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Today in crypto, a Polymarket pool on the outcome of a potential mineral deal between the United States and Ukraine sparked a backlash as a whale-controlled vote settled it incorrectly, the US Securities and Exchange Commission (SEC) will host another four crypto roundtables, and Ripple and the SEC reached a final agreement to end four years of litigation.

Polymarket faces scrutiny over $7 million Ukraine mineral deal bet

Polymarket, the world’s largest decentralized prediction market, is under fire after a controversial outcome raised concerns over potential governance manipulation in a high-stakes political bet.

A betting market on the platform asked whether US President Donald Trump would accept a rare earth mineral deal with Ukraine before April. Despite no such event occurring, the market was settled as “Yes,” triggering a backlash from users and industry observers.

This may point to a “governance attack” in which a whale from the UMA Protocol “used his voting power to manipulate the oracle, allowing the market to settle false results and successfully profit,” according to crypto threat researcher Vladimir S.

“The tycoon cast 5 million tokens through three accounts, accounting for 25% of the total votes. Polymarket is committed to preventing this from happening again,” he wrote in a March 26 X post.

Source: Vladimir S.

Polymarket employs UMA Protocol’s blockchain oracles for external data to settle market outcomes and verify real-world events.

Polymarket data shows the market amassed more than $7 million in trading volume before settling on March 25.

Ukraine/US mineral deal betting pool on Polymarket. Source: Polymarket

SEC plans four more crypto roundtables

The US Securities and Exchange Commission said on March 25 that it will host four more crypto roundtables focusing on crypto trading, custody, tokenization and decentralized finance (DeFi) after hosting its first crypto roundtable on March 21.

The roundtables were organized by the agency’s Crypto Task Force and will kick off with a discussion on tailoring regulation for crypto trading on April 11.

A series of four crypto roundtable discussions are scheduled from April through to June. Source: SEC

The specific agenda and speakers for each roundtable have yet to be disclosed, but a roundtable on crypto custody will follow on April 25, with another to discuss tokenization and moving assets onchain on May 12. The fourth roundtable in the series will discuss DeFi on June 6.

“The Crypto Task Force roundtables are an opportunity for us to hear a lively discussion among experts about what the regulatory issues are and what the Commission can do to solve them,” said SEC Commissioner Hester Peirce, the task force lead.

Ripple will drop cross-appeal in SEC case, get refund from lower court ruling

Blockchain firm Ripple Labs’ case with the SEC may be officially wrapped up after more than four years, subject to court approval.

In a March 25 X post, Ripple Chief Legal Officer Stuart Alderoty wrote, in ”what should be my last update on SEC v. Ripple ever,” that Ripple will drop its cross-appeal against the SEC in the US Court of Appeals for the Second Circuit. An August 2024 judgment from the US District Court for the Southern District of New York finding Ripple liable for $125 million will essentially stand, but the SEC will keep only $50 million of the amount in escrow. The remaining balance will be returned to Ripple.

“The agency will also ask the Court to lift the standard injunction that was imposed earlier at the SEC’s request,” wrote Alderoty. “All subject to Commission vote, drafting of final documents and usual court processes.”

Source: Stuart Alderoty

Alderoty’s announcement came less than a week after Ripple CEO Brad Garlinghouse said the SEC would drop its appeal over the August 2024 judgment. At the time of publication, neither the SEC nor Ripple appeared to have made any filing in the Second Circuit since Jan. 31 or in SDNY since October.

The Ripple CLO told Cointelegraph on March 11 that both the SEC and blockchain firm agreeing to drop their respective appeal and cross-appeal would allow the lower court’s $125-million judgment to stand. However, both parties could go “hand-in-hand” to SDNY Judge Analisa Torress to request a modification of the judgment.

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