U.S. SEC Can’t Regulate Meme Coin Market

Posted on February 13, 2025 by Olumide Adesina

Commissioner Hester Peirce of the US Securities and Exchange Commission (SEC) claims that a large number of the meme coins that are currently available on the market are outside the securities agency’s regulatory purview.

In a recent interview with Bloomberg, Peirce acknowledged that “facts and circumstances matter,” but she also said that many of the meme coins out there probably do not have a place under SEC’s current regulations.”.

‘The CFTC may want to address something, but many of those are probably outside our purview.’

If Congress wants to address something, they can. Peirce, also known as “Crypto Mom,” was just named head of the SEC’s new task force with a crypto focus.

The most recent remarks are consistent with those made by David Sacks, the new AI and crypto czar under Trump and a Silicon Valley veteran, who recently classified meme coins and NFTs as collectibles and likened them to culturally and commemoratively significant memorabilia.

She clarified that although there is a great deal of variation in digital assets, these tokens fall under the collectible category rather than being categorized as commodities or securities.

Nonetheless, regulatory concerns continue as individuals such as Senator Elizabeth Warren demand that meme coins associated with political figures be investigated.

Critics like Mark Cuban and Balaji Srinivasan have also cautioned that amid a surge in interest in meme coins, without appropriate regulations, such assets could damage the cryptocurrency industry’s reputation.

Ripple’s Stablecoin:RLUSD Circulation Hits 108.66 million

Posted on February 13, 2025 by Olumide Adesina

RLUSD is showing consistent growth, with 108.66 million tokens spread across two different blockchain networks despite having a small portion of this financial pie.Ripple’s stablecoin market is valued at $225 million as of February 13.

The dollar-anchored asset, first introduced by Ripple Labs in late 2024, aims to simplify international transactions by connecting digital finance to conventional monetary stability. RLUSD’s dual-chain architecture spans Ethereum and the XRP Ledger.

72 million RLUSD tokens, a dollar-linked stablecoin in circulation in the last quarter of 2024, and the total supply increased by 51%. There are 108 million tokens in circulation, of which 83.33 million are on the Ethereum blockchain. This leaves a small but significant 24.67 million tokens created on the XRP Ledger.

The Ripple Stablecoin Tracker X account provides real-time transparency and analytics that vividly chart the activity of the XRP Ledger, even though its contribution seems to be less prolific.

There are currently 1,451 addresses holding the 83.33 million RLUSD coins issued on Ethereum.

The top 100 wallets combined own 99.88 percent of the 83,236,412.40 RLUSD tokens, and there have only been 5,267 transfers on that particular chain. Although the growth of RLUSD is encouraging, it is indicative of a complex reality:

XRP Ledger’s small footprint raises concerns about cross-chain parity, while Ethereum’s dominance shows traction. The high concentration of ownership further demonstrates that this stablecoin’s distribution still smells like it’s in its early phases.

Forex Signals Brief Feb 12: Attention on US Inflation and Tariffs Today!

Posted on February 12, 2025February 12, 2025 by Skerdian Meta

Yesterday markets were quiet as Powell offered nothing new, but we might see volatility from US CPI inflation data and trade tariffs today.

Continue reading “Forex Signals Brief Feb 12: Attention on US Inflation and Tariffs Today!” →

SEC, Binance Pause ongoing Legal Battle

Posted on February 12, 2025 by Olumide Adesina

SEC and Binance’s request for a 60-day halt in their ongoing legal battle.

This is the first significant cryptocurrency case to be halted since Mark Uyeda took over as SEC chair in January. Uyeda’s term began with the Crypto Task Force, led by SEC Commissioner Hester Peirce. Peirce, also known as “Crypto Mom,” has long supported the cryptocurrency industry and emphasized the need for more precise regulations.

The recent formation of the SEC’s Crypto Task Force was cited as a key element in the case in a motion submitted by both parties.

The outcome may be impacted by the task force’s goal of creating a more transparent regulatory framework for the cryptocurrency sector.

The parties said, “The work of this task force may impact and facilitate the potential resolution of this case.”. Peirce blasted the SEC’s crypto enforcement strategy for being unrealistic and legally ambiguous.

She urged patience as the SEC works through ongoing rulemaking and litigation, stressing that it will take time and collaboration within the agency with other regulators to resolve these issues.

The motion stipulated that the SEC and Binance would jointly report after the 60-day stay to determine whether an extension is required.

The filing noted that the pause in proceedings could help both parties conserve legal resources and potentially lead to an early resolution.

Industry watchers point to a possible change in the SEC’s stance on enforcement actions on cryptocurrency, particularly where there are no fraud claims. Eleanor Terrett, a reporter for FOX Business, stressed that a recent request might mark a shift in regulatory approach.

Goldman Sachs increase Bitcoin, Ethereum Exposure

Posted on February 12, 2025February 12, 2025 by Olumide Adesina

Goldman Sachs, a tier 1 investment bank in the world’s largest economy grew its Bitcoin ETF holdings to over $1.05 billion and its spot Ether ETF holdings by 2,000 percent in the last quarter of 2024.

According to the company’s February report, Goldman increased its exposure to Ether ETFs from $22 million to $476 million, with nearly equal shares allocated to the Fidelity Ethereum Fund (FETH) and BlackRock’s iShares Ethereum Trust (ETHA), as well as $6.3% invested in the Grayscale Ethereum Trust ETF (ETHE).

Additionally, Goldman increased its holdings in Bitcoin ETFs by 114% to $1.52 billion.

It acquired $288 million worth of shares in the Fidelity Wise Origin Bitcoin Fund (FBTC) and almost $1.28 billion worth of shares in the iShares Bitcoin Trust (IBIT), a 177 percent increase from Q3

Goldman also owns $3.06 million worth of Grayscale Bitcoin Trust (GBTC), according to the quarterly report investment managers with securities worth over $100 million are required to submit.

According to Binance data, the increased exposure contributed to the market prices of Bitcoin and Ethereum, which rose 41% and 26%, respectively, from the start to the end of the fourth quarter.

Goldman Sachs’ initial foray into the spot crypto ETF market in the second quarter of 2024, when it revealed buying $418 million worth of Bitcoin ETFs, is further supported by the larger positions.

Grayscale Filed For Cardano (ADA) ETF With New York Stock Exchange

Posted on February 12, 2025 by Olumide Adesina

Grayscale Investments has applied for a spot Cardano (ADA) exchange-traded fund (ETF) with the New York Stock Exchange (NYSE) Arca, which is a big step for the cryptocurrency market.

This is Grayscale’s first standalone investment product focused on Cardano.

The company’s recent application to list and trade Grayscale Cardano Trust shares demonstrates its dedication to expanding its product line beyond Bitcoin and Ethereum. Through a regulated investment vehicle, this ETF would give investors direct exposure to ADA, Cardano’s native cryptocurrency, if it is approved.

The filing states that BNY Mellon Asset Servicing will act as the administrator and Coinbase Custody Trust Company as the custodian of the assets. The proposal highlights that the introduction of this ETF is intended to increase market participant competition, which will ultimately benefit investors and the marketplace.

The action taken by Grayscale aligns with comparable filings made by other asset managers. The recent spot ETF applications for Litecoin (LTC), XRP, and Solana (SOL) have been submitted. This pattern reflects a larger industry push to provide regulated and diversified cryptocurrency investment products to satisfy growing institutional and retail investor demand.

The Cardano ETF filing is especially significant in light of the changing regulatory landscape. The Securities and Exchange Commission’s (SEC) sluggish recognition and approval of several crypto-related ETFs suggests that digital assets are becoming more widely accepted in traditional financial markets.

Swissquote: Swiss Bank adopts Cardano (ADA)

Posted on February 12, 2025 by Olumide Adesina

Swiss bank Swissquote, which has a solid reputation in the financial industry, has made a big move to broaden its cryptocurrency offerings.

Cardanians (CRDN) claims that the bank, which has more than 500,000 customers worldwide, has formally added support for Cardano (ADA) transfers.

Swissquote dedication to adopting blockchain technology is demonstrated by this action with s Cardano’s adoption

The bank’s cryptocurrency offerings have been progressively increased over time, giving customers access to well-known digital assets like Cardano, Ethereum, and Bitcoin.

Users can manage their holdings in a safe and regulated banking environment by using Swissquote to enable Cardano transfers, which pave the way for easy ADA deposits and withdrawals.

Swissquote went above and beyond to start ADA transfers and educate customers about Cardano.

In a thorough email, the bank described Cardano’s foundations, distinctive blockchain architecture, and long-term goals. Swissquote’s commitment to advancing cryptocurrency financial literacy is demonstrated by its proactive education initiatives, which enable customers to make knowledgeable asset decisions.

Cardano’s research-driven methodology, scalability, and sustainability have contributed to its notable success in the blockchain space.

Cardano is a blockchain that conserves energy and has robust security and governance features, thanks to its proof-of-stake (PoS) consensus mechanism.

XRP Fights With Stellar (XLM)

Posted on February 12, 2025 by Olumide Adesina

Stellar ecosystem received harsh criticism from the XRP army after posting, “Imagine spending more on lawyers than developers and calling it progress,” on its official X account.

Prominent cryptocurrency expert and Anodos Finance co-founder Panks Mekras highlighted Jed McCaleb’s involvement with Ripple by saying, “Jed played dirty and tried to crash XRP.”.

Mekras cited this as one of the main reasons he would not invest in XLM. He also called XLM an inferior copy of XRP, a sentiment shared by many in the community because it frequently mimics XRP’s market volatility.

McCaleb is well-known in the cryptocurrency industry for co-founding Ripple and playing a key role in XRP Ledger (XRPL). However, there has been an ongoing discussion about his departure from Ripple amid Stellar’s creation

A prominent point of contention in McCaleb’s departure from Ripple is the assertion that he intended to destabilize XRP after leaving the company.

According to Schwartz’s account, McCaleb aimed to “dispose of his XRP holdings rapidly,” leading Ripple to take legal action to prevent him from doing so. Schwartz posited that if McCaleb had succeeded, the value of XRP could have suffered a significant blow.

However, due to Ripple’s intervention, McCaleb’s XRP holdings eventually soared in value, surpassing the $1 billion mark.

Mekras repeated something David Schwartz, the chief technology officer of Ripple, had said earlier. McCaleb left Ripple, according to Schwartz, because the board didn’t agree with his proposed ideas.

McCaleb had “a long string of bad ideas that Ripple’s Board of Directors refused to implement,” Schwartz said, which was why he founded Stellar as a platform to follow those ideas that were turned down.

Ripple Leader Faces Resignation To Work For Trump

Posted on February 12, 2025 by Olumide Adesina

Brad Garlinghouse, the CEO of Ripple, may be leaving the company, according to a recent tweet by cryptocurrency enthusiast JackTheRippler.

According to the tweet, Garlinghouse might resign from his position to become a member of the White House Crypto Advisory Council this year.

This conjecture has sparked additional discussion among cryptocurrency enthusiasts regarding his potential impact on the US digital asset market.

Garlinghouse would have to resign, claiming that his advisory position would not entail direct governance. JackTheRippler retorted that Garlinghouse might play a significant role in forming the U.S. industry for digital assets. Garlinghouse might keep his Ripple stock while assuming a position that allows him to influence policy.

Garlinghouse taking on a government position might be a sign of change in the U.S. crypto industry.

His background guiding Ripple through its legal dispute with the Securities and Exchange Commission (SEC) and promoting more transparent regulatory frameworks may make him a formidable contender to shape national cryptocurrency policy.

Garlinghouse’s possible appointment or resignation from Ripple has not yet been formally confirmed.

The cryptocurrency industry’s stakeholders wait for formal announcements as the rumors spread. Should the U. The appointment of a key person by the government to supervise digital asset policy could be a major turning point in the nation’s cryptocurrency adoption and regulations

Franklin Templeton Filed For Solana ETF

Posted on February 12, 2025 by Olumide Adesina

Franklin Templeton formally joins the rapidly expanding field of altcoin ETF applications. Franklin’s Delaware filing hinted at a spot ETF filing, a rule other issuers have previously followed.

The $1 trillion asset manager submitted registration paperwork for a Franklin Solana Trust in Delaware with other companies seeking to introduce Solana spot ETFs in the world’s largest economy.

Franklin has submitted paperwork for Solana Trust. As early as July 2024, the asset manager stated that SOL had a bullish future. The company said Solana is one of the “other exciting” cryptocurrency projects along with Bitcoin and Ethereum, which will likely spur adoption.

The network’s ability to overcome past technological growth pains amid Solana’s maturity.

The U.S. government authorized spot ETFs for Bitcoin and Ethereum. The Securities and Exchange Commission has hinted at the possibility of adding more products with the acceptance of forms 19b-4 for Litecoin and Solana ETF applications.

The U.S. government approved Grayscale and Canary’s applications to list exchange-traded funds on the two crypto assets.