Ripple-SEC saga: Major legal victory update!

Plus, Arthur Hayes blasts Trump's crypto support!

Author

Daniel Akpobare
August 08, 2024

 

GM Explorer,

The 3.5-year-long case between the SEC and Ripple just had an interesting development that not only gave Ripple a win in court but also boosted XRP's price.

Here’s what we got for you today:

  • ⚖️ Ripple-SEC saga: Major legal victory update!

  • 🗣️ What Arthur Hayes thinks of Trump’s Bitcoin support!

  • 🧱 Around The Block: Bank of Japan says no more rate hikes and no rate cut.

⚖️ Ripple-SEC Saga: Major Legal Victory Update!

If you've been following the Ripple-SEC legal drama, then you'd know what a wild rollercoaster ride it has been for the past 3.5 years.

But guess what? We've just received some major news!

A judge has ruled that XRP transactions on crypto exchanges are not considered securities offerings!

This ruling doesn't just give Ripple a breather; it also dashes the SEC's hopes for a massive penalty!

Instead of a huge $2 billion fine the SEC had demanded, Ripple will only have to cough up a relatively modest $125 million.

That, my friends, is what I call dodging a bullet!😀

What's more, this isn't the first time Ripple has managed to escape the SEC's grasp.

In a similar ruling last year, the same judge declared that XRP was not a security.

The result of that ruling was massive—XRP's value soared, and it seems history is repeating itself now.

XRP's price was down by 16% this week, but after the news, it shot up 6% in just an hour and 3.53% in 24 hours, hitting $0.5304!

The market volume is also on fire, surging to $29.7 billion, while the trading volume, which was down by 10%, also started rising again after the news.

But with the crazy swings in the market, everyone's asking the same question:

Where is XRP headed next? Will it finally break through the $1 barrier it came so close to last year?

Only time will tell, but one thing's for sure – this case just got a whole lot more interesting!

Want the full scoop? Read the report here!

🗣️ What Arthur Hayes Thinks of Trump’s Bitcoin Support!

Arthur Hayes, a co-founder and former CEO of cryptocurrency exchange BitMEX, didn't hold back when sharing his thoughts on Donald Trump's stance on cryptocurrencies.

In a recent interview, he expressed doubts that the government would support Trump's pro-crypto stance.

And this is due to the influence of major financial institutions in government agencies!

He points out that the staff in many government agencies are also people from these big banks, and that makes it quite hard for pro-crypto policies to succeed.

But that's not the end of his views!

Hayes doesn't see Trump’s big proposal to create a strategic reserve for Bitcoin happening anytime soon, even if Trump is in office.

Why? Because it would require widespread support and could have negative impacts on the Treasury or Federal Reserve.

But despite this skepticism, he sees some merit in the idea!

He believes that the U.S. could benefit from weakening the dollar and investing in Bitcoin and gold.

However, he doubts that the government would take such a step, and even if they did, they would likely buy gold before Bitcoin. 

See what else he says here – trust me, it's truly a fascinating read!

🧱 Around The Block

That's all we've got for you today.

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Catch you soon.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.

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