Regulation
Robinhood Lawsuit Over GameStop To See Dismissal In 2 Weeks, HOOD Stock Gains
Robinhood is inching a settlement with investors who initiated a lawsuit against the trading platform over its decision to halt trading of certain meme stocks in 2021, including GameStop. The Robinhood meme stock lawsuit is expected to reach a settlement and dismissal in two weeks. Moreover, the HOOD stock gained significantly amid the recent update.
Robinhood GameStop Lawsuit Settlement
According to a filing made on Tuesday, May 28, 2024, in Florida Southern District Court, Robinhood’s attorneys stated that they have engaged in the settlement with affected investors. Moreover, the settlement process is nearly complete. Hence, Robinhood expects the settlement to be finalized soon, leading to dismissal of the lawsuit within the next two weeks.
However, specific details of the settlement were not disclosed in the filing. The Robinhood lawsuit, filed in 2021, is led by plaintiff Blue Laine-Beveridge. The plaintiff accused Robinhood of market manipulation that allegedly resulted in substantial financial losses for investors.
Moreover, the complaint stated that by restricting the purchase of specific stocks from January 28 to February 4, 2021, Robinhood “unlawfully manipulated market prices.” In addition, the suit contended that Robinhood “erased tens of billions of dollars in equity” from meme stock investors.
The affected meme stocks included popular ones line GameStop and AMC Entertainment (AMC). In addition, it also impacted investors involved in trading stocks of Bed Bath & Beyond, BlackBerry, Nokia, trivago, Koss, Express Inc., and Tootsie Roll.
Moreover, this investor lawsuit is part of a broader legal challenge across multiple U.S. jurisdictions concerning Robinhood’s actions during the meme stock frenzy. Whilst, the settlement news comes after United States District Judge Cecilia Altonaga denied the investors’ request to file a new motion for class certification on April 19, 2024. Earlier, they witnessed a similar denial in November of the previous year.
Also Read: GameStop (GME) Stock Rally Could Propel 4 Meme Coins To Buy For 50X Profit
Update On HOOD & GME Stocks
Meme stocks like GameStop and AMC are known for their popularity among retail investors, often driven by social media trends. GameStop’s stock price surged dramatically in January 2021 due to a short squeeze. This led to significant losses for hedge funds and other short sellers, while some retail investors saw massive gains. At the time, Robinhood was slapped with a lawsuit for halting the GME trading.
This movement was largely attributed to Keith Gill, also known as “Roaring Kitty,” who recently returned to the social media platform X on May 13, 2024, posting a series of enigmatic memes. His return generated excitement among traders and led to GameStop stock closing at $48.75 on May 14. This was the highest close since late 2021.
However, the stock price has since declined by more than half, closing down 10.68% on Wednesday, May 29 at $21.24. Furthermore, it witnessed an additional 2.17% drop in after-hours trading to $20.78. Meanwhile, the Robinhood stock surged 3%, closing at $21.08 on Wednesday.
Also Read: Just-In: Judge Signs Key Orders in Coinbase Vs SEC Lawsuit
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.
Ripple whales have been highly active in recent hours, transferring large amounts of XRP tokens between unknown wallets. In total, 267,857,140 XRP, which, at the time of writing, was approximately $572,238,240, was transferred. These large XRP whales are believed to have a connection to Ripple’s ongoing legal battle and its on-demand liquidity (ODL) sales.
These massive transactions were potentially triggered by the decision of the SEC to lift the injunction against institutional sales for Ripple recently. As a result, Ripple can now proceed with its ODL business, likely contributing to the recent surge in large-scale XRP transfers.
Ripple Whales Move $572 Million
Whale Alert, has recently reported a flurry of XRP transfers. Four transactions were executed within a short span, and every swap was equal to 66,964,285 XRP, which amounts to about $143 million. These huge transactions have elicited quite a stir among the members of the crypto space regarding their size and the frequency.
While the reason behind the transfers is still uncertain, a large volume of XRP moving to unknown wallets could be tied to Ripple’s operations. Given that these moves occurred after the SEC has decided to remove the injunction on Ripple’s institutional sales, a correlation between Ripple’s liquidity management and institutional sales has emerged.
Such large movements have also attracted the attention of the market observers to think that Ripple may be gearing up for expansion of its ’on-demand liquidity’ solution. This could explain why this wave of whale is being observed today based on the firm’s capacity to continue with these institutional sales.
Ripple Legal Victory and Influence on XRP Transactions
Ripple’s legal situation with the U.S. Securities and Exchange Commission (SEC) has been a key factor influencing the company’s operations. Recently, as part of Ripple’s decision to drop its cross appeal against the SEC, the Commission agreed to remove the injunction that had previously restricted Ripple from conducting institutional sales of XRP. This decision paves the way for Ripple to resume its on-demand liquidity services, a core part of its business.
This movement should help Ripple expand the availability of liquidity solutions and its penetration in the international markets. The absence of the injunction will allow Ripple to transact with more XRP with institutional clients, which may be fueling the whale activities.
Subsequently, since Ripple’s ODL platform focuses on large XRP transactions, whales are likely to be engaged in this kind of activity as they provide liquidity. At the same time, Coinbase Derivatives has submitted new applications with the U.S. Commodity Futures Trading Commission (CFTC) to self-certify XRP futures contracts.
XRP Price Trend Amid Whale Movements
XRP’s recent market behavior also reflects these developments, with the cryptocurrency showing signs of strength. According to crypto analyst Casi Trades, after reclaiming the $2.05 support level, XRP price trend has set its sights on the next key resistance level at $2.24.
This level is particularly significant, as it aligns with both the macro and micro wave structures of XRP’s price movements.
Experts are keeping a close eye on XRP’s price action, with some predicting that the currency could break out of its current resistance levels and potentially reach new highs. The next levels to watch include $2.70, $3.05, and eventually $3.80, which could mark a new all-time high for XRP price.
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.
The U.S. Securities and Exchange Commission (SEC) has formally acknowledged the filing for Fidelity’s spot Solana (SOL) Exchange-Traded Fund (ETF).
This marks a key development in the financial industry, as Fidelity seeks to list its Solana ETF on the Cboe BZX Exchange. The acknowledgment comes after Fidelity submitted a proposed rule change, paving the way for the potential approval of the product.
Fidelity’s Spot Solana ETF Proposal
The SEC’s acknowledgment follows Fidelity’s filing to list and trade shares of the Fidelity Solana Fund under the Cboe BZX Exchange. The proposed rule change, initially submitted on March 25, was later amended on April 1, 2025, to clarify certain points and add additional details.
The amended proposal aims to list the Solana ETF under BZX Rule, which pertains to commodity-based trust shares. According to the Cboe BZX Exchange, Fidelity plans to register the shares with the SEC through a registration statement on Form S-1.
Fidelity’s experience with crypto ETFs, having launched the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH), has prepared it for this new initiative. FBTC has drawn substantial interest, accumulating nearly $17 billion in assets, while FETH currently manages around $975 million.
This Is A Developing News, Please Check Back For More
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.
The U.S. Senate Banking Committee has voted to approve Paul Atkins’ nomination for the role of Chair of the Securities and Exchange Commission (SEC). The vote, which took place on Thursday, passed with a narrow margin of 13-11, along party lines.
Paul Atkins, nominated by President Donald Trump, now moves one step closer to taking over the top regulatory position at the US SEC.
Senate Banking Committee Approves Paul Atkins Nomination
Paul Atkins’ nomination for SEC Chair has received approval despite sharp opposition from Democratic members of the Senate Banking Committee. The vote was entirely split, with Republicans supporting Atkins and all Democrats opposing the decision.
This partisan divide highlights the contentious nature of Atkins’ confirmation, which had been under scrutiny for several reasons.
The committee’s approval now clears the path for Atkins to proceed to the full Senate for a final confirmation vote. Given the Republican-controlled Senate, it is widely expected that Atkins will secure the necessary votes to take over the SEC leadership. With Republicans holding a 53-47 majority in the Senate, the confirmation process is anticipated to move forward swiftly.
This Is A Developing News, Please Check Back For More
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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