The Office of the Comptroller of the Currency has clarified rules for US banks regarding the use of public blockchains and stablecoins, allowing them to run nodes and use stablecoins for payment activities and other bank functions.

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In a press release publish today, the OCC stated that: “The agency letter concludes a national bank or federal savings association may validate, store, and record payments transactions by serving as a node on an Independent Node Validating Network (INVN). Likewise, a bank may use INVNs and related stablecoins to carry out other permissible payment activities. …

Justin Sun was appointed to be an advisor to the National Development and Reform Commission (NDRC), a macroeconomic management agency in China. He’s also been appointed to the editorial board of Information China, an authoritative state-backed journal.

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The NDRC is a state council for comprehensive research, high-level social and economic development and management which guides overall economic system reform of mainland China, and is known as the “mini-state council.”

TRON is one of the top and most representative public blockchains in China and has been steadily receiving more attention from government agencies and institutions. …

Many people say that HEX is a scam, but why is it up 15,000% in 2020? We take a closer look at HEX to see what it really is.

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HEX was created by a Bitcoiner by the name of Richard Heart. He gave away free HEX to all Bitcoin holders that were holding Bitcoin on the snapshot day of December 2nd 2019. …

Their previous ETF filings have been rejected under former Chairman Jay Clayton’s leadership.

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VanEck has likely filed this new application in hopes that the new leadership at the SEC is more friendly towards Bitcoin than Jay Clayton was.

This month the SEC will be replacing Chairman Jay Clayton, six of his Directors from each SEC division, the SEC’s Chief Economist and the SEC’s General Counsel.

President Donald Trump has appointed Elad Roisman, who some have called pro-crypto, as the Acting Chairman until an official replacement is chosen. …

The civil lawsuit seeks compensation for selling customers unregistered securities.

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The class action lawsuit was filed in federal court in the Northern District of California by plaintiff Thomas Sandoval. The lawsuit seeks recovery of commission paid to Coinbase for XRP sold “illegally” to class members.

No court has ever determined that XRP is a security. This lawsuit is likely filed in the event that a court does determine that XRP is a security. If the SEC v. Ripple Labs lawsuit is dropped then this lawsuit will also likely be dismissed.

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The Obama appointee may take a softer stance towards Democrat-connected Ripple Labs. Bill Clinton famously appeared at a conference held by Ripple in 2018.

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The judge overseeing the S.E.C. vs. Ripple lawsuit in the Southern District of New York, Analisa Torres, was appointed by Obama in 2013 and is a Democrat. Ripple executives have claimed that Democrats are more friendly towards their company than Republicans.

Former Chairman of the S.E.C. Jay Clayton is a Republican and a Trump appointee. Garlinghouse said that Clayton allowing this lawsuit to go forward the day before he resigned from his position at the S.E.C. was “shameful.” …

The new TRC-721 standard will be used to tokenize physical and virtual assets on the blockchain.

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The Tron Foundation announced today that it will soon be launching the TRC-721 standard on the Tron Blockchain. This will enable NFTs to be created on the Tron network.

An NFT is a token on the blockchain that is tied to a physical or virtual asset. For example, a popular form of NFTs are tokens that are linked to a physical or digital art piece. …

In his final days in office, Clayton stirred up controversy by suing Ripple Labs and creating over $10 billion in losses for XRP investors.

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Hester Peirce, another pro-crypto SEC commissioner, broke the news saying:

Roisman will be acting Chairman until the incoming president appoints a permanent Chairman. Roisman, like his colleague Peirce, is a republican. Roisman was appointed to the SEC board by President Donald Trump in 2018.

If Biden takes office in January, we may see another shake up in the leadership at the SEC. If Trump remains in office then Roisman is more likely to keep his position at the helm of the SEC. …

The SEC alleges that the XRP sales amounted to unregistered security offerings. They are seeking injunctive relief, disgorgement, and civil penalties.

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The SEC said they are also charging CEO Brad Garlinghouse and Chairman Chris Larsen for selling approximately $600 million worth of XRP.

Lawyers for Ripple have denied any wrongdoing and plan to fight the charges in court. They argue that XRP is not a security and therefore is exempt from the Securities Act of 1933.

Ripple General Counsel Stuart Alderoty responded to the SEC’s Wells Notice saying, “The SEC’s theory, that XRP is an investment contract, is wrong on the facts, the law and the equities.”

This is an increase of $66 billion since their last private funding round in 2018 which valued them at $8 billion dollars. The largest IPO in the US was DoorDash in 2020, valued at $38 billion.

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The CBSE contracts trading on FTX reached a price of $296 in early trading on Monday. The contracts will settle the day after the Coinbase IPO launches and each contract will convert into the equivalent amount of tokenized Coinbase stock on FTX.

It’s not immediately clear why Coinbase decided to go public. The stock could start trading as soon as early 2021, nearly ten years after they first opened their doors. …

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