Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:
More support for Ripple 💪
Earlier in the week, the Blockchain Association filed an amicus brief to support Ripple in the ongoing Ripple x SEC case.
The Blockchain Association is throwing its support behind Ripple Labs, calling the SEC's securities laws interpretation “the single greatest threat to the future of this rapidly growing industry." https://t.co/6XSacbkJRJ
— Cointelegraph (@Cointelegraph) October 31, 2022
An amicus brief is also known as “friend of the court”, where the Blockchain Association can assist in any proceedings during this case.
Coinbase also announced that they have filed an amicus brief,
Earlier today, @coinbase asked Judge Torres for permission to file an amicus brief in the SEC case over XRP. Our point in pretty simple: this is a textbook case of just how critical fair notice is any reasonable notice of due process under law. 1/3 pic.twitter.com/qhSSGrNgJK
— paulgrewal.eth (@iampaulgrewal) October 31, 2022
and by the end of the week, there are now 12 entities that pledge their support for Ripple.
For those of you keeping count, 12 (!) amici briefs submitted. It’s unprecedented (I’m told) to have this happen at this stage. They each explain – in their own unique way – the irreparable harm the SEC will do to every facet of the US crypto economy if it gets its way. https://t.co/Na9fWq3GvO
— Brad Garlinghouse (@bgarlinghouse) November 3, 2022
It has been 2 years since the SEC filed this lawsuit against Ripple over raising $1.3 billion through unregistered securities sales with the XRP token.
With this show of support, it seems that Ripple is not backing down. The results of this lawsuit could have major implications for the rest of the crypto industry, especially if XRP is deemed to be a security.
NFTs are becoming mainstream 👍
Lots of tech companies are now embracing NFTs.
The GameStop NFT Marketplace has been launched on Immutable X.
We’re excited to share that the @GameStopNFT Marketplace is officially live on ImmutableX!
— Immutable 🅧 – $IMX (@Immutable) October 31, 2022
Immutable X uses zero-knowledge rollup (zk-rollup) technology as a Layer 2 on the Ethereum network.
zkEVMs is considered the holy grail in Ethereum scaling, and you can find out more about this technology here.
Meanwhile, NFTs can be created and sold on Instagram soon.
Soon you’ll be able to make and sell #NFTs on @instagram, starting with @0xPolygon. You can also now connect to @solana and Phantom wallet, and see information about @opensea collection: https://t.co/aH8035Tk8n
— Meta (@Meta) November 2, 2022
Currently, this is only supported on Polygon, but other networks could be supported in the future.
This follows Twitter’s move last week, where they are testing how NFTs can be bought directly on their app.
Now testing: NFT Tweet Tiles 🚀
Some links to NFTs on @rarible, @MagicEden, @dapperlabs and @Jumptradenft will now show you a larger picture of the NFT alongside details like the title and creator. One more step in our journey to let developers impact the Tweet experience. pic.twitter.com/AkBisciB1i
— Twitter Dev (@TwitterDev) October 27, 2022
This is just one of the possible changes that Elon Musk is making after taking over Twitter, and you can find out more about this here.
Metaverse to help schools? 🏫
The metaverse has been given a bad name after Meta burned a huge hole in its pocket in trying to create its own version: Horizon Worlds.
However, there are still some use cases for the metaverse!
The Japanese city of Toda, Saitama, will be using the metaverse to help their absenteeism problem.
— Cointelegraph (@Cointelegraph) October 29, 2022
Some of these students live very far away from campus, and the metaverse could be the solution.
With interest in the metaverse dropping, some of these real-world applications may just help to bring life back to this technology.
Energy Consumption Heavily Reduced on Ethereum ⚡️
Ethereum is now operating with 99.9% less energy post-Merge as compared to pre-Merge.
Ethereum’s energy dropped down by over 99.9% and is maintaining low energy usage. https://t.co/Rh8vPBMr05
— Cointelegraph (@Cointelegraph) October 30, 2022
This was one of the major reasons why Ethereum transitioned from proof-of-work to proof-of-stake, as proof-of-work is more energy intensive.
However, the switch to proof-of-stake has led to concerns about the potential for censorship on this network.
This is mainly due to centralised staking providers and MEV boost relays being OFAC-compliant, which you can find out more here.
Lots of regulatory moves 🔨
During this week, there have been quite a few announcements by various monetary authorities in the world.
After having a strong stance against crypto, Hong Kong now plans to become a virtual asset hub.
Great news for the entire industry coming from HK today, highlighting support for crypto and a desire to re-build a vibrant crypto hub.
We wholeheartedly support this development.https://t.co/4vbDBk3pqS
— Kris | Crypto.com (@kris) October 31, 2022
Many have praised this move, with Sam Bankman-Fried (SBF) claiming that Hong Kong can become the Web3 hub of Asia.
Meanwhile, Singapore’s MAS has given regulatory approval to both Circle (issuer of USDC) and Paxos (issuer of USDP and BUSD).
Circle received in-principle approval for a major payments institution license, allowing it to issue cryptocurrencies and also facilitate domestic and cross-border payments, while Paxos received its license to offer digital payment token services. https://t.co/3l2NgPe9Dn
— Cointelegraph (@Cointelegraph) November 2, 2022
This helps to increase the confidence for both companies, especially since MAS has just announced its new stablecoin bill.
India does not want to miss out either, as they will be launching a CBDC pilot for the digital rupee in November.
India’s CBDC is ready to go.
The Reserve Bank of India will reportedly launch the digital rupee pilot in November. https://t.co/ErLVNxaMSc
— Cointelegraph (@Cointelegraph) October 31, 2022
As more countries are recognising cryptocurrencies, this could be a good sign that cryptocurrencies are here to stay!
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