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- Rug Radio Recap - July 16, 2023
Rug Radio Recap - July 16, 2023
After a years long legal battle, Ripple scored a partial win against the SEC as judge rules that the XRP token is not a security.
Rug Radio
July 16, 2023
gm fam! We got a little taste of bull market vibes this past week with the XRP ruling sending crypto prices soaring and a few high value CryptoPunk and Bored Ape Yacht Club sales. Is this just another short-lived run or could it be early signs of an upcoming bull run?
This is Rug Radio. Slowly…then all at once.
Here's what we've got in this week's recap...
Rug Radio Updates🎙️
XRP ruling and a win for crypto⭐️
Google Play opens app store to NFTs📱
Holdings as of July 15.
STUBS Claim
This week's featured artist is Cat Russell, an Appalachian collage artist focused heavily in the web3 space with a high interest in coupling emerging tech with analog practices.
Abandoned Ramparts is a unique format in contrast to his physical collages, and was created with a combination of tagboard paper and pen work.
Ready to claim? Head over to the fair mint site
Need more mint passes? Grab a couple on Opensea
Not familiar with Stubs? Check out our guide
Rug Radio France 🤝 Decrypt France
To celebrate the launch of Rug Radio and Decrypt’s France based arms, Sandbox is hosting BrandXperience, a brunch on July 18th from 10am to 1pm CET at the Sandbox HQ in Paris🇫🇷
This will be an interactive multimedia experience exploring the intersection between brands, culture and Web3 where we will be showcasing a curated selection of incredible projects that exemplify the potential of Web3 to transform brand engagement.
To get your tickets and learn more, check out the Luma invitation below!
XRP Ruling
Ripple Labs, blockchain and developer and creator or XRP, struck a partial yet big win in it’s 3.5+ year battle with the SEC that could influence ongoing and future crypto legal battles.
On December 22, 2020, the SEC charged Ripple Labs with raising $1.3 billion through the unregistered sale of securities and the two have been in a contentious legal battle ever since.
In a split decision ruling on Thursday, district judge Analisa Torres made two rulings that were a partial win for both Ripple and the SEC…
Ripple win: The XRP token is not a security and the programmatic sales of the token on exchanges isn’t a securities offering.
US District Court S.D. New York
SEC win: The judge ruled that Ripple still violated securities laws in it’s offerings to institutional investors, such as Banks and VCs, citing the 3rd rule of the Howey Test and that these investors had an expectation of profit.
US District Court S.D. New York
The initial news of this ruling sparked a broad crypto rally with XRP jumping 102% from $0.47 to $0.95 and exchanges like Coinbase to relist XRP for trading on the platform.
While this ruling is a step closer to regulatory clarity, it’s important to keep in mind that this judgment may be appealed by the SEC. Additionally, it’s too early to determine whether this could set a precedent for other cases such as the ongoing battles between the SEC and Coinbase/Binance for similar accusations. Positive news, but we’re not out of the woods yet.
XRP is not a security.
This victory for @Ripple is a win for the entire industry and a step toward regulatory clarity in the U.S.
A huge thank you to @bgarlinghouse, @chrislarsensf, and @s_alderoty for their leadership and the #XRPCommunity for their continued support.
— Ripple (@Ripple)
Jul 13, 2023
This is is a huge win for Larsen, Garlinghouse and the XRP community.
1. While the court rules that some of Ripple's "Institutional Sales" of XRP were investment contracts and thus, the sale of unregistered securities,
2. Ripple's sales of XRP to "Programmatic Buyers"… twitter.com/i/web/status/1…
— MetaLawMan (@MetaLawMan)
Jul 13, 2023
A word of caution: that order in the Ripple case is a partial summary judgment from a single district court judge.
While persuasive, it's not binding precedent on other courts and will likely be appealed and could be reversed
don't yolo into anything based on that decision
— Palley (@stephendpalley)
Jul 13, 2023
Prices as of 8pm ET on July 15.
Context
With crypto rallying on the XRP ruling and a general sentiment shift away from PFP projects, there was a significant drop in volumes with art focused projects like Chromie Squiggles and Fidenzas jumping into the top 10.
CryptoPunks saw a couple of large sales including a zombie punk for 550 ETH ($1.06M USD) and a hoodie punk for 225 ETH ($435K USD)
The XRP ruling sent crypto soaring, especially in altcoins like Solana and Ripple while bluechip cryptos like Bitcoin and Ethereum gave up most of their gains.
8/ One such company that has particularly caught my eye is @RugRadio. Behind the tongue-in-cheek brand name hides the first decentralised web3 media ecosystem, and that is worth delving into, with that tale of early internet riches in mind.
— Tyler DurdΞth 💰❌💤 (@tylerdurden670)
Jul 15, 2023
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