In this weekly recap, we cover:
- SEC’s Reversal: The U.S. Securities and Exchange Commission dismisses all allegations against Ripple’s CEO Brad Garlinghouse and Executive Chairman Chris Larsen, marking their third consecutive legal victory. The crypto community sees this as a bullish sign, though some legal experts urge caution.
- NY Attorney General Targets Crypto Firms: New York Attorney General Letitia James files a sweeping lawsuit against Gemini, Genesis Global Capital, and Digital Currency Group (DCG). The lawsuit alleges over $1 billion in investor fraud and seeks to ban these companies from New York’s financial industry.
- Uniswap’s Fee Frenzy: Uniswap Labs introduces a 0.15% swap fee on its user interface, sparking heated debates within the crypto community. Critics argue that the fee neglects UNI token holders, who won’t benefit from this new revenue stream.
- Reddit’s Community Points Axed: Reddit announces the discontinuation of its Community Points program, causing immediate market repercussions. Ethereum-based tokens MOON and BRICK plummet by 84% and 40%, respectively.
- Crypto Under Terrorism Financing Scrutiny: Tether freezes 32 addresses linked to suspicious activities, while U.S. lawmakers urge strong action against crypto-financed terrorism.
- FTX’s Bankruptcy Update: FTX outlines a $9 billion reimbursement plan for its customers amid ongoing bankruptcy proceedings, describing it as a “major milestone.”
- Binance’s Regulatory Hurdles: Binance.US ends direct dollar withdrawals and pauses new UK customers, raising questions about its regulatory standing.