Crypto Daily Roundup: Ripple’s Settlement with SEC, Binance Freezes Market Maker’s Funds, and Trump Media Partners with Crypto.com for ETFs

Ripple and SEC Reach Final Settlement, Ending 4-Year Litigation

In a major development in the world of crypto, Ripple Labs has reached a final agreement with the US Securities and Exchange Commission (SEC), effectively bringing an end to more than four years of legal battle. On March 25, Ripple’s Chief Legal Officer Stuart Alderoty confirmed in an X post that the company would drop its cross-appeal in the ongoing case, subject to court approval. This move follows an earlier ruling from the US District Court for the Southern District of New York, which found Ripple liable for $125 million, with only $50 million of the amount to be held in escrow. The remaining balance will be refunded to Ripple.

Alderoty also announced that the SEC would request the court to lift a previously imposed injunction, which had restricted Ripple’s operations. This settlement marks a significant turning point for Ripple, as it paves the way for the company to focus on future growth. As of now, both Ripple and the SEC are expected to finalize all legal processes and documentation, making this the end of an era for the high-profile litigation. Read more about Ripple’s settlement here and Stuart Alderoty’s post.

Binance Freezes $38 Million from Rogue Market Maker in MOVE Token Incident

In another significant piece of news, Binance has taken swift action against a market maker accused of market manipulation involving the Movement (MOVE) token. The crypto exchange froze $38 million in proceeds from the market maker after detecting that the entity sold 66 million MOVE tokens, yet placed minimal buy orders.

Market makers are responsible for providing liquidity to tokens, ensuring that both buy and sell orders are filled smoothly. However, the Movement Network Foundation discovered that this particular market maker had been acting irregularly after the token’s listing, prompting Binance to suspend the entity’s activities on the platform.

With the funds frozen, the Movement Network Foundation has now announced plans to buy back the MOVE tokens using the $38 million it recovered. This buyback process will occur over the next three months. Binance’s prompt action in freezing the market maker's proceeds highlights the exchange's commitment to maintaining a secure and stable marketplace for its users. Learn more about Binance's actions here.

Trump Media to Launch Crypto ETFs with Crypto.com Partnership

In a move that bridges traditional finance and digital assets, Trump Media and Technology Group (TMTG) has entered into a partnership with Crypto.com to launch a series of exchange-traded funds (ETFs) in the US. The agreement, announced on March 24, outlines plans to launch ETFs consisting of digital assets and securities with a focus on US-based investments.

The partnership, which also involves TMTG’s fintech brand Truth.Fi, is subject to regulatory approval. However, both parties anticipate the ETFs to be available to a global audience across various brokerage platforms, including those in the US, Europe, and Asia. Once launched, the ETFs will be available through Crypto.com’s broker-dealer, Foris Capital US LLC, and will be accessible to Crypto.com’s 140 million users worldwide.

This partnership highlights the growing trend of traditional financial products, like ETFs, incorporating digital assets. It also serves as another step towards mainstream adoption of cryptocurrencies and blockchain technologies. Find out more about the partnership and the upcoming ETFs here.

The crypto landscape continues to evolve with significant developments in legal battles, market regulations, and institutional partnerships. As Ripple's case with the SEC concludes, Binance cracks down on rogue activities, and new investment opportunities emerge, it’s clear that the future of digital assets is gaining momentum in both legal and financial circles.