The CoinGeek Pulse Episode 82: Meta in more legal trouble, US judge denies SEC motion vs Ripple, BSV hits 1B total transactions

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This week’s stories begin in Australia where Facebook owner Meta is facing possible criminal charges over alleged digital currency scam advertisements.

The Australian Competition and Consumer Commission (ACCC) has taken federal level court action against Meta. The commission has alleged that the tech company is engaging in misleading and deceptive conduct over its publishing of scam advertisements featuring prominent Australian public figures such as David Koch, Mike Baird and Dick Smith, who had not approved or endorsed any of them. 

ACCC Chairman Rod Sims said: “The essence of our case is that Meta is responsible for these ads that it publishes on its platform.” He added that Meta should have been doing more to detect and remove false or misleading ads on Facebook to prevent consumers from falling victim to ruthless scammers. The commission is seeking declarations, injunctions, penalties, costs and other orders. Meta said they are now cooperating with the ACCC and its investigation. 

In the United States, a New York Judge denied the Securities and Exchange Commission (SEC) motion seeking to dismiss Ripple’s fair notice defense. The SEC has alleged that Ripple engaged in the unlawful offer and sale of securities—which is in violation of Securities Act of 1933. 

In the ruling, Judge Analisa Torres said Ripple is entitled to assert its fair notice defense. She added that having the defense examined before the SEC may impose liability. Ripple pleaded that the regulator failed to provide, “fair notice that its conduct was in violation of law, in contravention of Ripple’s due process rights.” 

Judge Torres cited a precedent set in a 2012 ruling between Fox Television and the FCC stating, “A fundamental principle in our legal system is that laws, which regulate persons or entities must give fair notice of conduct that is forbidden or required.” 

In other news, NFT streaming platform and content distributor Rad has secured significant funding from prominent investors led by Ayre Ventures.

Joining Ayre Ventures is Intersect VC, investors in Dapper Labs and Triller, and 93 Ventures by former New England Patriot Super Bowl Champion and Pro Bowler Richard Seymour.

Rad recently launched NFTV, redefining video streaming by combining major content creators and studios with technologies like Web3, blockchain, and virtual and augmented reality. It is the first to make NFTs accessible to over 500 million devices worldwide—including Sony PlayStations 4 and 5, Android TVs and Apple platforms. 

Meanwhile, Bitcoin SV (BSV) has reached a major landmark of 1 billion total transactions. This milestone follows significant growth in BSV daily transactions over the past six months. The BSV network surpassed 4 million daily transactions this week, and from what we are hearing this kind of daily transaction growth is just getting started. How exciting!

Still in the BSV ecosystem, FabriikX unveils new private art collections and resale marketplace. FabriikX continues to enhance its unique, curation-focused NFT platform, with the addition of new private collections from the likes of award-winning Italian artist, Marco Biscardi. 

In addition, Fabriik has launched a secondary marketplace that allows NFTs, previously purchased on FabriikX, to be re-sold. Through the secondary marketplace customers can buy, sell and re-sell NFTs directly with other collectors and get paid instantly with no minting or transfer fees, and all data lives directly on-chain. 

This week, check out the latest episode of The Bitcoin Bridge with Jon Southurst featuring HandCash Founder and CEO Alex Agut who talks about fiat on-ramps and the latest updates on HandCash. Watch the full video on the CoinGeek YouTube Channel.