🚨 Ethereum Custody and the SEC: What’s Going On with Prometheum?

Author

CoinGape Media
November 16, 2024

News

Ripple CEO Brad Garlinhouse has sparked optimism with his recent comments on the XRP rally. He has linked the surge to the growing optimism over a clear regulatory path for crypto in the US. In an interview with FOX, Garlinghouse said that the crypto issued by the US like Solana, and Cardano, has noted significant growth after the US election.

Giggle Academy, an educational startup launched by Binance founder Changpeng ‘CZ’ Zhao, faced a hack on its X account. CZ alerted followers to beware of false information on the account. The hacker phishing links further heightened security concerns among the platform users.

The account remains compromised, and both CZ and the team are working on restoring it. Users are advised to be cautious of any messages from the hacked account.

Several Republican lawmakers from the House of Financial Services Committee are questioning the US SEC’s silence over the functioning of Prometheum’s Ethereum custody services while labeling ETH as a “crypto asset security”. In a recent move, representative John Rose wrote a letter to SEC Chair Gary Gensler and FINRA President Robert Cook, slamming the securities regulator over the lack of clarity surrounding this classification.

Markets

The crypto prices today have taken an attention-nabbing upside momentum, sparking investor curiosity across the digital asset space. Bitcoin (BTC) price gained to surpass the $91K level again, whereas top altcoins have mainly mimicked a bullish trajectory. The global crypto market cap witnessed a 4% increase to $3.03 trillion today, marking monumental growth. However, the total market volume witnessed a 15% drop in value to $195.36 billion.

After crashing 11% in the past three days, Ethereum price is up 1.40% today and trades at $3,042. As of Novemeber 16, there are promising signs of that the value of ETH could continue heading higher and tag key resistance levels.

The Bitcoin price has noted a surge of around 3%, continuing its run towards the North while gaining the investors’ attention. The recent momentum indicates that despite a short-term pullback, the bulls are still dominating the market after Donald Trump’s win in the US election. Besides, it has also sparked speculations over the potential reasons that might have supported the current BTC rally.