Ripple's Chief Legal Officer Clarifies XRP is Not a Security Despite TerraForm Labs' Case Ruling
Ripple's Chief Legal Officer, Stuart Alderoty, has clarified that the recent ruling in the TerraForm Labs case does not change the fact that XRP is not a security. The confusion arose after US District Judge Jed Rakoff rejected TerraForm Labs' approach to use Judge Torres' decision in the Ripple case to dismiss the SEC's lawsuit against the company and its founder, Do Kwon. Judge Rakoff's ruling has caused confusion in the market, prompting Alderoty to provide clarity. Alderoty invited other legal experts to provide an analysis of Judge Rakoff's comment on the Ripple ruling.
Resilience of Smart Contracts Industry Shown in Q2 2023 Report
Despite some viewing Q2 2023 as a lost quarter, the smart contracts industry has shown resilience with developers continuing to deploy smart contracts and a growing demand for blockchain-based solutions. BNB Chain's Q2 report noted an increase in verified smart contracts across multiple blockchains, highlighting the importance of security, reliability, and scalability within the blockchain ecosystem. The report predicts potential trends for the year, including a focus on smart contract security, layer-2 solution adoption, and increased regulatory scrutiny. Although Q2 2023 recorded one of the lowest quarters in terms of crypto fundraising, executives within the industry remain positive about its long-term prospects.
Experts Raise Concerns Over Security of Telegram Bots Used by Crypto Traders
Telegram bots such as Unibot, Swipe, WagieBot, and Bolt are becoming increasingly popular among crypto traders due to their user-friendly nature. However, experts are worried about the security of these bots as they handle user assets and private keys. The bots may pose risks to users, including data breaches and loss of assets to cybercriminals.
Ethereum Network Secured by Record $52 Billion Worth of ETH
The Ethereum network now has $52.3 billion worth of ETH securing it, making it harder for attackers to gain control. This is due to the migration to proof-of-stake consensus, which relies on stakers for security. The Ethereum ACDE call discussed plans for DevNet 8 and adjustments to Deneb/Cancun EIPs, with various teams working on new software releases for the launch in the first week of August.
Cardano Teases Launch of Mithril Upgrade for Improved Efficiency and Security
The Cardano protocol has announced that its Mithril upgrade will soon be launched on the mainnet. Mithril is a stake-based signature scheme and protocol that aims to improve the efficiency of nodes' syncing times.
Regulatory Decisions and Altcoins: A Look at the Impact on Crypto Market Movement
The recent ruling by a US judge that XRP is not a security and the acceptance of BlackRock's bitcoin ETF application by the SEC has caused a 25% surge in XRP's price and increased volatility in digital assets. According to Greg Magadini from Amberdata, regulatory events have a significant impact on prices and movement in the crypto market.
XRP Community Corrects Politician For Calling XRP A Security
XRP community members, including lawyer John Deaton, corrected House Republican Jane Adams after she referred to XRP as a security. Deaton explained that while XRP may be used in securities transactions, it is not itself a security. XRP's price has risen by 5% in the past 24 hours and by 75% in the past week. Analysts predict that XRP's price will continue to rise and may surpass $1.
Ripple's XRP Security Ruling Unlikely to Affect Bankrupt Crypto Lender Celsius' Wind-Up Plans, Says Counsel
The recent ruling that XRP is a security is unlikely to affect the wind-up of bankrupt crypto lender Celsius, according to the lender's counsel. The new company set to take over Celsius is not engaged in securities offerings or any of Celsius' historic business practices. The Fahrenheit consortium, which won a recent bid for Celsius' assets, will focus on less legally contentious issues like bitcoin mining and Ethereum staking.
Zokyo and Conflux Partner to Strengthen Security and Innovation in Conflux Ecosystem
Zokyo and Conflux have partnered to enhance the building projects of the Conflux ecosystem, with a focus on optimizing security and accelerating innovation. Zokyo will provide support for upcoming projects on the Conflux Network, including security services such as penetration testing and smart contract auditing.
Ripple Legal Officer Expects US Banks to Adopt Cross-Border Payment Solution After XRP Ruling
Following the recent court ruling that XRP is not a security, Ripple's Chief Legal Officer, Stuart Alderoty, expects US banks to adopt Ripple's cross-border payment solution. Alderoty expressed confidence that American banks would return to Ripple's On-Demand Liquidity (ODL) product and plans to initiate discussions with US-based financial institutions in the next quarter of the year.
