The crypto market experienced a downturn as investors responded to weak economic indicators from China, including an unexpected fall in the China Caixin Manufacturing PMI.
Ripple’s Chief Legal Officer, Stuart Alderoty, criticized SEC Chair Gary Gensler for labeling all cryptos, except BTC, as securities, saying that “words have consequences, even for unelected senior bureaucrats.”
ETH staking inflows also tumbled, suggesting a possible shift in sentiment toward the Shapella upgrade.
Furthermore, two UK banks, HSBC and NatWest Group, introduced transfer restrictions for crypto-related transactions, going against British Prime Minister Rishi Sunak’s aim to make the UK a crypto hub.
Meanwhile, Hong Kong appears to be strengthening its position as a crypto hub as it launches a consultation on proposed requirements for operators of virtual asset trading platforms under a new licensing regime that will take effect on 1 June 2023.
The outcome of the SEC v Ripple case is also likely to have a significant impact on the US crypto regulatory landscape.