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Pakistan’s Digital Assets Minister, Bilal Bin Saqib, met with Bo Hines, Executive Director of the U.S. Presidential Council on Digital Assets, to explore crypto collaboration.
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President Donald Trump has again shown his support for Bitcoin and the cryptocurrency industry, insisting it has created jobs for Americans. Trump views Bitcoin not just as a digital currency but as an industry. He admitted in a White House conference on Friday that he is a fan of cryptocurrency and lauded its impact on the United States’ economy. Bitcoin Is Amazing: Trump When questioned about his exposure to cryptocurrency and how it has influenced the approval of certain legislation related to the sector, Trump insisted that he had been involved long before he decided to run for president again and has had little involvement investment-wise since he assumed power. He noted that he has grown to believe in Bitcoin over time, calling it “amazing.” Remarkably, Bitcoin has been on an uptrend for most of Trump’s time in office, rallying from around $70,000 in November to an all-time high of $112,000 in May. Trump also highlighted Bitcoin’s remarkable resilience during market turbulence, as it outperformed risk assets following the backlash to his tariff hike. Bitcoin demonstrated its potential as a store of value during those times, serving as a safe haven for investors. Bitcoin Takes Pressure Off the Dollar Meanwhile, the President suggested that Bitcoin has played a crucial role in sustaining the US dollar. He noted that Bitcoin “takes a lot of pressure” off the dollar, arguing it is a win for the United States. The emerging role of Bitcoin and cryptocurrencies in the payment system has contended with the traditional means of transacting. Many view stablecoins and innovations like those powered by Ripple as a new payment rail with better capacity than their conventional counterpart. Furthermore, Trump noted that the crypto industry has created jobs for Americans, another benefit that his support for the sector has provided. He claimed he turned a “very powerful industry” in crypto and aims to maintain the United States’ dominance in the sector to prevent China from doing so. #CryptoNewss
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Brad Garlinghouse announces that the SEC and Ripple will drop their respective appeals, effectively bringing their protracted litigation to a close. Garlinghouse, the CEO of Ripple, announced the development a few hours after U.S. District Judge Analisa Torres denied the parties’ joint motion for an indicative ruling. As previously reported, the judge denied the parties’ joint motion seeking to modify the final judgment by reducing the penalty from $125 million to $50 million and lifting the permanent injunction imposed on Ripple’s future XRP sales to institutions. In the latest verdict, Judge Torres urged the parties to either continue their appeals in the Second Circuit or withdraw them and accept her final judgment. Ripple and SEC to Drop Appeals Following the decision, Garlinghouse confirmed that Ripple would drop its cross-appeal, which contested the court’s decision on the company’s historic institutional sales. Notably, the Ripple CEO expects the SEC to follow suit and drop its appeal–challenging the verdict on the company’s programmatic sales of XRP. With the SEC and Ripple dropping the appeal and cross-appeal, Garlinghouse said they are closing the chapter once and for all. This could bring the lawsuit to an end. In the meantime, Garlingouse disclosed that the company will now focus its attention on “building the internet of value.” Will BlackRock File for XRP ETF? Following Garlinghouse’s comments, Nate Geraci, the President of ETF Store Inc., suggested that ending the lawsuit effectively removes the regulatory barrier blocking the approval of spot XRP ETFs. For context, more than ten asset managers, including 21Shares and Bitwise, have filed with the SEC to launch XRP ETFs. However, many believe the SEC would not approve any of the applications due to its legal tussle with Ripple. #Crypto
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BREAKING: Judge Analisa Torres denied a joint request from both #Ripple and the SEC for "indicative ruling." $XRP What does this mean? This means she’s not willing to signal that she'd change or reconsider anything at this point. The case continues as-is in the appeals process. The judge is not reopening or reconsidering any part of the ruling right now. It could slow down any possible settlement or change Ripple and SEC were trying to make together. #Crypto
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"Chart Breakout Could Send XRP Soaring—See the Double-Digit Target Backed by Math!"
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Senator Cynthia Lummis has called on Congress to pass the crypto market structure bill now, emphasizing its importance in driving innovation in the US. Speaking at an interview on CNBC’s Squawk Box on Wednesday, the pro-Bitcoin senator issued a clarion yet urgent call for the approval of the crypto market bill. She noted that such legislation should have been approved before now, considering that the United States typically leads in innovation, and urged a change of course, probably before the end of the year. Meanwhile, her comments follow the passage of the GENIUS Act by the US Senate. The stablecoin bill moved closer to becoming law in the U.S. after receiving bipartisan backing, passing with a 68-30 vote on June 17. The US Needs the Crypto Market Bill Senator Lummis and her pro-crypto allies are not backing down, despite the recent success of the GENIUS Act. She discussed the new crypto regulatory bill, introduced by her and Senator Tim Scott, aimed at providing a clear framework for the emerging digital asset industry. The duo, with endorsements from Republican senators Thom Tillis and Bill Hagerty, introduced the bill on Tuesday, looking to build on the bipartisan momentum in the Senate to provide further clarity for cryptocurrencies in the US. The legislation aims to clarify which assets fall into the securities or commodity bracket and who should regulate which. Meanwhile, Lummis noted that digital assets themselves will be commodities, and the Commodities Futures Trading Commission (CFTC) will regulate them. However, she stressed that most cryptocurrencies are “bundled and sold” by securities; hence, the involvement of the US Securities and Exchange Commission (SEC). Nonetheless, the Senate subcommittee on digital assets, chaired by Lummis, will focus on the regulatory provisions of the US SEC in the bill, as the Senate Agriculture Committee oversees commodities regulation. Lummis noted that both committees would eventually converge to produce well-rounded legislation on crypto market regulation. #CryptoNewsFlash
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