XRP Needs a Superman Cape

XRP Needs a Superman Cape

Hello there!

XRP is currently the 4th largest crypto—for those who have been tracking their XRP holdings with Coinigy; lucky you 😉

But there are some caveats to this celebration though; it's not a complete win and we’ve covered why in this week’s new roundup.

  • Judge rules XRP is not a security in SEC's case against Ripple
  • Celsius Network fined $4.7B by FTC, and CEO arrested under criminal fraud charges
  • First Bitcoin futures contract debuts in Argentina
  • US government moves nearly 10K Bitcoin worth over $300M related to Silk Road seizure

Judge rules XRP is not a security in SEC's case against Ripple

Ripple Labs scored a victory in a district court in New York on July 13, with Judge Analisa Torres ruling partially in favor of the company in a case brought forth by the U.S. Securities and Exchange Commission (SEC) dating back to 2020. According to court documents, Judge Torres granted summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security, but only in regard to programmatic sales on digital asset exchanges. Despite the positive outcome, several lawyers warned against celebrating too soon. Here’s the complete story.

Celsius Network fined $4.7B by FTC, and CEO arrested under criminal fraud charges

The Federal Trade Commission (FTC) permanently banned bankrupt lender Celsius (CEL) Network “from offering, marketing, or promoting any product or service that could be used to deposit, exchange, invest, or withdraw any assets,” according to a July 13 statement.

The regulator further stated that it agreed to a $4.7 billion fine with the bankrupt crypto company. However, the fine would be “suspended to permit Celsius to return its remaining assets to consumers in bankruptcy proceedings.” Read the complete story.

First Bitcoin futures contract debuts in Argentina

Argentina’s first bitcoin (BTC) index-based futures contract went live on Thursday, giving qualified investors exposure to crypto in a manner regulated by the local authority.

The product is based on a bitcoin index powered by Matba Rofex, the Argentinian stock exchange that published the contract's regulations and trading guide in a statement released on Thursday. Read the full story.

A cryptocurrency wallet associated with the United States Department of Justice (DOJ) moved approximately 9,825.25 Bitcoin worth around $299 million in a series of transactions on July 12.

It’s unclear at this time whether the transactions, which appear to have ultimately propagated to at least 101 new wallets, were sent to exchange addresses for sale or remain in the custody of the Justice Department. Here’s the complete story.

Other Highlights Worth Mentioning

  • Prediction of the week. Can XRP price hit $1? Watch these levels next - Cointelegraph
  • Bitcoin defends $30K as ‘risk-off’ mood grips markets - Blockworks
  • Recently Exploited Crypto Bridge Shuts, Says China Detained CEO and His Sister - CoinDeskAlgorand decentralized lending protocol Algofi to shut down by end of year - Unchained Crypto