PULSECHAIN SURGING 👀👀

January 17, 2024

Pulsechain Ecosystem Sees Massive Valuation Increase after SEC news

In recent weeks, Richard Heart has unequivocally declared his firm resolve to stand against the coercive bureaucratic arm of the SEC, refusing to succumb to intimidation. To fortify his stance, Richard has assembled a distinguished legal counsel team, featuring prominent individuals with extensive experience and expertise:

Sam Nitze: Partner at Quin Emanuel, Sam Nitze served as an Assistant US Attorney for over 10 years in the Eastern District of New York, bringing a wealth of legal acumen to Richard's defense.

Michael Liftik: Another Partner at Quin Emanuel, Michael Liftik boasts over 9 years of service with the SEC, holding various roles, including Deputy Chief of Staff and Acting Chief. His insider perspective adds a valuable dimension to the legal team.

Nicholas Inns: An Associate at Quinn Emanuel, Nicholas Inns brings over 9 years of experience from his service in various roles within the US Navy, including Assistant Chief Defense Counsel, lending a unique perspective to the team.

Chris Davis: Partner at Gray Reed, Chris Davis served as Senior Counsel for the SEC for over 9 years. His nuanced understanding of the SEC's workings enhances the legal team's ability to navigate the intricacies of the case.

Patrick Smith: As the Founding Partner at Clark Smith Villazor, Patrick Smith draws on his 11 years of experience as an Assistant US Attorney for the DOJ, adding a robust prosecutorial perspective to the defense strategy.

Jeff Rotenberg: Partner at Clark Smith Villazor, Jeff Rotenberg brings a formidable 23 years of legal experience, having previously served as a partner at a large international law firm for 11 years. His seasoned expertise strengthens the team's capabilities.

David Kirk: Founding Partner at Kirk & Ingram, David Kirk earned the prestigious title of the Best Lawyer in New York for commercial litigation in 2024. A Magna cum laude Harvard Law graduate, he adds a high level of legal prowess to the defense.

Michael Ingram: Also a Founding Partner at Kirk & Ingram, Michael Ingram, a Harvard Law graduate, boasts previous experience as the co-manager of a crypto hedge fund, bringing a nuanced understanding of the crypto landscape to the legal team.

With this formidable legal lineup, Richard Heart stands well-equipped to face the legal challenges ahead, signaling a staunch commitment to his principles in the face of regulatory scrutiny.

As reported by MoneyGangCrypto :

Richard Heart's legal team has swiftly taken a proactive stance, compelling the SEC into a defensive position. A concise overview of the court documents submitted by Heart's team reveals the following key points:

  1. Blockchain Innovation Defense: The defense argues that blockchains, heralded as a beneficial technological innovation, have been championed by Mr. Heart for their societal advantages since his introduction to Bitcoin in 2011. The SEC's complaint alleges violations of federal securities laws in the development of three programs (Hex, PulseChain, and PulseX), labeling them as "crypto asset securities" and accusing Mr. Heart of fund misuse.

  2. Flawed Regulatory Approach: Heart's defense challenges the SEC's approach to regulating blockchain technology and digital assets, asserting that it lacks proper rulemaking or legislation. They criticize the reliance on enforcement actions, viewing it as an overreach of authority.

  3. Legal Grounds Contention: Mr. Heart's legal team contests the SEC's complaint on various grounds, including a lack of personal jurisdiction, improper service, and deficiencies in both factual and legal pleadings. They argue that the transactions in question are extraterritorial and fall outside the SEC's authority.

  4. First Amendment Concerns: The defense raises First Amendment concerns, positing that the SEC's actions constitute an unconstitutional infringement on free speech and association.

  5. Motion to Dismiss: Heart's legal team expresses their intention to move for the dismissal of the complaint. They outline a proposed briefing schedule for the court's consideration.

This collaborative legal force signals a robust defense strategy poised to navigate the complexities of the case.

Community Response: 

In the wake of Richard Heart's unequivocal decision to confront the SEC, PulseChain has experienced a remarkable surge in value. Over the span of 11 days, the cryptocurrency witnessed an impressive 152% increase. This surge in value resonates strongly with the sentiment within the community, reflecting a collective determination not to be intimidated by regulatory challenges.

The substantial rise in PulseChain's value amid the legal battle underscores the community's confidence in Richard Heart's stand and the underlying belief in the project's resilience. The market response serves as a tangible expression of support, suggesting that investors and enthusiasts alike are rallying behind the project in the face of regulatory uncertainties.

As the legal proceedings unfold, the dynamic relationship between regulatory developments and market reactions will continue to shape the narrative surrounding PulseChain. The significant value increase in such a short period underscores the impact of Richard Heart's decision on the project's perceived strength and the community's resolve to stand firm in the face of regulatory challenges.

Bitcoin Price Prediction: BTC Nears $43,000 Amid Core Scientific Bankruptcy, Bukele Reelection & Grayscale ETF News

In the cryptocurrency sphere, Bitcoin hovers around $42,870, showing a marginal increase amidst noteworthy developments. Core Scientific, a major Bitcoin mining player, plans to relist its shares after bankruptcy, impacting the crypto industry. El Salvador's President Bukele, known for supporting Bitcoin, faces a controversial path to reelection, intertwining politics and cryptocurrency fate.

The Grayscale Bitcoin Trust ETF's $376 million Bitcoin transfer to Coinbase Prime raises concerns about market liquidity and investor sentiment. These events create a complex landscape for Bitcoin's near-term trajectory.

Core Scientific, once hit by the crypto winter, aims to relist on Nasdaq post Chapter 11 restructuring, reflecting industry interest amid rising Bitcoin prices. President Bukele's strong lead in reelection polls signals potential stability for cryptocurrency policies in El Salvador.

The Grayscale Bitcoin Trust's significant Bitcoin transfer indicates possible selling pressure and links to recent Bitcoin price declines. Despite this, Bitcoin's stability during trading hours suggests resilience.

Analyzing Bitcoin's price, it trades near $42,800 with resistance at $44,384 and support at $41,472. Technical indicators like the RSI and 50-Day EMA suggest a cautious market. The price chart reveals a lack of clear momentum, keeping Bitcoin within a range of $43,250 to $41,470.

Conclusively, BTC/USD trends bearish below $43,220, but a breakthrough could alter sentiment. Short-term expectations involve testing lower support levels unless immediate resistance is surpassed, potentially changing the bearish outlook. The dynamic interplay of factors sets the stage for Bitcoin's unpredictable path in the coming days.

Sam Bankman-Fried's Parents Ask Court to Dismiss FTX's Lawsuit Seeking to Recover Funds

Joseph Bankman and Barbara Fried, parents of Sam Bankman-Fried, are pushing for the dismissal of a lawsuit filed by the bankrupt cryptocurrency exchange FTX, aiming to reclaim funds allegedly fraudulently transferred. FTX sought to recover "millions of dollars" from Bankman and Fried in September 2023. Shortly thereafter, their son, Bankman-Fried, faced conviction on all seven charges related to defrauding customers and the United States, with sentencing expected in March.

Bankman and Fried, both Stanford Law School professors, assert that Bankman had no fiduciary relationship with FTX and held no official role. Their court filing on January 15 contends that even if a fiduciary link existed, FTX must provide specific evidence of "actual knowledge" rather than relying on claims that the parents "knew or should have known."

In the September 2023 lawsuit, FTX didn't specify the total misappropriated amount by Bankman and Fried. However, notable items included Bankman's $200,000 annual salary as a senior adviser to the FTX foundation, an $18 million property in the Bahamas, and $5.5 million in FTX Group donations to Stanford University, which the university plans to return.

Multiple U.S. Senate bills object to CBDC's definition as 'money

Several bills challenging the classification of central bank digital currency (CBDC) as money have been introduced in multiple U.S. states, including Utah, South Carolina, South Dakota, and Tennessee. These bills aim to explicitly exclude CBDCs from being defined as money within the respective states, potentially creating hurdles for their widespread use.

In Tennessee, Senator Frank Niceley submitted a bill on January 12 to amend the Tennessee Uniform Commercial Code (UCC). The proposed change adds the clause "does not include any central bank digital currency" to the definition of money, as outlined in the UCC.

Similarly, in Utah, Representative Tyler Clancy introduced House Bill 164 on January 4. This bill categorizes CBDC as a digital form of money issued by government entities and asserts that it is not specie legal tender, nor is it legal tender within the state, thereby excluding CBDCs from the state's definition of money under the Utah Specie Legal Tender Act and the UCC.

South Carolina's Senator Shane Martin presented Senate Bill 861 on November 30, 2023, with a similar objective of amending the state's UCC to explicitly state that money does not include any central bank digital currency.

In response to the South Dakota Department of Labor and Regulation's request, Senate Bill 58 (SB58) was introduced on January 9, deviating from South Dakota's UCC by excluding central bank digital currency from its definition of money.

This legislative trend echoes Florida's prior enactment of laws restricting the use of CBDCs within the state, signed by Governor Ron DeSantis, which also urged other states to implement similar prohibitions through their commercial codes.

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