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Markets

JPMorgan says Ripple's XRP ruling is a win for Coinbase (2 minute read)
The recent ruling on Ripple's XRP token benefits Coinbase as it narrows the crypto exchange operator's downside risk, according to JPMorgan. "The ruling appears on the surface to be a win for Coinbase in its recent lawsuit by the SEC," JPMorgan equity analysts led by Kenneth Worthington wrote in a report on Friday. "We see Coinbase in the best position to benefit from the improved confidence and regulatory clarity given Coinbase's market-leading position and respected reputation in the industry." Earlier this week, Ripple pocketed partial victory after a federal judge ruled that its XRP token is not a security when sold on the secondary market but is a security when sold to institutional investors. The ruling is favorable for Coinbase since it may be applied to the 13 tokens actively traded on Coinbase that the United States Securities and Exchange Commission alleged are securities in its lawsuit against the company last month, according to JPMorgan analysts.

SEC Formally Accepts BlackRock Spot Bitcoin ETF Application for Review (2 minute read)
BlackRock's application to offer a spot Bitcoin exchange-traded fund (ETF) has been added to the official docket of the Securities and Exchange Commission as part of its proposed rule change process. The move, recorded late Thursday, advances the most closely-watched Bitcoin-related proposal to the SEC to date. The application for the iShares Bitcoin Trust was filed nearly a month ago, prompting a new wave of optimism across the crypto market, and additional filings for spot Bitcoin ETFs from a number of other prominent players.

Crypto Distress Prompts Fir Tree, a Hedge Fund, to Seek Profit From Turmoil (1 minute read)
Fir Tree Partners, a New York-based hedge fund, is launching a new fund focused on distressed crypto assets, an attempt to cash in on the intense turmoil the industry has experienced in the past year or so. The Fir Tree Digital Asset Opportunities Fund will launch Aug. 1, according to an email seen by CoinDesk. “Fir Tree is at its best when we identify opportunities that are mispriced, dislocated or complex. Rarely do we encounter situations that are all three, but that is precisely what we are seeing in digital assets right now,” Fir Tree wrote.

Tech

Enterprise blockchain: ‘Ethereum for Business’ explains key use cases (3 minute read) 
many enterprises today are using the Ethereum blockchain to improve outdated business processes. Paul Brody, global blockchain leader for Ernst & Young (EY), told Cointelegraph that he believes the Ethereum network will drive the most growth for the enterprise blockchain market going forward. To bring this to light, Brody recently published Ethereum for Business. According to Brody, this book intends to help non-technical, C-level executives and company leaders understand how and why Ethereum applies to specific use cases.

Coinbase Wallet launches messaging feature so users can interact directly on its platform (3 minute read)
Coinbase Wallet, one of the biggest self-custody crypto wallets globally, is launching a direct messaging feature so users can interact with one another through its platform, the company shared exclusively with TechCrunch. Prior to the launch, the wallet allowed users to buy and sell crypto, bridge digital assets across networks, collect NFTs and connect with web3 and blockchain-based websites and applications, among other things. Wallet holders can send messages to and from Ethereum accounts including ones with CB.IDs, ENS domains or Lens profiles. The wallet is available in more than 100 countries, according to Coinbase’s Q1 2023 shareholder letter.

Misc

BlackRock has a ‘responsibility to democratize investing,’ including in crypto, Larry Fink says (3 minute read)
BlackRock ’s move into crypto fits into the asset management giant’s broader mission of creating products that are easy to use and cheap for investors, CEO Larry Fink said Friday. “We believe we have a responsibility to democratize investing. We’ve done a great job, and the role of ETFs in the world is transforming investing. And we’re only at the beginning of that,” Fink said on “Squawk on the Street.”

Binance lays off over 1,000 employees amid regulatory hurdle (3 minute read)
Wall Street Journal shared an insight on June 14. According to an unnamed Binance spokesperson, 1,000 people have already been laid off. They added that up to 3,500 people will lose their positions in Binance by the end of 2023. A week earlier, several senior executives, including chief strategy officer Patrick Hillmann and general counsel Hong Ng, also shared their departure from the company. Moreover, in March 2023, the company responded to rumors of 20% layoffs, which were not officially confirmed by then.

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