This makes it the only crypto asset with regulatory clarity in the USA and is currently only on 1 exchange in the US (uphold). Will be interesting to see where the token goes now that it's not embroiled in the lawsuit.
although this is a trial court decision and there’s a good possibility some of these items will be appealed.
Good possibility?
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Investors are upbeat about Thursday’s ruling, but it’s not a clear-cut victory. The notion that XRP is plainly not a security is wrong, according to Stephen Palley, a partner at Brown Rudnick.
I guess I fail to see how this provides clarity or confidence. It looks like a lot of uncertainty to me.
I guess I fail to see how this provides clarity or confidence. It looks like a lot of uncertainty to me.
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July 13 (Reuters) - Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges, a U.S. judge ruled on Thursday, delivering a landmark legal victory for the cryptocurrency industry that sent the value of XRP soaring.
XRP was up 25% after the ruling, according to Refinitiv Eikon data.
But the ruling was also a partial win for the U.S. Securities and Exchange Commission, which has brought scores of cases against crypto developers, although Ripple Labs is by the far the largest to be decided by a judge. U.S. District Judge Analisa Torres ruled that Ripple violated federal securities law by selling the cryptocurrency XRP directly to sophisticated investors.
While there are a few facets to the case and not all of them went in Ripple's favour, the big one was the sale of XRP on exchanges. Ripple did lose on their fair notice defence which will take that tool out of the box for anyone else the SEC decides to go after.
So really while it was a split decision Ripple got the part they wanted, an outright admission that XRP is not a security when sold on exchanges.
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Federal prosecutors unveiled seven charges against former Celsius CEO Alex Mashinsky and a key executive, Roni Cohen-Pavon, alleging fraud and securities manipulation.
The FTC also announced a $4.7 billion settlement against the exchange, which will not be paid until creditors and investors have been repaid in bankruptcy proceedings.
Was sent by one of the groups I work with to ETHCC and Modular in Paris this last week or so, and I'd say the general sentiment is Cautiously Optimistic.
Lots of infrastructure building, not a lot of bull####.
Seems the general concept of "build it for normal people" is finally starting to gain traction.
A husband and wife cyber-crime team have pleaded guilty to trying to launder $4.5bn (£3.5bn) of Bitcoin that he had stolen in a hack in 2016.
In court documents, prosecutors say they uncovered communication records that indicate Morgan and Lichtenstein were planning to flee the US for Russia - his country of birth.
‘Bored Apes’ investors sue Sotheby’s, Paris Hilton and others as NFT prices collapse
The four named plaintiffs in the class action lawsuit allege that the auction house “misleadingly promoted” the NFTs and colluded with creator Yuga Labs to artificially inflate their prices.
Sotheby’s is among 30 defendants named in the lawsuit, with celebrities like Justin Bieber and Paris Hilton also accused of promoting the NFT collection without disclosing their financial links to it.
Crypto payments company MoonPay is meanwhile also accused of market manipulation. The lawsuit says that Yuga Labs used MoonPay to “discreetly pay their celebrity cohorts” and make interest in the NFTs “appear to be organic” rather than the result of a paid promotion.
The lawsuit comes as huge swaths of the digital asset space — which includes NFTs and the cryptocurrencies usually used to buy them — are going bust after a pandemic-driven boom. It is one of several cryptocurrency-related cases brought to court in recent months.
Bored Ape Yacht Club was a major beneficiary of the celebrity hype, that helped attract new consumers to crypto — an industry rife with manipulation and fraud, and one that US regulators are now more closely scrutinizing in the wake of the collapse of crypto exchange FTX.
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Location: In a land without pants, or war, or want. But mostly we care about the pants.
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I can't remember and don't care to search back, but was there anyone here who believed the NFT hype machine? I don't think there was, as that was a step too far even for the rabid cryptokids to take, but I might be wrong.
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Better educated sadness than oblivious joy.
If the dude who bought the NFT of Jack Dorsey’s first tweet wasn’t enough of a cautionary tale for these NFT bandwagon jumpers, I don’t know what else to say. You can’t own electrons.
Location: In a land without pants, or war, or want. But mostly we care about the pants.
Exp:
Quote:
Originally Posted by Wormius
If the dude who bought the NFT of Jack Dorsey’s first tweet wasn’t enough of a cautionary tale for these NFT bandwagon jumpers, I don’t know what else to say. You can’t own electrons.
True, but I hope the lawsuit succeeds, not because I think those investors were other than willfully ignorant, but because it would have a chilling effect on "celebrities" lending their names to dubious investment vehicles in return for money. Knowingly abetting the fleecing of the ignorant is a time-honoured tradition of grifters and grifter-adjacent dirtbags that is insufficiently and infrequently punished.
Endorse cereal, athletic shoes, and energy drinks, not scams seeking to bankrupt the financially illiterate.
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Better educated sadness than oblivious joy.
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True, but I hope the lawsuit succeeds, not because I think those investors were other than willfully ignorant, but because it would have a chilling effect on "celebrities" lending their names to dubious investment vehicles in return for money. Knowingly abetting the fleecing of the ignorant is a time-honoured tradition of grifters and grifter-adjacent dirtbags that is insufficiently and infrequently punished.
Endorse cereal, athletic shoes, and energy drinks, not scams seeking to bankrupt the financially illiterate.
Hmm. I kind of disagree. I think this safety net of litigation is wrong. People won’t learn and they’ll continue to engage in super risky, purely speculative “investments”. Maybe so as not to ruin anybody’s life, they should accept a repayment of 75% and a lesson learned.
I think Jammies is saying if celebrities have to start being accountable for the words they say in endorsements, we'll have fewer rubes being swindled by Matt Damon, and more by My Pillow Guy.
During the crypto boom of 2021, Riot Platforms
was raking in cash from bitcoin mining. Now the company is losing so much money that it’s counting on energy credits from selling power back to the Texas grid to keep its costs under control.
Riot said on Wednesday that it earned $31.7 million in energy credits last month from Texas power grid operator ERCOT. The company generated the credits by voluntarily curtailing its energy consumption during a record-breaking heatwave.
The total value of the credits dwarfed the 333 bitcoin the company mined in August, worth about $8.9 million dollars as of the end of the month.
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Originally Posted by New Era
This individual is not affluent and more of a member of that shrinking middle class. It is likely the individual does not have a high paying job, is limited on benefits, and has to make due with those benefits provided by employer.
