Uniswap Safe From Regulation 😌

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

• Uniswap Safe From Regulation 😌

• NFT Trades on Ethereum At Two Year Low 🙃

• Ripple Disagrees With SEC Appeal 😠

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Uniswap Deemed Regulatory Anomaly, No Liability in Scam Tokens

Over the weekend, Uniswap found itself the winner of an important class action lawsuit. The finding of the case is that the developers behind Uniswap are not responsible for scam tokens that have been deployed on their product. Obviously this is true, but the legal precedent that this establishes is important for the industry to shield the company and likely other DEXes.

The case noted the permissionless nature of the protocol, thus the developers were powerless in the creation of scam tokens deployed by other users on the blockchain. This isn’t to insinuate that deployers of scam tokens are safe; their time is coming considering the fact that blockchain is an immutable ledger forever engraved in history. Make good choices, anon.

Trading of NFTs on Ethereum Have Reached A Two Year Low

The bear market has taken its toll on both NFTs and the DeFi sector of the industry as volumes across the board have shrunk. The trading volume of NFTs for August was ~$400M, an even further decline from previous months as crypto interest wanes. Naturally, users of NFT trading protocols are also seeing new lows of activity.

While NFTs are far from dead as a technology, this being the first bear market for NFTs is truly showing the highs and lows of the asset class. With the exception of a notable drop in the sector, it’s unlikely that volumes pick up again until the next bull market becomes more apparent for retail to ape into.

Ripple Disagrees With Appeal Filed by The SEC

Roughly three weeks ago, the SEC filed an appeal regarding the Ripple ruling. Being a large loss, this wasn’t something that the regulator was going to let go easily. It was made public on Friday in a filing that Ripple fought back against the appeal. This will take time to play out in the courts, naturally.

The SEC continues to mount losses against the crypto industry. Despite this, they continue to drag their feet and prolong any sort of regulatory progress from happening. It is of our opinion that definitive regulation is inevitable regardless of the desires of Gary Gensler’s SEC. We’ll have an answer in time.

Notable NFT Sales Over the Weekend:

Notable Threads You May Have Missed:

Meme of the Day

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.