netherlands, noting that EU member states will be able to cooperate more effectively, making crypto transactions more transparent for tax authorities.
Pennsylvania House of Representatives Passes Crypto Bill to Bring Regulatory Clarity
The Pennsylvania House of Representatives has passed a bipartisan bill designed to provide regulatory clarity for digital assets ahead of the upcoming November elections, as reported by Fox Business.
House Bill 2481, known as the “Bitcoin Rights” bill, received substantial support, passing with 176 votes in favour and 26 against, including unanimous support from all 100 Republican members.
The bill addresses essential aspects of digital asset regulation, including residents' rights to self-custody their digital assets, using Bitcoin as a payment method, and guidelines for taxing Bitcoin transactions.
Pennsylvania, a key battleground state for Republicans and Democrats, has a significant portion of its population, approximately 12% of its 13 million residents who hold cryptocurrency.
Developed in collaboration with the bitcoin advocacy group Satoshi Action Fund (SAF), the bill reflects a broader trend among states to establish regulatory frameworks for the cryptocurrency industry. Following the election, the bill will advance to the Republican-led Pennsylvania Senate for consideration.
SAF has supported similar legislative initiatives in 20 other states, with related laws already enacted in Oklahoma, Louisiana, Montana, and Arkansas.
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