In recent developments within the cryptocurrency market, the US Securities and Exchange Commission (SEC) is reportedly nearing the conclusion of its legal proceedings against Ripple Labs, which began in December 2020. This move follows the companies’ appeal and cross-appeal over a $125-million court ruling in August 2024. Ripple was accused of using its XRP token as an unregistered security to raise funds. Commenting on the case, Ripple’s Chief Legal Officer, Stuart Alderoty, stated that the legal process was more advanced compared to other cases the SEC has dropped, adding that the company’s strategy is to pursue an optimistic resolution with the SEC or continue with the appeals process.
In parallel, the European Union’s imposition of retaliatory tariffs has created further macroeconomic uncertainty, fueling speculations about increased volatility in Bitcoin prices, which could dip below the crucial $75,000 threshold. The EU’s move is a response to the US’s 25% tariffs on steel and aluminum imports, which may revive trade war fears and spike market fluctuations.
Additionally, US Senator Cynthia Lummis has reintroduced the BITCOIN Act to potentially allow the government to increase its Bitcoin holdings. The re-envisioned legislation proposes a mechanism for the US government to lawfully acquire and hold over one million Bitcoin, expanding its reserve through methods beyond direct purchases, including forfeitures and gifts. This proposal is part of an initiative to boost America’s financial security amid evolving digital asset landscapes. Proponents claim that the initiative could secure financial futures, while the executive order signed by President Trump suggests a strategic approach to cryptocurrency reserve buildup.
