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Federal Judge Rejects SEC Appeal, Grants Ripple Victory in XRP Case, and Sets Trial Date, Sending XRP Prices Soaring

A federal judge has rejected the U.S. Securities and Exchange Commission's (SEC) motion to appeal a ruling in the case against Ripple Labs, the company associated with the cryptocurrency XRP. The judge's decision is seen as a major defeat for the SEC in its effort to regulate cryptocurrency markets. The SEC had also raised accusations against Coinbase, the largest U.S. crypto exchange, further escalating the stakes in its case against the company. However, the judge denied the SEC's motion to file an interlocutory appeal in the Ripple case and set an April 2024 trial date for resolution of other issues. The SEC has asked the judge to deny Coinbase's motion to dismiss its lawsuit. Ripple's victory in the case has caused XRP to rally.

Crypto Firm Ripple Bolsters Expansion with Singapore License

Crypto firm Ripple has secured a full license from the Monetary Authority of Singapore for its Singapore subsidiary to provide digital payment token services. This license, initially approved in principle in June 2023, aids in Ripple's expansion in the Asia-Pacific region. Singapore's decision to grant the license demonstrates the country's commitment to future-proofing for crypto innovation.

Former Celsius Network CEO Alex Mashinsky to face trial on September 17, 2024 for alleged investor fraud.

Former Celsius Network CEO Alex Mashinsky is scheduled to stand trial for criminal charges on September 17, 2024. Mashinsky was arrested in July for allegedly misleading investors and defrauding users. The trial date was confirmed by multiple sources, including Bloomberg News.

Tim Grant, former head of Galaxy Europe, to lead new $1 billion investment firm Deus X Capital.

Former head of crypto investor Galaxy Europe, Tim Grant, is set to lead a new investment firm called Deus X. The firm will focus on backing digital assets, fintech, and institutional capital markets. This launch includes $1 billion in assets. Grant, who previously worked as an executive at Galaxy, has been appointed as the firm's CEO. The news of Deus X Capital's launch was reported by several sources, including a report by Will Canny.

Chainalysis to cut 150 employees as it shifts focus to government contracts amidst financial challenges.

Blockchain data platform Chainalysis is cutting 150 employees, or 15% of its workforce due to financial issues and market turbulence. This comes after the company had already cut 5% of its staff in February 2023. The company plans to focus on government contracting and reduce investment in the private sector. Chainalysis was valued at $8.6 billion in 2022 and receives 70% of its revenue from the government sector.

Binance sells Russian business to CommEx, citing compliance strategy.

Crypto firm Binance has announced its withdrawal from Russia and the sale of its Russian business to startup CommEx. In a tweet, Binance stated that "operating in Russia is not compatible with Binance's compliance strategy." CommEx, the new owner of Binance's Russian business, issued an open letter stating that it is not affiliated with Binance and is focused on garnering trust. The exact amount of the sale was undisclosed. Binance's decision to exit Russia comes amid legal risks, and the move aligns with its compliance strategy.