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CeFiWire Most Read for July 14
What was news for the week ending July 14, 2023.
The big news of the week came from outside of the institutional market. Ripple, in case you missed it, mostly won its case against the SEC. Cryptocurrency is not typically in the purview of our editorial mission. Our focus is on how TradFi players are adopting the technology to reshape their business. That said, we see at least two ways the Ripple win will shake things up.
The first is that the SEC’s loss may put the regulator on its back foot. TradFi firms that are seeking certainty before they make their move are one step closer to that happening.
The second is that Ripple CEO Brad Garlinghouse has already stepped into the TradFi Web3 space by purchasing Metaco last spring. Winning the case with SEC may bring more credebility to his institutional efforts.
In the top story of the week, London-based Jacobi Asset Management is pushing ahead with its spot Bitcoin ETP for the European market. Whether a Gurnsey trust will prove popular with investors is an open question. That news edged out WisdomTree Digital’s launch of its long-awaited mutual funds that can only be purchased through a proprietary crypto wallet.
Finally, the dog that did not bark last week was State Street CEO Ron O’Hanley. During the custodian’s second quarter analyst call on Friday neither O’Hanley nor anyone else mentioned State Street’s crypto or blockchain initiatives. Contrast that to BNY Mellon CEO Robyn Vince, who not only addressed the issues — see Robyn Likes DLT, Not Cryptos — he also spent the first half of the year building out his team.
— Sean Hanna, Editor
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