Last week the bears took control of the market once again after Federal Reserve Chair Jerome Powell made a comment at the Fed’s yearly economic conference in Jackson Hole. Powell stated that the U.S. Central Bank is going to keep raising interest rates until the economy is under control. This comment triggered a bearish reaction from both the stock and crypto markets.

Ben Armstrong, who’s well known as Bitboy Crypto on his YouTube channel, has finally dropped his lawsuit against fellow Youtuber, Atozy. Previously, Bitboy filed a lawsuit against Atozy in response to Atozy last year’s video titled “This YouTuber scams his fans… Bitboy Crypto”. Atozy then raised more than $200,000 for his lawsuit defense, which caused Bitboy to drop his lawsuit.

Roche Freedman LLP, a law firm in the U.S., was recently involved in high-profile lawsuits against Solana Labs, Solana Foundation, and Binance. Cryptoleaks then published a series of leaked videos where Kyle Roche (leader of Roche Freedman LLP) confessed all the lawsuits were maliciously formed to benefit Ava Labs, the company behind the popular altcoin Avalanche (AVAX). Kyle claimed he made a pact with Ava Labs CEO to harm crypto projects that might compete with Avalanche directly or indirectly. This story caught Binance CEO's attention, Changpeng Zhao.

The battle to define which cryptocurrencies are securities and not continues after Grayscale says three major altcoins, ZEN, XLM, and ZEC, all “may currently be a security, based on the facts as they exist today.” Grayscale itself has been questioned by the Securities and Exchange Commission (SEC) in the United States for Grayscale’s analysis regarding securities law related to cryptocurrencies. Cryptocurrencies that are defined as securities in the U.S. may lose their appeal to the broader crypto market due to how strict the securities law is in the country.