Updated Article:
Stablecoin Bill Gains Bipartisan Approval, Ripple Discloses SEC's Demand to Lift Restraining Order in Court Case: Latest Cryptocurrency Updates by U.Today (paraphrased)
Hey there, let's dive into the latest happenings in the crypto world as presented by U.Today!
Stablecoin Bill Breaks Barriers in Congress
Some exciting news hit the street yesterday, May 7th, when Republican and Democratic senators reached an agreement regarding the GENIUS Act. This bill, if passed, would cabin a regulatory framework for stablecoins. As of now, the details of the bill text remain confidential since Senate Democrats demanded additional time to brief their caucus before moving forward. On the other hand, Republicans are pushing for a full Senate vote as soon as this week, leveraging the growing momentum. Remember, there was some disagreement last year, with certain pro-crypto Democrats, such as Massachusetts Senator Elizabeth Warren, voicing their opposition to the bill. However, recent developments suggest a breakthrough, with Senate Majority Leader John Thune planning to hold a vote before Memorial Day, May 26.
Ripple Drops Sec Bomb in Report
Bill Morgan, a pro-crypto lawyer and XRP enthusiast, pointed out some interesting references in Ripple's "Q1 2025 XRP Markets Report." The report abstract mentions: "Following Ripple's decision to withdraw its own cross-appeal, the SEC agreed to reduce the proposed penalty from $125 million to $50 million - and request the court vacate the injunction, pending SEC Commission approval." This is the first explicit public acknowledgment by the company that the SEC agreed to request the court vacate the permanent injunction. Originally, the SEC aimed to impose a permanent injunction to halt Ripple from violating securities laws in the future. However, Ripple has consistently argued that XRP is not a security and shouldn't be regulated as such.
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Warning Bell Rings for SHIB Holders @RagnarShiba, a Shiba Inu social media admin, addressed several misleading posts regarding his recent contributions to the SHIB ecosystem. Ragnar confirmed that he is an admin of the official SHIB Telegram group, also collaborating on CEX listings and helping apps integrate SHIB. He urged SHIB community members to "stay safe and be cautious of misleading information." Another SHIB team member, Lucie, talked about the challenges of holding crypto in her recent post, acknowledging the frustrations of SHIB holders due to the stagnant price action. Lucie reminded the SHIB Army about the importance of the DYOR principle and that there are no real friends in crypto: "So be smart. Stay safe. Don't trust blindly. Seek facts. Check the blockchain. That's how you make it through this."
#Ripple News#Shiba Inu
Enrichment Data: The GENIUS Act aims to create a regulatory framework for stablecoins, including operational standards and oversight mechanisms for issuers. The bill failed in a 48 to 49 tally on May 8, 2025, and faced opposition due to concerns over ties between the digital asset industry and President Trump's family, as well as issues over the review time for the final bill text. Senate Majority Leader John Thune plans to bring the bill back up for another vote later, but no specific date has been announced.
- Amidst the latest crypto news, the GENIUS Act, if passed, could establish a regulatory framework for stablecoins, integrating operational standards and oversight mechanisms for issuers.
- Intriguingly, the Repubican and Democratic senators have reached an agreement on the GENIUS Act, a treat that, if passed, would provide a framework for crypto trading with stablecoins.
- The Q1 2025 XRP Markets Report by Ripple revealed that the Securities and Exchange Commission (SEC) agreed to reduce the proposed penalty from $125 million to $50 million and request the court to vacate the injunction, pending SEC Commission approval.
- Bill Morgan, a pro-crypto lawyer and XRP enthusiast, pointed out the Sec's explicit public acknowledgment in Ripple's report that it agreed to request the court to vacate the permanent injunction.
- Contacting other crypto enthusiasts, RagnarShiba, a Shiba Inu social media admin, addressed several misleading posts regarding contributions to the SHIB ecosystem and urged the SHIB community to remain cautious.
- Federal Finance legislation, including bills like the GENIUS Act, face challenges in passing, as was seen when the GENIUS Act faced opposition due to ties between the digital asset industry and President Trump's family.
- Investing in technology like blockchain and crypto involves staying informed, seeking facts, and checking the blockchain, according to SHIB team member Lucie, who emphasized the importance of the DYOR principle.
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