TL;DR Breakdown Ripple CLO Stuart Alderoty has criticized the statement made by SEC chair Gary Gensler at the senate hearing. Debate on regulatory oversight of crypto ongoing at the Congress. Description Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, expressed discontent with the recent statements made by the U.S. Securities and Exchange Commission (SEC) Chair, Gary Gensler, during a congressional hearing before the U.S. Senate Appropriations Committee on July 19. Ripple CLO says Gensler is misinterpreting the law In the hearing, Gensler reiterated his stance that certain … Read more Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, expressed discontent with the recent statements made by the U.S. Securities and Exchange Commission (SEC) Chair, Gary Gensler, during a congressional hearing before the U.S. Senate Appropriations Committee on July 19. Ripple CLO says Gensler is misinterpreting the law In the hearing, Gensler reiterated his stance that certain cryptocurrency tokens can be categorized as securities. Alderoty took issue with Gensler’s repeated emphasis on this point, stating that it is outrageous and a misinterpretation of the law, including the Howey test. He questioned the SEC’s…

TL;DR Breakdown Despite a 50% surge in the cryptocurrency market to $1.2 trillion in 2023, the stablecoin sector shrank nearly 8% to a two-year low of $127 billion. Investors, seeking higher returns, may be moving from stablecoins to appreciating cryptocurrencies like Bitcoin and Ether. Several stablecoin issuers faced unique issues this year, pushing some investors to shift to other assets. Description The virtual currency landscape is currently buzzing as most cryptocurrencies enjoy considerable appreciation this year, outshining the usually steady market of stablecoins. The growing appeal of these digital assets is leading to a striking phenomenon – a contraction in the stablecoin market, despite the generally bullish trend in the cryptocurrency sector. Stablecoins: A sinking island … Read more The virtual currency landscape is currently buzzing as most cryptocurrencies enjoy considerable appreciation this year, outshining the usually steady market of stablecoins. The growing appeal of these digital assets is leading to a striking phenomenon – a contraction in the stablecoin market, despite the generally bullish trend in the cryptocurrency sector. Stablecoins: A sinking island in a rising tide Traders typically…

TL;DR Breakdown Celsius Network has reached settlements potentially enabling asset return to customers and bankruptcy conclusion. The settlements address customer fraud claims and disputes between depositors and loan borrowers. Celsius’s reorganization plan proposes returning customer crypto and offering shares in a new entity overseeing bitcoin mining and other assets. Description Celsius Network has reached pivotal settlements that could potentially clear the path for court approval of its plan to return assets to its customers and conclude its bankruptcy, according to court filings on Friday. However, the settlements come after the company, one of the largest crypto firms catering to retail investors, filed for bankruptcy last … Read more Celsius Network has reached pivotal settlements that could potentially clear the path for court approval of its plan to return assets to its customers and conclude its bankruptcy, according to court filings on Friday. However, the settlements come after the company, one of the largest crypto firms catering to retail investors, filed for bankruptcy last year. As per the filings, one of the settlements resolves customer claims over allegations of fraud and…

TL;DR Breakdown OpenAI has announced plans to launch the Android version of its AI chatbot ChatGPT. The company is riding on the success recorded by its iOS application. Description On July 21, OpenAI made an exciting announcement about its plans to release an Android version of the widely popular artificial intelligence (AI) chatbot, ChatGPT. The move comes after the successful release of the app to iOS users back in May, expanding its accessibility to Android users. OpenAI will roll out the Android version soon … Read more On July 21, OpenAI made an exciting announcement about its plans to release an Android version of the widely popular artificial intelligence (AI) chatbot, ChatGPT. The move comes after the successful release of the app to iOS users back in May, expanding its accessibility to Android users. OpenAI will roll out the Android version soon In a tweet, OpenAI revealed its intention to roll out the Android app to users in the coming week and opened preorders on the Google Play Store, allowing interested individuals to register for installation once the app is…

TL;DR Breakdown The United States DOJ has accused ex-FTX CEO of leaking the private diary of the former Alameda Research CEO. Multi-million dollar lawsuit reveals serious allegations against FTX executives. Description The U.S. Department of Justice (DOJ) has raised serious allegations against Sam Bankman-Fried, the former CEO of FTX, accusing him of leaking the private diary of ex-Alameda Research CEO, Caroline Ellison, to the New York Times. The leak resulted in the publication of Ellison’s musings, prompting the DOJ to seek a ban on all out-of-court … Read more The U.S. Department of Justice (DOJ) has raised serious allegations against Sam Bankman-Fried, the former CEO of FTX, accusing him of leaking the private diary of ex-Alameda Research CEO, Caroline Ellison, to the New York Times. The leak resulted in the publication of Ellison’s musings, prompting the DOJ to seek a ban on all out-of-court statements made by witnesses and other parties involved in the case. DOJ claims the move is against the US law In their court filings, the U.S. Attorneys emphasized the significance of Rule 23.1(a), which strictly forbids…

TL;DR Breakdown The SEC has hinted that it could present an appeal in its lawsuit against Ripple Labs over the legality of XRP, a crypto issued by Ripple.  In 2020, the SEC filed suit against XRP on the grounds that it was an unregistered securities.  Ripple just won a court ruling to provide them access to confidential SEC documents and discussions.  If the appeal is successful, it could have far-reaching consequences for the crypto market, regulatory clarity, and the relationship between the crypto industry and regulators. Market analysts point out that the XRP future in the crypto market remains at risk Description The SEC is at it again. The regulatory status of XRP, the crypto released by Ripple, has been the subject of  legal discussions in the crypto community and beyond. The case between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has drawn the crypto community’s attention in a recent development, the SEC suggested … Read more The SEC is at it again. The regulatory status of XRP, the crypto released by Ripple, has been the subject…

TL;DR Breakdown Twitter has announced plans to impose daily limits on Direct Messages (DMs) sent by unverified accounts to reduce spam, sparking backlash from its user base. Critics argue that the move could be a strategy to push users towards Twitter’s subscription service, Twitter Blue, and may lead to increased competition from other social media platforms. Description Twitter, the global social media giant, has recently announced its plan to impose daily limits on the number of Direct Messages (DMs) that unverified accounts can send. The company stated that this move is part of its ongoing efforts to reduce spam in Direct Messages.  The announcement has sparked a wave of reactions from Twitter’s … Read more Twitter, the global social media giant, has recently announced its plan to impose daily limits on the number of Direct Messages (DMs) that unverified accounts can send. The company stated that this move is part of its ongoing efforts to reduce spam in Direct Messages.  We’ll soon be implementing some changes in our effort to reduce spam in Direct Messages. Unverified accounts will have daily…

TL;DR Breakdown McHenry has announced that on Wednesday, July 26, the Committee on Financial Services will meet for markup of legislation The legislation will clarify the digital asset ecosystem and address national security concerns McHenry is looking to end the crypto muddle and make progress in regulation Description The Committee on Financial Services Chairman Patrick McHenry has today announced that on Wednesday, July 26, the Committee on Financial Services will meet for markup of legislation that will clarify the digital asset ecosystem and address national security concerns.  McHenry to spearhead digital asset clarity The Committee on Financial Services legislation session will focus on … Read more The Committee on Financial Services Chairman Patrick McHenry has today announced that on Wednesday, July 26, the Committee on Financial Services will meet for markup of legislation that will clarify the digital asset ecosystem and address national security concerns.  McHenry to spearhead digital asset clarity The Committee on Financial Services legislation session will focus on several key pieces of legislation, headed by McHenry. Rep. GT Thompson (R-PA) proposed the Financial Innovation and Technology for…

TL;DR Breakdown Nigeria’s tax revenue hit a record 5.5 trillion naira ($7 billion) in H1 2023, exceeding targets. Despite economic challenges, the FIRS anticipates better performance in H2 2023. June’s government revenue doubled to 1.9 trillion naira, with funds allocated to offset fuel subsidy removal. Description Nigeria, Africa’s largest economy, has reported a record tax revenue of 5.5 trillion naira ($7 billion) for the first half of the year, exceeding the government’s target of 5.3 trillion naira. However, the Federal Inland Revenue Service (FIRS) attributes this success to improved voluntary tax compliance, enhanced automation of tax administration processes, and robust engagement … Read more Nigeria, Africa’s largest economy, has reported a record tax revenue of 5.5 trillion naira ($7 billion) for the first half of the year, exceeding the government’s target of 5.3 trillion naira. However, the Federal Inland Revenue Service (FIRS) attributes this success to improved voluntary tax compliance, enhanced automation of tax administration processes, and robust engagement with stakeholders across both formal and informal sectors. FIRS Rakes-in Record N5.5 Trillion In Six Months The FIRS has announced a…

TL;DR Breakdown McHenry has announced that on Wednesday, July 26, the Committee on Financial Services will meet for markup of legislation The legislation will clarify the digital asset ecosystem and address national security concerns McHenry is looking to end the crypto muddle and make progress in regulation Description The Committee on Financial Services Chairman Patrick McHenry has today announced that on Wednesday, July 26, the Committee on Financial Services will meet for markup of legislation that will clarify the digital asset ecosystem and address national security concerns.  McHenry to spearhead digital asset clarification in the US The Committee on Financial Services legislation session … Read more The Committee on Financial Services Chairman Patrick McHenry has today announced that on Wednesday, July 26, the Committee on Financial Services will meet for markup of legislation that will clarify the digital asset ecosystem and address national security concerns.  McHenry to spearhead digital asset clarification in the US The Committee on Financial Services legislation session will focus on several key pieces of legislation, headed by McHenry. Rep. GT Thompson (R-PA) proposed the Financial Innovation…