This Week in Crypto: Ripple CEO Reveals SEC Plans to Drop Appeal
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Ripple CEO Brad Garlinghouse Makes Shocking Announcement at Digital Asset Summit
During the Digital Asset Summit, Ripple CEO Brad Garlinghouse dropped a bombshell announcement that left attendees in awe. He revealed that the SEC is planning to drop its appeal against Ripple, leading to a standing ovation from the audience at North Javits’ main auditorium.
This decision marks a significant milestone in the crypto world, as the SEC’s appeal was one of the last major legal battles involving a crypto player. Garlinghouse described the journey as “painful,” attributing it to an agency that was “trying to bully” companies in the industry.
Despite the challenges, Garlinghouse remained steadfast in his belief that Ripple would emerge on the right side of the law and history.
Market Reaction and Expert Insights
Following Garlinghouse’s announcement, the market saw a positive uptick with BTC rising nearly 2% and XRP surging 12% within 24 hours. At the Digital Asset Summit, industry experts weighed in on the potential impact of the US administration change on the crypto market.
10T Holdings CEO Dan Tapiero emphasized the significance of the administration change, likening it to a pivotal moment in the history of crypto. He dismissed notions of a bear market, stating that bitcoin dropping to $80,000 was merely a temporary dip.
Bitwise CIO Matt Hougan shared his bullish outlook on bitcoin, predicting a price of $200,000 by the end of 2025. He highlighted the growing demand for bitcoin and the potential impact of government purchases on its price trajectory.
Institutional FOMO and the Future of Crypto Assets
Eric Peters, from Coinbase Asset Management and One River Asset Management, discussed the looming FOMO factor among institutional investors considering crypto assets. He pointed to the increasing adoption of bitcoin as a reserve asset, the interest from sovereign funds, and the development of projects on Ethereum as key drivers for institutional adoption.
As institutional investment committees evaluate their portfolios, the fear of missing out on the crypto revolution may push them towards diversifying their holdings to include digital assets.
Overall, the crypto landscape is evolving rapidly, with regulatory clarity and institutional adoption playing a crucial role in shaping its future.