Enterprise blockchain company Ripple is creating a stablecoin pegged to the U.S. dollar. It will be native to the XRP Ledger and backed by short-term government treasuries, dollar deposits, and cash equivalents. The company hopes these “rock solid” assets and transparency will differentiate it from other stablecoin issuers. The stablecoin will be released later this year.

The crypto industry has significant political influence in the 2024 US election through a $169 million campaign fund managed by the Fairshake PAC. Companies like Coinbase, Ripple, and a16z are financing the fund but rarely discuss its decision-making process. In pursuing its goal of de-politicizing crypto, it has supported over 20 congressional primary wins and is preparing to influence races beyond the 2024 election cycle.

A federal judge has ordered Ripple to pay a $125 million civil penalty in its lawsuit with the SEC. Zora has launched a major protocol upgrade, integrating with Uniswap to create on-chain secondary markets that allow creators to earn royalties from trades after a mint ends. Ethena Labs expanded its synthetic dollar protocol, Ethena, to Solana to improve the scalability and stability of USDe.

Ripple has started testing its stablecoin, Ripple USD (RLUSD), on both the XRP Ledger and Ethereum networks.

During Trump's discussion with BTC Inc. CEO David Bailey, he was promised $100 million in donations and 5 million re-election votes for promoting pro-crypto policy. Since then, $25 million has been raised. 48% of all corporate money raised this cycle is from crypto. Pro-crypto money has led to 85% win rates for candidates. More than $4 million in crypto like USDC, ETH, and BTC has been directly donated. Ripple and Coinbase have been the biggest backers of pro-crypto PACs.

Jerome Powell, the Chair of the Federal Reserve, recently indicated that there could be two additional interest rate cuts this year, amounting to a total reduction of 50 basis points. This statement has significant implications for the financial markets and economic outlook, as interest rate adjustments are closely monitored by investors and analysts. In the realm of cryptocurrency, Vitalik Buterin, co-founder of Ethereum, made headlines at the Ethereum Singapore 2024 event by emphasizing the importance of solo stakers for the long-term security of the Ethereum network. He argued that individual stakers play a crucial role in maintaining decentralization, which is vital for protecting the network from centralized control and potential 51% attacks. This perspective highlights the ongoing evolution of Ethereum and the critical role that individual participants have in its ecosystem. The legal landscape for cryptocurrencies continues to be shaped by high-profile cases, such as the ongoing lawsuit between the SEC and Ripple. This case centers on whether XRP should be classified as a security or a digital currency, with significant consequences for Ripple and the broader crypto market. The lawsuit has already led to a substantial drop in XRP's value and the delisting of the token from major exchanges, underscoring the regulatory challenges facing the industry. In another notable event, Pavel Durov, the founder of Telegram, was arrested in France amid investigations into alleged violations related to the platform's encrypted messaging services. The arrest is linked to a search warrant issued by French authorities, and the allegations include serious offenses such as fraud and drug trafficking. This incident raises questions about the responsibilities of tech platforms in monitoring and controlling illicit activities. The cryptocurrency market is also facing potential volatility due to the upcoming repayment of 140,000 BTC by Mt. Gox to its creditors. Analysts have expressed concerns that this influx of Bitcoin could lead to a sell-off, impacting prices significantly. The situation is reminiscent of past market reactions to large-scale Bitcoin movements, highlighting the sensitivity of the market to such events. As Bitcoin matures, its volatility has decreased, now falling below that of several major tech stocks. This trend suggests that Bitcoin is evolving into a more stable asset class, which could attract a broader range of investors seeking less risk in their portfolios. Liquid staking has emerged as a solution to the liquidity challenges associated with traditional staking methods. By allowing users to stake their assets while still being able to trade or transfer them, liquid staking enhances accessibility and reduces barriers to entry, making it an attractive option for many crypto investors. Overall, these developments reflect the dynamic nature of the financial and cryptocurrency landscapes, where regulatory actions, technological advancements, and market behaviors continuously shape the environment for investors and participants alike.

The Securities and Exchange Commission (SEC) is appealing a recent ruling related to Ripple, a web3 payments firm, arguing that the decision conflicts with established Supreme Court precedent and securities law. An SEC spokesperson emphasized their belief that the district court's judgment undermines decades of legal standards, and they are eager to present their case to the Second Circuit Court of Appeals. Ripple's CEO, Brad Garlinghouse, responded to the SEC's appeal on social media, asserting that the SEC has failed to grasp the significance of the court's previous ruling, which he claims favored Ripple and the broader crypto industry. He stated that the legal status of XRP as a non-security is firmly established and remains unchanged despite the SEC's appeal, which he described as misguided and frustrating. In a prior ruling on August 7, 2023, a judge ordered Ripple to pay a civil penalty of $125 million, significantly less than the SEC's initial demand of $2 billion. The court's decision partially supported and partially rejected the SEC's motions regarding Ripple's sale of XRP. Earlier, on July 13, 2023, the same judge determined that while Ripple's programmatic sales of XRP did not violate securities laws, direct sales to institutional investors did qualify as securities transactions. The SEC's legal action against Ripple began in 2020, alleging that Ripple's sale of XRP constituted the sale of unregistered securities, claiming the firm raised over $1.3 billion through these sales. The ongoing legal battle highlights the complexities of cryptocurrency regulation and the evolving interpretation of securities laws in the context of digital assets. The article also notes that The Block, the publication reporting on this case, operates independently and is backed by Foresight Ventures, which invests in the crypto sector. The piece concludes with a disclaimer that the information provided is for informational purposes and not intended as legal or financial advice.