BB DAILY 12-5-2024: SEC Responds to Binance Lawsuit, Bitcoin Profit-Taking as Price Pulls Back, Trump Claims Credit for Crypto Surge, and WikiLeaks Archives Afghan War Logs on Bitcoin Blockchain
The SEC defends its allegations against Binance, long-term bitcoin holders realize profits as prices dip from all-time highs, Trump’s pro-crypto policies gain traction with key nominations, and WikiLeaks ensures the preservation of Afghan War Logs on the Bitcoin blockchain.
Because Bitcoin
December 5, 2024
SEC Responds to Motion to Dismiss Binance Lawsuit, Defends Allegations of Operating Unregistered Securities Exchange
The U.S. Securities and Exchange Commission (SEC) has responded to Binance, Binance.US, and former CEO Changpeng Zhao’s motion to dismiss an amended lawsuit. The SEC alleges that Binance operated an unregistered securities exchange by facilitating the sale of ten cryptocurrencies, including Solana, Cardano, and Polygon, on its platform using its own BNB coin. The SEC’s memorandum counters the defendants’ argument that the complaint fails to meet the criteria of the Howey test, a 1946 Supreme Court standard for determining securities. The SEC’s filing also addresses criticisms of its regulatory approach to cryptocurrency. The original lawsuit was filed in June 2023, and the SEC has sued other exchanges like Coinbase for similar reasons.
Long-Term Bitcoin Holders Take Profits as Price Pulls Back from $103,000 High
CryptoQuant reports that long-term bitcoin holders are taking profits as the price of bitcoin, after reaching a new all-time high above $103,000, slightly retraces. The increase in the long-term holder spent output profit ratio (LTH-SOPR) indicates that these investors are selling coins at significant profits. This is a typical phenomenon in bull markets, though profit-taking remains at moderate levels. As bitcoin trades above $100,000, upcoming U.S. economic data, such as the November jobs report, could influence future price trends. Institutional interest and political support are also key factors driving bitcoin’s rally, with continued institutional accumulation playing a central role.
Trump Takes Credit for Bitcoin’s $100,000 Milestone, Highlights Pro-Crypto Administration
President-elect Donald Trump claimed credit for bitcoin’s rise to $100,000, stating, “YOU’RE WELCOME!!!” on his Truth Social platform. Bitcoin’s surge followed Trump’s election victory, rising $20,000 in a week, bringing its year-to-date gains to over 130%. Cryptocurrency advocates, including David Bailey, CEO of Bitcoin Magazine, have embraced Trump’s influence on the market. Additionally, Trump’s nomination of Paul Atkins to head the SEC has boosted the crypto community’s optimism, with Atkins’ pro-crypto stance signaling a shift away from the previous administration’s regulatory approach.
Afghan War Logs Inscribed on Bitcoin Blockchain to Preserve WikiLeaks Archive
In a move to ensure the preservation of the Afghan War Logs, the full archive of 76,911 documents released by WikiLeaks in 2010 is being inscribed onto the Bitcoin blockchain using the OrdinalsBot tool. This initiative, launched by ProjectSpartacus.org, aims to keep the documents accessible even if WikiLeaks’ website or other platforms face suppression or attack. Julian Assange’s brother, Gabriel Shipton, emphasized that storing the logs on a decentralized platform makes them resistant to censorship. The project, which begins minting on Dec. 12, is a significant undertaking, involving inscribing data on individual Bitcoin satoshis. This effort highlights Bitcoin’s role in maintaining censorship-resistant records, echoing Assange’s early use of Bitcoin to circumvent a banking blockade.
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