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The future of a digital asset market structure bill in Congress is still uncertain amid concerns over ethics provisions, with the president, whose crypto ties are under scrutiny, weighing in on social media.
A New York Bitcoin ownership lawsuit has triggered sharp legal criticism after plaintiffs sought control of 39,069 dormant wallets. The wallets reportedly hold about 3.7 million BTC, valued at nearly $286 billion. Ripple CTO Emeritus David Schwartz challenged the case and questioned its legal foundation.
The lawsuit was filed by Noah Doe and two Wyoming-based companies, ABC Company and XYZ Company. They asked a New York court to award them control of inactive Bitcoin wallets. The filing claims the wallets qualify as abandoned property under New York law.
The plaintiffs argue they found a flaw that prevents the owners from using the wallets. They also reported the dormant addresses to the New York Police Department. Therefore, they say the wallets should receive treatment similar to lost property or unclaimed bank accounts.
The case filing includes addresses linked to Bitcoin creator Satoshi Nakamoto. It also names the 1Feex wallet connected to the Mt. Gox hack. That detail increased attention because the wallets hold major historical importance in the Bitcoin market.
David Schwartz criticized the lawsuit’s claim that New York has jurisdiction over the wallets. He said the argument relies on the idea that the property was found in New York. However, he described that reasoning as deeply flawed and legally weak.
Schwartz argued that Bitcoin wallets do not sit inside New York simply because someone reported them there. He said the case faces several major legal barriers. Moreover, he warned that a weak ruling could still create practical problems.
The Ripple executive said a favorable ruling for plaintiffs could affect future wallet movements. For example, funds moved to a United States exchange could face freeze requests. Plaintiffs could then claim those coins belong to them under the New York ruling.
The lawsuit comes as old Bitcoin wallets continue to attract legal and technical debate. Many early wallets have stayed inactive for more than a decade. However, inactivity does not prove abandonment under standard ownership principles.
The filing also touches on one of Bitcoin’s most sensitive topics. Satoshi-linked BTC remains central to market history and public debate. Any legal attempt to control those coins would likely face strong challenges from the wider crypto community.
Schwartz warned that even a flawed ruling could cause damage without a timely challenge. He said courts sometimes treat old judgments differently after enough time passes. As a result, he urged serious attention before the case creates further legal risk.
The case follows other debates about dormant Bitcoin holdings and possible protocol changes. Earlier, LayerTwo Labs CEO Paul Sztorc proposed a hard fork that drew attention to Satoshi’s BTC. The idea raised concerns before Sztorc later dismissed the seizure angle.
Old wallets remain difficult legal targets because blockchain ownership depends on private keys. Courts can issue orders, but networks do not transfer coins without valid signatures. Therefore, enforcement would likely depend on exchanges, custodians, and regulated platforms.
The New York case now places dormant Bitcoin ownership under a fresh spotlight. It also shows how legal claims can collide with blockchain design. For now, Schwartz’s criticism frames the lawsuit as a weak but potentially disruptive challenge.
This article was originally published as New York Bitcoin Lawsuit Sparks Fight Over Satoshi-Linked Wallets on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.
XRP is trading at $1.33 as May draws to a close. It is quietly slipping to its lowest levels since March without any particular catalyst. The move is just a slow, grinding drift lower that has characterized the altcoin’s performance throughout the second half of the month.
The $1.20 support band is the closest it has been in weeks, and the 100-day moving average has been surrendered once again. The XRP/BTC pair is also testing its recent low and has looked increasingly fragile.
Against USDT, the cryptocurrency is just below the upper boundary of the descending channel. The 100-day moving average at approximately $1.40 is now an overhead resistance after being surrendered during the May rollover, and the 200-day moving average continues to decline around $1.60.
The RSI is also hovering around 40, a soft reading with no sign of a floor forming.
The $1.20 demand zone is now close by, which makes the next few daily closes genuinely consequential. A potential breakdown below $1.20 would mark the first breach of that level since the February wick, potentially triggering a further crash toward the $0.60 zone. On the other hand, any recovery attempt first needs to reclaim $1.40 and the 100-day moving average to suggest a genuine recovery could form.
The XRP/BTC pair is trading at 1,760 sats and is pressing the pink horizontal support level, which marks the recent low near 1,730 sats.
The price has struggled to sustain a modest recovery above 1800 sats. The RSI oscillating between 30 and 60 throughout May, without any sustained directional move, reflects a pair in exhausted equilibrium rather than clear directional momentum.
The 100-day moving average at approximately 1,900 sats and the 200-day moving average near 2,050 sats remain the dynamic recovery targets on both sides of the critical 2,000 supply zone.
Below, the lower channel boundary and the demand area near 1,500 sats are the next potential targets if the recent low breaks down. As things stand, XRP is expected to continue underperforming BTC, as the market remains largely unoptimistic about Ripple.
The post Ripple Price Prediction: XRP Slides Toward Critical $1.20 Support as Bears Stay in Control appeared first on CryptoPotato.
The European Union's Markets in Crypto Assets regulations first took effect in 2024, but gave crypto service providers time to fully comply with the framework.
The feature lets users earn stablecoin yield directly through Trezor Suite without connecting external wallets or using separate DeFi apps.
In the year since Sequans Communications announced that it would adopt a digital asset treasury strategy, the price of Bitcoin fell by more than 30%.
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