FameEX Morning Crypto News Recap | July 14, 2023

Ripple's Chief Legal Officer Analyzes SEC Lawsuit Ruling: Asserts 'XRP is Legally Not a Security'
Ripple Labs' chief legal officer analyzed the recent ruling in the SEC v. Ripple case, highlighting it as a significant victory for the company. He emphasized that, based on legal grounds, XRP is not classified as a security. Furthermore, he pointed out that cryptocurrency sales on exchanges do not fall under the category of securities.

BIS Report Raises Concerns about Cryptocurrencies' Limitations and Questions Their Role in the Global Economy
The Bank of International Settlements (BIS) released a report addressing cryptocurrencies, highlighting their significant "flaws." According to BIS researchers, permissionless blockchains suffer from inherent limitations that result in network congestion and high transaction fees.

Russian State Duma Approves Legislation for Digital Ruble
The Digital Ruble law has been successfully discussed and approved by the Russian State Duma in its second and third discussions. This law grants the Central Bank of Russia the authority to regulate the digital currency and arrange a pilot test scheduled to take place in August.

Circle CEO Warns Congress of Potential Downfall for US Dollar
Jeremy Allaire, CEO of Circle, expressed concerns about the vulnerability of the US dollar and urged lawmakers to implement stablecoin regulations to establish confidence in a digital dollar. He emphasized that the US dollar's status as a global reserve currency could be jeopardized if Congress fails to act swiftly.

FTC Launches Extensive Criminal Investigation Questionnaire Targeting OpenAI's ChatGPT
OpenAI, creator of ChatGPT AI chatbot, is under investigation by the FTC over concerns regarding privacy practices and potential consumer harm. The U.S. federal agency has issued a criminal investigative demand to gather information on OpenAI's revolutionary AI tool.

US Industry Watchdogs Express Opposition to Draft Bill on Crypto Market Structure
A coalition of US industry watchdogs has joined forces to oppose a draft bill on crypto market structure put forth by the House Financial Services Committee. In a detailed letter, the group accuses the crypto market of using innovation as a pretext to pursue legislation that benefits them.

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