SEC Takes L 🙅‍♂️

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

• SEC Takes L 🙅‍♂️

• UK Financial Watchdog Tests Crypto 👨‍🔬

• Ledger 🤝 Sotheby

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

SEC Appeal in Ripple Case Shut Down By Judge

The SEC was shut down by federal judge Analisa Torres who rejected the SEC’s attempt to overturn the earlier ruling in favor of Ripple Labs. In July, Judge Torres had ruled that Ripple's sale of its XRP token directly to consumers did not constitute an illegally unregistered securities offering. The SEC sought to overturn this decision before the final judgment, but Judge Torres stated that the SEC failed to demonstrate that the decision was sufficiently faulty or problematic.

Despite the setback, the SEC still has the opportunity to appeal Judge Torres’ decision after the case formally concludes with a trial on remaining issues scheduled for next April. The case is of significant importance in the ongoing legal scrutiny faced by the crypto industry, challenging the SEC's stance that many crypto companies engage in illegal securities schemes. Judge Torres, in her July decision, emphasized that Ripple's XRP token "is not necessarily a security on its face."

The UK’s FCA Will Use A Crypto Sandbox For Testing

The British Treasury aims to launch a Digital Securities Sandbox by the end of Q1 next year, as revealed by the head of the Financial Conduct Authority (FCA). The DSS will have a new rule set designed for experimenting with digital securities which shows the country isn’t wholly shutting themselves off. The DSS is expected to play a significant role in shaping regulations around digital securities, representing a proactive stance compared to waiting for activities to emerge before regulation.

The FCA is awaiting the results of a Treasury consultation and legislative steps to gain new powers. The underlying intention of using the sandbox is to gather feedback, and develop a regulatory framework once the legislative process is complete. There is also a looming deadline for crypto advertising compliance with the FCA's financial promotion regime, urging companies to seek flexibility if needed and suggesting potential extensions for late registrations.

Ledger and Sotheby Partner Up To Release Digital Exclusives

Ledger has joined forces with Sotheby's to provide exclusive benefits to digital art collectors. Starting in 2024, buyers of the most valuable digital art at Sotheby’s will receive a limited-edition Ledger x Sotheby’s Nano X hardware wallet. The partnership also includes the introduction of a special edition of the Ledger Stax and a premium "white-glove concierge onboarding" for Sotheby's elite collectors, integrating them into the Ledger Academy's educational resources.

Sotheby’s views this partnership as an opportunity to introduce collectors to the concept of self-custody and digital art, emphasizing the importance of secure self-custody in the storage and protection of digital assets. Sotheby's has been an early player in the Web3 space, establishing a dedicated NFT and digital art department and a secondary market platform called "Sotheby’s Metaverse." The partnership with Ledger is seen as a crucial step in building a comprehensive digital art environment for collectors.

Notable NFT Sales in the Last 24 Hours:

Notable Threads You May Have Missed:

Meme of the Day

If you think your memes are better, submit them to the newsletter and get featured for your work!

Conclusion

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

Thank you for reading, if you enjoyed this please subscribe if you haven’t already! If you’ve already subscribed, please consider sharing this!

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.