🔴Rating One for Ripple

Putin bans crypto funds, a district choose calls out the SEC for hypocrisy within the Ripple lawsuit and South Park slams crypto celebrities. These tales and extra this week in crypto.

Russia Bans Crypto for Funds

President Putin signed into regulation a national ban on using digital assets for funds in Russia. Below the brand new regulation, digital belongings can’t be accepted as consideration for items and providers throughout the nation. In an announcement, the Kremlin mentioned it doesn’t need any “financial surrogates” getting used instead of the ruble.

Choose Calls Out SEC for Hypocrisy

A federal choose in Manhattan has ordered the SEC to launch paperwork associated to its professional witnesses in its courtroom battle with crypto agency Ripple. The SEC’s try and defend the identities and opinions of its consultants from any public scrutiny is unprecedented and the choose is looking the company’s continued efforts to take action as “hypocrisy.”

Celsius Information for Chapter

Troubled cryptocurrency lender Celsius Community turned the latest to file for Chapter 11 chapter. The submitting reveals a deficit of $1.2 billion on its stability sheet. This occurred weeks after it froze consumer accounts, basically locking them out of their funds. In response to Celsius, the necessity for chapter safety will assist it within the restructuring course of.

Crypto Employees Cuts Proceed

OpenSea, the world’s largest market for NFTs, has introduced it will be cutting about 20% of its employees. {The marketplace} joins different crypto companies resembling Coinbase, Gemini, and Crypto.com in asserting employees cuts. CEO and co-founder Devin Finzer mentioned the corporate needed to put together for the potential for a chronic downturn.

Polygon’s MATIC Jumps on Disney Partnership

Polygon’s MATIC token is up almost 30% after being the only blockchain company selected for Walt Disney’s 2022 Accelerator Program. Disney’s enterprise growth program is designed to speed up the expansion of cutting-edge leisure corporations. This 12 months, this system is targeted on augmented actuality, non-fungible tokens, and synthetic intelligence.

A Playboy Mansion within the Metaverse

A Playboy mansion is coming to the metaverse because the agency has introduced a licensing collaboration with the Ethereum-based metaverse undertaking, The Sandbox. The “Metamansion” will characteristic NFT collectibles, programmed occasions, social play, and gaming experiences. Playboy entered the Web3 area within the spring of final 12 months with its genesis NFT drop that includes artwork from Playboy’s archives.

Swiss Submit Workplace Enters Crypto

The Swiss Submit Workplace plans to create a crypto buying and selling and custody product following excessive demand from customers. Out there by means of its banking division PostFinance, the service is prone to be out there by 2024 on the newest. PostFinance just isn’t solely the banking arm of Switzerland’s put up workplace but additionally the fifth largest retail financial institution in Switzerland with over 2 million clients.

South Park Slams Crypto Celebrities

A brand new South Park episode takes goal at crypto promotions made by celebrities final 12 months. The episode spends most of its time on Matt Damon, alluding to his widely-panned advert for Crypto.com, however FTX-endorsing tennis star Naomi Osaka and celeb NFT buyers like Gwyneth Paltrow and Reese Witherspoon have been additionally sufficiently singed within the animated collection’ crypto celeb roast.

That’s what’s occurred this week in crypto, see you subsequent week.