Action Financial News

New York Attorney General Letitia James has successfully recovered over $1.7 million from CoinEx (COINEX) following a lawsuit against the cryptocurrency platform. CoinEx was found to be operating without the necessary registration as a securities and commodities broker-dealer and falsely representing itself as a crypto exchange. The resolution of the lawsuit requires CoinEx to refund more than $1.1 million to New York investors and pay over $600,000 in penalties to the state.

Bitcoin's price has experienced a significant recovery, witnessing a notable bounce of $1,000 from a critical support level of $25,000. 

The US Federal Deposit Insurance Corporation sent a letter to OKCoin USA, Inc., demanding the cryptocurrency exchange take action to address false and misleading statements about its deposit insurance.

The Securities and Exchange Commission said investment adviser Pacific Investment Management Company will pay $9 million to settle two enforcement actions related to disclosure and procedure violations.

Following a 10-month inquiry, the Aall Party Parliamentary Group (APPG) has made a total of 53 recommendations on a number of key areas, warning that the UK has a finite window of 12-18 months to ensure early leadership on cryptocurrency regulation. The report looks into the the role and current approach of UK regulators including the Bank of England, the FCA and the ASA, the potential offered by Central Bank Digital Currencies and the risks faced in terms of consumer protection and economic crime. The lawmakers contend that cryptocurrency and digital assets are best regulated within existing and new financial services regulations, but state "significant concerns" about whether regulators currently have the resources, capacity and technical expertise required to deliver on their responsibilities. The APPG recommends that all UK regulators related to the sector should have dedicated and properly resourced cryptocurrency and digital assets units, states the report. To ensure a coordinated approach across all policy areas, the Government should also consider the appointment of a ‘Crypto Tsar’ who can help coordinate across departments to ensure a consistent approach.

The XRP price has gained by 1% in the past 24 hours, climbing to $0.478546 as the cryptocurrency market  recovers a little from its losses earlier in the week.

According to a post on social media by Nick Timiraos, a Wall Street Journal reporter, Federal Reserve officials has agreed to keep interest rates unchanged following 10 consecutive hikes. However, the Federal Reserve hinted that they may consider a rate hike next month if the economy and inflation don't show further signs of cooling down.

Blockchain tech company ConsenSys, represented by lawyer Bill Hughes, has formally objected to the Securities and Exchange Commission's (SEC) Notice of Proposed Rulemaking (NPRM) concerning the redefinition of a securities «exchange». Hughes voiced these objections in a series of tweets today.

Decentralized finance (DeFi) protocol Sturdy Finance has been exploited, but the team has promised that no further action will be taken against the hackers if the money is returned.

The price of Ethereum (ETH) has dropped by 6.5% in the past 24 hours, with its fall to $1,637 coming as the cryptocurrency market continues to suffer losses amid regulatory uncertainty.

Digital asset tracking firm, Elliptic, has revealed that losses suffered by users of Atomic Wallet have escalated to more than $100 million.

On the heels of a 10-meeting streak of raising interest rates, the Federal Reserve on Wednesday is expected to take a break and let the U.S. economy catch its breath.

The Shiba Inu price has dropped by 4% in the past 24 hours, falling to $0.00000656 as the cryptocurrency market continues to weather the storm caused by the SEC's recent actions against Binance and Coinbase.

The price of Litecoin (LTC) has dipped by 1% in the past 24 hours, falling to $77.75 as the cryptocurrency market continues to suffer from the effects of the SEC's recent enforcement actions against Coinbase and Binance.

Gemini co-founder Cameron Winklevoss has warned that the Democratic Party risks losing crucial support from younger voters due to what he perceives as an aggressive stance on cryptocurrencies by notable figures within the party. In a series of tweets, Winklevoss asserted that Democrats are alienating Millennials and Generation Z—groups which, he says, have wholly embraced the emerging asset class.

The latest data on the US inflation rate indicates that consumer prices increased by 4% from a year earlier, marking a decrease from April's 4.9% and a significant drop from last June's 40-year high of 9.1%. 

Meme coins have historically been some of the most profitable investments for investors worldwide. 

The Binance Coin price has risen by 4% in the past 24 hours, reaching $235 as the altcoin tries to shake off the steep losses caused by the SEC's legal action against Binance.

The price of Cardano (ADA) has risen by 8% in the past 24 hours, with its jump to $0.282965 providing a partial correction to its steep fall over the weekend.

The XRP price has risen by 1% in the past 24 hours, recovering to $0.516186 after a weekend in which the exit of market makers from Binance caused altcoin prices to fall by more than 25%.

Bitcoin and Ethereum, the dynamic duo of the cryptocurrency world, have recently hit turbulent waters as a wave of risk-averse sentiment swept through the market, triggering a substantial 7% sell-off in the last seven days.