The “Big 3” cryptocurrency is moving today. Bitcoin (Cryptography: BTC)Ethereum (Encryption: ETH)and dogecoin (Cryptography: Doge) As of 2:30 PM ET, it has increased by 2.9%, 7.3%, and 3%, respectively. However, earlier that day there were 3.6%, 8.7% and 4.7% respectively. The S&P 500 has risen 0.8%, while the Nasdaq composite has risen 1.1%.
All three cryptocurrencies were boosted by news that the SEC appeal in that case against XRP would be removed. This is a major step to confirm the Trump administration’s softer approach to crypto regulations and boost the overall market.
Ripple, the company behind XRP, has announced that the SEC is waived its appeal in its long-term legal battle against the company. The case dates back to 2020, when the SEC sued Ripple for allegedly selling unregistered securities. Last year, Ripple recorded a partial victory when it determined that XRP was not secure when it was sold to a retail investor. The SEC appealed the decision, but now, after a change in leadership, the regulators have removed the appeal.
This development occurs amid a fundamental reversal of the previous administration’s code-repression. The SEC recently concluded Coinbase’s global case, closed its investigations of several crypto companies, expanded its execution, and declared that the meme coins are not securities. It is clear that the Trump administration’s SEC will not have a hard time regulating early industries. Investors responded positively.
Turbulence has been seen in the Crypto market over the past few months. But stubcoins like USDC have seen a pronounced inflow of capital. Coins with fixed value are becoming more popular as a kind of digital cash. Most stubcoins exist in their parental blockchains, and Ethereum rules the space. Yesterday it was reported that the average four-month trading volume for Ethereum for these stubcoins reached $850 billion. The ongoing advantage shows that Ethereum still holds leads as a preferred “smart contract” blockchain, as others have multiplied.
House and Dogecoin Foundation, the Doge and Dogecoin Foundation, an organization that supports and promotes Cryptocurrency and Meme Coin, today announced a new partnership. The two will work with IndyCar driver Devlin Defrancesco and Rahal’s letterman Lanigan Racing to lead Dogecoin to their 109th run in the Indianapolis 500.
The Dogecoin Racing initiative will have fans vote for the Defrancesco car design for the May 25th race, as long as the iconic wave inu dogs are at the heart of the design. The partnership also includes a donation platform that supports causes that are important to the team.
The story continues