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👮SEC Backs Down From Ripple Lawsuit

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The SEC's long-running lawsuit against Ripple's executives is now over, with both sides agreeing to dismiss the charges. Per the agreement, Ripple and the SEC will now discuss suitable penalties for the $729M worth of XRP sales found to be unlawful during legal proceedings.

In other legal news, the New York Attorney General is suing Digital Currency Group, Gemini, and Genesis. The NYAG alleges the firms defrauded 230,000 investors out of more than $1B by falsely representing the Gemini Earn program as a low-risk investment opportunity.

Joe Lubin, the founder of Consensys, is also facing a lawsuit from 26 former employees who claim they were promised company equity that they never received. Consensys described the complaint as "frivolous."

Moderators for Reddit's r/CryptoCurrency subreddit are facing accusations of insider trading. Researchers identified that MOON, the native token of the r/CryptoCurrency subreddit, started plummeting one hour before Reddit publicly announced it would abandon its tokenized rewards campaign.

The Lido community is mulling a governance proposal advocating for the project to leave the Polygon ecosystem. The proposal cites lackluster revenue on the network and follows Lido's decision to exit Solana after failing to offset its operational costs.

And Lightning Labs has upgraded the Taproot protocol to facilitate the issuance of stablecoins and other innovative digital assets on the Bitcoin network.

✍️ In today’s newsletter:

  • SEC walks away from Ripple lawsuit
  • NYAG sues Gemini, Genesis, and DCG
  • Former Consensys employees demand equity
  • Reddit mods accused of insider trading
  • Lido mulls Polygon exit
  • Taproot upgrade paves way for stablecoins on Bitcoin

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Watch our video examining the recent controversy surrounding KYC hooks for Uniswap v4. And check out our podcast with Lucas Vogelsang, the founder of Centrifuge, to learn about how his team are bridging the gap between tradfi and DeFi with real-world assets.

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