SEC acknowledges Grayscale’s amendment filing to convert its | The Crypto Basic on Binance Square

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SEC acknowledges Grayscale’s amendment filing to convert its Digital Large Cap Fund into an ETF covering BTC, ETH, XRP, SOL, and ADA. 

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#Cardano founder Charles Hoskinson has reacted to a recent development that would enhance the multi-chain functionality of the Midnight Network. Midnight, a privacy-focused Cardano sidechain, is imminent, and the crypto community remains expectant. Paima Studios, one of the partners of the Midnight Network, recently announced an ongoing project to build a hybrid DApp feature for Midnight, drawing accolades from Charles Hoskinson, the founder of Cardano. Hybrid dApps Coming to Midnight Sebastien Guillemot, the co-founder of Paima Studios, disclosed that his team is working on bringing hybrid decentralized applications (dApps) to Midnight. According to the June 29 tweet, this feature will enable applications with multi-chain functionalities. Meanwhile, Guillemot shared a prototype of the Paima Explorer, featuring the different chains a developer’s dapp connects to, the primitive data dashboard, and the state machine table. The Paima Studio co-founder emphasized that the state machine column enables developers to visualize how smart contracts update based on data across multiple chains. Recall that it was on this basis that Midnight forged a collaboration with Paima Studio. The Web3 gaming studio partnered with Midnight to bring Ethereum Virtual Machine (EVM) compatibility to the Cardano sidechain. For context, this feature will enable Ethereum developers to deploy dapps on Midnight with just a few lines of code. Furthermore, Paima Studios would also explore the application of zero-knowledge technology (ZK) in Web3 gaming. Hoskinson Applauds New Explorer As usual, Hoskinson cheered the development, calling it a “bedrock of cooperative economics.” He argued that the multi-chain explorer is one of the most essential workstreams in the crypto industry, alongside Midnight’s dual token model and the capacity exchange. The founder’s comment echoes his new belief that crypto projects should collaborate more for the greater good of the industry, shifting from the current zero-sum game. #CryptoNewsCommunity

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Ripple’s senior executive officer, Reece Merrick, makes a daring claim about #Ripple USD (RLUSD) stablecoin, emphasizing that it clears $10 billion in transaction volume daily. Merrick, the Managing Director for the Middle East & Africa at Ripple, made the bold claim during an exclusive interview with Finance World Magazine at the Dubai Fintech Summit. In the interview, Merrick discussed how blockchain, particularly stablecoin, could revolutionize cross‑border payments. According to Merrick, roughly 50% of the world’s cross-border settlements are settled in U.S. dollars (USD) despite most of these transactions occurring outside the United States. Notably, he stated that stablecoins are becoming an integral part of the evolving cross-border payment sector. He indicated that stablecoins, particularly those pegged to USD, were created to eliminate some inefficiencies associated with the traditional payment system, paving the way for instant and low-cost settlements. RLUSD Sees $10B in Daily Volume Notably, Ripple launched its dollar-pegged stablecoin last year, enabling users to transfer value instantly without relying on intermediaries. According to Merrick, RLUSD has recorded widespread adoption within seven months of its launch, with its market cap soaring to roughly $300 million. Interestingly, he claims RLUSD boasts a daily transaction volume of $10 billion. This implies that RLUSD clears approximately $10 billion in transaction volume daily. #CryptoNewss

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"Top Analyst: XRP’s Wave 3 Has Begun — New All-Time High Is Closer Than You Think"

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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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