- 21Shares filed for an XRP ETF with the US SEC, while Solana showed remarkable growth.
- FTX settled with Bybit, while SafePal launched the Mini Wallet App on the Telegram network.
- The SEC issued a Wells Notice to Immutable & the firm vowed to fight the regulator’s claims.
The ever-evolving crypto industry has seen notable developments over the past week involving key market players. Increasing XRP ETF demand, the SEC-Immutable case, the FTX-Bybit settlement, SafePal’s crypto wallet launch, and Solana’s remarkable growth are the significant crypto events of the week.
21Shares to Launch XRP ETF
Swiss-based asset manager 21Shares submitted the Form S-1 filing to the Securities and Exchange Commission (SEC) on November 1 to launch an XRP ETF. The firm seeks the SEC’s approval to list its Core XRP Trust shares on the Cboe BZX Exchange. 21Shares’ filing followed asset managers Bitwise and Canary Capital’s similar moves. In addition, Grayscale Investments applied to convert its XRP Trust into an XRP ETF.
Immutable Faces SEC’s Well Notice
The US Securities and Exchange Commission (SEC) issued a Wells Notice to the Australian gaming platform Immutable. While the regulator didn’t specify the allegations, the platform states that the SEC is focusing on the listing and private sales of its native IMX token in 2021. The company based its claims on the SEC’s reference to the 2021 blog post about a pre-launch investment in IMX tokens during a 10-minute phone call. Despite accusations, Immutable remains confident about its compliance and vowed to fight against the SEC’s claims.
FTX-Bybit Settlement
The defunct crypto exchange FTX entered into a settlement with Bybit, bringing a conclusion to the protracted lawsuit. The exchange filed a lawsuit against Bybit in November 2023, alleging that the firm unfairly profited from FTX. The settlement allows FTX to recover $228 million ($175 million in digital assets and $53 million in BIT tokens), down from the original $953 million claim.
Solana’s Growth
Over the past month, Solana has seen a remarkable surge of 14% despite the weekly dip of 7%. However, the week marked significant developments for the platform, with Solana’s total value locked (TVL) in decentralized exchanges reaching $75.73 billion, exceeding Ethereum’s $5.58 billion. In addition, Solana processed 14,185,459 transactions on October 31, surpassing Ethereum’s 268,621 transactions. Fuelling optimism on Solana, BitMEX founder Arthur Hayes called it a “high beta Bitcoin,” expressing its preference over Ethereum.
Telegram CEO Breaks Silence for First Time After ArrestSafePal’s Crypto Wallet Launch on Telegram
Self-custodial crypto wallet SafePal launched the Telegram Mini Wallet App on November 2. SafePal’s crypto wallet claims to be the first Telegram Mini App with principles of centralized-decentralized finance (CeDeFi), offering transactions with a digital crypto Visa card. The crypto wallet allows users to create “fully compliant bank accounts” under the Swiss Financial Market Supervisory Authority (FINMA).
