Another week concludes within the global crypto sphere, with Ripple, Binance, and Pepe currency creating a flurry of speculations among crypto market participants. This week saw significant developments in the ongoing Ripple v. SEC litigation in the United States. At the same time, Binance further streamlined its cryptocurrency offerings. Pepe Coin made a positive impression on the meme coin industry and became the talk of the town.
Here’s a closer look at the top stories from this week that attracted much attention in cryptocurrency.
This Is What Happened in the Case of Ripple v. US SEC
This week, there was a sudden surge in rumours that the litigation between Ripple and the U.S. SEC was ready to conclude. Ashley Prosper, an expert on the XRP lawsuit, asserted that the SEC’s final statement during the remedies phase was crucial to the case.
The United States Securities and Exchange Commission (SEC) presented its final reply in the remedies phase on May 6. Remarkably, pro-XRP attorney James Murphy attacked the response, calling it vacuous and devoid of meaningful justifications regarding the financial harm to institutional investors.
As Ripple CLO Stuart Alderoty noted, the general industry sentiment also suggested that the SEC’s arguments in reply briefs for remedies and final judgement were feeble. On the other hand, Brad Garlinghouse, the CEO of Ripple, provided important details on popular themes related to Ripple, including the company’s operational initiatives, recent changes within the XRPL, tactics for the ongoing litigation with the U.S. Securities and Exchange Commission, etc.
According to CTO David Schwartz’s hints, the American blockchain payments company may explore releasing a stablecoin in June. Meanwhile, Ripple Labs-backed cryptocurrency XRP continued to trade slowly this week.
The Crypto Offerings on Binance
Additionally, this week witnessed several crypto-related developments from Binance, a prominent cryptocurrency exchange worldwide. Following Binance Holdings’ money laundering scandal, the U.S. Department of Justice requested FRA monitoring of its operations. Reportedly, 222 million Terra Luna Classic tokens (LUNC) were burned in wallets linked to Binance. Furthermore, Binance CEO Richard Teng appealed for the release of executive Tigran Gambaryan, wrongfully jailed. In further developments, Binance Futures announced the delisting of USDⓈ-M perpetual contracts for several tokens. The company also ceased all services related to its Indonesian Rupiah-backed stablecoin, BIDR. Amid delistings, Binance announced the discontinuation of USD⑈-M perpetual contracts for additional tokens. Notcoin, Binance’s 54th project on Launchpool, was launched simultaneously. Notably, Binance strengthened its market position by obtaining a FIU license in India.
Pepe Coin Sparks Bullishness
Pepe coin became the talk of the meme coin industry during the aforementioned tales. This week, an intelligent money address was said to have amassed 143 billion PEPE, significantly boosting investor confidence in the meme coin.
Despite the token already being on a bull run, accumulations surrounding the frog-themed meme token grew in the past seven days. A new whale was said to have taken home 357 billion PEPE from Binance. In comparison, several investors in the cryptocurrency market gathered 650 billion PEPE in total.
Despite the volatility in the larger market, the phenomenon has helped the token gain much traction, and market perceptions of Pepe coin have improved. There will also be a price rally after the halving of Bitcoin.
