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Philipp Petkevitch
@petkevitch
What happened in the crypto industry last week (Aug 5 - 11)?
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Philipp Petkevitch
@petkevitch
1/ On August 7, 2024, Judge Torres issued a ruling in the SEC vs. Ripple Labs case, ordering the company to pay a $125 million fine and prohibiting further violations of industry laws. The ruling specifically addressed institutional sales of XRP. Previously, the judge had ruled that retail transactions involving the token did not violate securities laws. https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.974.0_1.pdf https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.874.0_2.pdf
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Philipp Petkevitch
@petkevitch
2/ The SEC has asked the court to dismiss Coinbase's request for case materials, including the personal correspondence of Chair Gary Gensler. The regulator stated that it has already provided the exchange with 240,000 documents and processing an additional 3 million documents would be a "waste of time." https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.150.0.pdf
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Philipp Petkevitch
@petkevitch
3/ US Congress members have called on the CFTC to ban political betting, arguing that it could influence the outcome of the US presidential election. Following this news, betting volume on Polymarket regarding the victory of one of the candidates exceeded $500 million. Coinbase later criticized the initiative to ban political event betting in the US, and companies like Gemini and Crypto.com also expressed their disagreement. https://www.merkley.senate.gov/wp-content/uploads/CFTC-Letter-FINAL.pdf https://assets.ctfassets.net/c5bd0wqjc7v0/3VBBjJzqNCvm1h0j7FyNqF/032dded059cf6532f2d51837a054bad6/2024.08.08._CFTC_Event_Contracts__RIN_3038_AF14_.docx.pdf https://x.com/cameron/status/1822119376482685020
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