XRP Isn't a Security, Celsius CEO Arrested on Criminal Charges, and More: Hodler's Digest, July 9-15

Top stories this week Judge rules XRP not a security in SEC case against Ripple

Ripple Labs on July 13, as Judge Analisa Torres partially ruled in favor of the company in a 2020 U.S. Securities and Exchange Commission (SEC) case. According to court documents, Judge Torres issued summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security, but only with respect to programmatic sales on digital asset exchanges. The price of XRP soared within minutes of the news breaking. The case has been ongoing since December 2020, when the SEC sued Ripple and two of its executives over allegations of offering an unregistered security. Despite the positive outcome, several lawyers note that the judgment is only partial and does not create a precedent. Additionally, the SEC may appeal the decision, which could result in reversal by a higher court.

XRP becomes the 4th largest crypto after Ripple's partial victory over SEC

XRP by market cap this week after Ripple's partial victory over the SEC. The price of XRP jumped 98% in the hours following the decision, reaching as high as $0.93, according to data from TradingView. Meanwhile, its market cap jumped $21.2 billion to a new yearly high of $46.1 billion. The new decision also sparked a new wave of re-listing activity from major US exchanges, making the token available for trading on their respective platforms.

Celsius Network Fined $4.7 Billion by FTC, CEO Arrested for Criminal Fraud

U.S. authorities have bankrupt Celsius crypto lender Alex Mashinsky charged with securities fraud, commodity fraud, and wire fraud. Former chief revenue officer Roni Cohen-Pavon and Mashinsky will also face charges of conspiracy, securities fraud, market manipulation and wire fraud related to manipulating the price of the Celsius token. Authorities, which includes seven criminal counts. In parallel, the Commodity Futures Trading Commission as well as a $4.7 billion fine, saying its co-founders marketed the platform as a “safe place” for consumers to deposit their cryptocurrency while misappropriating more than $4 billion in consumer assets. Under similar allegations, the SEC has also While Celsius is cooperating with regulators, Mashinsky is misleading customers and inflating the CEL token.

Europe's First Bitcoin Spot ETF Eyes 2023 Debut After Year-Long Delay

The first bitcoin exchange-traded fund (ETF) in Europe after a long delay. The Bitcoin ETF, created by London-based Jacobi Asset Management, was supposed to debut in July 2022 but was postponed due to market conditions. The asset manager now sees a gradual change in demand compared to 2022. A related development also took place in Argentina this week, as a nation. According to Matba Rofex, the trading platform behind the investment vehicle, this is the first Bitcoin futures contract in Latin America.

Binance Downsizing Reaches 1,000 Employees

Binance. According to former employees, the cuts were global and customer service workers were hit hard, especially in India. Including this week's layoffs, more than 1,000 employees lost their jobs on the stock exchange. Prior to the slash, Binance's global workforce was estimated at 8,000. The reorganization could cost Binance more than a third of its staff. The crypto exchange, saying it was not about downsizing but reallocating resources amid the ongoing US crackdown. Binance's most enduring challenge would be an ongoing investigation into its operations and leadership by the US Department of Justice.

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