XRP brings back volatility to the crypto market, which had been dormant and unresponsive even in the face of recent inflation figures. The results of American tech companies like Tesla, a holder of Bitcoin, will give us something to ponder this week. While the Nasdaq is reaching new year-over-year highs thanks to the AI bubble, the earnings reports of Alphabet and Microsoft will be closely watched.
What better occasion than ETHcc for our final newsletter before our summer break? We will return with a new format for back to school !
End of story ?
In a crucial development, Ripple has scored a partial win in its ongoing lawsuit against the US Securities and Exchange Commission (SEC). The presiding federal judge ruled that Ripple's sales of its XRP token to institutional investors did not breach securities regulations. Nevertheless, the question remains if sales to non-institutional customers would fall under the same ruling, necessitating further trial proceedings.
This decision brings significant relief to Ripple by negating the SEC's charges of selling unregistered securities. It also aids in defining the legal contours of the XRP token. As the news broke, XRP's value soared over 70%, encouraging major exchanges such as Coinbase and Kraken to re-embrace the token.
Views on the ruling vary among industry pundits. Some hail it as a significant stride for Ripple and the broader crypto ecosystem, while others see it as a moderate win, cautioning that the SEC's case isn't entirely off the table.
This ruling carries weighty implications for the crypto market at large. Coinbase's move to relist XRP is anticipated to boost trading volumes and buoy XRP's price. Moreover, other exchanges might follow Coinbase's lead, renewing interest in the XRP token and the cryptocurrency realm at large. It's safe to say that this verdict's ripple effect will continue to be felt across the industry.
Paris on fire
ETHcc this week in the City of Light brings us exciting announcements about the crypto ecosystem. Chainlink has introduced its Cross Chain Interoperability Protocol (CCIP) to enable communication and asset transfer between different blockchains. Synthetix has early access, and a testnet will be available to all developers on July 20. CCIP uses Chainlink's oracle network and aims to connect traditional finance with DeFi. It supports token transfers and includes an Active Risk Management (ARM) network to detect and protect against malicious activity. Swift and several major banks plan to utilize CCIP to tokenize real-world assets. The protocol seeks to enhance blockchain interoperability and foster collaboration between DeFi and traditional finance.
While Mark Zuckerberg is stuck in Web2 trying to copy Twitter, Lens Protocol, the Twitter of Web3, announced its V2 at ETHcc. Lens Protocol is preparing to launch the next iteration of its Web3 social platform, Lens V2. The update includes features like Open Actions for executing smart contract actions within Lens apps and connectivity with other networks and platforms. Lens profiles gain enhanced control over relationships and the ability to block other profiles on-chain. Existing Lens profiles can migrate to V2, and a waitlist for access has been opened. This announcement follows the previous release of Momoka, which aimed to improve transaction speed and cost efficiency.
The Fipto Research Team