Coinbase Is Suing The SEC
Rider Ripps Loses Yuga Case
Here is the breakdown of today's newsletter:
🔥 Coinbase Suing The SEC⚖️ Yuga Wins Rider Ripps Case🔫 CS:GO skin sells for $200k
Coinbase Suing The SEC 🔥
You can sue the SEC? Who knew LOL.
Coinbase is back in the headlines once again and this time it's over an ardous battle against the SEC.
💡 Here's the TL,DR: Coinbase approached the SEC a year ago and laid out exactly what it wants to do with lending, protocols, etc. The SEC didn't give a formal and specific response. Then out of the blue a couple of months ago the SEC said oh wait yeah that's illegal and you are in trouble now.
Today, we filed a narrow action in the U.S. Circuit Court to compel the SEC to respond “yes or no” to a rulemaking petition we filed with them last July asking them to provide regulatory guidance for the crypto industry. 1/4
— paulgrewal.eth (@iampaulgrewal)
Apr 25, 2023
In response Coinbase has filed a lawsuit against the Securities and Exchange Commission (SEC), asking the regulator to publicly share its response to a petition from July 2022 on whether the crypto industry can be regulated using existing SEC frameworks. The petition asked the SEC to propose and adopt rules to govern the regulation of securities offered and traded via digitally native methods, but the SEC did not offer a specific public response. In recent months, the SEC has increased enforcement actions and warnings against crypto exchanges, including Coinbase.
Yuga Wins Lawsuit Over Rider Ripps ⚖️
The Ryder Ripps (RR) vs. Yuga saga has finally ended, and it’s in the Apes’ favor. Back in 2022, RR created a conspiracy that Yuga designed Bored Ape Yacht Club around racist undertones and antisemitic symbolism. Last week, Judge John F. Walter granted summary judgment in favor of Yuga, stating that Ripps acted in “bad faith” and in order to “profit”.
🧵RR/BAYC Mega Thread
- What is it?
- What is an NFT?
- Who is the team behind it?
- Some of Ryder’s past work
- Some of my personal takes
— tu crache 🥖🥐 (@youspittin)
Jun 17, 2022
RR, along with his conspiracy, created RR/BAYC, which was a direct copy of the original BAYC collection. It was his way to "protest the racism" that, he states, BAYC was perpetrating. At the time that the collection was released, many people flocked to RR’s side, believing the nonsense that he was coming up with. But the courts disagree. According to the judge’s opinion, RR was not able to prove undeniably that Yuga was racist in any way. What he did state was RR “ripped” (hehe) off Yuga by copying the collection. There is no difference between RR/BAYC and a knock-off Rolex.
💡 What did we learn?
The judgment that Yuga received, in this case, is a landmark one not just for the NFT giant but for Web3 in totality. It shows that collections that blatantly copy others can be held liable for damages. While it has yet to be decided how much RR will have to pay Yuga for damages, we can suspect that they will be quite substantial, considering the company’s net worth and average revenue. By shining a light that wasn’t actually there on allegations that weren’t actually true, RR put himself in a hole and tarnished a part of Yuga’s entire reputation, for while he will be held accountable. WAGMI.
There's no question that web3 gaming has been the strongest sector in NFTs so far in 2023. CS:GO is an ultra-popular first-person shooter video game that has been around for decades along with hosting one of the most professional gaming circuits in the entire industry. Gaming skins is only the beginning - hopefully we see Fortnight take on NFTs next.
Another CS:GO skin sold for $200K+
This time it was done on a public Twitter auction
Gamers preferring digital ownership over endlessly renting items makes more sense sale by sale
— Loopify 🧙♂️ (@Loopifyyy)
Apr 26, 2023
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