As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by the events unfolding in the cryptocurrency realm. The interview of Ripple CEO Brad Garlinghouse on “60 Minutes” offers an interesting perspective on the regulatory landscape for digital assets. While former SEC official John Reed Stark’s labeling of cryptocurrencies as a “scourge” and assertion that they constitute pure speculation without financial backing may seem harsh, it is not unfounded given the industry’s volatile nature. However, Garlinghouse’s argument that current securities laws do not adequately address the unique nature of digital assets holds merit.
U.Today has prepared the top three news stories over the past day.
Key highlights from Ripple CEO’s “60 Minutes” interview
On December 8th, an episode of the popular program “60 Minutes” with Ripple CEO Brad Garlinghouse aired, much to the excitement of the XRP community. During the broadcast, Garlinghouse expressed that the cryptocurrency sector is not advocating for deregulation but rather seeking more transparent regulatory guidelines. He explained, “We haven’t been asking to be exempt from regulation. We’ve been asking for regulation.” The CEO also mentioned the Financial Technologies and Regulatory Modernization Act of 2021 (FIT 21 bill), which intends to create a fresh regulatory framework for digital assets and was approved by the U.S. House of Representatives in May.
“Absurd”: Top trader thinks XRP is preparing for round 2
In recent times, XRP has been drawing a lot of interest due to its swift price escalation in the market. Although it’s seen a slight dip over the past couple of days, currently trading at $2.17, it remains only about 36% shy of its all-time high from January 2018. In the last month, XRP’s market cap has surged from around $30 billion to an impressive $124 billion, pushing it into fourth place on CoinMarketCap’s top cryptos. Despite this remarkable growth, analyst “DonAlt” predicts that XRP might experience even more growth, potentially triggering a second wave of price increases. This forecast appears unrealistic to him given XRP’s recent 470% surge in just a few weeks. Investors are discussing the possibility of XRP overtaking not only Ethereum but possibly even Bitcoin in terms of valuation if this projected growth comes to fruition.
121 billion PEPE stun Binance, What’s happening?
On December 9th, the SpotonChain X account identified a significant PEPE transaction that caught the crypto world’s eye. According to SpotonChain’s post, a savvy trader moved 121.75 billion PEPE tokens, worth around $3.22 million, into Binance. This trade is said to have earned the trader a profit of approximately $2.13 million, which equates to a stunning 197% return in merely 2.5 months. This latest success builds upon an earlier transaction in May, where the same trader reportedly made a profit of $1.23 million using a different wallet. Amidst a general downturn in the crypto market, with Bitcoin and XRP among those experiencing losses, PEPE has shown remarkable resilience; however, over the last 24 hours, the frog-themed coin dropped by 4.97%, trading at $0.00002475. As we approach the Federal Reserve’s policy meeting scheduled for December 17-18, traders are on edge, with a 85% chance now predicted for a rate decrease as market conditions remain unpredictable.
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2024-12-10 19:23