SEC Loses Major Lawsuit to Ripple 🎉

Today's stories: Judge rules in favor of Ripple against the SEC, ex-Celsius CEO charged with fraud and arrested, and Polygon launches new token.

Author

Degen Scoop
July 14, 2023

GM. This is Degen Scoop. It’s Friday, here’s the scoop:

  • SEC Loses Major Lawsuit to Ripple 🎉

  • Ex-Celsius CEO Arrested 👮🏽‍♀️⛓️

  • Polygon Reveals New Token 🟡

  • Whale Moves 🐋

  • Threads You CAN’T Miss 🧵

Judge Rules Ripple Sales via Exchange Are Not A Security

In the ongoing case between the SEC and Ripple, the judge determined that sales via exchange are not a security. However, selling to institutions is deemed a security. This is a major win for the crypto industry. We believe this is truly the most bullish news since the last bull market and see this is the official beginning to the next cycle. Commence the next bull run.

While Ripple isn’t done with their case, this is huge news. If $XRP won their case, we’re inclined to believe that Coinbase will win their case and other altcoins that are sold via exchange are not securities. This will likely establish precedent for other token sales to dodge any sort of security definition. For now, enjoy the green in your portfolio.

Alex Meshinsky, Ex-CEO of Celsius, Charged With Fraud and Arrested

The former of CEO of Celsius was arrested yesterday morning after being charged with crypto fraud. For those that do not remember, Celsius advertised itself as a bank that offered ‘safe’ returns to investors that used their platform. This couldn’t have been further from the truth. In reality, it operated more like a risky investment fund but users were not aware of this until its demise.

According to the DOJ, Mashinsky made a profit of $42M off sales of his token which was accomplished with price manipulation. This occurred prior to the bankruptcy of Celsius. This case will take time to play out in court, but we are not bullish on Mashinsky’s odds of a favorable trial for himself.

Polygon Announces Their New Polygon 2.0 Initiative And New Token $POL

Roughly a month ago, Polygon first announced their new Polygon 2.0 initiative. Today was the first major revelation of this network upgrade: the release of the new token $POL. This token will enable users to become validators of the network akin to the way one can stake $ETH and receive yield. Also, the old token $MATIC will be put to rest.

The Polygon team has said that to obtain $POL, they’ll simply send their $MATIC to a smart contract that will exchange the old token in for the new. Users will have a ~4 year time frame to exchange tokens. Crypto users love tokens and this is the way to go about it in their quest to become the value layer of the internet.

Notable NFT Sales in the Last 24 Hours / Over the Weekend:

BAYC #1734 - Sold For 600 ETH ($1.19M)

Azuki #6282 - Sold For 145 ETH ($284K)

Notable Threads You May Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.

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