• Judge Rakoff’s ruling allows the SEC to proceed in its case against Terraform Labs.
• Ripple Chief Legal Officer Stuart Alderoty says the ruling does not change XRP’s security status.
• Tether reports Bitcoin reserves up by $170M alongside 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 a sale of securities.
Ripple Comments on Ruling
Ripple Chief legal officer Stuart Alderoty has poured cold water on notions that the ruling in the Securities and Exchange Commission (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.“
Tether Reports Bitcoin Reserves Up By $170M
Tether reported that their Bitcoin reserves have increased by $170 million alongside a drawdown in their precious metals allocation. This increase is likely attributed to an influx of new users as well as institutional investors taking advantage of market conditions caused by recent events such as pandemic-related volatility and central banks easing monetary policy.
Digital Currency Group Nearing Settlement With Genesis Creditors
Digital Currency Group (DCG), one of the largest venture capital firms focused on digital assets, is reportedly nearing a settlement with creditors of its subsidiary Genesis Trading LLC amidst allegations of misappropriation of funds and breach of fiduciary duty from 2017-2019. DCG reported Q2 revenue totaling $216 million during this period, while increasing its cash holdings significantly over that time frame. The company also recently appointed former Goldman Sachs executive Paul Salerno as chief financial officer to help guide them through these claims and other operational matters going forward.
German Privacy Watchdog Investigating Worldcoin
The German privacy watchdog has been investigating Worldcoin for potential violations since November 2022, citing concerns about how user data was being handled and stored without user consent or proper disclosure from cryptocurrency exchanges offering it for trading. This investigation highlights how governments are increasingly looking into digital assets and could potentially lead to more stringent regulations across Europe if violations are found or deemed necessary by authorities there.