● Crypto exchange daily spot trading volume increased by nearly $4 billion after XRP ruling
According to The Block, after a judge ruled that Ripple's sales of XRP through exchanges did not constitute securities sales, cryptocurrency trading volume on spot exchanges increased. Data shows that exchange spot trading volume (seven-day moving average) increased from $12.74 billion on July 12 to $16.56 billion on July 14.
● Ripple CEO: It may take several years for the US SEC to appeal the Ripple case
According to Bloomberg, Ripple CEO Brad Garlinghouse recently talked about the ruling on the Ripple case and said that the SEC is expected to appeal the case, but any appeal may take years. It is reported that SEC spokesman Scott Schneider said on Thursday that the agency "is pleased with the court's finding that the provision and sale of XRP as an investment contract (for institutions) violates securities laws." He also said that the SEC is continuing to review the decision.
Earlier news, Brad Garlinghouse insisted that the recent US court ruling represented a complete failure for the SEC rather than a partial victory.
● After XRP skyrocketed, only one of the top four XRP whales on BNB Chain sold 5.4 million XRP
According to Lookonchain statistics, the operations of the top four XRP whales on BNB Chain after the XRP surge are as follows:
- The whale address starting with 0xf522 purchased 25 million XRP (US$18 million) on Binance between April 22 and November 24, 2022, with an average purchase price of US$0.43. The whale only provides liquidity on PancakeSwap and has not sold XRP.
- The whale address starting with 0x513d deposited 5.4 million XRP ($4.3 million) to Binance and currently holds 4.6 million XRP ($3.3 million). The whale purchased 10 million XRP on Binance through the address starting with 0xa1c3, with an average purchase price of $0.45.
- The whale address starting with 0x8456 purchased 1.4 million XRP on Binance at an average price of $0.4 on December 13, 2022 and May 15, 2023, but never sold it.
- The whale address starting with 0x8bf6 bought 1.4 million XRP on Binance at $0.39 on December 14, 2022, but never sold it.
● Jake Chervinsky: The key to the Ripple case is that “investment contract” analysis must focus on transactions, not assets
Jake Chervinsky, chief policy officer of the Blockchain Association, said on Twitter that the key to the Ripple case is that the "investment contract" analysis must focus on transactions, not assets; tokens are not securities, but token transactions can be, depending on the facts and circumstances. This is an important distinction that the industry has made for years, and the SEC has ignored it. The federal district court explicitly recognized its validity, which is a huge shift in U.S. crypto regulation and a powerful refutation of the SEC's securities law theory.
Moreover, the ruling is particularly important for the SEC’s ongoing cases against exchanges like Coinbase that list tokens for trading. Although the court did not directly say that trades on exchange order books are not securities transactions, it is difficult to interpret the ruling in any other way.
● Andre Cronje: All options are being explored to recover Multichain assets, and the Fantom Foundation and all staff have exposure
In response to a user question on the forum, Andre Cronje, founder of Fantom, said, “The failure of Multichain is a major blow. Previously, the Multichain team made a lot of assurances about the decentralization, access and geographical distribution of servers. We are currently exploring all options and working with relevant organizations to recover assets, and may even use the foundation’s funds. No confirmation can be made until there is more data. But we will not ignore it and will do our best to compensate everyone. In addition, Fantom will continue to cooperate with Circle, Tether, TrueUSD, Binance, etc. for native issuance and review the native bridge infrastructure rollup. When there is more verifiable information, we will come up with an action plan. Andre Cronje also stated that the foundation and all staff have exposure to these assets.”
● Elon Musk: xAI will compete with Microsoft, Google, and OpenAI; will use public data for AI model training
According to The Paper, Elon Musk and 12 members of the xAI team publicly answered public questions on Twitter for the first time. Musk mentioned in the discussion that his new company "will definitely compete with OpenAI" and provide a more competitive alternative to Microsoft, Google, and OpenAI products in the field of AGI (general artificial intelligence). However, he said that xAI is still in its "embryonic stage" and it will take time to catch up with OpenAI and Google. At the same time, they will use public data instead of private data for AI model training. xAI plans to build a super-intelligent artificial intelligence to help solve complex scientific and mathematical problems and "understand" the universe.
● Starknet TVL exceeded 90 million US dollars, with a 7-day increase of 30.31%
L2BEAT data shows that the locked value (TVL) on Ethereum's Layer2 scaling solution Starknet has exceeded US$90 million, and is currently US$91.95 million, a 7-day increase of 30.31%.
● ZkSync Era’s transaction volume in the past 30 days has surpassed Arbitrum, ranking first among Ethereum L2 projects
L2BEAT data shows that zkSync Era had 23.75 million transactions in the past 30 days, surpassing Arbitrum (23.59 million transactions) to become the Ethereum L2 project with the most transactions in the past month.