Google shares its visions of web3 and AI

🏆 XRP slipped 1.62% despite partial victory over SEC

Ripple Labs achieved a partial victory against the SEC over the classification of XRP as a security.

The ruling declared XRP a digital asset rather than a security, providing much-needed regulatory clarity for Ripple. However, a pending case against Ripple executives for aiding and abetting the distribution of XRP as an unregistered security remains unresolved. In parallel, an internal SEC memo from 2018, brought to light by cryptocurrency lawyer John Deaton, cast doubt on the agency's internal consensus regarding XRP's classification, suggesting that SEC enforcement lawyers struggled to categorize XRP as a security.

🥊 Gemini objects to Genesis bankruptcy plan

Gemini has raised objections to the bankruptcy plan of crypto lender Genesis, proposed by DCG, citing a lack of clarity and crucial information.

The plan suggests that unsecured creditors might get 70% to 90% of their owed amount in USD or 65% to 90% in-kind recoveries, depending on asset allocation, but Gemini contends that these facts lack transparency and are unsubstantiated. Additionally, creditors have not received payments for loans that matured in May, worth approximately $630 million. Genesis encountered difficulties after the collapse of the FTX crypto exchange in November 2022, owing about $3.5 billion to its primary 50 creditors and facing allegations of removing assets from FTX ahead of other creditors before filing for bankruptcy.

💁‍♂️ Google's vision of AI and web3 in the future

Google Cloud's Engineering Director of Web3, James Tromans, reveals Google's strategy to bridge the gap between AI and Web3, focusing on digital ownership and business outcomes rather than token speculation.

Tromans emphasizes the importance of Web3 for ensuring data provenance, immutability, and security. While acknowledging AI's role in improving project time-to-market, he dismisses it as a silver bullet for distinguishing valuable Web3 projects from marketing vaporware. He also addresses skepticism towards hosting Web3 projects on legacy platforms like Google Cloud, arguing that Google's infrastructure contributes to network decentralization and advocating for ubiquitous and equitable adoption of Web3 technologies.

🔭 Coinbase CEO shares vision for crypto's future

Coinbase CEO Brian Armstrong shared his top 10 ideas for the future of crypto, hoping developers will take them to the next level during the bear market.

These include

• a decentralized stablecoin tracking inflation,

• on-chain reputation scores for wallet addresses or ENS names,

• web3 version of adverts with payouts based on on-chain actions,

• democratized on-chain capital formation,

• a global crypto job marketplace,

• privacy for layer-2 transactions,

• a fully on-chain peer-to-peer exchange,

• on-chain games with asset ownership,

• real-world asset tokenization,

• software for network states to manage governance, voting, taxes, and services on-chain.

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