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CTO Defends Joe Biden’s Gag Order In Trump Trial

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In a surprising move, Ripple CTO David Schwartz has publicly defended President Joe Biden amid controversy surrounding Donald Trump‘s ongoing criminal trial. The trial is centered on allegations that Trump mishandled classified documents. Moreover, it has drawn significant media attention and political discourse, particularly after a recent development involving special counsel Jack Smith and U.S. District Judge Aileen Cannon.

Ripple CTO Defends Joe Biden’s Actions

Ripple CTO David Schwartz entered the fray by defending Biden’s actions as the latest news came in. In response to criticism of Biden’s involvement in the trial, Schwartz argued that Trump’s rhetoric warranted a firm response. In addition, he took to social media platform X and referred to the special counsel’s efforts to limit Trump’s public statements

Moreover, Schwartz stated, “But it’s totally fine to impose a gag order on his top political opponent.” However, the Ripple CTO’s statement comes after the news of the gag order’s rejection. The controversy drew further debate when a user questioned Schwartz on how Biden’s actions squared with the precedent set by Sheppard v. Maxwell. It was a landmark Supreme Court case that addressed the impact of media coverage on a fair trial.

The user questioned, “Explain to me how, under Sheppard v. Maxwell, a criminal defendant’s right to a fair trial isn’t violated when THE PRESIDENT OF THE UNITED STATES sponsors a press conference outside the courthouse, the day before the jury begins deliberations, to demand a conviction.”

Thereafter, Schwartz responded by highlighting the nuances of the Sheppard v. Maxwell decision. The Ripple CTO noted, “Sheppard v. Maxwell also included problems with rulings, in courtroom conduct and direct communications with the jury.” Furthermore, the Ripple CTO connected the dots between the recent news and the press conference, making a conclusion.

He added, “If you think those elements were essential to its holding, then that would explain how Sheppard v. Maxwell wouldn’t apply to this press conference.” However, other prominent figures in the crypto space supported Trump over Biden, stemming from the latter’s anti-crypto previous efforts.

Also Read: Ripple CEO Garlinghouse Confident on Crypto’s Win in Elections and XRP Lawsuit

Update On Trump Trial

On May 28, Tuesday, Judge Cannon denied a gag order request from special counsel Jack Smith. The gag order sought to prevent Trump from making inflammatory statements about the FBI’s search of his Mar-a-Lago property in 2022. Furthermore, Trump has repeatedly claimed, including in fundraising appeals, that President Biden was “locked & loaded ready to take me out” and that FBI agents were authorized to shoot him during the raid.

FBI unsubstantiated these claims described them as typical language limiting the use of force. Nonetheless, these claims have raised concerns among prosecutors that Trump’s rhetoric could pose “a significant, imminent, and foreseeable danger to law enforcement.”

Judge Cannon cited a “lack of meaningful conferral” with the defense in her decision to deny the gag order. This highlighted the ongoing tension between the judicial process and Trump’s public statements. Amidst this legal drama, President Biden’s campaign made a strategic decision to engage more directly with the trial’s proceedings.

For the first time in six weeks, Biden’s team showed up outside Trump’s New York City criminal hush money trial. Moreover, they aim to refocus the presidential race on Trump’s role in the January 6, 2021, U.S. Capitol insurrection. Additionally, the Biden campaign sent actor Robert De Niro and two former police officers who responded to the Capitol attack to emphasize the stakes of the upcoming election.

Also Read: XRP Whale Moves 50M Coins Amid Price Fluctuations at $0.52, $1 Attainable?

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US SEC Drops Charges Against Hawk Tuah Girl Hailey Welch

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Hawk Tuah girl Hailey Welch, known for her association with the controversial $HAWK token, has been cleared of any wrongdoing after a lengthy investigation by the U.S. Securities and Exchange Commission (SEC). The SEC has decided not to press charges against Welch in connection with the rapid rise and subsequent collapse of the meme-based cryptocurrency.

US SEC Investigation Into Hawk Tuah Girl Concludes Without Charges

The SEC had launched an investigation into the $HAWK token after its dramatic price drop. The token, which was linked to Welch’s viral persona, initially saw a market cap surge to $490 million before crashing by over 90%. Investors who were impacted by the crash filed a lawsuit against those behind the project, alleging that the coin had been promoted and sold without proper registration.

Hawk Tuah girl Hailey Welch, who cooperated fully with the investigation, expressed relief after the SEC’s decision. “For the past few months, I’ve been cooperating with all the authorities and attorneys, and finally, that work is complete,” Welch told TMZ.

Her attorney, James Sallah, confirmed that the SEC had closed the case without any findings against her, adding that there would be no monetary sanctions or restrictions on Welch’s future involvement in cryptocurrency or securities.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

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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Sonic Labs To Abandon Plans For Algorithmic USD Stablecoin, Here’s Why

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Barely a week after hinting at launching an algorithmic USD stablecoin, Sonic Labs is shuttering its plans. Sonic Labs co-founder Andre Cronje revealed that incoming stablecoin regulation in the US contributes to the change of stance.

Sonic Labs Makes U-Turn Over Algorithmic USD Stablecoin

In mid-March, Sonic Labs disclosed plans for a yield-generating algorithmic stablecoin for its blockchain. However, new developments in the US regulatory landscape are forcing the company to ditch its algorithmic stablecoin ambitions.

Sonic Labs co-founder Andre Cronje confirmed the change in direction via an X post following the release of the full draft of the STABLE Act by Congress for clearer oversight. According to the text, lawmakers are pushing for a two-year moratorium on algorithmic stablecoin, souring Sonic Labs plans.

Unlike mainstream stablecoins backed by fiat or other commodities, algorithmic stablecoins rely on smart contracts to maintain their peg. The 2022 implosion of Terra’s ecosystem following the de-pegging of its TerraUSD (UST) algorithmic stablecoin stunned regulators.

“We will no longer be releasing a USD-based algorithmic stablecoin,” said Cronje.

In a light-hearted note, community members teased potential strategies for Sonic Labs to sidestep incoming stablecoin regulation. Apart from the loophole of launching the algorithmic stablecoin before the regulation goes live, Cronje teased an algorithmic dirham that will be denominated in USD.

Industry Players Are Bracing For New Stablecoin Regulations

Stablecoin issuers are steeling themselves for incoming stablecoin regulations in the US. While the GENIUS Act and STABLE Act continue to inch forward, there are common denominators in both bills.

For starters, there is the requirement for equivalent reserves at a 1:1 ratio with both bills steering clear of algorithmic stablecoins. The White House is favoring the GENIUS Act over the STABLE Act as lobbyists rally to stifle the possibility of a Conference Committee.

Authorities are targeting stablecoin regulation to reach Trump in two months as issuers jostle for position. Tether, Circle, and Ripple are staking their claims to lead the US government’s ambitions to rely on stablecoins to maintain the dollar’s dominance.

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FDIC Revises Crypto Guidelines Allowing Banks To Enter Digital Assets

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The Federal Deposit Insurance Corporation (FDIC) has updated its guidelines, enabling banks to engage in cryptocurrency-related activities without seeking prior approval. This new policy shift signals a change in the FDIC’s approach to the growing role of digital assets in the banking sector.

New FDIC Guidelines on Crypto-Related Activities

The FDIC has issued a new Financial Institution Letter (FIL-7-2025), which provides updated guidance for banks looking to engage in cryptocurrency activities. The new guidance rescinds the previous policy set out in FIL-16-2022, which required banks to notify the FDIC before engaging in such activities.

Under the new rules, banks can now participate in permissible crypto-related activities without waiting for FDIC approval, as long as they manage the risks appropriately.

This change is seen as a shift in the FDIC’s stance, following the agency’s earlier stance that required prior approval for crypto engagements. FDIC Acting Chairman Travis Hill expressed that this new approach aims to establish a more consistent framework for banks to explore and adopt emerging technologies like crypto-assets and blockchain.

“With today’s action, the FDIC is turning the page on the flawed approach of the past three years,” said Hill in a statement.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

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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