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Given the current push for crypto regulation, the industry breathed a sigh of relief on July 13 as Ripple Labs scored a partial victory in its legal battle with the United States Securities and Exchange Commission (SEC) dating back to 2020.

Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled that Ripple’s XRP (XRP) token is not a security, but only regarding programmatic sales on digital asset exchanges. However, the SEC also notched up a victory of its own, with the judge ruling that XRP is a security when sold to institutional investors, as it met the conditions set in the Howey test.

Immediately after the news, Ripple became the fourth-largest cryptocurrency by market capitalization. Mere hours after the ruling, XRP’s market cap surged a whopping $21.2 billion to reach a new yearly high of $46.1 billion, pushing it up from seventh position to beat out Circle’s USD Coin (USDC) and Binance’s BNB (BNB) token in the process.

Industry heavyweights believe the decision will aid crypto exchanges Coinbase and Binance in their respective SEC lawsuits. Tyler Winklevoss, the CEO of cryptocurrency exchange Gemini, said the ruling “decimates” the SEC’s case against Coinbase. His twin brother, Cameron Winklevoss, referred to the ruling as a “watershed moment” that will make it difficult for the SEC to claim authority over cryptocurrencies. United States Senator Cynthia Lummis stated that the verdict reinforces the immediate requirement for Congress to provide a thorough crypto framework that prioritizes the safeguarding of consumers.

South Korea to ask firms to disclose crypto holdings from 2024

South Korea’s Financial Services Commission (FSC) announced a new bill requiring all firms that issue or hold cryptocurrencies like Bitcoin (BTC) to disclose their holdings. The new measures aim to enhance transparency in the accounting and disclosure of crypto assets in line with supervision guidelines that require accounting for each transaction involving crypto. The initiative also targets revising accounting standards that obligate disclosure of virtual asset transactions.

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First Bitcoin futures contract debuts in Argentina

Argentina welcomed its first Bitcoin futures contract on July 13, three months after the country’s securities watchdog approved the underlying index as part of a strategic innovation agenda. The Bitcoin futures contract will be based on the price of BTC quoted by several market participants providing BTC/ARS trading pairs. All trades will be settled with Argentine pesos, and traders are required to make deposits through bank transfers. According to local media reports, the product will initially be available only to institutional investors. There’s no clear timeline for when retail investors can trade Bitcoin futures contracts in the country.

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Former Celsius CEO Alex Mashinsky arrested and charged

The former CEO of now-bankrupt crypto lender Celsius, Alex Mashinsky, was arrested after a probe into the company’s collapse. On the same day, the SEC filed a lawsuit against Mashinsky, charging him for raising “billions of dollars” through unregistered and fraudulent offers, as well as selling “crypto asset securities.” The criminal charges came parallel to those from the Commodity Futures Trading Commission, which announced a complaint against Celsius and Mashinsky on July 13. According to the commission, Celsius allegedly acted as an unregistered commodity pool operator, while Mashinsky was an unregistered associated person of the said operator, which are violations of the Commodity Exchange Act.

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CFTC chair’s final message includes a call for crypto guardrails

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CFTC chair’s final message includes a call for crypto guardrails

In what he said would be his last remarks as CFTC chair, Rostin Behnam said he intended to advocate for the commission to address regulatory challenges over digital assets.

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MPs vote against new national inquiry into grooming gangs

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MPs vote against new national inquiry into grooming gangs

A Tory bid to launch a new national inquiry into the grooming gangs scandal has been voted down by MPs amid criticism of “political game playing”.

MPs rejected the amendment to the Children’s Wellbeing Bill by 364 to 111, a majority of 253.

However, even if the Commons had supported the measure, it wouldn’t have actually forced the government to open the desired inquiry, due to parliamentary procedure.

Instead, it would have killed the government’s legislation, the aim of which is to reform things like the children’s care system and raise educational standards in schools.

Follow politics latest: Reaction to vote

Tonight’s vote was largely symbolic – aimed at putting pressure on Labour following days of headlines after comments by Elon Musk brought grooming gangs back into the spotlight.

The world’s richest man has hit out at Sir Keir Starmer and safeguarding minister Jess Phillips, after she rejected a new national inquiry into child sexual exploitation in Oldham, saying this should be done at a local level instead.

The Tories also previously said an Oldham inquiry should be done locally and in 2015 commissioned a seven-year national inquiry into child sex abuse, led by Professor Alexis Jay, which looked at grooming gangs.

However, they didn’t implement any of its recommendations while in office – and Sir Keir has vowed to do so instead of launching a fresh investigation into the subject.

Jess Phillips exclusive:
Victims can have inquiry if they want one

The division list showed no Labour MPs voted in favour of the Conservative amendment.

Those who backed the proposal include all of Reform’s five MPs and 101 Tory MPs – though some senior figures, including former prime minister Rishi Sunak and former home secretaries James Cleverly and Suella Braverman, were recorded as not voting.

The Liberal Democrats abstained.

Speaking to Sophy Ridge on the Politics Hub before the vote, education minister Stephen Morgan condemned “political game playing”.

“What we’re seeing from the Conservatives is a wrecking amendment which would basically allow this bill not to go any further,” he said.

“That’s political game playing and not what I think victims want. Victims want to see meaningful change.”

As well as the Jay review, a number of local inquiries were also carried out, including in Telford and Rotherham.

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Grooming gangs: What happened?

Speaking earlier in the day at PMQs, Sir Keir Starmer accused Conservative leader Kemi Badenoch of “jumping on the bandwagon” after Mr Musk’s intervention and spreading “lies and misinformation”.

Referring to her time in government as children’s and equalities minister, the prime minister said: “I can’t recall her once raising this issue in the House, once calling for a national inquiry.”

He also said having spoken to victims of grooming gangs this morning, “they were clear they want action now, not the delay of a further inquiry”.

Ms Badenoch has argued that the public will start to “worry about a cover-up” if the prime minister resists calls for a national inquiry, and said no one has yet “joined up the dots” on grooming.

Girls as young as 11 were groomed and raped across a number of towns in England – including Oldham, Rochdale, Rotherham and Telford – over a decade ago in a national scandal that was exposed in 2013.

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We should hone ‘responsible AI’ before Copilot goes autopilot

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We should hone ‘responsible AI’ before Copilot goes autopilot

There is a critical need for a comprehensive, responsible AI approach to address privacy, security, bias and accountability challenges in the emerging agentic economy.

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