Meta’s $7B Q2, WLD Launch, and SEC Appeals

Crypto news: we bring you a roundup of what’s been happening in crypto this week. Worldcoin’s proof-of-personhood project airdropped its WLD token and listed it on Binance to much fanfare on Monday. Meanwhile, the US Securities and Exchange Commission (SEC) insists Judge Torres made a mistake in the Ripple case, and intends to appeal the decision. Meta’s pivot to artificial intelligence pivot pays dividends as the company reports strong Q2 earnings.

Also making headlines this week are new developments in the case surrounding computer scientist Craig Wright’s claim to the identity of Satoshi Nakamoto and how Democrats could halt a new stablecoin bill.

Controversial Worldcoin Launch Invites Applause and Criticism in Equal Measure

The launch of Worldcoin on Monday marked a seismic paradigm shift in the notion of data privacy and economics. 

In exchange for photographs of their irises and an app sign-up, World ID registrants outside the US received their allocation of WLD tokens in an airdrop.

Ethereum co-founder Vitalik Buterin pointed out several flaws with the system, including the exposure and theft of sensitive personal information. However, he acknowledged the project’s stated goal of proof of personhood as an important one.

While some lauded World ID’s potential for distributing universal basic income, others criticized the project’s exploitation of vulnerable communities. 

On Thursday, Facebook parent Meta reported strong Q2 earnings, with $32 billion in revenues and $7.8 billion in profits. 

The company’s CEO, Mark Zuckerberg, attributed the financial performance to solid user engagement with apps, its recently-launched large-language model, and upcoming AI enhancements to Messenger and WhatsApp. The company banked on AI after its bets on the metaverse burnt through cash without the expected returns.

The controversy surrounding Twitter’s management under Elon Musk proved a boon for the recent launch of Meta’s Threads app.

Crypto Lawyer Says SEC Appeal Could Take Years

Last Saturday, reports surfaced of the SEC’s intention to appeal Judge Analisa Torres’ XRP ruling.

The SEC said that the judge added “baseless” requirements to the Howey Test that cannot be reconciled with securities laws. Judge Torres ruled this month that retail sales of XRP via exchanges did not meet the third requirement of an investment contract under US law.

John Deaton, famous for his defense of Naomi Brockwell’s status as a non-investor in the SEC enforcement against LBRY, predicts a ruling from the 2nd Circuit court could take years. 

SEC Could Find Support in US Senate While it Appeals XRP Ruling

While the SEC stews, it has an ally in the Democrat-led Senate that could stall the legitimizing of crypto in the US.

The House Financial Services Committee Chair Patrick McHenry accused the White House this week of influencing Democrats to stonewall new stablecoin legislation.

On Thursday, the House Financial Services Committee passed three bills for a vote by the full House of Representatives. However, the bills have failed to garner bipartisan support.

The need for stablecoin legislation became more urgent after the depegging of several dollar-pegged coins earlier this year.

Craig Wright Still Wants to Be Satoshi Nakamoto

It seems like Craig Wright is still gnawing at the bone to win Bitcoin bragging rights According to new reports this week, a UK court will hear renewed arguments on why the Australian computer scientist should be awarded the copyrights to the Bitcoin white paper, file format, and parts of his database.

The case comes after an appeals court overturned a 2022 decision that Wright failed to specify which “work” he wanted to copyright. The matter will likely go to trial in 2024.

This Week’s NFT News: CyberKongz Taps Sky Mavis to Revive Weak Sales

Non-fungible token creators are betting on crossover and culture-focused strategies to boost flagging sales. On Tuesday, ape-themed NFT project CyberKongz announced Genkai, a new NFT collection that will occupy the Axie Infinity realm.

Axie players will receive one of 4,000 Genkai tokens for each Mystic Axie NFT they hold. The new collection will be minted on the Ronin sidechain.

The move comes as NFT companies explore ways to revive flagging interest in expensive collections. This week, Yuga Labs announced its new Made for Apes badge that lets Bored Ape Yacht Club owners secure a license for projects.

In addition, the company will host its ApeFest real-world festival in Tokyo later this year.

Crypto Top 10: XRP Falls on SEC Appeal, Bitcoin Stuck Below $30,000

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