_{Translated by Lani Oh}

Xangle’s Take on the Market This Week

• The crypto market spiked this week after XRP issuer Ripple Labs won a partial victory in its legal battle with the SEC. In addition to Ripple (+68.0%), price gains were also observed in Solana (+44.6%), ADA (+28.8%), and Polygon (+29.1%), all of which were classified as securities by the SEC. Bitcoin (+4.39%) and Ethereum (+8.39%), which have stayed away from the security classification issue, saw relatively modest price gains (*Gains over a week’s period).
• For more information on the SEC-Ripple case, please see Xangle Original "Xangle In-House Attorney's Analysis of the Ripple Ruling" (published on July 14, 2023).

Mainnet

Polygon 2.0 Tokenomics Overhaul

Polygon announced on July 13 that it has introduced a newly designed Polygon Tokenomics, and MATIC will be rebranded as POL.

Link: Polygon blog announcement

BASE Mainnet Now Open for Builders

BASE announces a pre-launch of its mainnet for builders.

Link: BASE blog announcement

Games/NFTs

Google Play Gives Green Light to NFTs 

Google Play announced an update to its Play Store policies, allowing NFTs in apps and games.

Link: Coindesk article

LINE NEXT Signs MOU with SEGA for Web 3 Game Development

LINE NEXT has entered an MOU with SEGA to develop  new Web3 games for GAME DOSI.

Link: Finschia Medium post

Regulatory Landscape

U.S. Court Invalidates Ripple's Classification as a Security for Non-Institutional XRP Distributions

The U.S. District Court for the Southern District of New York has ruled that only XRP sales to institutional investors constitute securities sales.

Link: Full copy of the decision

S. Korea’s Financial Regulator Introduces Crypto Accounting and Disclosure Guidelines

South Korea's Financial Services Commission (FSC) has implemented new regulations on the accounting practices and mandatory disclosure for crypto assets.

Link: S. Korea Implements Crypto Accounting Rules