CRYPTOCURRENCY UPDATES: THE WEEKEND FIESTA
The Ripple effect continues as the crypto Market continues to soar. Here are some of the major talking points from the weekend
Ripple’s Victory Brings Industry Optimism
Katie Haun, a former DOJ prosecutor and crypto venture investor, expressed skepticism about the SEC’s desire for legal clarity and immediate appeal in the recent court decision regarding Ripple’s legal battle.
Haun considers the court’s decision a positive outcome for the industry, as it drew a reasonable line distinguishing XRP itself from certain transactions. While an appeal was possible, Haun believed it was unlikely, citing the need for the SEC to split the decision and their apparent lack of interest in legal clarity.
Binance at 6: CZ Reflects on the Future of Defi
Binance the world’s largest cryptocurrency exchange has celebrated 6 years of business in the cryptocurrency market.
Talking in a blog post, CEO changpeng Zhao reminded users of how far the exchange had grown from its humble beginnings. CZ also spoke extensively on Binance’s future in the face of springing up regulatory concerns. He admitted that the recent Ripples court ruling was a testament of crypto’s evolving acceptance.
Presidential Candidate Ron Desantis to Ban Central Bank Digital Currencies (CBDC)
Republican Presidential candidate Ron DeSantis has pledged to immediately block central bank digital currency (CBDC) if he is elected president.
DeSantis said in an interview with Blaze Media: “If I am the president, on day one, we will nix central bank digital currency — done, dead, not happening in this country. CBDC is a massive threat to American liberty, [and] on January 20, 2025, it goes the ash heap of history.”
Indonesia to Launch National Crypto Exchange in July
The Indonesian government is set to launch a national cryptocurrency exchange this July. Once launched, the exchange will be the only platform allowing crypto transactions in Indonesia.
The exchange will be regulated by the Commodity Futures Trading Supervisory Agency (CFTRA), and will offer trading through an integrated application. The CFTRA has already tested the system integration, and is now working on finalizing the permit.
Web3 Delivers Huge Win for Content Creators
Binance’s Head of Regional Markets, Richard Teng has applauded the massive impact of Web3 on the content creation economy.
Speaking during Paris Blockchain week, he explained that Web3 has brought about fairer allocation of benefits to Content creators as opposed to the skewed system offered in web2.
Teng went further to emphasize the overall use case of Web3 features like NFT’s in modern day creation.
India To Settle Trade with UAE Using Rupee, Ditches U.S. Dollar
India, as part of the BRICS alliance, has decided to settle trade with the UAE using the Indian Rupee instead of the U.S. Dollar.
This shift in the global trade landscape aims to reduce dependence in the U.S. Dollar as the primary settlement currency. As BRICS nations explore alternative arrangements, such as settling trade in local currencies, it signifies a step toward enhancing economic cooperation and reducing foreign exchange risks.
