Massive Japanese financial and biotech conglomerate SBI Group has signed an agreement with Solana Superteam Japan, a community promoting the growth of the trending blockchain in the country, to give out an exclusive NFT (non-fungible token) to SBI Web3 Wallet customers.

Solana-based NFTs are currently dipping as of 7:00 a.m., January 8 (JST) with general market trends, but enthusiasm for the network in Japan is nonetheless pumping in terms of corporate backing.

Tokyo-based SBI VC Trade Co., Ltd., a subsidiary of Japan’s SBI Group, has announced an agreement with a community of Solana supporters on the archipelago to give away an exclusive Solana-based NFT.

SBI to give away Solana NFT to wallet holders

The financial giant has agreed to give an NFT “present” to users of its SBI Web3 Wallet, with the aim of promoting the growth of Solana in Japan in 2025, in a joint campaign with Solana Superteam Japan, which is supported by the Solana foundation.

According to SBI’s press release (translated by Google): “This NFT represents the construction of the Web3 world centered on the Solana economy with a fortress-like structure, and the first sunrise viewed from the structure represents the dawn of a new Web3.” The NFT was designed by Solana Superteam Japan. Interestingly, the design is somewhat dystopian in appearance, with what appears to be “TOKYO STUPID GAMES” written in orange on the underside of the fortress balcony.

SBI’s Web3 Wallet allows users in Japan to trade NFTs using Japanese yen, opening the market even to those who are not crypto-savvy.

While the news is indeed bullish for fans of SBI and Solana, there are some caveats. Anons, true NFT degens, and fans of permissionless peer-to-peer (P2P) exchange in the nation can count themselves out, as SBI’s Web3 Wallet requires an SBI VC Trade account, identification documents, and a stringent KYC (know-your-customer) process.

For Solana fans looking for fun, volatile speculation, or just a middle finger to everyone, Fartcoin might be a better option for the new year.

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District Judge Katherine Polk Failla of the United States District Court Southern District of New York granted a Coinbase motion for an interlocutory appeal in their lawsuit against the US Securities and Exchange Commission (SEC) on a Jan. 7 ruling.

Judge Failla claimed that the parties seek clarity on an “important legal issue,” although they “tussle” over which court has the proper tools to clarify.

As a result, Coinbase can now appeal the SEC accusations to the Second Circuit of the US Court of Appeals. Court proceedings will remain halted until a decision comes out on whether an investment contract requires an actual contract.

An interlocutory appeal is a legal procedure allowing a party to appeal a trial court’s ruling while the case is ongoing.

The SEC filed a lawsuit against Coinbase on June 6, 2023, accusing the company of offering unregistered securities through its crypto offerings and staking program.

Community rejoices

Paul Grewal, chief legal officer of Coinbase, cheered the court win on X. He also explained the development in sports terms:

“The referee just stopped the clock on the field and is going to the replay booth in New York…”

Jake Chervinsky, chief legal officer of Variant Fund, described the news as “huge.” He added that the Second Circuit’s decision will clarify whether digital asset transactions in secondary markets are subject to securities laws.

Jeremy Hogan, a lawyer and partner at Hogan & Hogan, highlighted that interlocutory appeals are rare and indicate that the trial-level judge thinks something should be checked.

Additionally, Hogan said that Coinbase’s appeal is driven by the same central point of contention in the Ripple appeal in their legal battle against the SEC.

Marco Santori, Kraken’s chief legal officer, congratulated Coinbase’s legal team and called the development a “big win for the whole ecosystem.”

Amanda Tuminelli, chief legal officer at DeFi Education Fund, called the decision to stay the lawsuit while Coinbase appeals in the Second Circuit important.

She also highlighted that Judge Failla considered the Blockchain Association’s amicus brief, which argued that distinguishing the offer and sale of crypto from that of commodities and collectibles could expand the SEC’s regulatory reach.

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