Crypto Currents: Ripple, SEC move to end lawsuit

As bitcoin, ethereum and other cryptocurrencies see major legal, institutional, and technological developments, the financial landscape continues to adapt. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Also, join us for your essential daily recap, every day at 2 PM ET on FlyCast radio. 

RIPPLE, SEC MOVE TO END LEGAL BATTLE: In a major development for the crypto industry, one of its longest-running lawsuits appears to be heading toward a conclusion. On Friday, Ripple, the company behind XRP (XRP), announced it is dropping its cross-appeal against the U.S. Securities and Exchange Commission. The move comes with the widely held expectation that the SEC will, in turn, drop its own appeal, which would close the final chapter on a legal battle that has spanned years and created significant uncertainty in the market.

U.S. BITCOIN ETFS SEE MAJOR INFLOWS: Institutional demand for bitcoin remains robust, as demonstrated by strong flows into spot Bitcoin ETFs. On Friday alone, these funds saw a massive net inflow of over five hundred million dollars. Fidelity’s FBTC and BlackRock’s IBIT led the charge, pulling in $166M and $153M, respectively. These consistent inflows signal sustained confidence from large-scale investors in the leading cryptocurrency.

• JPMorgan (JPM) initiated coverage on stablecoin issuer Circle (CRCL) with a cautious “underweight” rating, citing potential threats from competition.
• Crypto custodian Anchorage Digital announced it is phasing out support for Circle’s USDC (USDC), based on the firm’s own internal risk assessment.
• Turkey’s Financial Crime Investigation Board announced strict new regulations for crypto platforms, requiring detailed source-of-funds checks and mandatory waiting periods for some withdrawals.
• Europol, with international partners, announced the dismantling of a massive cryptocurrency investment scam that defrauded over five thousand victims worldwide.
• The BNB Chain successfully completed its “Maxwell” hard fork upgrade, significantly reducing block times and speeding up transaction finality for users.
• A trader operating under the name ‘qwatio’ was reportedly liquidated eight times over the past week, accumulating losses of over $12.5M dollars on high-leverage positions.

PRICE ACTION: As of time of writing, bitcoin (BTC) was trading at $106,805.25, while ethereum (ETH) was testing resistance near $2,445.47.