Month: Februar 2023

No Link Between Dapper Labs NFT Lawsuit and Ripple vs SEC Battle

• A federal judge has ruled that non-fungible tokens (NFTs) of NBA Top Shot Moments could be considered securities under United States securities laws.
• An American lawyer, MetaLawMan, has clarified that this ruling will not affect the Ripple lawsuit.
• The latest on the Ripple-SEC case is that the unsealing of the contentious Hinman speech records is now again at the center of it all.

Background on NFT Lawsuit

A federal judge has ruled that non-fungible tokens (NFTs) of NBA Top Shot Moments could be considered securities under United States securities laws. The ruling came as the judge denied a motion from Dapper Labs CEO Roham Gharegozlou to dismiss a class-action lawsuit claiming that its NBA Top Shot NFTs are securities.

Connection to Ripple vs SEC

Some cryptocurrency enthusiasts feared that this ruling could impact the outcome of the ongoing Ripple v. SEC lawsuit, however, an American lawyer, MetaLawMan, has clarified that this ruling will not affect the Ripple lawsuit. According to MetaLawMan, the Top Shot decision was a ruling on a motion to dismiss the complaint and assumed all allegations in the complaint were true, whereas the Ripple case is at the summary judgment stage, where the judge looks at evidence submitted by both parties. The Top Shot decision does not address secondary market sales of these NFTs and emphasizes not all NFTs offered or sold by any company would constitute a security. Furthermore, while Ripple trades on a public blockchain while Top Shots traded on a private blockchain run by issuer; both factors contributing towards why this ruling should have no impact on upcoming court proceedings regarding Ripple’s case against SEC.

Current State Of Case

The latest news regarding Ripple’s case against SEC is journalist Roslyn Layton’s updated request to intervene and ask for access to unsealed Hinman speech materials which contains key information about regulatory status of XRP tokens held by investors from around world; information which may play role in deciding outcome of this case..

Why It Is Good News For XRP Investors?

The judge’s decision indicates that not all NFTs are securities and each scheme must be assessed on individual basis according to Howey Test; making it so even if NFTs can be considered security sometimes there is still potential for tokens like XRP held by investors worldwide being approved as non-security due their trading occurring in public blockchain networks unlike private ones used in NBA Top Shots situation .

Conclusion

Ultimately ,the recent judgement against Dapper Labs should have no bearing on how court decides upon current dispute between SEC & Ripple ; with journalist Roslyn Layton’s petition potentially helping clarify matters further if accepted & allowed access to Hinman Speech materials .

BUSD Stabilizes at $1 After CEO Clarifies Connection to Paxos Token

• Binance USD (BUSD) has stabilized at its intended $1 peg after CEO Changpeng Zhao clarified the connection to Paxos-issued token.
• Paxos has burned over $700 million of BUSD tokens since Monday, and is now being serviced by them.
• Despite regulatory pressure, Binance will continue to support BUSD for the foreseeable future.

Binance USD Stabilizes After CEO Clarifies Connection to Paxos

Binance USD (BUSD), the third-largest stablecoin by market cap, has returned to its intended $1 peg after Binance CEO Changpeng Zhao commented on the crypto exchange’s connection to the popular Paxos Trust Co.-issued token on Tuesday. The recovery was aided by Zhao clarifying that Binance does not issue BUSD, but rather has an agreement with Paxos allowing them to use their brand name. Since Monday, Paxos has already burned more than $700 million of BUSD tokens.

Paxos Services & Manages Redemptions

During a Twitter Spaces session on Tuesday, Zhao also confirmed that while they allow Paxos to use their brand name, they are not issuing the token themselves. He assured users that all funds are safe and fully covered by reserves in banks owned by Paxos who have been audited many times by various audit firms. Furthermore, he stated that „Paxos will continue to service and manage redemptions.“

Regulatory Pressure Could Impact Market Cap

The regulatory pressure could impact BUSD’s market cap in certain jurisdictions where it is ruled as a security which could significantly impact the development of the crypto industry there. Despite this uncertainty though, Zhao stated that they will be reviewing other projects in these areas so users are insulated from any harm caused by regulations.

Product Adjustments Will Be Made Accordingly

Zhao also said that although they are currently supporting BUSD for now, they foresee users migrating to other stablecoins over time and so product adjustments will be made accordingly.

Conclusion

Overall, despite some regulatory pressure impacting certain markets where it is ruled as a security, Binance will still support and maintain its relationship with Paxos regarding their issuance of the stablecoin known as BUSD for now but may adjust products accordingly if needed in light of user migration towards other options over time

BabyDoge: The Next Fav Coin For Upcoming Bull Run, Claims Twitter Poll

• Baby Doge Coin is a new crypto created by Doge meme lovers and has outperformed Shib Inu and Dogecoin.
• A recent Twitter poll showed that BabyDoge was the most favored coin for the upcoming bull run with 44% of the votes.
• The same result was also shared by the BabyDoge team, who recently successfully integrated their decentralized exchange into OKX exchange.

What Is BabyDoge?

BabyDoge is a new crypto created by Doge meme lovers which has been gaining attention due to its significant gains in the past few days. It currently trades at $0.000000003202 with a surge of 10.34% over the last 24 hours outperforming both Shiba Inu and Dogecoin. Recently, it’s decentralized exchange, BabyDoge Swap was successfully integrated into OKX exchange.

Twitter Poll Reveals Next Bull Run Favorite

A recent Twitter poll conducted by Cointelegraph revealed that BabyDoge is the favorite coin for the upcoming bull run with 44% of votes from 35,000 people who participated in this poll, leaving behind SHIB, FLOKI and Dogecoin which had 25%, 20% and 12% respectively in terms of popularity among voters. The same result was also shared by the BabyDoge team showing gratitude to the crypto community and Cointelegraph for their support.

Burning Of Tokens

The team behind BabyDoge have recently burned 202 quadrillion tokens from a total supply of 420 quadrillion tokens in order to increase its availability on exchanges as well as reduce its circulating supply to boost its price even further than before.

Risk Management & Technical Analysis

As always investors should do their research thoroughly before investing in any cryptocurrency or token as there are always risks involved when trading cryptocurrencies such as market volatility, security risks etc., which can only be avoided through proper risk management & technical analysis approach while investing in cryptocurrencies or tokens like BabyDogw Coin or others.

Conclusion

In conclusion, although results of polls are not final but they give us an idea about what people think about certain coins or tokens; thus helping investors make informed decisions regarding their investments & portfolio management strategies in order to maximize profits from cryptocurrency markets without taking too much risk.