XRP Scores Courtroom Victory Against SEC, Cryptoverse Explodes

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Illustration by Mitchell Preffer for Decrypt

The firestorm was first sparked when an obscure crypto intelligence firm called Arkham tweeted that it was opening an intelligence exchange where people could post bounties to trick blockchain analysts into identifying people or the companies behind any portfolio or transaction.

Crypto Twitter went wild and lambasted the idea.

Decipher covered the funniest responses that day. Needless to say, Arkham CEO Miguel Morel was keen on clearing the air. He sat down with us later in the week over a Telegram call and assured us that his model was not a dox-to-earn program and that any harmful use would not be permitted.

While the case is certainly not closed, the real hot topic of the week was Ripples’ court win against the SEC. A judge ruled that selling XRP tokens to the public was not a violation of securities laws, something the industry has long maintained.

Before we get to that, though, let’s take a look at some of the other big tweets from this week.

Crypto Twitter Reacts to Arkham’s New ‘Dox-to-Earn’ Intelligence Exchange

On Monday, Will Clemente, the founder of blockchain research firm Reflevity, pointed to a strange convergence of two major crypto milestones next year.

Another day, another bust for blockchain gumshoe ZachXBT. This time he was following the trail of a phishing scammer who used his stolen funds to buy luxury items, including a rather loud Rolex watch, by shamelessly posting photos on social media.

Bloombergs James Seyffart on Tuesday shared a subtle but significant amendment to Chicago board options exchanges that re-filed applications for Bitcoin ETFs. Looks like Coinbase is everyone’s go-to partner for the Surveillance Sharing Agreement (SSA) side of the app. BlackRock and Valkyrie did the same last week in their respective apps.

The SEC wants to see SSAs in ETF applications because they deter fraud and manipulation by outlining how applicants will monitor market trading activity and clearing activity and verify client identity.

The story continues

On Wednesday, crypto attorney Lewis Cohen tweeted a little thread explaining why he was excited about a new version of the Responsible Financial Innovation Act. In a subsequent tweet, he even suggested that the United States still had a chance to set the standard in crypto legislation and surpass the recently adopted MiCA framework of the European Union.

Another crypto lawyer, Marisa Tashman Coppels, senior counsel for pro-crypto political lobby group The Blockchain Association, asks the SEC many questions about Prometheum, a crypto company that suddenly appeared on the scene and was conveniently profiled as an honest and compliant company by the commission.

Republican Congressman Richie Torres called for an investigation into Prometheum the following day.

Things went from bad to worse for the Multi-Chain Bridge this week. The protocol has frozen some transactions since May. In its latest announcement, it says it has closed operations because its CEO and sister are in the custody of Chinese police, teams’ operational funds have been confiscated, and more than $200 million in client funds are outstanding. . Ouch!

Crypto Twitter Benefits From Ripples Win

FOX business reporter Eleanor Terrett was one of the first to break the big news on Thursday that a judge ruled that XRP “is not necessarily a prima facie safe and that programmatic sales of XRP to the public have not violated securities laws.

It’s party time, says Ripple CEO Brad Garlinghouse.

Lawyer Stephen Palley pointed out that some institutional sales of XRP (worth $728 million) were considered securities offerings. Later in the thread, he described the event as more of a victory than he expected.

Crypto fan and streamer RookieXBT saw the decision as a historic step.

Andrew Kang, co-founder of cryptocurrency venture capital firm Mechanism Capital, said the news was also a win for Ethereum.

Gemini co-founder Cameron Winklevoss was overjoyed. He took the SEC back to the Mesozoic era, to which he believes it belongs. Threat neutralized.

Eleanor Terrett shared the SEC’s response, which reads like Gary Gensler smiling through gritted teeth.

Finally, CoinGecko wanted you to know that XRP flipped BNB on Thursday. This is no longer the case now however.

What a week!

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