);)
The US Securities and Exchange Commission (SEC) announced on the 27th that after investigating the characteristics of Meme Coins, it has concluded that Meme Coins cannot be classified as securities, and will be classified as outside the SEC's jurisdiction. The SEC pointed out that Meme Coins lack a clear profit-generating mechanism or investor profit rights, and are distinguished from traditional securities, and therefore are not subject to SEC regulations.
2. Ripple, Cooperates with South Korea's BACS for Institutional Crypto Custody
Ripple Labs announced on the 27th that it has partnered with South Korean crypto custodian BACS Korea to expand institutional cryptocurrency custody. Under the partnership, BACS Korea will provide custody services for various cryptocurrencies including XRP and RLUSD, mainly supporting institutional cryptocurrency custody services.
3. US SEC Decides to Withdraw Lawsuit Against Ethereum Developer Consensys
The SEC has decided to withdraw its lawsuit against Ethereum developer Consensys. Consensys CEO Joseph Lubin announced on the 27th that they have reached an agreement with the SEC and will file a joint settlement to the US court to terminate the lawsuit. The SEC had formally charged Consensys last July, defining the cryptocurrency wallet Metamask as an unregistered securities broker.
4. Cynthia Lummis Previews Bipartisan Stablecoin Regulatory Framework
US Senator Cynthia Lummis previewed on her X account on the 27th that a bipartisan stablecoin regulatory framework agreed upon in the Senate will soon be unveiled. She explained that the two parties have agreed on the structure of stablecoins and how to regulate them, and the result will soon be presented as a regulatory proposal.
5. Bybit "Recovered 77% of Assets After Hack"
Bybit, the exchange that suffered the largest hack in history last week, announced on the 27th that it has currently recovered about 77% of the exchange's assets to the pre-hack level.
