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Will The US Adopt XRP Alongside Bitcoin?
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2 days agoon
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adminThe potential inclusion of XRP in the US Strategic Reserve has sparked intense debate, with experts sharply divided on the matter. While proponents like Ripple CEO Brad Garlinghouse recommend a diversified US strategic reserve, Bitcoin maximalists vehemently oppose the idea.
Since the 2024 Bitcoin Conference in Nashville, the community has eagerly awaited the US adoption of a strategic Bitcoin reserve. The recent executive order from President Donald Trump to develop a national digital asset stockpile has significantly intensified excitement. However, the focus shifted to a possible XRP reserve following Garlinghouse’s crucial statement.
Community Divides over US Strategic Reserve: XRP or Bitcoin?
In his X post, crypto influencer Scott Melker, also known as The Wolf of All Streets, commented on the possibility of an XRP reserve in the United States. Reiterating his previous views, Melker stated, “I don’t share rumors unless I hear them from multiple, reliable sources.”
However, Bitcoin enthusiast Wayne Vaughan strongly rejected the notion of an XRP reserve, warning that “including anything other than Bitcoin would have serious negative consequences.” Another popular Bitcoin figure known on X as AP_Abacus shared an anonymous but uniquely connected comment on the XRP reserve. The comment suggested that XRP’s attempts to join the US reserve are ultimately doomed to fail, as Bitcoin remains the undisputed focus.
Ripple’s Alleged Efforts to Hail XRP as US Reserve
Further, Scott Melker substantiated his claims by referring to American entrepreneur Jack Mallers’ controversial statement about Ripple.
Recently, Mallers alleged Ripple of “undermining American prosperity and freedom,” by trying to block the US Bitcoin strategic reserve. Describing Ripple’s act as “corporate lobbying disguised as innovation,” he stated that Ripple is spending millions to include XRP in the US strategic reserve.
The topic of the XRP reserve comes amidst recent developments in the Ripple-SEC lawsuit, with the crypto extension filing for an extension to file its brief. Meanwhile, Gary Gensler’s resignation and the recent developments within the SEC have sparked excitement in the community, anticipating a conclusion to the ongoing legal battle.
Brad Garlinghouse’s Theory of Diversified Strategic Reserve
Notably, the idea of an XRP reserve has surged following a significant statement by Ripple CEO Brad Garlinghouse, who discussed the potential for a diversified strategic reserve. However, Garlinghouse didn’t solely advocate for XRP as a reserve asset but proposed a blend of various digital assets. Garlinghouse stated,
I own XRP, BTC, and ETH, among a handful of others – we live in a multichain world, and I’ve advocated for a level-playing field instead of one token versus another. If a govt digital asset reserve is created – I believe it should be representative of the industry, not just one token (whether it be BTC, XRP or anything else).
Donald Trump’s Strategic Bitcoin Reserve
During his election campaigns, Donald Trump proposed a strategic Bitcoin reserve, gaining widespread traction. Influenced by Trump’s progressive approach, global powers like Bhutan, Hong Kong, Germany, the Czech Republic, and many more are embracing a similar stance.
However, as Trump hasn’t unveiled his decision on the Bitcoin reserve after his inauguration on January 20, the community remains anxious. The recent focus shift to an XRP reserve has further escalated the debate around the future of cryptocurrency reserves in the US.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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US SEC Clears Bitwise ETF Offering Dual Bitcoin and Ethereum Holdings
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2 hours agoon
January 31, 2025By
adminThe U.S. Securities and Exchange Commission (SEC) has approved the listing and trading of the Bitwise Bitcoin and Ethereum exchange-traded fund (ETF). This decision allows NYSE Arca to list and trade shares of the fund, which will hold both Bitcoin and Ethereum alongside cash reserves. The approval was granted on an accelerated basis, as indicated in the SEC filing released on January 30, 2025.
US SEC Approves Bitwise ETF Holding Both Bitcoin and Ethereum
According to the recent filing, the SEC approved the Bitwise ETF on an accelerated basis. The approval permits NYSE Arca to list and trade the ETF, which will provide investors with direct exposure to both Bitcoin and Ethereum.
The Bitwise ETF will hold spot Bitcoin, Ethereum, and cash reserves. This structure is designed to offer diversified exposure to the two largest cryptocurrencies by market capitalization. The SEC’s approval follows a series of crypto-related ETF filings submitted by multiple financial firms in recent months.
Following the ongoing trend on crypto ETFs, a report highlighted that Grayscale filed for a spot XRP ETF with the New York Stock Exchange (NYSE). The asset manager will convert its existing XRP Trust into an ETF, which would be listed and traded on the exchange. This move comes shortly after Grayscale filed for Litecoin and Solana ETFs, signaling increasing interest in crypto investment products.
Pending S-1 Registration Required for Trading
Despite the approval of form 19b-4, the Bitwise ETF still requires SEC clearance for its pending S-1 registration. Both steps are necessary before the fund can begin trading on the exchange.
The S-1 registration review will determine compliance with regulatory standards, including investor protection measures and transparency requirements. Bitwise Asset Management must await further approval before officially launching the ETF in the market.
In the Thursday filing, the US SEC wrote,
“In particular, the Commission finds that the Proposal is consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the Exchange’s rules be designed to ‘prevent manipulative acts and practices’ and, ‘in general, to protect investors and the public interest.”
Broader Regulatory Shift in Crypto ETFs
The US SEC decision reflects an evolving regulatory stance on cryptocurrency ETFs. Under the current administration, firms have submitted multiple applications to launch similar financial products. Recently, VanEck and ProShares filed for ETFs tracking assets like Litecoin, XRP, and Solana.
The approval of the Bitwise ETF follows prior approvals in December 2024 for crypto index ETFs from firms such as Hashdex and Franklin Templeton.
It is worth noting that earlier in the week, the asset management firm submitted an S-1 filing with the US SEC for a spot Dogecoin ETF. Bitwise confirmed that the ETF’s Net Asset Value (NAV) will be based on the Dogecoin-Dollar settlement benchmark from CF trading.
Bitcoin and Ethereum prices have shown movement following the announcement. At press time, Bitcoin is trading at $104,612.69 with a 1.13% increase over the past week, while Ethereum stands at $3,269, gaining 4% in the last 24 hours.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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DeepSeek AI Removed From Apple and Google Store In Italy
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1 day agoon
January 29, 2025By
adminThe artificial intelligence application DeepSeek has been removed from Apple’s App Store and Google’s Play Store in Italy. Italian users attempting to download the app on Wednesday received messages stating that it was “currently not available in the country or area” on Apple’s platform and “not supported” on Google’s service.
Italy Restricts DeepSeek AI Amid Growing Data Privacy Concerns
According to a recent report, DeepSeek AI is unavailable on Apple and Google app stores in Italy. Despite this restriction, users who had previously installed the app can still access its services. The app remains available for download in other European Union countries and the United Kingdom.
The sudden removal of DeepSeek AI follows an inquiry by Italy’s data protection authority regarding the app’s data collection and storage practices. The regulator has asked DeepSeek to disclose the type of data collected, its sources, intended use, legal basis, and storage locations. The company has been given 20 days to respond.
Notably, the Chinese company recently gained widespread attention after surpassing ChatGPT in downloads on Apple’s App Store. The rapid growth of the AI application led to concerns among investors, triggering a sell-off in technology stocks. The app’s rise has been attributed to its claims of offering AI services at a lower cost than competitors.
The increasing adoption of DeepSeek has drawn scrutiny from regulators and competitors alike. The Italian data regulator, known for its active stance on AI oversight, has previously taken similar actions, including a temporary ban on ChatGPT in 2023.
OpenAI’s Allegations Against DeepSeek
In a parallel development, OpenAI has alleged that DeepSeek may have used its research and technology to develop its AI model. The accusations revolve around a process called knowledge distillation, which involves extracting insights from pre-existing AI models to improve performance at a reduced cost.
OpenAI has stated that Chinese and other foreign companies are consistently attempting to leverage the work of leading U.S. AI firms. Speaking to Fox News, White House AI and crypto czar, David Sacks added,
“There’s substantial evidence that what DeepSeek did here is they distilled the knowledge out of OpenAI’s models,” Mr Sacks said. I think one of the things you’re going to see over the next few months is our leading AI companies taking steps to try and prevent distillation. That would slow down some of these copycat models.”
US National Security Concerns
In addition, a recent CNN report highlighted that U.S. officials are evaluating the national security risks associated with DeepSeek’s expansion. White House press secretary Karoline Leavitt confirmed that the National Security Council is examining the potential implications of the app’s rise.
The U.S. Navy has already taken precautionary measures by banning its personnel from using DeepSeek due to security and ethical concerns. The rapid emergence of DeepSeek AI has prompted discussions on regulatory oversight, competitive practices, and data security.
Additionally, to maintain a competitive edge, OpenAI launched ChatGPT Gov for U.S. agencies, ensuring secure AI use within Microsoft Azure. The platform enhances efficiency in tasks like policy drafting, data analysis, and cybersecurity. With over 90,000 government employees using ChatGPT since 2024, OpenAI aims to meet strict compliance standards.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ripple USD (RLUSD) Stablecoin Secures Another Listing; Releases Reserves Report
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2 days agoon
January 29, 2025By
adminCrypto payments firm Ripple’s RLUSD stablecoin has secured a listing on another crypto trading platform on Wednesday. High-leverage crypto exchange Margex now supports RLUSD alongside other stablecoin to offer users access to reliable and efficient trading solutions. Meanwhile, the crypto giant has also released a reserves report for the Ripple USD stablecoin.
Ripple’s RLUSD Gets Listed On Margex Crypto Exchange
Crypto trading platform Margex has announced listing RLUSD stablecoin among other stablecoin offerings, according to a press release on January 29. The exchange said it will be available as collateral for trading crypto pairs.
Users can now use RLUSD alongside other stablecoin offerings such as USDT, ensuring reliable and efficient crypto trading. Also, Ripple USD listing on its platform will help users achieve fast and secure cross-border payment globally. NYDFS-regulated Ripple stablecoin is a trusted stablecoin for trading crypto assets and payments, offering cheap and secure options for users. Interestingly, it can be used as a hedge during market fluctuations.
Margex Integrated TradingView Charting Tool
Margex also announced integrating TradingView’s Charting Tool. This will offer users more than 100 technical indicators, over 110 drawing tools and 17 chart types.
The platform also added Dogecoin (DOGE) instant withdrawal and deposit option. The platform’s existing instant withdrawal and deposit options include Kaspa (KAS) and Toncoin (TON).
RLUSD Supported Crypto Exchanges
Ripple’s regulated stablecoin RLUSD is listed on crypto platforms such as Bitstamp, Uphold, Bullish, Independent Reserve, Moonpay, Bitso, and Coinmena.
The company seeks listing on major crypto exchanges such as Coinbase, Binance and Bybit. Ripple executives CEO Brad Garlinghouse and President Monica Long expect a massive increase in demand for its stablecoin in 2025.
Ripple USD Reserve Report
Meanwhile, RLUSD stablecoin remains pegged to the US dollar at a 1:1 ratio at press time. It is backed by a collateralized mechanism that includes dollar deposits, government bonds, and cash equivalents.
Standard Custody & Trust Company has released the RLUSD reserves report for December by accounting firm BPM. Until December 31, total market value of the reserves is $83.21 million. It has $30 million in US treasury bills, $30.11 million in government money-market funds, and $22.97 million in cash deposits, with accrued interest of $20,912.
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Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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