UK FCA Says Crypto ATMs Are Not Legal--Huh?

The United Kingdom’s Financial Conduct Authority has declared crypto ATMs illegal in the UK. El Salvador wants to launch a bitcoin-backed bond, but it’s waiting for the right time—a key factor being the Russia-Ukraine war. But if you’re planning on dying any time soon, passing on bitcoin and other cryptocurrencies to your heirs may be harder than it sounds. You could need a lawyer.

Ripple CEO Brad Garlinghouse and Co-Founder Chris Larsen filed for the SEC’s lawsuit against them to be dismissed, but the judge said no. In another motion, however—brought by the SEC—where the court was asked to strike the Ripple ‘Fair Notice’ defense, the court decided in favor of Ripple. In essence, Ripple and its executives have argued that the SEC did not give the company fair notice before taking them to court. This win could make the world of difference in the final ruling of the case as it puts the SEC on its heels. As a result, XRP rose a hefty 10 percent in response to the news. Some analysts are calling the lawsuit a ‘lose-lose’ situation even if there is a clear winner. In unrelated news, Ripple has awarded $250 million to a creator’s fund and has announced its first recipients.

A must-read: Has Tron’s Justin Sun broken any securities laws? If he has, will he ever get caught? Justin Sun seems to be one step ahead of the law—if he’s running from the law at all. Of course, he’s no Clyde Barrow (he has no Bonnie).

Crypto exchange Binance has announced it will seek to purchase traditional finance companies “within each sector.” For those who ache to know, this type of diversification is how rich companies get richer.

Coinbase One—a subscription-based trading platform owned by Coinbase—has launched with zero-fee trading.

Crypto tattoos are trending. Up 222 percent in the last year, #bitcointattoo is the most popular. 986 people have inked a bitcoin tattoo and almost as many have received a #cryptotattoo. These numbers are based on Instagram posts as analyzed by Crypto Head.

Ethereum and AAVE smart contract usage have surged more than 100 percent.

Everything you need to know (almost) about DAOs.

Microsoft wants to get more involved in Web3 development.

Autonomous arbitration in the era of metaverses.

Bitcoin Foundation Chairman Brock Pierce says President Joe Biden’s executive order will impact mid-term elections. Despite the president’s executive order, several states aren’t waiting for the federal government. They’re creating their own crypto legislation. A total of 9 countries have already launched a central bank digital currency and several more are exploring the option, including the U.S. What you need to know if the U.S. dollar goes digital. Or should I say ‘when’?

Shark Tank maven Kevin O’Leary says cryptocurrencies make up 20 percent of his investment portfolio.

Snark and editorial comments in italics.

Cryptocracy is a decentralized newsletter published 4 times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto.

First published at Cryptocracy. Not to be construed as financial advice.

Image credits: Lead - Getty Images via Gizmodo; Crypto Tattoos - Crypto Head