Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.
Highlights 🧵:
1/ Ripple Labs has been fined US$125M after a federal judge ruled that 1,278 sales of the XRP token violated securities laws. "This is a victory for Ripple, the industry and the rule of law," tweeted Ripple CEO Brad Garlinghouse as the federal court reduced the SEC's ask of US$2B by 94%. The case, which began in 2020, was highly regarded as a test for how cryptocurrencies would be regulated under securities laws. After this outcome, both parties still retain the right to appeal the judgment.
2/ Immutable announced the retirement of its IMX marketplace on 13 Aug, to concentrate on expanding its ecosystem. The company noted that several projects have already been created and grown using its platform, emphasizing their preference to support these projects rather than compete. The network urged its community to explore other marketplaces within its ecosystem, reminding users that their assets will remain secure on the blockchain and accessible across different marketplaces using the same global order book.
3/ Franklin Templeton has expanded its tokenized money fund, the Franklin OnChain US Government Money Fund ("FOBXX"), on the Arbitrum network. Users can now acquire and hold the fund’s tokenized shares on Arbitrum, in addition to other networks like Stellar and Polygon. The launch aims to enhance the accessibility of Franklin Templeton's tokenized real-world assets ("RWAs"), with plans to expand to new chains in the future. “Expanding into the Arbitrum ecosystem is an important step on our journey,” said Roger Bayston, Franklin Templeton’s Head of Digital Assets.
Check out our latest publications from this week 🔎:
