Dogecoin DOGE/USD co-founder Billy Markus, known by his pseudonym Shibetoshi Nakamoto, on Wednesday shared his thoughts on the impact of the XRP court ruling.
What Happened: When asked by a Twitter user whether the crypto market was moving due to the XRP news or the recent Twitter airdrops, Markus responded, Definitely the XRP news, because if XRP isnt a security, there aint much that would be.
The SEC had filed a lawsuit against Ripple Labs, accusing the company and its top executives of conducting a $1.3 billion unregistered securities offering. However, the courts summary judgment favored Ripple Labs, stating that XRP is not a security.
See More: A Stay At The Floating Palace From James Bond's Octopussy
Why It Matters: This decision has marked a significant turning point in the legal battle between Ripple and the SEC.
It is worth noting that the SEC has identified 19 other cryptocurrencies as securities in lawsuits against popular platforms such as Binance and Coinbase.
Tokens listed as securities in the lawsuit against Binance include Cosmos ATOM/USD , Binance Coin BNB/USD , Binance USD BUSD/USD , COTI COTI/USD , Solana SOL/USD , Cardano ADA/USD , Polygon MATIC/USD , Filecoin FIL/USD , and more.
Price Action: At the time of writing, DOGE was trading at $0.070 up 9% in the last 24 hours, data from Benzinga Pro shows.
Read Next: Bitcoin, Ethereum, Dogecoin Fall After CPI Data Comes Out: Analyst Foresees Deeper Decline For King Crypto After This Savage Move
Join Benzingas Future of Crypto in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
Zohran Mamdani calls himself “Donald Trump’s worst nightmare”. They are the words of a man living the dream.
It’s because the 34-year-old is the headline act in Tuesday’s referendum on Trump 2.0. A statement night in US politics, as Americans – some, at least – deliver a verdict on what they’ve seen so far.
Of four electoral contests across the US – including in California, New Jersey and Virginia – the race to be New York mayor is the most compulsive and consequential.
The polls have Mamdani, the Democratic nominee, as the frontrunner. If he wins, it would signify big change in the Big Apple.
Born in Uganda to Indian parents (he moved to the US aged seven), Mamdani would become New York’s first Muslim mayor.
He is a democratic socialist whose supporters will see victory as laying down a template for taking on Trump, even if the party’s old guard is sceptical.
An effective campaign has focused on the costs and quality of life in New York, promising universal childcare, a rent freeze, free bus travel and grocery shops run by the city.
Image: Progressives Bernie Sanders and Alexandra Ocasio-Cortez have endorsed Mamdani. Pic: Andrea Renault/STAR MAX/IPx/AP
So why is he controversial?
The message has resonated with New Yorkers squeezed on affordability, but his payment plan is open to question.
Mamdani plans to raise $9bn by raising taxes on the wealthy and on corporations, but he would face a struggle to gain the necessary consent of the New York State legislature and governor.
Mamdani’s politics are pegged to the “progressive” left wing of his party, and his campaign success plays into the Democrats’ quandary around a longer-term comeback strategy.
The politics that succeed in New York don’t necessarily resonate nationwide, and a party establishment has been reluctant to embrace Mamdani.
Democrat Chuck Schumer, Senate minority leader, has declined to endorse him at all.
Party management aside, he won’t have been impressed when Mamdani was arrested outside Schumer’s Brooklyn home as part of a 2023 protest calling for a ceasefire following Hamas’ October 7th attack on Israel.
Mamdani has been a staunch critic of Israel and, in the past, has advocated defunding the police, decriminalising prostitution and closing New York City jails.
Image: Mamdani was at the White House to announce a hunger strike demanding a permanent ceasefire between Israel and Gaza in November 2023. Pic: AP
His background and Islamic faith are threaded through opposition attacks. He has been criticised for refusing to denounce the phrase “globalise the intifada”, used by pro-Palestinian activists.
Subsequently, he said he would “discourage” the term and would combat antisemitism through actions as well as words.
It hasn’t stopped his Republican rival, Curtis Sliwa, claiming Mamdani supported “global jihad”.
Andrew Cuomo, running as an independent after losing the Democratic primary to Mamdani, has labelled him “the most divisive candidate I have ever experienced in New York”.
The president, who falsely labels Mamdani a communist, said on Truth Social on the eve of the election: “Whether you personally like Andrew Cuomo or not, you really have no choice.
“You must vote for him, and hope he does a fantastic job. He is capable of it, Mamdani is not!”
At a rally the same night, Mamdani fired back to say: “The MAGA movement’s embrace of Andrew Cuomo is reflective of Donald Trump’s understanding that this would be the best mayor for him.
“Not the best mayor for New York City, not the best mayor for New Yorkers, but the best mayor for Donald Trump and his administration.”
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The Republican spin on the prospect of a Mamdani victory is that it would reflect a move towards radical extremism by the Democratic Party.
Trump has even suggested he may withhold federal funds from New York if Mamdani wins.
In time, Democrats would need to interpret and apply the lessons of a Mamdani victory. But more than anything else, they need a win to feel a pulse in a party undergoing an identity crisis.
Image: During the primaries, Mamdani held a news conference outside Cuomo’s apartment in March. Pic: zz/Andrea Renault/STAR MAX/IPx
One battle after another
The same applies to Tuesday contests for governor in New Jersey and Virginia, fascinating in terms of the vote winners and vote breakdown.
What will be the verdict, nine months in, of people who turned to Trump at the last election? Will he hold onto the Latino vote, given his immigration policy, ICE raids, and other orders?
In California, Tuesday sees a redistricting vote to counter Republican gerrymandering elsewhere. If backed by the public, the plan will increase the number of winnable Democratic seats in the House of Representatives.
Donald Trump sits down for an interview with CBS’ 60 Minutes – the programme he sued successfully for $16m just four months ago.
All the while, his poll numbers are at an all-time low due to the government shutdown, as hundreds of thousands of federal workers remain unpaid and food benefits for millions of people run out.
And is this the week the real Democrats stand up? Their favourability numbers are also dire, but will the emergence of a firebrand left-wing mayor in New York City, in the shape of Zohran Mamdani, and a handful of positive off-year election results on Tuesday be the spark they desperately need to counter Trump’s MAGA agenda?
HONG KONG, CHINA – 2025/03/01: In this photo illustration, Artificial intelligence (AI) apps of perplexity, DeepSeek and ChatGPT are seen on a smartphone screen.
Sopa Images | Lightrocket | Getty Images
As companies pour billions into artificial intelligence, HSBC CEO Georges Elhedery on Tuesday warned of a mismatch between investments and revenues.
Speaking at the Global Financial Leaders’ Investment Summit in Hong Kong, Elhedery said the scale of investment poses a conundrum for companies: while the computing power for AI is essential, current revenue profiles may not justify such massive spending.
Morgan Stanley in July estimated that over the next five years, global data center capacity would grow six times, with data centers and their hardware alone costing $3 trillion by the end of 2028.
McKinsey said in a report in April that by 2030, data centers equipped to handle AI processing loads would require $5.2 trillion in capital expenditure to keep up with compute demand, while the capex for those powering traditional IT applications is forecast at $1.5 trillion.
Elhedery said that consumers were not ready to pay for it, and businesses will be cautious as productivity benefits will not materialize in a year or two.
“These are like five year trends, and therefore the ramp up means that we will start seeing real revenue benefits and real readiness to pay for it, probably later than than the expectations of investors,” he said.
William Ford, chairman and CEO of General Atlantic, speaking at the same panel, agreed: “In the long term, you’re going to create a whole new set of industries and applications, and there will be a productivity payoff, but that’s a 10-, 20-year play.”
OpenAI, which set off the AI frenzy with the launch of ChatGPT in November 2022, has announced roughly $1 trillion worth of infrastructure deals with partners including Nvidia, Oracle and Broadcom.
Ford said that the huge expenditure that is going into the sector shows that people recognize the long-term impact of AI. This sector, however, will be capital-intensive initially, he said adding that “you need to, sort of, pay up front for the opportunity that’s going to come down the road.”
Ford warned there could be “misallocation of capital, destruction, overvaluation… [and] irrational exuberance” in the initial stages, and also added that it can be difficult to pick winners and losers at the moment.
“You’re really betting on this being a broad based technology, more like railroads or electricity, that had profound impacts over over time, and reshaped the economy, but were very hard to predict exactly how in the first few years.”