Ripple was fined $125 million by the SEC, well below the $2 billion penalty the SEC had proposed. Judge Analisa Torres granted some of the SEC’s demands, barring Ripple from future securities law violations and imposing the fine. This comes after the SEC alleged that Ripple raised $1.3 billion through the sale of XRP in 2020, which was an unregistered security. Ripple CEO Brad Garlinghouse called the court’s decision a victory for Ripple and the industry, noting that the decision provides clarity on the company’s future growth.
Collaboration Between Arbitrum and Circle
Arbitrum said on Aug. 7 that it has partnered with stablecoin issuer Circle to support the use of USDC for Orbit Chains. The Ethereum-based scaling solution said the development is part of a broader set of initiatives it is currently pursuing with Circle. Introduced in March 2023, Orbit Chains enable the creation of highly customizable networks with advanced throughput and governance features.
Agreement Between Ripple and DIFC Innovation Center
Ripple has reached an agreement with the DIFC Innovation Hub, the development division of the Dubai International Financial Centre (DIFC), to promote blockchain and cryptocurrency growth in the United Arab Emirates. According to the official announcement, Ripple will connect emerging developers with the DIFC Innovation Hub via the XRP Ledger, a decentralized layer-1 blockchain. Additionally, the agreement aims to extend the potential of the technology to traditional institutions.
Hong Kong Virtual Bank Launches Bitcoin and Ethereum ETF Service
Hong Kong-based virtual bank Mox has launched a crypto ETF service for clients after launching its Mox Invest platform. Standard Chartered subsidiary Mox Invest became the first virtual bank to offer direct trading of spot Bitcoin and Ethereum ETFs on its platform after launching in Hong Kong earlier this year, as the company positions itself as a one-stop investment and banking platform for retail investors.
Brazilian Securities and Exchange Commission Approves Solana-Based ETF
The Brazilian Securities and Exchange Commission (CVM) has approved a Solana-based ETF, the company announced on Wednesday. The ETF is the first in Brazil and among the first Solana-based ETPs globally. The world’s first Solana ETF was launched on the SIX Swiss Exchange in June 2021 by Switzerland-based investment product provider 21Shares. According to the CVM’s database, the Solana-based ETF is still in the pre-operational stage and has not yet been approved by the Brazilian exchange B3.
Grayscale, Bitwise, and NYSE American File for 3 Ethereum ETF Options
The New York Stock Exchange (NYSE) American LLC has proposed a rule change that would allow it to list and trade options on three Ethereum ETFs operated by crypto asset managers Grayscale and Bitwise. NYSE American asked the SEC to allow the listing and trading of options on the Bitwise Ethereum ETF (ETHW), Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Mini (ETH) in a filing with the Securities and Exchange Commission on Aug. 7. NYSE American said allowing options trading on the three Ethereum ETFs would benefit investors.
Robinhood’s Q2 Crypto Revenue Soars 161%
Robinhood reported big growth in Q2 earnings. Cryptocurrency trading revenues increased 161% annually to $81 million, and trading volume is expected to reach $21.5 billion, up 137% from 2023. Options remained Robinhood’s largest source of revenue, with $327 million. The company acquired global crypto exchange Bitstamp in June. Robinhood’s monthly active users rose to 11.8 million, up 9% from last year.$XRP $ARB $BTC
