The Supreme Court of Singapore has recognized cryptocurrency as property, according to the court verdict in the case of Bybit employee Ho Kai Sin

This decision of the Supreme Court of Singapore can be considered progressive and shows the recognition of cryptocurrency as an independent form of property. This may have important implications for the legal status and protection of cryptocurrency property rights in Singapore.

Bitcoin's average annualized return for 2011-2023 was more than 151%. This is an order of magnitude higher than the index of the nearest pursuer - the index Nasdaq 100, said the director of strategy Creative Planning Charlie Bilello.

Earlier in Goldman Sachs compared the first cryptocurrency with copper. However, commodities showed the worst result on the studied segment - minus 0.9%.

Only a partial victory for the crypto industry

The crypto community is celebrating the favorable decision of the US court in the Ripple v. SEC case. However, ambiguities remain. U.S. regulators now have even more obligations.

Ever since the SEC filed the first lawsuit against Ripple in December 2020, the crypto industry has been eagerly awaiting a final ruling on whether or not digital assets are securities. And while Ripple CEO Brad Garlinghouse is now jubilant after the recent U.S. court ruling on his company's XRP token, sober reflection is making itself felt. While last week's ruling was partially in favor of the San Francisco-based blockchain company, it is ultimately only a partial victory. Ambiguities remain, and the wait also continues.

What exactly does the New York court's ruling mean? Different, depending on whether one is a private investor, an institutional investor, or one of the many cryptocurrency companies seeking legal and regulatory clarity.

According to the latest ruling, XRP is indeed not a security if the token is sold to the general public through exchanges. But that's only half the case.

The court also separately ruled that Ripple's XRP token is a security when sold to institutional investors. This means that Ripple's sales to institutional and professional investors, such as hedge funds, should be treated as unregistered securities transactions.

Finally, U.S. District Judge Analisa Torres' decision in Ripple v. SEC applies to only one token, XRP. Therefore, it does not apply to digital assets in general.

Nevertheless, the cryptocurrency community welcomes the case. While the US District Judge's ruling is only an interim decision in a broader context, it could have far-reaching implications for the entire digital asset ecosystem.

The chances that other tokens are also not securities, and thus not subject to securities laws or SEC jurisdiction, are now slightly improved.

The decision is likely to have an impact on many of the cases currently pending against the industry by the SEC for failure to comply with applicable securities laws, including lawsuits against the two largest cryptocurrency exchanges, Coinbase and Binance. While the decision in the Ripple case is not binding precedent, it could affect the outcome of the cases against Binance and Coinbase.

At the very least, it should increase pressure on U.S. lawmakers to pass regulations clarifying the status of digital assets.

However, many observers question whether the regulator will now appeal. In particular, former SEC lawyer John Reed Stark cautions against premature jubilation in the cryptocurrency industry. He argues that "the decision is on shaky ground." Others believe that the SEC will take its time, as a defeat in the appeal could jeopardize its enforcement program.

Ultimately, the decision in the Ripple case emphasizes one thing above all else: It is high time for the U.S. to create a regulatory framework for the crypto industry that provides consistency and binding force, and thereby create certainty for blockchain companies and investors who demand legal and regulatory clarity.

Judge in Ripple vs SEC case: "XRP tokens sold to retail investors CANNOT be securities

- But the institutional sales violate the law by being an offering of unregistered securities and an offering of investment contracts. A court in the Southern District of New York concluded that programmatic sales and other distributions of Ripple's XRP token did not constitute an offer and sale of investment contracts.

However, the institutional sales of XRP violated U.S. securities laws.

Litigation fever - their own against their own
In addition to a series of lawsuits inspired by the SEC, cryptocurrency companies themselves are already resorting to legal defense in business conflicts. The Winklevoss brothers' Gemini exchange has been trying for nearly a year to recover funds donated to Genesis' Earn program. Under the program, users of the exchange were able to transfer cryptocurrency to Genesis at a favorable interest rate. But in November 2022, Genesis declared bankruptcy. The move "blew a $1.2 billion hole in Gemini's balance sheet." The owners of the exchange believe that Genesis and its parent company DCG (Digital Currency Group) owe Gemini customers $900 million. This lawsuit serves as a good indicator that the cryptocurrency industry is developing in the legal field, and conflicts are being resolved in a civilized way. However, this undoubted plus is still outweighed by a disadvantage: the lawsuit proves that even reputable companies with a name do not guarantee investors a quiet income in crypto. It is necessary to be in the market, well-informed, and not to lose vigilance.

Bitcoin has a larger market capitalization than Bank of America and Bank of China combined.

Even today, analysts are talking about a forecast of $4-28.5 trillion in the long term, under this scenario BTC will reach a mark of $1.36 million.

Its value will consist of the following factors:
- Remittances (50% of the market);
- Emerging market currency (10% of the total money multiplier M2, minus the top 4 countries);
- Settlement medium (25% of the U.S. banks' ratio);
- Government reserves (1% of the aggregate);
- Expropriation-free asset (5% of wealth of wealthiest citizens);
- Institutional investments (2.55% of the asset base);
- Reserve asset of corporations (5% of the value of companies whose stocks are included in the calculation of the S&P 500 Index);
- Digital gold (half of the market value of all gold mined).

South Korea passes law to protect users of digital assets

🔹 This is the first step toward creating a legal framework for digital assets in the country.

🔹 The law was passed after several crypto-scandals in South Korea.

What are the crypto-scandals in Korea?

🔹 South Korea last year sued its compatriot Do Kwon, the creator of the collapsed Terra steblecoin.

🔹 In May 2023, South Korean prosecutors charged Coinone executives with market manipulation and paid token listing.

🔹 In the same month, law enforcement launched an investigation into the nature of the origin of a high-ranking official's crypto-assets due to allegations of conflict of interest. What is the conflict of interest? Surprise-surprise! This official lobbied for a bill to repeal the tax on digital assets.

About the law.

🔹 The law defines what digital assets are and establishes penalties for violations such as insider trading, market manipulation and unfair trading practices.

🔹 The law also requires digital asset providers to comply with minimum capital requirements in the form of reserve funds, customer deposit insurance and keeping records of all transactions and digital assets in custody.

The CEO of Binance CZ wrote a post saying that the reasons for Binance General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior Vice President of Compliance Stephen Christie leaving the company are made up by news outlets and are completely wrong!

On July 06 this year, a hacker attacked the Multichain bridge router protocol in Fantom network, resulting in the theft of cryptocurrency in USDT, USDC, WETH, WBTC, DAI and a number of other coins totaling nearly $126 million and located at the attackers' addresses.

The hacks were carried out via Multichain bridges with Fantom and Moonriver, after which their work was stopped. The Multichain service administration recommends that users recall all their transactions and suspend using the service while the investigation is underway.

Noteworthy is the fact that Multichain has been hacked numerous times before, most recently in May 2023 and before that in January, but the amounts were not as significant then.

Britain's King has ratified a bill on cryptocurrencies.

King Charles of England ratified a bill that would give regulators the right to oversee digital currencies and stabelcoins. It is worth noting that the royal approval is a formal step, transforming the draft into a full-fledged law. Notably, the relevant legal provisions were approved last week by the upper house of parliament.

UK Financial Services Minister Andrew Griffith said: "This legislation enables regulators to exercise effective oversight of digital assets for their safe implementation in the UK."

The bill, formed last summer, gives regulators more power over the financial system, including cryptocurrencies. While it was being debated in the local parliament, additional amendments were made. In particular, Stablecoin will fall under the influence of regulators.

The UK Treasury, the Financial Conduct Authority and the Central Bank of England will soon be able to introduce and apply their powers to regulate the cryptocurrency sector. The Treasury is consulting, citing the government's strategy to transform the state into a full-fledged digital finance hub.

The ratified law will be finalized over the next 12 months. Andrew Griffith announced this during his recent interview with CNBC.