Ripple Celebrates Reduced Fine in Case vs US SEC | Key Points | Aug. 8, 2024
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GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s news recap: XRP is up and here’s why!
Here are the latest crypto news stories in the last 24 hours.
Table of Contents
Market Analysis and Updates 📈
Here are the crypto highlights of the day:
Crypto Price Update
- Bitcoin (BTC): $55,753.08, down 0.9% over the last 24 hours.
- Ethereum (ETH): $2,384.71 down 2.9% over the last 24 hours.
- Solana (SOL): $147.99, up 2.5% vs the previous day.
Trending Coins Update
- XRP: $0.5936, up 20.0% vs the previous day.
- MOG TRUMP: $0.0259, up 148.2% over the last 24 hours.
- PacMoon: $0.0438, up 101.5% vs the previous day.
For the daily price update, check out our post on Facebook.
Feature News: Ripple Celebrates Reduced Fine in Case vs US SEC
Ripple Labs has been ordered to pay a $125 million civil penalty, significantly lower than the SEC’s proposed $2 billion fine.
What’s the significance: According to Ripple’s Brad Garlinghouse, this ruling is seen as a major victory for them, potentially setting a precedent for future web3 regulatory cases and providing clarity for the industry.
By the numbers:
- Initial SEC fine proposal: $2 billion
- Final penalty: $125 million
- XRP price increase: 24% following the ruling
Still: While Ripple is celebrating the reduced fine, the firm is still under a court order to not break U.S. securities laws again, indicating ongoing scrutiny.
Key quote:
“The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company. This is a victory for Ripple, the industry and the rule of law. The SEC’s headwinds against the whole of the XRP community are gone.”
Brad Garlinghouse, CEO, Ripple
What’s next: The U.S. SEC is expected to appeal the decision.
- Finally: Ripple’s legal battle with the U.S. SEC is nearing its end, with the company emerging with clearer regulatory guidelines.
Philippine Crypto News 🇵🇭
- PDAX pledged ₱200k worth of Pax Gold (PAXG) to Olympic champion Carlos Yulo.
- ETH63 shared that the upcoming DevCon SEA 2024 is looking for volunteers.
- Superteam PH announced that the Solana Blockchain Campus Conference is back and will be on October 10-11 in Davao City.
Educational Corner 🎓
As the country further adopts blockchain technology, check out why the Republic of the Philippines chose Venom Foundation to digitize billions of accountable forms.
Check the press release here.
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
- Binance is challenging an $86 million tax showcause notice issued by India’s Directorate General of Goods and Services Tax Intelligence.
- Canadian crypto trading platforms (CTPs) must finalize their membership with the Canadian Investment Regulatory Organization (CIRO) by the upcoming deadline.
- Minister of State for Finance Pankaj Chaudhary stated that India has no immediate plans to regulate cryptocurrency.
- The European Securities and Markets Authority (ESMA) warned national regulators to closely scrutinize non-EU digital asset firms seeking EU authorization under the MiCA regulation.
Community Spotlight 🔦
Meet Yassi Pressman: She is a well-known Filipino-British actress, model, singer, dancer, and television personality.
- She is the new Celebrity Ambassador for the licensed exchange Coins.ph.
- Pressman has been actively involved in the Web3 space through several initiatives.
- She minted a NFTs with Fil-Am Athletes Jordan and Gabe Norwood’s NFT Project.
- She also launched a play-to-earn platform called Players Elite Guild (PEG) as she collaborated with blockchain architect Liezl Pecson.
In 2022, Pressman secured US$2 million in seed funding from the European group Sonla for her web3 startups, Players Elite Guild (PEG) and BrandNation.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- Ark Invest bought 93,797 Coinbase shares worth $17.8 million amid a market slump.
- OKX Ventures and Aptos Foundation launched a $10 million fund named Ankaa to support web3 and crypto startups.
- Sony Bank launched the CONNECT app, allowing users to collect, store, and trade NFTs from Sony’s extensive intellectual property.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- TON’s head of gaming, Inal Kardan, revealed that 20% of Telegram users are now engaging with games, and discussed future plans for Hamster Kombat.
- SKALE Labs Chief Growth Officer Andrew Saunders predicts that many crypto clicker games will see a significant user drop-off once tokens are released and players realize the payouts are minimal.
- Ubisoft is partnering with Arbitrum and Sequence to develop “Captain Laserhawk: the G.A.M.E.,” a Web3 game based on the Netflix series.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!
- World of Consumer Electronics Expo (WOCEE) [TechTalk – Day 3]: August 9, 2024
- Conn3ct: Crypto & Blockchain – Cebu: August 9, 2024
- Hedera Davao Meetup: August 10, 2024
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- Coinbase issued a warning about potential further volatility in the bitcoin and wider crypto market.
- The tech lead of A&A Blockchain Innovation was jailed for five years for his role in a Ponzi scheme that defrauded Singapore investors of S$1.1 million.
- Mox Bank, a virtual bank subsidiary of Standard Chartered in Hong Kong, launched crypto ETF trading.
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This article is published on BitPinas: Ripple Celebrates Reduced Fine in Case vs US SEC | Key Points | Aug. 8, 2024
