Key Highlights in the Crypto Industry This Week: Elon Musk, Ripple, and Coinbase Take Center Stage.

This week, discussions surrounding crypto regulations did not cause concern among investors. However, the lack of advancements in establishing a crypto-Spot market continued to present challenges.

Highlights

• Elon Musk's close connections to the Dogecoin Foundation are revealed.
• The legal battle between the SEC and Ripple intensifies as the SEC responds to Ripple's opposition filing.
• Investor anticipation grows as the SEC v Coinbase case gains attention and awaits a court ruling on the motion to dismiss.

SEC v Ripple Appeal Developments

1. Following Ripple's opposition filing to the SEC motion for interlocutory appeal, the SEC has issued a response in their Reply Memorandum. Legal experts analyze the SEC's concerns about conserving judicial resources and Ripple's defense tactics.
2. XRP saw a slight decline of 0.48% during the week, trading at $0.5022.

Ark Invest and 21Shares Apply for ETH-Spot ETF

1. Ark Invest and 21Shares have filed for an ETH-Spot ETF, called Ark 21Shares Ethereum ETF, after the SEC opened BTC-Spot ETF applications for public comment.
2. Approval of crypto-spot ETFs would attract new investor funds to the crypto market.
3. ETH experienced a 0.14% decrease during the week.

Elon Musk's Involvement with the Dogecoin Foundation

1. Elon Musk's ties to Dogecoin (DOGE) have come under the spotlight, with reports of him providing funding to the Dogecoin Foundation.
2. DOGE saw a 0.48% increase, trading at $0.0634.

Interest in the Ongoing SEC v Coinbase Case Intensifies

1. Market interest in the SEC v Coinbase case has grown, as investors await a court ruling on Coinbase's motion to dismiss.
2. A dismissal could provide clarity on the classification of cryptocurrencies offered for trading on US exchanges.
3. Coinbase gained 5.26% during the week, closing at $82.09.

Crypto Market Regulations at the Forefront ahead of the G20 Summit

1. CFTC Commissioner Caroline D. Pham proposes a US pilot program for digital asset markets, emphasizing innovation and market structure.
2. The Financial Stability Board (FSB) and the International Monetary Fund (IMF) released a paper outlining a policy implementation roadmap, fostering global collaboration in the evolving crypto ecosystem.

Crypto Market Cap and Regulatory Frameworks

1. The crypto market cap experienced a slight decrease of 0.20% during the week, reaching $1,023 billion.
2. Despite global regulatory concerns, panic selling was not observed. Investors historically react negatively to such threats.