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<p>Welcome to another series of Melegaswap&#39;s Weekly Crypto News Recap, where we bring you the most exciting stories from the world of cryptocurrency for the week (July 9th to 15th, 2023).</p><p>This week witnessed significant surges in leading cryptocurrencies, driven by the American SEC vs. Ripple (XRP) case&#39;s excitement. XRP soared by over 70% in 24 hours, while Bitcoin (BTC) surpassed $31,000 and<a href="https://www.coinlore.com/coin/ethereum" rel="noopener noreferrer nofollow"> Ethereum (ETH)</a> went above $2,000.</p><p>Top stories include Celsius Network is facing a $4.7 billion fine from the US FTC. The allegations include misleading customers, misappropriating funds, and making unsecured loans. On top of that, CEO Alex Mashinsky is now facing fraud charges.</p><p>Over in South Korea, Terraform Labs&#39; co-founder, Daniel Shin, is currently on trial for fraud. This is happening as his colleague, DO Kwon, is also in Montenegro, serving a 4-month jail term.</p><p>Amidst the controversies, there were some positive developments as well. Jacobi Asset Management successfully gave the green light for the launch of Europe&#39;s first Bitcoin ETF, providing investors with a new opportunity to enter the crypto market. In the United States, Representative Ritchie Torres has called for an investigation into the SEC&#39;s handling of digital assets, especially regarding its connections with Prometheum.</p><p>Meanwhile, a major victory for Ripple came in the form of winning a landmark case against the SEC. This triumph gave a huge boost to XRP, driving its value up by 70%. On the other hand, another leading crypto firm, LBRY Credits, lost against the SEC.</p><h2 id="header-0">TOP CRYPTO NEWS RECAP: (JULY 9–15, 2023)</h2><ul><li>Celsius network receives $4.7 billion fine from the FTC</li><li>Terraform co-founder Daniel Shin&#39;s Trial unfolds in South Korea</li><li>Jacobi ETF becomes Europe&#39;s first step into Bitcoin exchange-traded funds</li><li>US Rep. Ritchie Torres demands an investigation of SEC&#39;s pact with Prometheum</li><li>XRP skyrockets as Ripple triumphs over SEC in historic legal battle</li><li>A federal court ruled against LBRY Inc. in its lawsuit with SEC.</li></ul><h3 id="celsius-network-receives-4-7-billion-fine-from-the-ftc">Celsius network receives $4.7 billion fine from the FTC</h3><p>The Federal Trade Commission (FTC) has <a href="https://www.ftc.gov/news-events/news/press-releases/2023/07/ftc-reaches-settlement-crypto-platform-celsius-network-charges-former-executives-duping-consumers" rel="noopener noreferrer nofollow">imposed </a>a staggering $4.7 billion penalty on the bankrupt Celsius Network. The network&#39;s plans to return assets to consumers are now suspended. The FTC also banned Celsius and its affiliates from offering services related to cryptocurrency.</p><p>As alleged, the network misled customers, misappropriated funds, and made $1.2 billion in unsecured loans. CEO Alex Mashinsky was indicted on seven fraud-related charges and taken into custody. This came as Celsius Network is facing similar charges from the Securities and Exchange Commission (SEC) and the CFTC.</p><h3 id="terraform-co-founder-daniel-shin-39-s-trial-unfolds-in-south-korea">Terraform co-founder Daniel Shin&#39;s trial unfolds in South Korea</h3><p>Daniel Shin, co-founder of Terraform Labs, is <a href="https://biz.chosun.com/topics/topics_social/2023/07/10/HTFU4XPKMNB6TP7WIZCIK6WSFI/" rel="noopener noreferrer nofollow">now on trial</a> in South Korea, along with seven others linked to the collapsed company. Shin was indicted for fraud and violating capital markets laws, resulting in the freezing of $184 million worth of assets. This was in connection with the collapse of Terra-Luna, an algorithmic stablecoin launched by Terraform Labs, which caused a $40 billion cryptocurrency loss in 2022.</p><p>Shin&#39;s defense team requested more time to prepare for the trial due to the technical complexities involved. This happened as Shin&#39;s co-founder, Do Kwon, is serving a four-month jail sentence in Montenegro for attempting to flee with a fake passport.</p><h3 id="jacobi-etf-becomes-europe-39-s-first-step-into-bitcoin-exchange-traded-funds">Jacobi ETF becomes Europe&#39;s first step into Bitcoin exchange-traded funds</h3><p>Jacobi Asset Management, a London-based firm, is ready to launch Europe&#39;s first Bitcoin exchange-traded fund (ETF) after a year-long delay. Originally <a href="https://www.ft.com/content/1d1de06a-a" rel="noopener noreferrer nofollow">scheduled</a> for July 2022, the listing was postponed due to market conditions caused by the Terra ecosystem and FTX collapses. However, citing increased demand, <a href="https://www.ft.com/content/1d1de06a-a" rel="noopener noreferrer nofollow">Jacobi decided to move forward</a> with the ETF launch.</p><p>Unlike other European digital asset products, the Jacobi Bitcoin ETF is a centrally cleared instrument backed by cryptocurrency, offering direct ownership to investors. Approved by Guernsey&#39;s Financial Services Commission in October 2021, the ETF can be traded outside the US.</p><h3 id="us-rep-ritchie-torres-demands-an-investigation-of-sec-39-s-pact-with-prometheum">US Rep. Ritchie Torres demands an investigation of SEC&#39;s pact with Prometheum</h3><p>US Representative Ritchie Torres has called for an <a href="https://twitter.com/RepRitchie/status/1679534903661301761/photo/1" rel="noopener noreferrer nofollow">investigation</a> into the United States Securities and Exchange Commission (SEC) over its handling of digital assets. Torres specifically questions the SEC&#39;s &#34;sweetheart deal&#34; with crypto platform Prometheum, emphasizes Prometheum&#39;s questionable status as a true trading platform, and demands scrutiny of the SEC&#39;s failure to establish a workable registration process.</p><p>He said that “[The] SEC is acting like an overzealous traffic cop, arbitrarily ticketing drivers while keeping the speed limit a secret.”</p><h3 id="xrp-skyrockets-as-ripple-triumphs-over-sec-in-historic-legal-battle">XRP skyrockets as Ripple triumphs over SEC in historic legal battle</h3><p>In a landmark case, Ripple has defeated the SEC&#39;s allegations that its<a href="https://coinmarketcap.com/currencies/xrp/" rel="noopener noreferrer nofollow"> XRP token</a> is an unregistered security. The cryptocurrency market responded with enthusiasm, particularly XRP, which surged over 70% on Thursday.</p><p>District Judge Analisa Torres <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.874.0.pdf" rel="noopener noreferrer nofollow">ruled </a>that while some transactions involving XRP constituted securities, the token itself did not meet the criteria for an investment contract. This much-anticipated decision led XRP to skyrocket from $0.4 to above $0.8, briefly hitting the fourth spot in market capitalization.</p><p>Ripple&#39;s triumph could have implications for other cryptocurrencies labeled as &#34;securities.&#34;</p><h3 id="a-federal-court-ruled-against-lbry-inc-in-its-lawsuit-with-sec">A federal court ruled against LBRY Inc. in its lawsuit with SEC</h3><p>The US District Court for the District of New Hampshire has <a href="https://www.dropbox.com/scl/fi/tn88lu25f8xg96algkj60/SEC-v-LBRY-Final-Judgment.pdf?dl&#61;0&amp;rlkey&#61;la5au9jor0ev4ae0qcq9uwao2" rel="noopener noreferrer nofollow">issued</a> its final judgment in the <a href="https://www.sec.gov/litigation/litreleases/2023/lr25775.htm" rel="noopener noreferrer nofollow">SEC v. LBRY case</a>. LBRY, Inc. has been found liable for violating Section 5 of the Securities Act of 1933. As such, LBRY is permanently restrained from participating in unregistered crypto asset securities offerings. This came the same week another US court ruled in favor of Ripple (XRP).</p><h2 id="header-1">NEW LISTINGS ON MELEGASWAP</h2><h3 id="a-href-https-www-chameleonmeme-site-rel-noopener-noreferrer-nofollow-chameleon-chame-a"><a href="https://www.chameleonmeme.site/" rel="noopener noreferrer nofollow">Chameleon (Chame)</a></h3><p>The Chameleon project was built based on the recent meme trend. The Chameleons are tired of seeing crazy animals claim to be the king of memes; the dogs, cats, and even Pepe claim to be the king of memes. The chameleons are here to change the candle colors from RED to daily GREEN.</p><h3 id="prosperity-truth-coalition-ptc">Prosperity Truth Coalition (PTC)</h3><p>The Prosperity Truth Coalition Token Project is a reflection token Operating on the Binance Smart Chain with a custom Pro-Investor Staking Consensus model called Proof Of Holding, which rewards Bep20 XRP (Official Binance Pegged XRP Tokens) to stakers on a monthly basis.</p><h3 id="a-href-https-linktr-ee-bodecoin-rel-noopener-noreferrer-nofollow-bodecoin-bode-a"><a href="https://linktr.ee/bodecoin" rel="noopener noreferrer nofollow">BodeCoin (BODE)</a></h3><p>BodeCoin, or $BODE, is a dynamic, community-driven memecoin hailing from the heart of Brazil and a tribute to the legendary &#34;Bode Gaiato&#34; meme. The self-proclaimed G-O-A-T community memecoin, BodeCoin rallies a growing community of fans, not just in Brazil, but around the globe, fueled by the universal language of laughter and shared digital culture.</p><h2 id="header-2">•••</h2><p><em><strong>Risk warning: </strong>Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.</em></p><h3 id="trade-with-the-best-decentralized-amm-cryptocurrency-exchange">Trade with the best decentralized AMM cryptocurrency exchange</h3><p>Do you want to buy, sell, and invest in cryptocurrencies and still have 100% control of your crypto assets? If yes, then Melega Finance is for you. MelegaSwap is a leading automated market maker (AMM) decentralized exchange that offers users various options to trade and earn free tokens at high-interest rates and low charges.</p><p>At Melega, nobody manages your funds for you because you manage them directly from your wallet, while smart contracts transparently take care of everything else.</p><p><strong>Learn More About the Melega Ecosystem</strong></p><p>Website: <a href="https://melegaswap.finance/" rel="noopener noreferrer nofollow">https://melegaswap.finance</a></p><p>Telegram: <a href="https://t.me/melegacommunity" rel="noopener noreferrer nofollow">https://t.me/melegacommunity</a></p><p>Twitter: <a href="https://twitter.com/meleganza" rel="noopener noreferrer nofollow">https://twitter.com/meleganza</a></p><p>Binance Feed: <a href="https://www.binance.com/en/feed/profile/212703589" rel="noopener noreferrer nofollow">https://www.binance.com/en/feed/profile/212703589</a></p><p>DAPP: <a href="https://melega.finance/" rel="noopener noreferrer nofollow">https://melega.finance/</a></p><p>Crypto Services Hub: <a href="https://melega.space/" rel="noopener noreferrer nofollow">https://melega.space/</a></p><p>Instagram: <a href="https://www.instagram.com/melega.finance/" rel="noopener noreferrer nofollow">https://www.instagram.com/melega.finance/</a></p><p>YouTube:<a href="https://www.youtube.com/channel/UC_kjHoXOkPSSB4HeHNZMq-Q" rel="noopener noreferrer nofollow"> Melega Finance Official</a></p>

Crypto Weekly Recap: SEC Wins Against LBRY Credits but Loses to Ripple; Celsius Fined; European BTC ETF Launches; and More (July 9–15, 2023)

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