The Blockchain Bulletin March 20: SEC Drops Ripple Lawsuit After 5 Years
Hey Folks! Welcome to the latest edition of the Blockchain Bulletin, wherein we provide you with significant developments from the crypto space over the last 24 hours. The crypto community erupted in joy after the U.S. Securities and Exchange Commission (SEC) dropped the Ripple lawsuit after five grueling years. Cited to be the most anticipated day, the victory has surged the token above $2. Announcing the news in his X post, Ripple CEO Brad Garlinghouse stated that the future is now bright and it’s time to build it.
The Ripple-SEC lawsuit garnered attention after the asset was stated to be a security by the regulatory agency. In December 2020, the SEC first initiated legal action against Ripple, claiming that the firm had unlawfully generated $1.3 billion by selling XRP. Due to regulatory ambiguity, major exchanges delisted XRP, which caused its price to collapse. This legal fight rocked the cryptocurrency sector. During 2021 and 2022, Ripple fought back, arguing that XRP should not be classified as a security and that the SEC failed to provide clear guidelines for the industry.
Meanwhile, Binance launched Binance Alpha 2.0, an upgrade to its token pre-listing selection pool. This new version aims to improve user experience by making decentralized exchange (DEX) tokens more accessible to centralized exchange (CEX) users. With the removal of the need for external wallets or cross-platform transfers, users can now trade Alpha-listed tokens directly through Spot and Funding Accounts. Zero-fee promotion will last for six months on the Swap and Bridge features under the Binance roof, thus catering to the needs of both centralized and decentralized finance, boosting liquidity along the way, and making things easier for investors.
Meanwhile, Ark Invest’s CEO Cathie Wood has doubled down on her prediction that Bitcoin (BTC) will reach $1.5 million by 2030. Wood remained positive about the shift in market sentiment to “risk-off”, stating Bitcoin to be the first mover in the market. Further, she emphasized that the coin would see astronomical levels soon.
Justin Sun, founder of Tron, reaffirmed his commitment to the Tron community by pledging that he will not personally profit from meme coin activities on the Tron blockchain and stated that losses would be covered from his personal funds while profits would be donated to charity. This announcement comes alongside a new initiative aimed at meme coin traders, where handling fees will be waived, and energy costs fully subsidized for the next six months. This initiative has been well-received, highlighting Sun’s dedication to the growth of the Tron ecosystem.
Related: Is Minnesota Ready to Embrace Bitcoin in State Finance?
A recent study by Coinbase and EY-Parthenon revealed that around 83% of institutional firms are planning to increase their crypto allocations in 2025. The increasing trust in the future potential of this market is also indicated considering that around 59% of these firms are planning to allocate on average 5% of their AUM for crypto investment.
On the market side, Bitcoin sits at a slight increase of approximately $83,000 while Shiba Inu traders are keeping a close watch on the main support levels, as the token has lost over 34% since February. The coin is currently testing support zones at $0.0000115 and $0.00000815, levels that have in the past acted as resistance and support. The price action in the coming days will be critical to determining SHIB’s near-term direction, as traders anxiously watch to see if it can hold above the $0.00001 mark or if it will fall further.
Further, the price of Cardano spiked following its inclusion in the strategic crypto reserve. Sharing space with XRP, SOL, BTC, and ETH, ADA garnered positive market sentiment and investor attention. The positive sentiment is further fueled by speculation about its possible use in making smart contracts as a service by the government.
Strengthening their hold on crypto, North Carolina lawmakers have given a nod to the Bitcoin Reserve Bill, wherein the state would allocate 10% of its treasury reserves in Bitcoin. If passed, North Carolina would be one of the first states to embrace cryptocurrency. On the other hand, North Dakota Senate passed the cryptocurrency ATM bill to prevent users from being exploited for fraudulent activities. The bill required them to display fraud alert notices and track transactions via blockchain data.
Related: Financial Firms Eye Banks as Trump Shakes Up Regulations
Meanwhile, Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, pointed out that regulation on stablecoins will arrive after approval of the GENIUS Act. The Act will foster innovations in stablecoins and consumer protection.
PancakeSwap is pulling the strings in DeFi by achieving a lone 24-hour trading volume of $2.672 billion and raking in cumulative trade volume to $53.67 billion. The developments have been added on to enhance market penetration in parallel with these growth and strategic development initiatives.
In a nutshell, the market sentiment has significantly increased with investor interest following the closure of the XRP lawsuit. However, the developments have also fueled optimism across the broader crypto sector. With regulatory clarity improving, institutional adoption rising, and key projects making strategic advancements, the industry appears poised for sustained growth, fostering innovation and broader acceptance in the financial landscape.
