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XRP Whale Moves 29M Coins Amid SEC’s Opposition To Ripple’s Motion

A significant movement of XRP tokens has been detected, with a whale transferring 29 million coins amidst the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). The transaction, valued at approximately $15 million, has garnered attention as it coincides with the SEC’s recent opposition to Ripple’s motion.

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A significant movement of XRP tokens has been detected, with a whale transferring 29 million coins amidst the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). The transaction, valued at approximately $15 million, has garnered attention as it coincides with the SEC’s recent opposition to Ripple’s motion.

The whale’s transfer was identified by blockchain tracking services, which noted the large sum moving from an unknown wallet to an exchange. This kind of transaction often sparks speculation about market sentiment and the potential impact on XRP’s price.

The timing of this transfer is particularly notable, coming just after the SEC filed its latest opposition to Ripple’s motion in their high-profile court case. The SEC has accused Ripple of conducting an unregistered securities offering by selling XRP, a claim Ripple vehemently denies. Ripple’s defense hinges on the argument that XRP should be classified as a currency rather than a security, which has significant implications for regulatory oversight and the broader cryptocurrency market.

Market analysts are closely watching these developments, as the outcome of the SEC vs. Ripple case could set a precedent for the classification and regulation of digital assets in the United States. The whale’s move of 29 million XRP coins might indicate strategic repositioning in anticipation of potential market shifts based on the case’s progression.

In response to the SEC’s opposition, Ripple’s legal team has reiterated their stance, emphasizing the lack of clarity in the SEC’s regulatory framework and the significant consequences for innovation in the crypto sector. The ongoing legal tussle has already influenced XRP’s market performance, with price volatility reflecting investor uncertainty.

This latest whale transaction underscores the heightened state of alert within the XRP community and the broader crypto market. As the legal battle unfolds, stakeholders are preparing for various outcomes that could significantly affect XRP’s future and the regulatory landscape for cryptocurrencies.

In summary, the transfer of 29 million XRP by a whale amidst the SEC’s opposition to Ripple’s motion adds another layer of complexity to the ongoing legal drama. The crypto community remains on edge, closely monitoring the implications of this high-stakes case for the future of digital asset regulation.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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