From the Bitrue blog.
XRP and Solana (SOL) Rally Amid Positive Regulatory Ruling — Following the blockbuster federal court ruling that XRP sold on exchanges is not a security, select tokens have managed to sustain their gains and continue their upward trajectory. XRP, which was trading at $0.47 USD before the news, is now maintaining its rally at around $0.80 USD. On the other hand, Solana (SOL) has been showing notable strength, briefly surging above $30 USD on Saturday before stabilizing in the $26 USD range. This is a significant recovery for SOL, as it had dipped below $13 USD in June after being scrutinized as a potential security in the SEC’s lawsuit against Coinbase. Investors are now looking to the positive Ripple ruling as a potential indicator for SOL’s own ongoing debate about its regulatory status, adding to the optimism surrounding these tokens in the current market landscape. Read Bitrue’s statement on XRP here.
Ripple Seeks Crypto License in the UK Following SEC Partial Win — Ripple, the global payments network and technology company, has taken a significant step in its post-SEC ruling strategy by applying for registration as a crypto asset firm with the United Kingdom’s Financial Conduct Authority (FCA). This move comes after Ripple’s partial win against the U.S. Securities and Exchange Commission (SEC), where the XRP token was classified as a security when sold to institutional investors but not retail investors. The crypto community views this decision as a victory, and Ripple aims to capitalize on the UK’s regulatory clarity and supportive business environment. As more crypto firms seek a predictable and secure operating environment, the UK has witnessed the establishment of new laws aimed at creating a crypto-regulated landscape. Ripple’s registration with the FCA reflects its commitment to expanding its presence in the region and underscores the growing interest in the UK as a hub for cryptocurrency businesses.
Spot Crypto ETF Applications Enter Federal Register, Nearing SEC Approval Process — Exciting news for the cryptocurrency industry as multiple firms, including BlackRock, Fidelity, Invesco Galaxy, VanEck, and WisdomTree, have taken a significant step forward in their pursuit of a spot Bitcoin exchange-traded fund (ETF) approval. The applications have been officially registered in the Federal Register, marking an important milestone in the process. The move gives the U.S. Securities and Exchange Commission (SEC) a designated period to review and decide on the applications, with options to accept, reject, extend, or seek public input on the requests. Initially, the SEC has 45 days to make a decision. Still, it also has the flexibility to extend the evaluation process for up to 240 days, potentially leading to final approval or denial as late as March 2024. The industry eagerly awaits the SEC’s decision, as the approval of a spot crypto ETF could have significant implications for the wider adoption and mainstream acceptance of cryptocurrencies.
This article came directly from the Bitrue blog, found on https://bitrue.medium.com/bitrue-bulletin-17-7-2023-23-7-2023-fc630b7f8d65?source=rss-c4759c9c6535——2