Following the Ripple trial ruling, XRP relisted on Coinbase, Polygon MATIC rebranded to POL | Summary of important bulletins on the morning of the 14th

Summary of important breaking news on the morning of the 14th

This is a summary of notable news related to virtual currency until the morning of Japan time.

Partial court ruling on XRP Coinbase relisted (Attention: ★★★★☆)

A partial judgment on XRP has ruled that direct sales on cryptocurrency exchanges (Ripple’s programmatic sales) do not constitute securities.

However, Ripple’s XRP sales to institutional investors are considered unregistered securities. The ruling was not complete, and a federal judge’s refusal to finally resolve all issues in the case led to a move to trial court.

Adam Cochran, an expert, said that programmatic sales does not meet the third condition of the Howey test, and selling to users through exchanges does not fall under investment contracts, and must be done through methods such as ICOs and IEOs. I commented that I would not be caught.

2/5

But, that the programmatic sale on exchanges didn’t meet third prong of Howey.

So sales to users via exchanges was fine, as long as it was through orderbook and not ICO/IEO/Launchpad like things. pic.twitter.com/MQjVKVhMP8

—Adam Cochran (adamscochran.eth) (@adamscochran) July 13, 2023

In response to this result, US Coinbase has relisted XRP. We decided to offer three currency pairs: XRP-USD, XRP-USDT, and XRP-EUR. Coinbase has stopped trading XRP since January 2021.

Coinbase will re-enable trading for XRP (XRP) on the XRP network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset remain available on @Coinbase & @CoinbaseExch in the regions where trading is supported.

—Coinbase Assets (@CoinbaseAssets) July 13, 2023

XRP’s partial victory was well received by the market, and the price of XRP soared to about 70% higher than the previous day.

Source: Binance

Stocks mentioned in the SEC’s Coinbase and Binance lawsuits, such as SOL, ADA, and MATIC, also rose.

XRP impact expansion 72% increase, 12 stocks with more than 10% increase.
ETH rose 6% BTC rose 3%. pic.twitter.com/loThaQO8T3

— Tasuku @WebX/Flutter/Firebase (@bF_TASK) July 13, 2023

connection: Summary of the “Ripple trial” filed by the US SEC (December 2020-April 23)

Rebranding to Polygon MATIC POL (Attention: ★★★☆☆)

Polygon has announced a rebranding proposal for the MATIC token as part of Polygon 2.0.

1/ Today, the next technical proposal of Polygon 2.0 is unveiled:

POL, the upgraded token of the Polygon protocol!

POL is the next generation native token, designed to secure, align and grow the Polygon ecosystem.

Watch the video to get an idea how cool it is, then pic.twitter.com/Gn7KcHpWEY

— Polygon (Labs) (@0xPolygonLabs) July 13, 2023

If the proposal is approved by the community, MATIC will change to a new ticker symbol, POL.

The expansion of use cases for POL tokens was also proposed. Operates as the native token of Porygon PoS, Porygon zkEVM, and Supernet, enabling and rewarding validator staking across the ecosystem.

Also, MATIC will be converted to POL 1:1, and the total number of tokens issued will be the same as MATIC.

On the other hand, since Polygon’s POL growth roadmap includes a description about prices such as “an average POL price of $5 in 10 years”, some have pointed out that there is a risk of being caught in securities.

connection: New development plan “Polygon 2.0” announced, layer 2 network utilizing ZK technology

Bitcoin futures listed for the first time in Argentina (Attention: ★★★☆☆)

Argentina’s first bitcoin index-backed futures went public on Wednesday. Management by qualified investors becomes possible.

The futures are based on the Bitcoin index provided by the country’s stock exchange, Matba Rofex, and are traded in Argentine pesos. The futures were approved by the Argentine National Securities Commission (CNV) in April this year.

SEC, CFTC, etc. sued the former CEO of Celsius (Attention: ★★★☆☆)

Former CEO of Celsius, Alex Mashinsky, was arrested in New York yesterday and has been sued by the SEC, CFTC, and FTC for securities fraud and other allegations.

In the complaint, the SEC ordered Mashinsky to prohibit him from buying, offering, or selling cryptocurrencies, and to make any illegal gains in the form of profits of any kind derived from the alleged unlawful conduct, as described in the complaint. and to pay civil penalties as determined by the court.

Celsius, a cryptocurrency lending service, went bankrupt last summer, severely damaging the cryptocurrency market.

connection: Monek Script Bank Announces Rating Evaluation Model for Crypto Assets

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