Daily Crypto News | July 28th, 2022

9DF69CA7 381A 47C7 B669 55A10830F8D0

Welcome to Barmy’s Daily Crypto News – July 28th, 2022

1. UK Commission Attempts To Clarify Crypto Property Regulation

The U.K. Law Commission on Thursday suggested revisions to clarify how property laws in England and Wales apply to digital assets, as governments around the world continue to debate how to regulate cryptocurrencies.

The 57-year-old commission asserts that non-fungible tokens (NFTs), or exclusive blockchain tokens that represent ownership, are becoming more and more significant in contemporary society.

The U.K. government charged the Legislation Commission with examining the law to make sure it can accept digital assets as they continue to develop and expand as repositories of value, methods of payment, or equity or debt securities, according to a post from the organisation.

2. Meta’s Metaverse Division Sees A $2.8B Loss Over Q2

The social network behemoth said this afternoon that its metaverse-specific division lost $2.81 billion in the most recent reporting period. The division has lost a staggering $5.77 billion thus far this year.

As a separate entity from Facebook, Instagram, Messenger, and Whatsapp, Facebook Reality Labs (FRL) is responsible for developing the hardware, software, and content necessary for Meta’s foray into the metaverse.

FRL reported $452 million in revenue for the quarter, down 35% from the prior quarter, in its Q2 2022 financial release. The division reported a startling $10.2 billion yearly deficit the previous year. On present course, it will surpass that sum in 2022.

3. FTC Sues Meta To Prevent It From “Taking Over” The Metaverse

The US Federal Trade Commission (FTC) filed a lawsuit against Meta today in an effort to block its acquisition of VR software developer Within.

The largest player in the virtual reality (VR) market is the parent company of Facebook and Instagram, and Meta, as its name suggests, is actively promoting the creation of a metaverse in the near future. The FTC actually thinks that Meta’s intended acquisition of Within would be another step toward total control. “Meta would be one step closer to its ultimate goal of owning the entire ‘metaverse,’” the filing alleges.

In an effort to stop Meta Platforms from acquiring Within, the VR game developer behind the well-known fitness software Supernatural, the FTC filed a lawsuit against the firm in the U.S. District Court for the Northern District of California.

4. Ripple CEO Addresses SEC Lawsuit Against XRP

At the Collision 2022 conference, Ripple CEO Brad Garlinghouse spoke with Axios about the lawsuit the U.S. Securities and Exchange Commission (SEC) filed against XRP earlier this month.

The sale of XRP was allegedly an unregistered securities offering, according to the SEC, which filed a lawsuit against Ripple Labs, Garlinghouse, and co-founder Chris Larsen in December 2020. Ripple argued against the SEC in court and has since been at odds with the securities watchdog.

During the interview, Garlinghouse was questioned about what would transpire if a decision was not made in his favor and XRP was determined to be a security. XRP would only be regarded as a security in the United States in that scenario, the Ripple CEO underscored with urgency. He elaborated: “The SEC only has jurisdiction in the United States, and in some ways … How the world is operating right now is as if the case has been lost.”

5. Solana To Open Web3 And Retail Store In New York

In New York City, a store with a Solana motif is going to start operations. The new business, Solana Spaces, is being opened in Hudson Yards and is being sponsored by the Solana Foundation, which created the blockchain network of the same name.

Celebrities like Tom Brady, Steve Aoki, Snoop Dogg, and Elon Musk have been participating in the emergence of crypto firms and Web3 brands in popular culture.

Bored Ape Yacht Club, an Ethereum NFT collection brand, has even expanded into “IRL” products and enterprises, including a Los Angeles restaurant with a Bored Ape motif. It looks that Solana, which recently revealed intentions to develop and market its own Android smartphone, also sees the advantages of opening brick-and-mortar locations.

Stay with us for more crypto news. Comment your thoughts of these news on our social channels below:

BarmyXpress | Twitter | Telegram Channel | Group Chat | Youtube | Tiktok