11 Dec, 2024

RLUSD, Ripple’s Stablecoin, Gains Approval From New York’s Dept. Of Financial Services

Ripple's RLUSD stablecoin has secured final approval from the New York State Department of Financial Services, according to CEO Brad Garlinghouse."This just in…we have final approval from [the New York State Department of Financial Services] for RLUSD," Garlinghouse posted to X on Tuesday. "Exchange and partner listings will be live soon."Last week, Ripple CTO David Schwartz said he hoped that RLUSD would be able to launch by the end of the year when speaking at The Block's Emergence conference in Prague.Ripple announced in April it planned to launch a stablecoin, and the token would initially be available on Ledger and Ethereum.The company began testing RLUSD in August. Then, in October, Ripple named Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA and Bullish as its exchange partners for RLUSD's launch, with market markers B2C2 and Keyrock to support its liquidity.

06 Dec, 2024

Bitcoin Tops $100,000 and the Future of Crypto Regulation

Bitcoin has made headlines globally, reaching an all-time high of $103,850—a milestone eagerly awaited by crypto enthusiasts. This rally, which has seen Bitcoin rise more than 45% since the recent US elections, is attributed to a combination of factors, including institutional interest, global endorsements, and most notably, the anticipated shift in crypto regulations under Paul Atkins, the new chair of the U.S. Securities and Exchange Commission (SEC).The Role of Paul Atkins in Bitcoin’s RiseThe appointment of Paul Atkins, a vocal proponent of cryptocurrency, as the SEC’s new leader has been a significant catalyst for this upward trend in Bitcoin’s price. Atkins replaces Gary Gensler, whose strict stance on crypto regulations has been viewed as a hindrance to industry growth. Former U.S. President Donald Trump, who has taken a pro-crypto position, announced Atkins' appointment, sparking widespread optimism in the crypto community.Pro-XRP lawyer John Deaton and Ripple CEO Brad Garlinghouse have both lauded the change in leadership, hoping that Atkins will bring about a balanced regulatory framework that nurtures innovation while safeguarding investors. Deaton has called for significant reforms within the SEC, including the removal of officials aligned with Gensler's aggressive stance on crypto regulation and a restructuring of the SEC’s crypto unit.Bitcoin ETFs and Institutional ConfidenceAtkins’ arrival coincides with another major boost for Bitcoin: BlackRock’s Bitcoin ETF, iShares Bitcoin Trust (IBIT), which recently surpassed $50 billion in assets under management in just 228 days. The fund’s rapid growth reflects growing confidence from institutional investors, further solidifying Bitcoin’s position as a legitimate investment. Over $1.6 billion flowed into the ETF in a single week, demonstrating how crypto-friendly policies can drive institutional interest.Global Support and Bitcoin’s Rising InfluenceBitcoin’s acceptance extends beyond institutional investors. It is gaining traction globally, with figures like Russian President Vladimir Putin praising the cryptocurrency’s resilience. He noted that Bitcoin’s decentralized nature makes it difficult to ban and highlighted its potential to reduce costs and increase reliability in financial systems.Bitcoin’s market cap has surged past $2 trillion, positioning it alongside giants like Alphabet and Amazon. With increasing demand, Bitcoin futures are seeing an uptick, and some analysts predict Bitcoin could hit $120,000 by the end of the year.A Bright Future for BitcoinAs Bitcoin continues to break records, the industry's eyes remain fixed on Paul Atkins’ leadership at the SEC. His pro-crypto stance promises to reshape the future of digital currencies, aligning with global trends and institutional backing. With Bitcoin’s rise and the shifting regulatory landscape, the future of cryptocurrency has never looked more promising.