FameEX Morning Crypto News Recap | July 14, 2023

Ripple's Chief Legal Officer Provides Insight on SEC Lawsuit Decision: Declares 'XRP is Legally Not Classified as a Security'
Ripple's chief legal officer reviewed the outcome of the SEC v. Ripple case, considering it a major triumph for the company. He stressed that, from a legal perspective, XRP is not deemed a security. Additionally, he highlighted that cryptocurrency sales on exchanges are not classified as securities.

BIS Report Highlights Concerns over Cryptocurrencies' Limitations and their Role in the Global Economy
The recently published report by the Bank of International Settlements (BIS) focuses on cryptocurrencies, shedding light on their notable drawbacks. BIS researchers point out that permissionless blockchains possess inherent limitations leading to issues such as network congestion and elevated transaction fees.

Russian State Duma Passes Legislation Enabling Digital Ruble Implementation
The Russian State Duma has passed the Digital Ruble law after thorough discussions in its second and third readings. This legislation empowers the Central Bank of Russia to regulate the digital currency and organize a pilot test set to occur in August.

Circle CEO Raises Concerns to Congress About Potential Decline of US Dollar
Circle CEO, Jeremy Allaire, raised concerns about the fragility of the US dollar and called on lawmakers to enact stablecoin regulations to instill trust in a digital dollar. He underscored the potential risk to the US dollar's global reserve currency status if Congress does not respond promptly.

FTC Commences Thorough Criminal Investigation Questionnaire Targeting OpenAI's ChatGPT
The FTC has launched an investigation into OpenAI, the developer of ChatGPT AI chatbot, due to worries surrounding privacy practices and potential harm to consumers. To gather information about OpenAI's groundbreaking AI tool, the federal agency has issued a criminal investigative demand.

US Industry Watchdogs Contest Proposed Draft Bill on Crypto Market Structure
US industry watchdogs have formed a coalition to contest a proposed draft bill on crypto market structure presented by the House Financial Services Committee. The group argues, in a comprehensive letter, that the crypto market is leveraging innovation as a pretext to seek legislation that serves their own interests.

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