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The SEC is racing toward an appeal in the Ripple case + more
Everyone else in crypto, meanwhile, is racing hamsters.
GM! This week: the SEC signals that an appeal in its case against Ripple could be on the way as House Republicans introduce a new crypto bill. Though no one in crypto noticed because apparently everyone was too busy… betting on racing hamsters? Here’s everything you need to know in crypto this week.
Listen to Coinage host Zack Guzman discuss these stories and more with Fox Business reporter Eleanor Terrett here.
In SEC v. Ripple…
The SEC has signaled its intent to appeal the decision U.S. District Judge Analisa Torres made in the agency’s case against Ripple Labs, which was widely seen as a mixed but major victory for the crypto industry. In a twist, its case against Do Kwon may provide insight into its appeal.
“Respectfully, those portions of Ripple were wrongly decided, and this Court should not follow them,” SEC lawyers argued in a Friday docket for Judge Jed Rakoff, in the U.S. District Court for the Southern District of New York.
In other words, the SEC is far from waving the white flag on its crypto warpath.
In House legislation…
House Republicans last week introduced their latest version of draft crypto industry oversight legislation. Some early critics have pointed out that there are still problematic clauses; one new provision may exclude certain tokens used in DeFi staking protocols from being considered “digital assets.” Also, House Agriculture Committee Democrats still view the bill as too favorable towards the crypto industry.
As the crypto industry — and the wider world — awaits Sam Bankman-Fried’s upcoming trial which will commence, barring any last-minute plea deals, on October 2nd, SBF may be trying to shape the narrative himself.
Last week, the New York Times published excerpts from diary entries that former Alameda Research CEO Caroline Ellison wrote at the time of FTX’s collapse. The diaries paint a portrait of a reluctant leader in over her head, but lack any smoking guns one way or another.
As the Department of Justice alleged last week, SBF was the one who leaked the documents to the Times. The agency is summoning him to court on Wednesday for a hearing that may change his bail provisions. Through lawyers, he has denied any wrongdoing.
You’re probably hearing a lot about Worldcoin today — the project co-founded by OpenAI’s Sam Altman just launched their token and it’s already one of the most valuable cryptocurrency networks in the world. But what is Worldcoin, and why are they demanding that they scan the eyes of every single person on the planet? Lucky for you, we answered all of those questions in a Coinage video, which you can watch below.
We’re also speaking with Tiago Sada, Head of Product for Worldcoin, live on Twitter Spaces tomorrow — be sure to RSVP so you don’t miss it!
In Other Headlines…
Crypto finds its killer app: Hamster racing for degens
Did You Miss Out on Hamster Races, Anon? HAMS Token Jumps 783%
Some Binance.US Crypto Trading Was a Mirage, the SEC Alleges
Alphapo hot wallets drained for $23 million, HypeDrop disables withdrawals
Celsius Network Reaches Key Settlements to Resolve Litigation
Craig Wright Will Be Able to Fight Bitcoin Copyright Claim in UK After Winning Appeal
Archblock CEO ousted during talks to sell TrueUSD to Justin Sun, lawsuit says
Bloomberg: Wall Street Is Grappling With Crypto’s Trillion-Dollar Custody Question
DLNews: Uniswap Asia lured Chinese investors with parties, dancers, and an airdrop — it was all fake
That’s everything we’re taking a look at this week!
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