Last night's important news: Latest developments in the Ripple vs. SEC lawsuit; "hawkish" Fed chief to resign.
Yesterday evening, Bitcoin broke through $31,000 and Ethereum rose above $2,000. The market sentiment has undergone significant changes due to the influence of multiple factors. BlockBeats has compiled and summarized the news from last night to this morning as follows:
Ripple and SEC lawsuit briefly won; but court supports some of SEC's views
On the evening of July 13th, according to market news, Ripple won the judgment that XRP is not a security. However, the SEC responded to the court's ruling that XRP is not a security to Fox News. The SEC stated that it is satisfied with some of the rulings, but will still review the court's final decision. The following is the translation of the SEC's response: "We are satisfied with the court's ruling that Ripple provided and sold XRP tokens in the form of investment contracts that violated securities laws in certain circumstances. The court agreed with the Securities and Exchange Commission's (SEC) view that the Howey test determined the securities analysis of cryptocurrency transactions, and rejected Ripple's self-made test for what constitutes an investment contract, emphasizing that Howey and subsequent cases have ruled that various tangible and intangible assets can be the subject of investment contracts. In addition, the court rejected Ripple's fair notice argument, pointing out that the Howey test is clear and claiming ignorance cannot be a defense against violating securities laws. We will continue to review the court's decision. As a result of this news, XRP briefly surpassed $0.9, with a 24-hour increase of 92.89%."
Coinbase will resume XRP trading on the XRP network
According to official sources, the XRP-USD trading pair is now in full trading mode on Coinbase, Coinbase Pro, and Advanced Trade. Limit, market, and stop orders are all now available.
Bitwise Bitcoin ETF application approved by US SEC
Federal Reserve "hawk" Brad to resign on August 14th
On July 14th, James Bullard, the President of the St. Louis Federal Reserve, resigned and will become the Dean of the Krannert School of Management at Purdue University. The St. Louis Federal Reserve Bank released a statement on Thursday stating that Bullard stepped down as President of the bank on Thursday and will leave the Federal Reserve completely on August 14th to become the Dean of the Krannert School of Management at Purdue University.
Federal Reserve's Daly: Expects to Raise Interest Rates One or Two Times
On July 13th, Fed's Daly stated that it is too early to declare that the inflation issue has been resolved. Sufficient measures must be taken to raise interest rates to a sufficiently tight level. Currently, the Fed expects to raise interest rates once or twice. Two rate hikes are still a reasonable expectation for this year, but there may also be risks of insufficient rate hikes or excessive tightening.
Celsius former CEO accused of fraud, Celsius operated as a high-risk investment fund
The US SEC, Department of Justice, CFTC, and FTC have all filed lawsuits against Celsius and its former CEO Mashinsky. According to the charges filed by the United States of America in the Southern District of New York federal court, the US federal government has filed a lawsuit against Alexander Mashinsky, the former CEO of Celsius Network, and Celsius CRO Roni Cohen-Pavon. Mashinsky organized a fraudulent scheme to deceive Celsius customers and personally profit by manipulating the price of Celsius' proprietary token, CEL. Mashinsky and Cohen-Pavon took advantage of the opportunity to artificially raise the price of CEL and sold their own holdings of CEL for substantial profits. Mashinsky personally earned approximately $42 million from the sale of CEL, while Cohen-Pavon earned at least $3.6 million from the sale of CEL. Mashinsky made false and misleading public statements about his own CEL sales, claiming that he did not sell CEL, when in fact he was profiting from the price manipulation he had orchestrated. Celsius has been banned from trading by the US Federal Trade Commission (FTC) and fined $4.7 billion, and Celsius and its affiliates have agreed to the judgment. Currently, former Celsius CEO Alexander Mashinsky has not agreed to a settlement.
Lens launches new invitation system test, users can check if they have invitation qualifications
On July 14th, according to official sources, Twitter launched a creator ad revenue sharing program and is actively expanding creator monetization services, including providing ad revenue sharing for creators.
According to the announcement, creators can receive a share of ad revenue from replies to their posts. Twitter will roll out the program more widely later this month, and all eligible creators can apply.
The POL whitepaper shows that in order to ensure rewards for validators and support for the ecosystem, POL will issue additional tokens beyond the initial supply of 10 billion (all of which were converted from MATIC) at a specific rate each year.
Specifically, for validator rewards, Polygon proposes setting the annual issuance rate of POL for this purpose at 1% of the total supply. This rate cannot be changed during the first 10 years, but the community can decide on the specific value through the governance framework thereafter. However, the issuance rate will never exceed 1%.
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