Welcome to Barmy’s Daily Crypto News – July 30th, 2022
1. Ripple Urges The Passing of Crypto Law Amid SEC Lawsuit Against XRP
In a Wednesday opinion post, Ripple’s general counsel Stuart Alderoty emphasized the significance of reasonable cryptocurrency law.
In a House Financial Services Subcommittee hearing on investor protection, Congressman Brad Sherman (D-CA) urged the SEC to pursue significant cryptocurrency exchanges that traded XRP, and Alderoty emphasized: “Sherman’s off-base remarks underscore the urgent need for sensible crypto legislation from Washington.”
The SEC filed a lawsuit against Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020, asserting that the sale of XRP was an unregistered securities offering. As a result of Ripple’s legal dispute with the SEC, the securities regulator was not satisfied with its position. Garlinghouse recently spoke about potential litigation outcomes.
2. SEC Chair Gary Gensler Uploads Video Adressing Crypto Platform Regulations
Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), released a video on Thursday outlining the securities watchdog’s plans to regulate cryptocurrency exchanges and protect investors.
The parallels and contrasts between cryptocurrency trading platforms and conventional exchanges like the New York Stock Exchange were discussed by Gensler in the video (NYSE). “When you trade on a stock market, you have certain protections,” he began, adding that investors are “protected against fraud, manipulation, running, and the like.”
The SEC chairman explained: “With so many retail customers trading on crypto platforms, we should make sure that those platforms offer similar protections” to traditional security platforms. He noted that crypto platforms serve “millions, sometimes tens of millions” of retail customers who are directly buying and selling crypto assets without going through a broker.
3. US Lawmakers Inquire Apple And Google For Fake Crypto Apps
The CEOs of Apple, Alphabet, and Google, Sundar Pichai, and Tim Cook, chairman of the Senate Committee on Banking, Housing, and Urban Affairs, were written to regarding their efforts to combat bogus cryptocurrency apps on their respective platforms.
He stressed that it is “imperative that app stores have the proper safeguards in place to prevent against fraudulent mobile application activity.”
Senator Brown’s letters came after the FBI issued a warning about fake cryptocurrency programs that have defrauded hundreds of investors out of more than $42 million.
“Millions of Americans use mobile apps to invest in unregulated digital assets, including cryptocurrencies,” the senator informed the heads of Apple and Google, adding that “Crypto mobile apps are available to the public through app stores,” including Apple’s App Store and the Google Play store.
4. ECB Economists Suggest Limited Access To Digital Euro
According to a research released by the European Central Bank, access to a digital euro by Europeans should be restricted in order to prevent a capital flight from accounts at commercial banks. The document was created by a group of experts under the direction of Frank Smets, director general of economics at the regulator.
The effect of a central bank digital currency (CBDC) on the banking industry in Europe has been predicted by economists. They have taken into account public reactions to news about the ECB’s plans to launch a digital version of the common European currency in the lack of empirical data.
According to their research, which was released by the monetary authority on Thursday, the ideal proportion of digital euros in circulation should be between 15% and 45% of the eurozone’s quarterly real gross domestic product (real GDP), which measures the output of the economy after accounting for inflation.
5. Chainalysis Claims Pro-Russians In Ukraine Have Received $2.2M In Crypto
Chainalysis estimates that pro-Russian paramilitary organizations based in the Ukrainian Donbas region have purchased cryptocurrency assets valued more than $2.2 million. Chainalysis specifies that the recipients were in Donetsk and Luhansk.
Ukraine’s Donbas, as well as the Donetsk and Luhansk regions, have been experiencing conflict for a while now. According to separatists, Donbas declared its independence from Kiev in 2014, and pro-Russian military organizations support these claims. According to the investigation by the blockchain intelligence firm, around 54 pro-Russian organizations have received donations in cryptocurrency.
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