Blockchain Association calls for investigation into Prometheum over alleged ‘sweetheart’ SEC deal

Crypto investors rejoiced after one of the industry’s longest-standing legal battles was overturned by the United States Securities and Exchange Commission, yet markets have seemingly accounted for the victory months ahead of the announcement, according to industry watchers.On March 19, Ripple CEO Brad Garlinghouse revealed that the SEC would dismiss its legal action against Ripple, ending four years of litigation against the blockchain developer for an alleged $1.3-billion unregistered securities offering in 2020.However, the outcome may not be as “bullish” since markets may have already priced in this development since President Trump’s election, according to Dmitrij Radin, the founder of Zekret and chief technology officer of Fideum, a regulatory and blockchain infrastructure firm focused on institutions.Ripple’s CEO said the SEC is dropping its case against the blockchain developer. Source: Brad Garlinghouse“Yes they are dropping the case but there was already the appeal,” he told Cointelegraph on the March 20 Chainreaction X show:“One of the most talked about and oldest cases in crypto has been won. It’s great for the market and Ripple as it can start its expansion in the US. But in general, it’s already priced in. I don’t see a big impact on price or the market.”XRP/USD, 1-month chart. Source: Cointelegraph Markets ProDespite an 11% relief rally after the March 19 announcement, the XRP (XRP) token is unable to remain above the key $2.5 psychological mark. The token fell over 6.3% since March 19, Cointelegraph Markets Pro data shows.Related: Crypto market’s biggest risks in 2025: US recession, circular crypto economySEC dropping Ripple case was “already expected” – Nansen analystOther analysts also attribute the XRP token’s lack of momentum to investors expecting an end to the SEC’s lawsuit against Ripple Labs, paired with generally poor market sentiment.“I’d attribute it to the market already pricing it in as well as the general market situation,” Nicolai Sondergaard, research analyst at Nansen, told Cointelegraph, adding:“It was, to be honest already expected at this point and the macro environment and general uncertainty are not doing XRP any favors.”Related: Bitcoin speculative appetite declines as investors seek safetyStill, some technical chart patterns point to a potential 75% XRP rally after the end of the SEC’s lawsuit.XRP/USD weekly price chart. Source: TradingViewAs of March 21, XRP bounced after testing the triangle’s lower trendline, eyeing a rise toward the upper trendline— around the apex point at the $2.35 level—by April. The ultimate target for this possible breakout is $4.35 by June, up 75% from the current price levels.Conversely, a drop below the lower trendline could invalidate the bullish setup, setting XRP on the path toward $1.28. The bearish target is obtained by subtracting the triangle’s maximum height from the potential breakdown point at $2.35.Despite XRP’s price trajectory, the SEC overturning the case will have a beneficial “long-term effect on the market because of the narrative change,” and investors’ expectations of a more crypto-friendly SEC, added Fideum’s Radin.Magazine: SEC’s U-turn on crypto leaves key questions unanswered

South Korean authorities are reportedly looking into blocking crypto exchange platforms that may have operated without adhering to the requirements set by the country’s financial regulator. On March 21, local media Hankyung reported that the Financial Intelligence Unit (FIU) of the Financial Services Commission is considering sanctions against crypto exchanges for allegedly operating in the country without reporting as an operator to the appropriate regulators. South Korean financial authorities require crypto exchanges to report to regulators as virtual asset service providers (VASPs) under the country’s Specified Financial Information Act. The FIU is investigating a list of exchanges and is conducting consultations with related agencies. The regulator is also considering sanctions, such as blocking access to the exchanges, as they begin to prepare countermeasures. South Korean regulators eye crypto exchangesThe regulator will reportedly crackdown on exchanges allegedly providing services to South Koreans without the appropriate VASP reports. The exchanges in the FIU’s list reportedly provided marketing and customer support to Korean investors without going through the country’s compliance process. Local media Hankyung mentioned that the crypto exchange KuCoin was on the list along with other crypto platforms. In a statement, a KuCoin representative told Cointelegraph: “We are closely monitoring regulatory developments across all jurisdictions, including Korea. At KuCoin, we believe that compliance is essential for the healthy and sustainable growth of the crypto industry—this has always been our stance and will continue to guide us as we move forward. We remain committed to supporting the industry’s long-term development through proactive and responsible practices.”Under the country’s laws, operators of crypto sales, storage, brokerage and management are required to report to the FIU. If exchanges don’t comply, their business will be considered illegal and subject to criminal penalties and administrative sanctions. An FIU official said in the report that measures to block access to the exchanges included in the list are being reviewed. The official said the financial regulator is currently consulting with the Korea Communications Standards Commission, the regulator in charge of the internet, on how they can block access to the exchanges. Related: Wemix denies cover-up amid delayed $6.2M bridge hack announcementSouth Korean exchanges face scrutiny Apart from foreign exchanges, South Korean crypto exchanges are also facing scrutiny over suspicions and rumors of financial misconduct. On March 20, prosecutors raided Bithumb following suspicions that its former CEO, Kim Dae-sik, embezzled company funds to purchase an apartment. The authorities suspect that the exchange and its executive may have violated some financial laws during the apartment purchase. However, Bithumb responded that Kim had already taken a loan to repay the funds. In addition, rumors of intermediaries getting paid to list projects on Bithumb and Upbit surfaced. Citing anonymous sources, Wu Blockchain said projects claimed to have paid intermediaries millions to get listed on the exchanges. Upbit responded, demanding the media outlet to disclose the list of digital asset projects that paid brokerage fees. Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why

South Korean authorities are reportedly looking into blocking crypto exchange platforms that may have operated without adhering to the requirements set by the country’s financial regulator. On March 21, local media Hankyung reported that the Financial Intelligence Unit (FIU) of the Financial Services Commission is considering sanctions against crypto exchanges for allegedly operating in the country without reporting as an operator to the appropriate regulators. South Korean financial authorities require crypto exchanges to report to regulators as virtual asset service providers (VASPs) under the country’s Specified Financial Information Act. The FIU is investigating a list of exchanges and is conducting consultations with related agencies. The regulator is also considering sanctions, such as blocking access to the exchanges, as they begin to prepare countermeasures. Exchanges operated without VASP reportsThe list of exchanges that have allegedly provided services to South Koreans without the appropriate VASP reports includes BitMEX, KuCoin, CoinW, Bitunix and KCEX. The exchanges reportedly provided marketing and customer support to Korean investors without going through the country’s compliance process. Under the country’s laws, operators of crypto sales, storage, brokerage and management are required to report to the FIU. If exchanges don’t comply, their business will be considered illegal and subject to criminal penalties and administrative sanctions. An FIU official said in the report that measures to block access to the exchanges included in the list are being reviewed. The official said the financial regulator is currently consulting with the Korea Communications Standards Commission, the regulator in charge of the internet, on how they can block access to the exchanges. Related: Wemix denies cover-up amid delayed $6.2M bridge hack announcementSouth Korean exchanges face scrutiny Apart from foreign exchanges, South Korean crypto exchanges are also facing scrutiny over suspicions and rumors of financial misconduct. On March 20, prosecutors raided Bithumb following suspicions that its former CEO, Kim Dae-sik, embezzled company funds to purchase an apartment. The authorities suspect that the exchange and its executive may have violated some financial laws during the apartment purchase. However, Bithumb responded that Kim had already taken a loan to repay the funds. In addition, rumors of intermediaries getting paid to list projects on Bithumb and Upbit surfaced. Citing anonymous sources, Wu Blockchain said projects claimed to have paid intermediaries millions to get listed on the exchanges. Upbit responded, demanding the media outlet to disclose the list of digital asset projects that paid brokerage fees. Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why