THE RIPPLE EFFECT: CRYPTOCURRENCY TOP HEADLINES OF THE WEEK

1ATH.Studio
4 min readJul 20, 2023

It’s been a massive week for cryptocurrency. Here, we take a look at the reactions and backlash from the court’s ruling in the case between the SEC and Cryptocurrency firm, Ripple.

Ripple Invest in Massive AI Metaverse Project

Ripple Labs alongside Crypto Investment firm 10T, has invested $54 Million into Futureverse, a massive crypto AI gaming startup.

Futureverse was formed last year by merging 11 tech startups and features products such as AI league mobile soccer game and AI boxing game Muhammad Ali: The Next Legend. Futurverse plans to use this series A funding to fund its research and advance its technology called: The Root Network.

Elizabeth Warren Asks SEC to Investigate Elon Musk

Senator Elizabeth Warren has called on the U.S. Securities and Exchange Commission (SEC) to investigate Elon Musk’s simultaneous roles as CEO of Tesla and influential figure on Twitter.

Warren expressed concerns about potential conflicts of interest and manipulative behavior, urging the SEC to examine whether Musk’s tweets regarding cryptocurrencies and other assets could have influenced the market.

SEC Chair Gensler Requests $109M to Tame Crypto Wild West

Securities and Exchange Commission Chair Gary Gensler called crypto markets “the Wild West” while asking senators for an additional $109 million for his agency’s enforcement budget.

The additional funding, if granted by Congress, would bring the SEC’s enforcement budget up to $1.4 billion.

Author of ‘Rich Dad Poor Dad’ Predicts Stock Market Collapse and Depression

Robert Kiyosaki, investor in Bitcoin and gold, author of “Rich Dad Poor Dad,” predicts a bleak future for the U.S. economy on Twitter.

He tweeted that “too many signs point to a severe stock market crash” and “depression coming” too and that he prefers not to play stock markets or bond markets since he likes to control everything too much as an entrepreneur. Kiyosaki also warned those who have made too big a bet on stocks and bonds to the degree that their future now depends on those markets to “please be careful, possibly ask for professional advice.”

Gensler Sees AI As a Key Player in Future Financial Crises

SEC Chair Gary Gensler warns that monopolizing AI development for financial markets by big tech companies could destabilize the global economy. In a statement prepared for the National Press Club in Washington, Gensler warned that artificial intelligence (AI) has the potential to increase financial fragility. The technology “could promote herding with individual actors making similar decisions because they are getting the same signal from a base model or data aggregator.”

Threads Adds Rate Limits to Combat Bots

Instagram Threads, Mark Zuckerberg’s Twitter alternative, has implemented rate limits due to increasing reports of spam attacks and crypto-shilling bots. Instagram head Adam Mosseri announced this on July 17. “Spam attacks have picked up so we’re going to have to get tighter on things like rate limits, which is going to mean more unintentionally limiting active people (false positives). If you get caught up [in] those protections let us know,” Mosseri explained.

Meta and Microsoft Launches New AI

Meta (formerly Facebook) and Microsoft have collaborated to launch Llama 2, an open-source artificial intelligence (AI) model. Llama 2 is designed to enhance natural language understanding and enable developers to build advanced AI applications. By making this AI model open-source, Meta and Microsoft aim to foster innovation and collaboration within the AI community.

U.S. Dollar To Be Backed by Bitcoin if Elected: Robert F. Kennedy Jr.

Robert F. Kennedy Jr., a U.S. presidential candidate, has revealed his plan to introduce a US dollar-backed Bitcoin if elected. Kennedy believes that this initiative would provide stability and transparency to the cryptocurrency market, combining the benefits of blockchain technology with the reliability of a fiat-backed asset.

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