Blockchainreporter Weekly News Review: SEC Clears Ripple Executives, Crypto Evolves

This week has seen major crypto developments that show a strong and constructive environment. These developments include technological advances, legislative milestones, and crypto industry strategy. The OKX-Polygon zkEVM cooperation might improve NFTs by employing Ethereum Virtual Machines. Crypto regulation reached a milestone when the SEC cleared Ripple’s leadership. Grayscale’s proactive Bitcoin ETF registration filing might change everything. Moreover, the RAK Digital Assets Oasis promotes blockchain and Web3 technologies in Ras Al Khaimah. After BlackRock clarified its exchange-traded fund (ETF) status, correct information became vital, and Trust Wallet’s rebranding empowered the Web3 ecosystem. These advances demonstrate the crypto industry’s constant change.

OKX Embraces Polygon zkEVM for Enhanced NFT Innovation

OKX is a large crypto exchange in the market. It now backs Polygon zkEVM which is a blockchain and NFT innovation. Ethereum Virtual Machines provide cutting-edge scaling. This integration may increase Polygon zkEVM NFT user potential. OKX’s NFT Marketplace offers polygon zkEVM for dynamic NFT discovery, administration, and trading. The seamless integration of two cutting-edge technologies gives clients an unparalleled experience.

It follows OKX’s Crypto Cricket Cup in India during the 2023 ICC World Cup. Phase 2 OKX Wallet polygon games. These posts earn 200,000 USD. OKX sells user-engagement Polygon-based NFTs. Besides its NFT Marketplace, OKX includes a DEX with 20 blockchains and 200 currencies. Users may earn and stake 70 protocols on 10 chains with Web3 DeFi. It leads the growing decentralized financial industry. OKX’s McLaren Formula 1 and Manchester City F.C. collaborations show its originality and worldwide reach.

Ripple’s CEO and Chairman Get Clearance by SEC in Regulatory Milestone

SEC cleared Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen of all allegations. Ripple’s win advances cryptocurrency regulation. The SEC rejected the allegations “with prejudice,” blocking reintroduction. The third time, Ripple’s management triumphed. XRP is not a security, a court determined in July 2023. Securities and Exchange Commission’s October judgment appeal failed.

The SEC accused Ripple of neglecting to register XRP as a security since 2013, starting the legal battle in late December 2020. The SEC did not charge Ripple with fraud or misrepresentation. The exemption impacts Ripple and cryptocurrencies. By 2023, Ripple will shift a substantial percentage of its operations outside and recruit more global workers. It will also demonstrate how cryptocurrency businesses are carefully migrating offshore.

Grayscale Pursues SEC Registration for Bitcoin ETF

Grayscale Investments proactively filed an SEC registration form. Grayscale’s determination to develop its well-established Grayscale Bitcoin Trust into a Bitcoin ETF triggered this. This desire came after the D.C. Circuit Court ordered the SEC to review Grayscale’s plan. Grayscale chose an S-3, shorter than an S-1. This is crucial to their share issuance plan. Their shares have been registered under the Securities Exchange Act of 1934 since January 2020, allowing them to file under S-3. This and other methods helped with the S-3 filing.

Popular firms like BlackRock and Fidelity have also sought SEC permission. Grayscale Bitcoin Trust (GBTC) wants NYSE Arca. What’s the goal? S-3 activation and NYSE Arca approval enable regular share issuing. Grayscale’s recent statement says this strategy serves its goal.

Ras Al Khaimah Ventures into Digital Assets with RAK Digital Assets Oasis

Culturally rich Ras Al Khaimah is entering the digital asset sector. Sheikh Mohammed bin Saud bin Saqr Al Qasimi opened the RAK Digital Assets Oasis on Oct. 19. This new economic free zone targets blockchain, Web3, AI, and digital asset enterprises. Businesses can investigate virtual assets, utility tokens, NFTs, and other Web3 initiatives with RAK DAO. With partners, it will provide funding and technological, marketing, and business planning expertise. Sheikh Saud envisions Ras Al Khaimah leading the digital asset revolution with RAK DAO. RAK DAO CEO Sameer Al Ansari collaborated with the Securities and Commodities Authority CEO.

Abu Dhabi and Dubai dominate the digital world, but Ras Al Khaimah is developing. RAK DAO joined UAE Web3-compatible free zones, providing entrepreneurs additional control and tax breaks. A new regulation allowed RAK DAO to become a digital asset hub to facilitate this dedication. RAK DAO partners include HBAR Foundation, Rakbank, and Humans.ai.

BlackRock Denies SEC Approval for iShares Bitcoin ETF

BlackRock, a major global investment management corporation, denied that the SEC has approved its planned iShares Bitcoin (BTC) spot ETF. The company’s confirmation that the SEC approval reports were false dampened initial euphoria.

BlackRock’s official statement states that the Securities and Exchange Commission (SEC) is evaluating its application, avoiding premature celebrations. Like previous ETF approval submissions, the decision is pending. This incident emphasizes the importance of regulatory supervision and accurate information transmission to reduce unnecessary market volatility in the dynamic crypto environment.

Trust Wallet Expands Support for Decentralized Ecosystem with Rebrand

Popular self-custody wallet Trust Wallet, which supports various blockchain networks, rebranded. This method empowers Web3 ecosystem users. Redesigned brand, software, and user experience emphasize “Self-Reliance.”

Top self-custody portal Trust Wallet permits untrusted decentralized realm access. From 100 blockchain networks, the wallet holds 10 million currencies and 600 million NFTs. Web3 technology’s user-friendliness and usefulness expand its audience in this brand development. Trust Wallet CEO Eowyn Chen stressed financial autonomy. The “Trust Blue” and “Trust Green” colors and visual accessibility criteria make the rebranding vibrant. ryptoNew shield symbol shows Trust Wallet’s security.