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Could the Ripple Ruling Spell the End of Regulation by Enforcement?
A long-awaited district judge’s ruling that some XRP token sales were not investment contracts will likely eventually lead to a bipartisan regulatory framework that is more favorable to the pro-crypto crowd in Congress, writes John Rizzo.
July 15, 2023
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The Securities and Exchange Commission (SEC) recently had a no-goodvery bad day because of a district judge’s ruling in the SEC’s action against Ripple’s XRP token. Despite issuing a statement filled with bravado and the kind of detachment from reality that might make even Donald Trump think twice before pressing send, the SEC likely knows how serious of a rebuke its overall approach to crypto received in a federal court. If the ruling holds, we may be witnessing the beginning of the end of SEC Chair Gensler’s regulation-by-enforcement approach to crypto assets, and the end will be messy for those who oppose crypto.

Who could have seen that coming? It was entirely predictable to many, except for a tiny cauldron of activists in Washington, D.C. who adopted the view that “all tokens are securities” with a religious fervor. While the SEC will most assuredly appeal the district court’s decision, action in the courts will take months and are merely a sideshow to a larger reality, namely, the district court’s ruling. And what great timing as the policy debate in Congress is advancing their legislation to put a regulatory framework around crypto assets.

John Rizzo is senior vice president for public affairs at Clyde Group and a former spokesperson for the U.S. Department of the Treasury.

To understand why the policy debate has changed and its import on what rules tokens will be required to abide by, one must consider the long, winding road that crypto policy has traveled.

The desire to bring crypto assets into a regulatory perimeter has long been supported by many Republicans and Democrats in Washington. The thinking, which I observed when I served as a senior spokesperson at the U.S. Department of the Treasury and before that as a senior aide on Capitol Hill, was that crypto assets – love them or hate them – were here to stay and required regulatory frameworks that would mitigate risks, such as fraud perpetrated against consumers, illicit finance and destabilizing runs.

The realist strategy of regulating rather than attempting to ban crypto ran headlong into a desire by some in D.C. to achieve a policy outcome of eradicating crypto. These forces sought to throw sand in the gears of any legislation bringing a comprehensive crypto regulatory framework into law by asserting that crypto assets were merely securities offered by market participants who refused to comply with the law. The assertion that “most crypto tokens are securities” laid the groundwork for the SEC to achieve the anti-crypto crowd’s policy aims through regulatory means.

As of early 2023, the SEC’s regulation by enforcement spree remained untouched by the courts. Those who favored stifling crypto in America could persuasively argue to congressional Democrats, who are needed for any bipartisan crypto deal, that legislation was unnecessary and potentially harmful.

Tables turned

Ironically, with the district court’s ruling ramming a hole through the SEC and the anti-crypto crowd’s strategy, crypto opposers may be forced to accept a legislative agreement more permissive to crypto assets than would have been enacted during the previous Congress, one which Democrats controlled.

Instead of a regulatory framework for crypto assets designed and passed by a Democratic Congress and implemented by a Democratic administration, Democrats may be forced to accept an agreement drafted by congressional Republicans on the House Financial Services Committee. With the SEC and anti-crypto Democrats deprived of the argument that their legal cases were sound, there’s nothing to stop an acceleration of efforts to cinch a bipartisan agreement on a regulatory framework for crypto assets.

The SEC and those who support its approach are likely concerned that this no-good, very bad day becomes no-good, very bad days. A string of court losses with similar legal reasoning as yesterday’s ruling in the Ripple case would weaken anti-crypto Democrats' negotiating hand further. One takes this risk when placing all their betting chips on a novel legal strategy. When you lose, you lose significantly, and the other side of the debate understands that your negotiating leverage worsens by the day.

Far from achieving the end of crypto in America, the SEC’s attempt to cripple crypto in America may lead to a bipartisan regulatory framework that engrains crypto more deeply into the economy than once thought possible – a bad day for those who banked on a strategy of killing crypto assets in America, indeed.

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Fully distributed peer to peer network, verified.

Most complain about CBDC's and Digital ID's, while others build solutions around them

👉 No Blockchain, DLT or Currency needed!

Join @VeTest_2017 and I for another great discussion on the developments of Global Barter 2.0

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Boooooooom 🚀 🤖 Next up: Autonomous AI agents trading real-world assets for you. $Veritaseum

Centralized exchanges are a single point of failure. The alternative is already working.
​WATCH: A live demonstration of a truly decentralized, peer-to-peer crypto trade.

We've bonded physical silver to NFTs on @base, creating a new asset class for a censorship-resistant, digital bartering economy.

👉 ​Next up: Autonomous AI agents trading real-world assets for you.

OP: https://x.com/ReggieMiddleton/status/1970275265340117235

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The future of Crypto x AI is about to go crazy.

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👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.

Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

This is not merely a fleeting trend; it's a crowning moment in global adoption. The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain are EternlTyphonVesprYoroiLaceADAliteNuFiDaedalusGeroLodeWalletCoin WalletADAWalletAtomicGem WalletTrust and Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention to Non-Custodial and Compatibility fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

Source

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
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🔗 Crypto
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

 

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