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👩⚖️ Judge rules XRP is not a security
A major win for the crypto industry
Hey Waivly Crew! 🌊 A federal judge has ruled that XRP is a security when sold to institutional investors, but not the general public. Google will soon let Play Store games and apps offer NFTs.
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Ripple scores partial win in SEC court fight over XRP
The federal judge presiding over Ripple Lab's case against the U.S. Securities and Exchange Commission has ruled that the XRP token "is not necessarily a security on its face"—except when it was sold to raise funds from institutions.
Federal district judge Analisa Torres ruled that the "programmatic sales" of XRP (on digital asset exchanges) did not constitute the offer and sale of unregistered securities.
The judge, however, did conclude that $728 million worth of contracts for institutional sales did constitute unregistered securities sales, as those investors would have purchased XRP with the expectation that they would profit from Ripple's work.
"Therefore, having considered the economic reality and totality of circumstances surrounding the Institutional Sales, the Court concludes that Ripple’s Institutional Sales of XRP constituted the unregistered offer and sale of investment contracts in violation of Section 5 of the Securities Act," Torres wrote.
The case against Ripple has been ongoing since December 2020, when the SEC sued Ripple and its two chief executives—Brad Garlinghouse and Chris Larsen—for raising $1.3 billion in an alleged “unregistered, ongoing digital asset securities offering.”
The Waves
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NFT Special
Google has updated its mobile software marketplace policy to allow developers to integrate digital assets into their games through its Play app store, the company’s group product manager, Joseph Mills, announced Wednesday.
As part of the policy update, Mills stated that apps must be “transparent with users about tokenized digital assets,” and developers can’t “promote or glamorize any potential earning from playing or trading activities.”
Apps that aren’t in line with Google Play’s Real-Money Gambling, Games, and Contests policy also can’t accept money for chances to win assets, including NFTs.
The new policy will allow apps and games on Google Play to reconceptualize “traditional games with user-owned content to boosting user loyalty through unique NFT rewards,” Mills noted.
In the past, Google has taken a hard stance against blockchain-based apps. In 2018, Google banned crypto mining apps, which remain prohibited. More recently, Google kicked the blockchain-based game “Bitcoin Blast” off the Play Store in 2021.
However, the company has signalled a shift in attitude towards Web3 recently, allowing ArDrive Mobile, a decentralized data storage app, to appear in the store in 2022 and listing Axie Infinity: Origins in select markets.
Google anticipates users will begin seeing in-app and game experiences "later this summer," as a select group of developers are helping to test out the new policy before it rolls out in full later this year.
NFT creator and technology firm Dapper Labs has announced its third round of staff layoffs in less than a year.
On Thursday, Dapper Labs CEO Roham Gharegozlou took to Twitter to share an email that was sent out to the team members, announcing as many as 51 employees have left the firm.
“The decision was incredibly difficult because of the amazing people affected but it is necessary and the right thing to do is to ensure a lean and efficient Dapper Labs,” he wrote.
Gharegozlou also noted that the company is in a “strong cash position with no outstanding debt.”
The Vancouver-based Dapper Labs is best known for developing NFT collectibles such as CryptoKitties and NBA Top Shot.
The company raised $305 million in March 2021, with the raise reportedly bringing its post-money valuation to a whopping $2.6 billion.
The crypto bear market, however, took its toll as Dapper Labs laid off 22% of its staff in November 2022, followed by another 20% workforce cut in February 2023.
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