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What’s in today’s cooler:
Market Monday Update
Ripple Wins Lawsuit Against SEC
Coinbase Pauses Staking Services in 4 States
More On Tap News
Market Monday Update
Market Price - Monday 8:00 am PST
Ripple Wins Lawsuit Against SEC
You may or may not have heard of the ongoing lawsuit between Ripple and the SEC.
On July 13, 2023, Ripple Labs, a cryptocurrency-based software company won its legal battle against the US Security and Exchange Commission (SEC).
For some background, in 2020 the SEC alleged that Ripple, a blockchain developer and creator of the XRP crypto token, raised over $1.4 billion in 2013 by selling an “unregistered security” to investors.
The basic overview for why the SEC was suing Ripple:
When Ripple launched in 2013 and sold XRP, they sold it to companies and big investors. Selling it like an investment without following the proper rules and broke the Securities Law. When Ripple began to sell XRP through websites and exchanges to average investors they were fine. The two head people at Ripple thought XRP fell under other rules and regulations.
Although they didn’t win every side of the table.
The court ruled that the way Ripple initially sold XRP to big investors and companies were still in violation of the law. Also, the way Ripple used the money they received when selling XRP. They promoted and were increasing the value of XRP.
Although this was a long case and both the crypto side and legal side are trying to understand if crypto is a security or a commodity and where it lies as it is so new to the world.
Coinbase Pauses Staking Services in 4 States
Coinbase, one of the top US-based exchange platforms, has paused its staking services in four states in response to the SEC.
On Friday July 14, the four states will have retail staking services suspended, California, New Jersey, South Carolina, and Wisconsin.
We Strongly disagree with any allegation that our staking services are securities. But we will fully comply with the preliminary state orders where required, even though that comes before we’ve had an opportunity to defend ourselves.
One thing to note; Cryptocurrencies that were staked before the issuance of these orders will remain unaffected by the temporary suspension.
On Tap News
New Web3 Decentralized Freelancing Platform - DeeLance raises $1.5 Million
SEC Acknowledges All the Spot Bitcoin ETF Applications - Who will be the first to get one?
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Disclaimer: The information shared in this newsletter is for informational purposes only and should not be considered financial advice. It is crucial to conduct independent research and consult with a financial advisor before making any investment decisions.o
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