• Judge Rakoff of the SEC has allowed the SEC to proceed in its case against Terraform Labs, disagreeing with the ruling that XRP is not a security.
• Ripple Chief Legal Officer Stuart Alderoty argues that this ruling does not change anything about XRP’s status.
• Tether reports an increase in Bitcoin reserves alongside a drawdown in precious metals allocation.
Judge Rakoff’s Ruling
On July 31, Judge Jed Rakoff’s allowed the SEC to proceed in its case against Terra after disagreeing with Judge Analisa Torres’s ruling on XRP’s security status when sold to the public via secondary markets. In her ruling, Judge Torres argued that the programmatic sales of XRP did not constitute an investment contract and thus was not a security.
Ripple Chief Legal Officer Responds
Ripple Chief legal officer Stuart Alderoty has poured cold water on notions that the ruling in the Securities and Exchange Commission’s (SEC) case against Terraform Labs would impact XRP’s status. “The ruling in the Terra case changes NOTHING about the Ripple ruling that XRP is not a security.”
Digital Currency Group Nearing Settlement
Digital Currency Group is reportedly nearing settlement with Genesis creditors and reporting $216M Q2 revenue as its new CFO takes helm. German privacy watchdog has been investigating Worldcoin since November 2022 as well.
Tether Reports Increase In Bitcoin Reserves
Tether reports an increase in Bitcoin reserves by $170M alongside drawdown in precious metals allocation. This comes after video of Richard Heart publicly disparaging SEC resurfaced as securities fraud case moved forward and Coinbase distanced itself from CEO Brian Armstrong’s comments on SEC investigation.
Ripple Legal Chief Comments On Terra Ruling
Ripple legal chief says Terra ruling does not change XRP’s status despite federal judge disagreeing with it further muddying up crypto regulation scene.