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Ripple Rides Court Win

A court victory for Ripple in its long-running case with the SEC, Coinbase gives Singapore users "less volatile options," and G7 finance ministers and central bank governors discuss crypto asset supervision in Niigata, Japan ahead of the G-7 summit.

May 17, 2023

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Welcome to Blockhead's Daily Digest, your go-to source for the latest and most exciting news in the world of cryptocurrency. Our mission is to provide our subscribers with accurate, insightful, and timely coverage of the rapidly evolving crypto space.

Just ahead of hump day, Ripple has overcome its own hump in the form of a court case win. Whilst Ripple's ultimate fate against the Securities and Exchange Commission (SEC) still remains sealed, a motion from the regulator to seal crucial documents has been denied.

The SEC had attempted to seal the "Hinman Speech Documents" in which former director William Hinman stated in a 2018 speech that ether was not a security.

District Judge Analisa Torres ruled that the documents"sealing these documents would not be related to preserving 'openness and candor' within the agency" as they are "relevant to the judicial process."

News of Torres's ruling sent XRP's price up over 7% in the past 24 hours to reach US$0.46.

Here's hoping your hump day is equally as positive... Cue your daily digest:

  • Former Independent Reserve managing director Raks Sondhi has been appointed chief operating officer of digital asset exchange Upbit in Singapore.
  • Coinbase is updating its offerings in Singapore to "cater to those looking for less volatile options to begin or continue their crypto journey" - specifically no-fee USDC purchases with SGD and USDC order books on advanced trading. The exchange also shared findings from its study on the attitudes of Singaporeans towards cryptocurrencies: security concerns and price volatility were among the top barriers to entry mentioned by non-crypto owners; 32% of Singaporeans own or used to own crypto; and over half of crypto owners plan to trade or hold this year. It also revealed that 25% of surveyed Singaporeans consider crypto as the future of finance, on par with the US and surpassing the 17% reported in the UK.
  • Finance ministers and central bank governors from the G-7 countries have shown their commitment to implementing forthcoming norms for regulating cryptocurrencies and central bank digital currencies (CBDCs), which aligns with the IMF's upcoming recommendations. In a meeting held in Japan, the representatives discussed crypto asset supervision and expressed support for stronger regulations.
  • Singapore-based Matrixport has joined Copper's ClearLoop, which enables its institutional clients to trade with Matrixport without needing to move assets from Copper's custodial environment. The product, built to mitigate exchange counterparty and insolvency risks, previously announced integrations with Deribit, Bit, OKX, Bybit, Bitstamp and others.

That's all for today. See you back here tomorrow.

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