Daily News 19

Tag: Ripple Labs

  • Former SEC Acting Chair: Agency Dropped Crypto Cases to Avoid Credibility Issues

    Former SEC Acting Chair: Agency Dropped Crypto Cases to Avoid Credibility Issues

    Key Highlights

    • The SEC dismissed enforcement actions against major cryptocurrency firms including Kraken, Ripple Labs, and Coinbase in early 2025 to preserve agency credibility ahead of a planned “180-degree change” in regulatory policy.
    • Former Acting Chair Mark Uyeda stated that allowing litigators to argue positions in court that contradicted forthcoming Commission interpretations would have damaged the SEC’s institutional credibility.
    • With Commissioner Hester Peirce’s expected departure in November 2025, the Commission will operate with only two of its five presidentially appointed members, and no replacement nominations have been announced.

    Uyeda Defends SEC’s Decision to Drop Crypto Enforcement Actions

    Credibility Concerns Prompted Case Dismissals

    Speaking at the Psaros Center for Financial Markets and Policy’s Financial Markets Quality Conference on Wednesday, SEC Commissioner Mark Uyeda provided the most detailed explanation to date for the agency’s abrupt dismissal of high-profile cryptocurrency enforcement actions in early 2025. Uyeda, who served as acting chair from January to April 2025 following Gary Gensler’s resignation, revealed that the Commission dropped cases against Kraken, Ripple Labs, Coinbase, and other firms because it was preparing a “180-degree change” in rulemaking. He argued that proceeding with litigation authorized under the prior administration would have forced SEC attorneys to advocate positions in court that were directly contrary to the policy framework the Commission intended to adopt.

    Uyeda emphasized that the decision was driven by institutional integrity rather than political pressure. “I’m not about to have our litigators, even though they’re having cases that were authorized under the prior administration, stand up in court and have a commission interpretation be issued that is a 180-degree change from what they’d been arguing for that court,” said the commissioner. “I think that hurts [our] credibility as an agency.” He further noted that there had been “significant concerns” that the cases against crypto companies were not “justifiable under law,” suggesting the prior enforcement approach lacked solid legal footing.

    Political Context and Industry Reaction

    The case dismissals occurred against a highly charged political backdrop. President Donald Trump had campaigned on a promise to fire former SEC Chair Gary Gensler “on day one” if elected, and Gensler resigned on Inauguration Day 2025. Many critics characterized the SEC’s retreat from crypto enforcement as payback for the industry’s substantial financial support of Trump’s 2024 campaign. However, Uyeda’s remarks frame the decision as a deliberate, credibility-preserving maneuver necessitated by a fundamental policy reversal, rather than a transactional political favor.

    Looming Leadership Gap at the Commission

    Beyond the immediate policy shift, the SEC faces a structural leadership challenge. Uyeda has served as a commissioner since 2022 and currently sits on the leadership panel alongside Chair Paul Atkins and Commissioner Hester Peirce. With Peirce’s term set to expire in November 2025, the five-member Commission will be reduced to just two sitting commissioners—Uyeda and Atkins—unless the White House moves swiftly to nominate and confirm replacements. As of the conference date, the Trump administration has not announced any nominations for the vacant seats, raising questions about the Commission’s capacity to advance its rulemaking agenda or maintain quorum for certain actions.

    Why This Matters

    The SEC’s abandonment of its aggressive crypto enforcement posture marks a watershed moment in U.S. digital asset regulation. By prioritizing institutional credibility over litigation momentum, the Commission signals a shift from enforcement-led regulation to a rulemaking-first approach—a move long advocated by industry stakeholders who argued the prior strategy created regulatory uncertainty through “regulation by enforcement.” However, the ensuing leadership vacuum threatens to stall the very rulemaking process Uyeda cites as justification for the dismissals. With only two commissioners seated after November, the SEC may lack the quorum needed to propose or adopt new rules, potentially leaving the crypto industry in a prolonged regulatory limbo. The administration’s delay in nominating replacements will be a critical indicator of how quickly the promised policy overhaul can materialize.

    Frequently Asked Questions

    Which cryptocurrency enforcement cases did the SEC drop in early 2025?

    The SEC dismissed civil actions against Kraken, Ripple Labs, Coinbase, and several other crypto firms that had been filed during the tenure of former Chair Gary Gensler.

    Why did Commissioner Uyeda say the cases were dropped?

    Uyeda stated the dismissals were necessary to avoid having SEC litigators argue positions in court that would contradict a planned “180-degree change” in the Commission’s regulatory policy, which he said would have damaged the agency’s credibility.

    What is the current composition of the SEC leadership?

    As of the conference, the Commission is led by Chair Paul Atkins and Commissioners Mark Uyeda and Hester Peirce. Peirce’s departure in November 2025 will leave only two commissioners, and no nominations for the three vacant seats have been announced.

  • Bitwise Buys Over $19 Million in XRP

    Bitwise Buys Over $19 Million in XRP

    Key Highlights

    • XRP ETFs recorded their strongest single-day inflows since September began, with over $20 million flowing into the market during the latest trading session.
    • Bitwise dominated the inflows, purchasing $19.17 million worth of XRP in one day — its largest acquisition in recent months — bringing its total XRP holdings to approximately $615 million in net assets.
    • XRP surged more than 8% on the same day, breaking key resistance at $1.65 and reigniting momentum toward the $2 price target.

    Bitwise Leads Record Inflows as XRP ETFs Post Best Day Since Early September

    The cryptocurrency exchange-traded fund market recorded its first net inflow of the week as XRP-focused products attracted over $20 million in combined capital during the latest trading session — marking the strongest single-day performance for the category since September began. The surge was overwhelmingly driven by a single issuer: Bitwise Asset Management, which accounted for nearly the entire inflow after executing its largest XRP purchase in months.

    Bitwise Captures Nearly All Fresh Capital with $19.17 Million XRP Acquisition

    On-chain data confirms that Bitwise acquired $19.17 million worth of XRP in a single day, a move that followed what the firm described as a substantial surge in institutional interest in its XRP-based investment product. The purchase propels Bitwise’s total XRP holdings to approximately $615 million in net assets, reinforcing its position as the dominant player in the XRP ETF space. By contrast, Franklin Templeton’s XRP ETF recorded a modest inflow of roughly $862,000 on the same day, while all other XRP ETFs reported no net inflows, leaving Bitwise responsible for the vast majority of new capital entering the market.

    XRP Price Breaks $1.65 Resistance, Eyes $2 Target as Momentum Builds

    The inflow surge coincided with a sharp 8% intraday rally in XRP’s spot price, pushing the token above the $1.65 resistance level that had capped gains for several weeks. Technical analysts note that the breakout, supported by rising volume and institutional accumulation, positions XRP on a potential trajectory toward the psychologically significant $2 threshold. The synchronized move between ETF flows and spot price action suggests growing conviction among professional allocators, rather than purely speculative retail-driven momentum.

    Why This Matters

    The concentration of inflows into Bitwise’s XRP ETF underscores a broader trend: institutional investors are increasingly differentiating between issuers based on custody infrastructure, liquidity provision, and regulatory track record. Bitwise’s early-mover advantage in the crypto ETF space — combined with its transparent on-chain reporting and established relationships with prime brokers — appears to be translating into a durable capital moat. Meanwhile, the XRP price breakout above $1.65 carries technical significance, as this level has acted as a multi-test ceiling since mid-year. A sustained move above it could trigger algorithmic buying and options gamma hedging, amplifying upside toward $2. However, the market remains sensitive to regulatory developments, particularly the ongoing SEC appeal in the Ripple Labs case, which continues to cast a shadow over long-term institutional allocation decisions.

    Frequently Asked Questions

    How much did Bitwise invest in XRP during the latest session?

    Bitwise purchased $19.17 million worth of XRP in a single trading day, its largest acquisition in recent months.

    What is Bitwise’s total XRP holding value now?

    Bitwise’s XRP ETF now holds approximately $615 million in net assets, making it the largest XRP fund by a wide margin.

    Did other XRP ETFs see inflows on the same day?

    Franklin Templeton’s XRP ETF recorded a modest inflow of about $862,000, while all other XRP ETFs reported zero net inflows.

  • XRP Spot Trading Volume Surges to $1.36 Billion as Price Climbs 7% to $1.41

    XRP Spot Trading Volume Surges to $1.36 Billion as Price Climbs 7% to $1.41

    Key Highlights

    • XRP spot trading volume surged to approximately $1.36 billion over a 24-hour weekend period, according to CoinGlass data.
    • The token’s price rallied roughly 7% to reclaim the $1.41 level, signaling renewed buyer interest.
    • Total tracked turnover across exchanges approached $4.9 billion on CoinMarketCap, indicating broad-based market participation.

    Weekend Volume Spike Propels XRP Above $1.40

    XRP demonstrated significant market momentum over the weekend as spot trading volume climbed to approximately $1.36 billion in a single 24-hour window, data from CoinGlass shows. The surge in on-exchange activity coincided with a price appreciation of roughly 7%, enabling the digital asset to retake the psychologically important $1.41 threshold. The move marks a notable recovery for the token, which has traded in a relatively tight range throughout the preceding weeks.

    Exchange Data Points to Broad-Based Participation

    While CoinGlass recorded the spot volume at $1.36 billion, aggregated figures from CoinMarketCap painted an even more expansive picture of market engagement. Total tracked turnover across all monitored trading venues approached $4.9 billion during the same period. The disparity between spot and total tracked volumes suggests heightened activity in derivatives markets, including perpetual futures and options, alongside traditional spot buying and selling. Such elevated derivatives turnover often accompanies strong directional conviction among traders.

    Technical Reclamation of Key Resistance

    The push above $1.41 represents a technical breakthrough for XRP, as the level had previously acted as resistance during multiple testing episodes in recent sessions. Reclaiming this price point shifts the near-term market structure in favor of bulls, potentially opening a path toward the next cluster of seller liquidity near the $1.50-$1.55 zone. Market observers will be watching closely for follow-through volume during the traditional Asian and European trading sessions to validate the sustainability of the weekend advance.

    Why This Matters

    Weekend trading sessions in cryptocurrency markets are typically characterized by lower liquidity and thinner order books, making the observed volume spike particularly noteworthy. A $1.36 billion spot volume print during a traditionally quiet period suggests institutional or algorithmic participants were actively accumulating positions, rather than retail-driven speculation alone. The concurrent rise in total tracked turnover to nearly $4.9 billion underscores that the move was supported across both spot and derivative venues, reducing the likelihood of a false breakout driven solely by leveraged positioning. For XRP, which remains entangled in ongoing regulatory proceedings in the United States, sustained trading above $1.40 could improve market sentiment and attract renewed interest from market makers and liquidity providers who have remained cautious amid legal uncertainty.

    Frequently Asked Questions

    What drove the sudden increase in XRP trading volume over the weekend?

    The source data attributes the volume surge to heightened spot and derivatives activity across major exchanges, though it does not specify a single catalyst. Such moves often follow technical breakouts, macroeconomic news, or developments in the Ripple Labs vs. SEC legal case.

    Is the $1.41 price level significant for XRP?

    Yes. The $1.41 mark has acted as a key resistance level in recent trading. Reclaiming it on high volume is viewed by technical analysts as a bullish signal that could precede further upside toward the $1.50-$1.55 region, provided buying pressure sustains.

    How does CoinGlass data differ from CoinMarketCap’s total tracked turnover?

    CoinGlass reported $1.36 billion in spot volume specifically, while CoinMarketCap’s $4.9 billion figure represents aggregate turnover across spot, futures, and options markets. The gap highlights substantial derivatives activity accompanying the spot rally.

  • Ripple Overtakes Kraken as Top Holding in NYSE-Traded C1 Fund Portfolio

    Ripple Overtakes Kraken as Top Holding in NYSE-Traded C1 Fund Portfolio

    Ripple Labs has become the largest holding in C1 Fund’s portfolio, accounting for 17.49% of net assets and moving ahead of Payward Inc., the parent company of Kraken, at 16.92%.

    C1 Fund had invested $41.3 million across 11 private digital-asset companies as of June 30, 2026, according to the fund’s second-quarter update. The fund trades on the New York Stock Exchange under the ticker CFND and focuses on secondary-market investments in late-stage private companies involved in digital-asset infrastructure and related services.

    Ripple Becomes C1 Fund’s Top Holding

    Ripple’s increased portfolio weighting was partly driven by a company share buyback. C1 Fund said the partial buyback generated a 141.5% return on the portion of its Ripple investment included in the transaction over approximately four months.

    The result reflects the return from the buyback rather than simply indicating that C1 Fund purchased additional Ripple shares during the quarter.

    Interest in private-market exposure to Ripple is also growing among traditional investment firms. Kinetics Internet Portfolio reported holding 1,875 Class A Ripple shares valued at approximately $246,319 as of June 30. The position represented about 0.1% of the fund’s $248.3 million in net assets and was classified as a Level 3 asset because Ripple remains a privately held company.

    Ripple equity and $XRP are separate investments. Ripple shares represent an ownership interest in the private company, while $XRP is a separate digital asset. Institutional participation in both markets nevertheless reflects broader acceptance of crypto-related financial products.

    Institutional Investors Increase $XRP ETF Exposure

    Institutional demand is also expanding through $XRP exchange-traded products. Goldman Sachs disclosed approximately $86.5 million invested across five spot $XRP ETFs as of June 30, after reporting no exposure to $XRP ETFs at the end of the previous quarter.

    The holdings included products from Bitwise, Franklin Templeton, Canary Capital, 21Shares and Grayscale.

    The wider digital-asset sector is also moving closer to the public markets. BitGo completed its initial public offering in January, while Kraken and Blockchain.com have confidentially filed IPO registration statements with the U.S. Securities and Exchange Commission, according to C1 Fund’s update.