View moreIn This Week’s Recap:
- SEC Appeals XRP Ruling
- BTC Dominance Hits High
- BankSocial Corner
- THA Partners with Qatar
- Hot Topics
The Big Idea
SEC Appeals XRP Ruling
XRP dropped over 8% to 53 cents on Thursday, following the SEC’s decision to appeal a 2023 ruling that determined XRP isn’t a security when sold to retail investors. Ripple’s partial victory last summer was seen as a milestone for the crypto industry, but XRP is still considered an unregistered security when sold to institutions. Ripple CEO Brad Garlinghouse and chief legal officer Stuart Alderoty criticized the SEC’s appeal, with Alderoty calling it “disappointing, but not surprising.” Despite the appeal, Garlinghouse emphasized that XRP’s non-security status remains intact for now.
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Adoption News
BTC Dominance Rises
Bitcoin (BTC) briefly rose above $60,000 on Thursday before settling around $60,700, while other cryptocurrencies saw declines amid geopolitical uncertainty and a stronger U.S. dollar. BTC’s market dominance climbed above 58%, nearing a three-year high, as Ethereum (ETH), Solana (SOL), and other major altcoins struggled. Rising oil prices and the dollar’s strength weighed on the broader crypto market, with Bitcoin showing relative resilience. The upcoming U.S. jobs report is expected to play a role in shaping market sentiment.
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BankSocial Corner
Tom Kane Joins the BankSocial Advisory Board
We’re excited to welcome Tom Kane to our Advisory Board! With his extensive experience in the financial services sector and leadership as President and CEO of the Illinois Credit Union League, Tom is already making a difference by leveraging his valuable connections to support our growth. His insights and expertise will undoubtedly play a crucial role as we continue to move forward.
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Hedera News
THA Joins Forces with Qatar
The Hashgraph Association (THA) is teaming up with stakeholders in Qatar to explore five digital asset use cases over the next year, including the tokenization of equities, real estate, sukuk, and sustainability initiatives like carbon credits. With Qatar recently launching a regulatory framework for digital assets, THA sees this as a chance to enhance the local digital ecosystem and position the region as a fintech leader. This initiative is part of a larger $50 million partnership with the Qatar Financial Centre to create a digital assets venture studio, aimed at helping firms develop compliant solutions and supporting startups in the decentralized finance space.
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While anyone can access the BankSocial ecosystem, certain features including the exchange require Verifiied®- our simple KYC solution. Login to My.BankSocial.io and start the process now.
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Hot Topics
What’s on everyone’s mind?
We had a blast hosting the first #Converge event at our Dallas HQ. This event brought innovators from different industries together to collaborate, learn, and network. Stay tuned for future events — and learn more about Converge here.
Congressman Ro Khana (D-CA) suggested that America should hold onto seized BTC as a strategic reserve. Do you think this is a good idea that should be implemented?
CZ is now getting released from prison after serving 117 days from June 2 to September 27, 2024, following his November 2023 guilty plea to violations of the Bank Secrecy Act, which also resulted in his resignation as CEO and a $50 million fine.
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All The Love and All The Power!
was originally published in BankSocial News on Medium, where people are continuing the conversation by highlighting and responding to this story.
