SEC Delays Decision on Franklin Templeton’s Spot XRP ETF, Re | The Crypto Basic on Binance Square

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SEC Delays Decision on Franklin Templeton’s Spot XRP ETF, Requests Public Comments, and Sets New Deadline for July 22. 
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#Ripple Labs has submitted a supplemental letter in support of the motion for an indicative ruling in the SEC lawsuit. In a letter addressed to U.S. District Judge Analisa Torres, Ripple further explained why she should grant the parties’ request for an indicative ruling. The recent filing comes less than a week after the SEC and Ripple refiled the motion to obtain an indicative ruling from Judge Torres. For context, the parties request an indicative ruling from the judge to modify her final judgment by dismissing the permanent injunction imposed on Ripple’s future XRP sales and reducing the penalty to $50 million. While the judge initially denied the request, the SEC and Ripple jointly refiled the indicative ruling motion to satisfy the ‘exceptional circumstances’ criteria. Ripple has now filed a supplemental letter supporting the recently filed motion. Ripple’s Supplemental Letter In the supplemental letter, Ripple clarified the scope of the requested relief. The filing stressed that the parties are not asking Judge Torres to revise her summary judgment order. Ripple acknowledged that the order remains binding on the company and serves as a guide to other courts. Additionally, the motion contended that the potential dismissal of the permanent injunction does not absolve Ripple from complying with federal securities laws. “[…] Like every other market participant, [Ripple] is obligated to follow the law, regardless of whether an injunction is imposed or not,” the motion read. Meanwhile, according to the motion, granting the indicative ruling based on the settlement agreement would help end the multi-year legal dispute, potentially saving costs for the parties and the appellate court. Furthermore, Ripple highlighted the SEC’s evolving crypto policy. It emphasized that the regulator has dismissed multiple crypto enforcement actions, established a Crypto Task Force unit, and signaled intentions to create regulatory standards for the industry. Based on the SEC’s pro-crypto initiative, #CryptoNewss

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The price of #PEPE dropped 20% in six days as it tested the $0.000010 support. Whale activity surged, raising concerns of a deeper correction. At a critical juncture, PEPE risks losing the $0.000010 psychological level as selling pressure intensifies. Will the increased whale activity, combined with the ongoing downtrend, push Pepe to a new monthly low? PEPE Price Analysis On the daily chart, Pepe is struggling to stay above the $0.00001037 support level. With an intraday pullback to $0.00001024, PEPE has recorded its lowest trading price in the past 30 days. This reflects mounting overhead selling pressure, which has driven a 20% decline over the last six days. With market sentiment turning increasingly bearish, a daily close below the psychological $0.000010 level could extend the correction to the $0.0000090 support zone — a level that previously acted as significant resistance. If bearish momentum continues, the downside risk could stretch further to $0.00000570, representing the lowest closing price of the year to date. On-Chain Data Signals Whale Sell-Off According to data from IntoTheBlock, the number of large transactions (over $100,000) has significantly increased over the past 30 days. Since early May, the number of these transactions has risen compared to the relatively quiet period between February and April. Typically, a surge in large transactions can indicate the formation of a cycle top or bottom. Given the rising selling pressure, the uptick in large transactions may point to potential sell-offs by Pepe whales. As such, the on-chain data supports the case for increasing downside risk in the frog-themed meme coin. Fear Emerges in PEPE Derivatives CoinGlass data also shows a decline in PEPE’s open interest by 5.70%, now at $483.09 million. Over the last 24 hours, liquidations totaled $2.28 million in long positions, compared to just $486,000 in short liquidations. This imbalance has pushed the long-to-short ratio down to 0.9384, reinforcing the bearish sentiment. #cryptonewstoday

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U.S. Senator Bill Hagerty expresses strong confidence in the final passage of the long-awaited stablecoin legislation, the GENIUS Act. In an interview with FOX Business, Senator Hagerty projects that the U.S. Senate will pass the GENIUS Act later today. Notably, the legislation has made significant progress since its introduction earlier this year. Despite opposition from crypto skeptics such as Senator Elizabeth Warren, the stablecoin legislation still cleared the complex Senate processes, including a cloture vote held last week. Final Passage Vote Imminent As a result, the Senate scheduled the GENIUS Act’s final passage vote for 4:30 p.m. (ET) today. This upcoming final passage vote will be the last Senate vote on the bill before it advances to the House for further scrutiny. Interestingly, Senator Hagerty, who introduced the legislation earlier this year, believes the Senate will pass the GENIUS Act. “I’m excited to see the GENIUS Act pass the Senate later today,” he remarked in an X post. Benefits of the GENIUS Act During the FOX Business interview, Hagerty described the stablecoin regulation as a “strong bipartisan product,” underscoring the collaborative input across party lines. He noted that the GENIUS Act received input from his colleagues, officials from the Trump administration, and industry stakeholders, potentially paving the way for its passage. If passed, Senator Hagerty believes the legislation could propel the U.S. payment system into the 21st century and eliminate the 1970s- and 1980s-era rails. Additionally, he claims that the GENIUS Act will boost demands for the U.S. Treasury and strengthen the dollar’s dominance as a reserve currency. “We’re going to see that advance in a way that takes a lot of friction out of an old, clunky system. It will reduce counterparty and currency risks and bring a lot of working capital into the economy,” he added. He also believes that the GENIUS Act will position the U.S. as the global leader in the stablecoin market. #CryptoNews🚀🔥V

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#Cardano founder Charles Hoskinson has come under heavy criticism following his recent strategy of converting a portion of the ADA treasury into Bitcoin. Initially, Hoskinson proposed a strategy to convert $100 million worth of ADA in treasury into USDM stablecoin and Bitcoin. At the time, he suggested that the fund could generate an annual return of 5-10% and boost Cardano’s DeFi and stablecoin ecosystems. According to Hoskinson, the annual yield could be used to repurchase ADA and replenish the treasury, which currently holds roughly 1.7 billion ADA. He suggested that if the initiative proves successful, the ecosystem team could implement the strategy annually, potentially growing the Bitcoin and stablecoin treasuries to $1 billion each, augmenting Cardano’s financial reserves. “This sets us up for great returns and a pretty stable floor for the ecosystem,” Hoskinson remarked in a viral video. Sunny Decree Trolls Hoskinson Over Ethereum and Cardano Ties Bitcoin investor Sunny Decree also took a jab at Hoskinson. He sarcastically outlined a pattern he claims Hoskinson used to build wealth. The alleged pattern involves premining Ethereum, pitching its real-world use cases to attract investors, selling the ETH holdings to buy Bitcoin, and then repeating the process with Cardano. Hoskinson, one of Ethereum’s co-founders, left the project in 2014 and launched Cardano three years later. Following Hoskinson’s Bitcoin investment proposal, Sunny criticized investors still holding ADA, calling them “blind.” Crypto Author Criticizes Hoskinson Terence Michael, author of “Proof Of Money: The Big Idea Behind Bitcoin,” also slammed the Cardano founder for planning to sell ADA for BTC. Michael issued a wake-up call to investors, emphasizing that the primary goal of most crypto projects is to sell their tokens rather than position these assets as stores of value. #CryptoNewsFlash

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