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Weekly Roundup 06.10
US Judge Rejects SEC’s Motion to Appeal Ripple Ruling
In big news out of the US this week, District Court Judge Analisa Torres has dismissed the SEC’s motion to appeal their XRP ruling from July.
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Judge Torres stated in a brief ruling earlier this week that the SEC failed to meet its burden under the law to show there were controlling questions of law or that there were substantial grounds for differences of opinion. In her words: “The SEC’s request for a stay is DENIED as moot. The Clerk of Court is directed to terminate the motion at ECF No. 892.”.
The markets reacted positively off the back of the news, with XRP jumping 5% that night.
This is off the back of Judge Torres ruling partially in favour of Ripple on July 13, stating that they did not violate securities law.
However, it’s important to note that this isn’t a total loss for the SEC, with a trial scheduled for April 2024 for other issues yet to be heard before a court. The SEC may still decide to appeal the entire case following this.
Co-Founder of Polygon, Jaynti Kanani, Resigns After Six Years of Pioneering Work in the Blockchain Space.
Polygon’s year just got bigger as co-founder Jaynti Kanani has stepped down from his role after six years of dedicated service. Kanani, a key figure in Polygon’s development, has been instrumental in shaping the project’s direction and success.
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“After kickstarting Polygon in 2017, I decided to step back from the day-to-day grind… I’m more confident in Polygon’s bright future and passionate community. I’ll be focusing on new adventures while still cheering and contributing to Polygon from the sidelines.”
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This news continues what has been an eventful year for Polygon, with Polygon 2.0 taking centre stage. This major upgrade, poised to redefine the network’s role as the “value layer of the internet,” is set to usher in a new era.
Now, Nailwal and Mihailo Bjelic are the only cofounders of Polygon who are still with the startup.
Ledger Trims Workforce by 12% Amid Macroeconomic Challenges
The CEO of Crypto custody company Ledger has announced they will be laying off around 88 staff members, roughly 12% of their 734 employees, citing macroeconomic headwinds as the cause.
These adjustments follow Ledger’s recent accomplishment of securing the lion’s share of a US $109 million (AUD $171 million) funding round, which catapulted the company’s valuation to approximately US $1.4 billion (AUD $2.2 billion).
“Macroeconomic headwinds are limiting our ability to generate revenue,” wrote Gauthier.
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Ethereum’s Evolution: Balancing Core Protocol Features and Smart Contracts
As part of its evolution, Ethereum faces the challenge of striking the right balance between core protocol features and those built on top of it.
Vitalik Buterin, the co-founder of Ethereum, recently delved into this complex issue in a detailed blog post. Ethereum’s journey began with the aim of maintaining a simple and minimalist base layer, leaving more extensive functionalities to be developed through smart contracts.
However, as the network matures, questions arise about whether certain features should be built directly into the core protocol or implemented through smart contracts on top.
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Buterin considers various aspects, such as ZK-EVMs for efficiency and governance, proposer-builder separation for reduced trust, private mempools for enhanced security, and liquid staking to mitigate centralisation risks.
While these ideas could offer valuable enhancements, challenges related to technology diversity, governance, and protocol complexity must be addressed to ensure their successful integration.
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Investified
Investified is an online education, research and community app designed to take everyday time-poor Australians from confused to confident with their crypto investing.
