This Month in Crypto: XRP Achieves a Victory Against the SEC

Ripple’s Legal Win Boosts Crypto Market Sentiment

In a recent landmark court ruling on July 13, 2023, Ripple Labs achieved a significant victory in its legal battle against the SEC over its XRP token. The court ruled in favour of Ripple, stating that the company did not violate securities law when selling XRP on public exchanges. As a result, the value of XRP soared, sparking optimism within the crypto industry.

This resounding win marks a momentous milestone for the entire crypto industry, signalling that crypto companies can successfully defend themselves in legal disputes with regulatory authorities. It bolsters confidence among investors and industry players, paving the way for a more favourable regulatory environment.

However, the court’s ruling also brought some mixed outcomes. It was determined that Ripple did break securities laws by offering XRP to institutional buyers, resulting in a partial victory for the SEC. Despite this, the crypto market remains buoyed by the positive aspect of the decision.

This ruling may have broader implications for how cryptocurrencies and digital assets are regulated. While the specific circumstances of Ripple’s case were unique, it could set a positive precedent for other crypto firms facing similar regulatory challenges. The crypto industry can take this opportunity to push for clearer guidelines and a comprehensive regulatory framework, promoting mainstream adoption and greater institutional engagement.

Monochrome Asset Management Files for Bitcoin ETF on ASX, Paving the Way for Regulated Crypto Investments

Australian crypto investment firm Monochrome Asset Management has partnered with Vasco Trustees to file an updated application for a spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX). The proposed Monochrome Bitcoin ETF aims to provide retail Australian investors with regulated exposure to Bitcoin, allowing them to invest in the cryptocurrency within a structured and protected regulatory environment. Monochrome’s CEO, Jeff Yew, believes that the ETF’s launch will signify the end of the unregulated era in crypto investments and offer investors a safer alternative to unregulated exchanges.

The application comes amid growing interest in spot Bitcoin ETFs globally, with major financial firms like Fidelity, Invesco, Wisdom Tree, Valkyrie, and BlackRock filing for similar products in the United States. Monochrome’s Responsible Entity partner, Vasco, is authorized to offer regulated exposure to crypto-assets under an Australian Financial Services License, further enhancing the ETF’s credibility. The move is seen as a positive step in establishing Queensland as a specialized financial services hub for crypto-assets.

National Australia Bank Joins Crypto Exchange Boycott Citing Scams, Amid Growing Crypto Debanking Concerns

National Australia Bank (NAB) recently announced its decision to block certain cryptocurrency exchanges due to the high risk of scams. As part of its “bank-wide scam strategy,” NAB is taking measures to protect its customers from fraud. This move follows the steps of other Australian banks, such as Westpac and Commonwealth Bank. NAB’s decision aligns with broader industry efforts to reduce scam-related crypto payments.

Amidst a wave of banks imposing restrictions on crypto exchanges to counter scams, the Australian government is cautiously considering the consequences of “crypto debanking,” as it fears that such actions could drive the cryptocurrency industry underground. Blockchain Australia’s new CEO, Simon Callaghan, is urging collaboration between banks, the government, and the crypto industry to combat the rising cryptocurrency scams.

More news stories circulating the block:

• Ethereum Celebrates its 8th Birthday
• Australian Regulator Revokes License of FTX’s Local Entity
• ASX Explores Listing Tokenized Real-World Assets
• Nasdaq Puts Crypto Custody Service on Hold Amid U.S. Regulations
• Former SEC chair mentioned Bitcoin ETF may be hard to deny if efficacy is proven
• Worldcoin, a Biometrics-based Crypto, Launched by Sam Altman, the CEO of OpenAI
• Over $31 Million Stolen as Alphapo Hot Wallets Get Hacked
• On-Chain Data Reveals U.S. Government Moved $300M of Silk Road-Linked BTC

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