Altcoin
John Deaton Pushes For XRP Lawsuit Drop Amid Hex Founder’s Case Dismissal
The US federal court’s recent dismissal of an SEC lawsuit against Hex founder Richard Heart has sparked optimism about a potential resolution in the XRP lawsuit. This development, combined with the SEC’s growing trend of dismissing crypto lawsuits, has fueled anticipation of an imminent resolution in the Ripple case. XRP lawyer John Deaton is advocating for a swift resolution to the Ripple vs SEC case, directly addressing key SEC officials and the government’s cryptocurrency team.
John Deaton Urges SEC Officials for XRP Lawsuit Settlement
In response to the US district court’s recent decision to drop fraud charges against Hex founder Richard Heart, pro-XRP advocate John Deaton urges the government for a swift XRP lawsuit resolution.
The XRP lawyer urged key SEC officials Hester Peirce and Mark Udeya as well as crypto czar David Sacks and crypto advisor Bo Hines for the Ripple case dismissal. In an X post, Deaton wrote, “As Amici counsel and on behalf of 75K XRP holders, Hester Peirce, David Sacks, Bo Hines, Mark Udeya, when Ripple?”
US Court Drops SEC Lawsuit Against Hex Founder
Notably, John Deaton’s X post comes on the heels of the US federal court’s dismissal of the lawsuit against the Hex founder, imposed by the Securities and Exchange Commission. The SEC alleged that Richard Heart accumulated over $1 billion through unregistered cryptocurrency offerings and $12.1 million through defrauding investors.
However, the court countered that the regulators failed to demonstrate US jurisdiction over Heart’s crypto activities. In a February 28 court ruling, Judge Carol Bagley Amon stated,
The alleged misappropriation occurred through digital wallets and crypto asset platforms, none of which were alleged to have any connection with the United States…To the extent the Complaint shows that Heart misappropriated investor funds through deceptive mixer transactions, those actions occurred entirely outside of the United States.
The Hex founder’s lawsuit update and John Deaton’s statement come following the SEC’s dismissal of multiple crypto lawsuits involving Coinbase, Robinhood, Uniswap, etc. In a contrasting view, former SEC official John Reed Stark perceives these developments as a warning sign, suggesting that they may ultimately lead to the agency’s destruction.
Following the court win, the crypto tokens like PulseChain (PLS), PulseX (PLSX) and HEX (HEX), which the SEC alleged were securities, surged significantly. Richard Heart celebrated the victory, coupled with the tokens’ rally. In an X post, he stated, “HEX has operated flawlessly for over 5 years. Today’s decision in favor of a cryptocurrency founder and his projects over the SEC brings welcome relief and opportunity to all cryptocurrencies.”
John Deaton’s Long Battle for Ripple’s Victory
Significantly, John Deaton began his crusade against the SEC in response to the agency’s allegations against Ripple, taking on a role as an advocate for XRP holders. He began his journey as an amicus counsel representing 75k XRP holders, filing a writ of mandamus to question the SEC’s jurisdiction and motives. Over the four-year lawsuit, he continued to support Ripple, arguing that the SEC’s claims were unfounded.
Recently, John Deaton reflected on Ripple’s significant transformations over the past few years, especially since 2020, when the SEC filed the lawsuit. He credits Ripple’s successful court battles and Donald Trump’s re-election as key factors contributing to the optimistic developments surrounding XRP ETFs.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
With the broader crypto market recovery, the Litecoin (LTC) price has bounced back 11.2% today, surging to $127 levels as the blockchain address activity touches new highs. While top altcoins like Ethereum (ETH) experienced a brutal 31% correction in February, LTC staged a strong show, ending 1% on the green side. Market analysts believe that LTC can continue the rally further and surge past $200 levels by April.
Will Litecoin Outperform Bitcoin in March?
February 2025 turned out to be among the worst-performing months for Bitcoin (BTC) with a 17.3% correction, while Litecoin ended up 1% in the green. According to analytics platform Santiment, LTC price has risen 25% against BTC during the month, a notable divergence in a bearish crypto market.
Amid the strong performance, Santiment also highlights a recent spike in LTC addresses and an overly bullish commentary for the altcoin in the last 24 hours. Analysts caution that these factors may signal a minor price retracement in the short term.
Litecoin ETF Demand Grows
The surge in the network activity has been largely due to the growing optimism surrounding the approval of Litecoin ETF by the US SEC this year. Bloomberg has pegged the odds of such an approval to 90%, much higher than XRP ETF or Solana ETF.
The potential approval of an LTC ETF reflects a growing trend in the cryptocurrency market. The success of spot Bitcoin and Ethereum ETFs, which have seen significant net inflows since their 2024 launches, has opened the door for additional crypto-focused investment products.
While an ETF may not command the same level of demand as its Bitcoin and Ethereum counterparts, analysts believe that even moderate inflows could make it appealing.
Will LTC Price Rally to $200?
As of press time, the LTC price is trading 11% up at $127.70, however, the bulls still need to push it past the crucial resistance of $130 and sustain above it to trigger the next leg of the rally. As per the Coinglass data, the LTC open interest has surged 8.68% to $645 million. Also, the 24-hour liquidations have soared to $2.25 million of which $1.90 million is in short liquidations.
Market analysts have mixed opinions, especially with Litecoin price’s recent surge despite the broader market crash. Some believe that the current bounce in LTC price is the outcome of short liquidations instead of fundamental shifts in market conditions. On the other hand, CoinCodex data shows that Litecoin can rally all the way to $224 by April 2025.
Tight liquidity conditions have been the major reason behind recent crypto market pullbacks and will continue to influence Bitcoin and altcoin movements ahead. Apart from the current surge, there has to be a strong catalyst that can drive the LTC rally ahead.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A new bill is making its way through the US Congress, in a bid to stop politicians from launching their own cryptocurrency coins. This move comes after many investors lost money big-time on the TRUMP meme coin, which is associated with US President Donald Trump. The coin’s wild ride has made people wonder if politicians should be allowed to create and promote these kinds of financial assets.
The Rise And Fall Of TRUMP Coin
Last month, the TRUMP meme coin and another coin linked to Melania Trump became instant sensations. Both quickly hit huge milestones, boasting multi-billion-dollar valuations just hours after they debuted.
But the excitement didn’t last. The price of TRUMP coin took a nosedive. It fell more than 80% from its highest point. Many people who bought the coin ended up losing a lot of money. This situation has caught the attention of regulators and finance officials.
HOUSE DEMOCRATS INTRODUCE MEME ACT TO BAN OFFICIALS FROM PROMOTING CRYPTO MEME COINS
– In response to President Donald Trump’s recent launch of a meme coin, House Democrats have introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act.
– This legislation aims to… pic.twitter.com/cu4gM2o9wY
— BSCN (@BSCNews) February 27, 2025
A New Law Called The MEME Act
California Rep. Sam Liccardo is leading the charge with a new bill. It’s called the MEME Act, which stands for Modern Emoluments and Malfeasance Enforcement Act. The idea is simple: stop the President, Vice President, members of Congress, high-ranking government officials, and their families from endorsing, issuing, or sponsoring financial assets, including meme coins.
Liccardo believes that the Trump family took advantage of their political position to make money off these cryptocurrencies. He argues that they used their influence for personal gain. The goal of this law is to keep federal officials from profiting from digital assets. This includes things like stocks or cryptocurrencies. This is important because it could create conflicts of interest or open the door to corruption.
Worries About Trading And Foreign Influence
Liccardo is concerned about the possibility of insider trading. Also, he is worried about foreign influence over US politics. Cryptocurrencies have a global reach, which makes them vulnerable. The MEME Act is designed to prevent federal officials from using their positions to profit from these assets, thus keeping their interests aligned with the public good.
For example, if a politician knows about upcoming regulations that could affect the price of a cryptocurrency, they could use that information to make a profit before the public knows. This is unfair and erodes trust in government.
What’s Next For The Bill?
The MEME Act faces a tough road ahead. Republicans currently control both the House and the Senate. This means it will be difficult for the bill to gain support. However, Liccardo is determined to keep pushing the bill forward. He hopes to get wider support if Democrats gain a majority in the future.
Featured image from Pexels, chart from TradingView
The Shiba Inu price captured noteworthy investor attention on Saturday, surging 6% in the background of the crypto market recovery. Intriguingly, the price surge comes alongside a whopping 389 million SHIB token burn in February, per recent burn metrics. As an upshot, market watchers anticipate that a breakout for the meme coin looms, with analysts also forecasting the same.
Shiba Inu Price Bullish Amid Massive 389M Burn
As of press time, Shiba Inu price pumped nearly 6% and exchanged hands at $0.00001393. The leading meme coin bottomed and topped at $0.00001301 and $0.00001412 in the past 24 hours. While this bullish action fell in line with the broader crypto market’s recent recovery-like trend, it’s worth taking into account the massive token burn.
According to metrics revealed by the official tracker Shibburn on March 1, a staggering 389.18 million tokens were burnt the previous month, February. This surge in the burn rate indicates that the meme coin’s circulating supply is further shredded.
In turn, market watchers remain bullish about the asset’s future performance, abiding by the law of supply and demand. For context, the burn mechanism sends tokens to a null address, permanently removing them from the supply. As a result, the circulating supply diminished and totaled 584.32 trillion, with the massive burn rate surge constantly dealing blows to it.
How Much SHIB Burnt To Date?
Shibburn’s statistics indicated that a staggering 410.72 trillion coins have been removed from the supply to date. Intraday data revealed that 14 million coins were burnt. As a result, market watchers continue to weigh optimism over Shiba Inu price’s long-term performance.
SHIB ETF Speculations Build Up
On the other hand, SHIB marketing lead Lucie took to X on February 27, stating, “Wen SHIB ETF?” This statement has set off waves of speculations across the broader market as meme coin-backed ETPs have been in the trends lately.
Notably, dog-themed meme crypto Dogecoin has secured a vital milestone in this field. CoinGape reported that Grayscale Investments, CoinShares, and WisdomTree have submitted applications for DOGE ETF approval. The U.S. SEC acknowledged Grayscale’s filing, with approval odds gaining substantial weight in recent days.
This broader development has fueled hope for other meme coin-backed ETFs, such as a potential SHIB ETF. Shiba Inu’s price could substantially leverage this, given the market sees such a feat ahead.
Market Analyst Forecasts Bullish Outlook For SHIB Price If Buyers Step In
Simultaneously, renowned analyst ‘Rose Premium Signals’ posted on X, spotlighting the crucial support of $0.00001461 for SHIB price. As per the analyst, if buyers step in now, the meme coin could see a bullish movement toward the resistance of $0.00002941 and $0.00003738.
Further, the highly bullish target remains $0.00004401, per the analyst. Overall, traders and investors extensively eye the token amid a recovery-like trend and token burns, The constant SHIB burns continue to bolster the crypto’s tokenomics, urging the price to move upwards.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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