Regulation
XRP Whales Buy 74M Coins As Ripple Vs SEC Case Nears Final Ruling
Major XRP transactions have been observed in the past 24 hours, indicating considerable activity among cryptocurrency whales. On Tuesday, July 23, XRP whales snapped up over 74 million XRP tokens. This accumulation comes at a pivotal moment as the Ripple vs SEC case is nearing its final remedies ruling.
XRP Whale Transactions
According to Whale Alert, the latest transaction involved accumulation of a staggering 26.42 million XRP. This transaction, equivalent to $16.02 million, was initiated from Binance toward an undisclosed wallet. Moreover, an XRP whale accumulated 23.65 million XRP, valued at approximately $14.07 million, from Binance exchange.
In addition, another whale scooped up 23.95 million XRP worth $14.72 million from Binance. Moreover, over the past week, whales have purchased over 140 million XRP, valued at approximately $84 million. This buying spree underscores heightened interest in XRP as the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) approaches a critical juncture.
This whale accumulation suggests that they expect to capitalize on the XRP rally in case of a favorable Ripple vs SEC final remedies ruling. This suggests a bullish sentiment toward XRP, which could have catalyzed the XRP price recovery beyond $0.60 today. However, a notable whale transfer defied the trend.
This whale dumped 23.10 million XRP, valued at $14.33 million, from an unknown wallet to Bitstamp. Nonetheless, the selling pressure on XRP has been limited lately owing to the significant accumulations noted over the last week.
Also Read: Ripple XRP Case Update: Former SEC Predicts Final Judgment Date
A Look At Ripple Vs SEC Case
The XRP community, often referred to as the “XRP Army,” is on high alert as the case nears its final ruling phase. The anticipation is driven by Judge Analisa Torres’ impending decision on remedies. Recently, speculation about a potential settlement was reignited by several factors.
These include Ripple’s movement of 150 million XRP, and CEO Brad Garlinghouse’s comments regarding settlement possibilities. However, former SEC securities lawyer Marc Fagel recently debunked these speculations. He pointed out the absence of any evidence suggesting a settlement between Ripple and the SEC.
In addition, Fagel explained that if a settlement had been negotiated, the enforcement staff would have informed the court to delay the remedies ruling while awaiting SEC approval. Such procedural steps have not been observed. Hence, a settlement is unlikely at this stage in the ongoing XRP lawsuit.
Moreover, Fagel asserted that the final judgment in the Ripple vs SEC case’s remedies phase is expected within the coming week. He believes Judge Torres will deliver a decisive ruling on the remedies, with Judge Sarah Netburn addressing any remaining motions.
Also Read: Just-In: OKX To Delist XRP, SHIB, ADA, & 27 Crypto In BTC and ETH Pairs
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.
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.
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.
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.
Aliyu Pokima
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 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.
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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