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SEC Appeals Ripple Labs Case, y00ts Migrates to Ethereum

Aug 11, 2023
Author
Walter Teng, CFA
Walter Teng, CFA AC
Market Update Inflation ticked up in July but modest price increases likely deter Fed from raising rates in September. CPI rose 3.2% YoY (vs. 3% in June), while core CPI rose by 4.7% (vs. 4.8% in June). Monthly figures painted a rosier picture, with both core CPI and CPI rising a mild 0.2% in both months. Markets reacted positively on the news at open, with $SPX and $QQQ both opening higher before retracing to +0.3% from yesterday's close. Digital asset markets are down slightly on the day, with $BTC (-0.6%) retracing since poking above $30k yesterday and $ETH declining by 0.3% to $1,850. In the past day, $RPL appreciated by 7.5% in the top 100. The decentralized Ethereum staking protocol secured a strategic investment from Coinbase Ventures and currently operates over 3.1k nodes with more than 780k ETH staked.SEC to seek an interlocutory appeal in Ripple Labs case. This appeal focuses on the ruling that some of Ripple's sales of XRP tokens (termed "programmatic") were not in violation of securities laws due to a blind bid process, while ruling other direct sales to institutional investors were securities. An interlocutory review, according to the SEC, would efficiently advance the litigation's termination by eliminating the potential need for two remedies phases and trials. R

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