Crypto Bites | Recap 17062025
Hello fams,
It's been a dynamic day in the crypto world, with major developments spanning regulatory landscapes, market movements, and institutional interest. Here's a recap of today's top crypto news:
Coinbase Pushes for Tokenized Stocks, Eyeing Competition with Traditional Finance
Coinbase is making a significant move to bridge the gap between traditional finance and blockchain, seeking approval from the U.S. Securities and Exchange Commission (SEC) to offer blockchain-based stocks. This ambitious endeavor aims to directly compete with established players like Robinhood and Charles Schwab. The company is requesting a no-action letter or exemptive relief from the SEC to legally provide tokenized equities. If approved, this could revolutionize stock trading by enabling faster settlement, 24/7 trading, and reduced costs. This push follows rival Kraken's recent launch of xStocks in regions outside the U.S. It's worth noting that Coinbase is not currently a registered broker-dealer, though previous SEC lawsuits against the company were dropped earlier this year. Coinbase had a similar attempt to tokenize its own stock in 2021 but was unable to secure SEC approval at that time.
Solana (SOL) Sees Price Dip Despite Bullish Institutional Sentiment
Solana's SOL experienced a notable drop today, falling 4.24% from $158.54 to $149.46 after a late-night sell-off. This correction erased recent weekend gains. However, despite the short-term price volatility, several institutional analysts, including Cantor Fitzgerald, remain bullish on Solana's long-term prospects. They highlight Solana's technical advantages, such as higher throughput and lower latency, and its growing developer ecosystem, positioning it as a serious contender to Ethereum's dominance. SOL is currently holding above a crucial support zone around $148-$150, with traders closely monitoring its next move.
Senate Votes on Bipartisan GENIUS Stablecoin Act
In a major legislative development, the U.S. Senate is scheduled to vote on the bipartisan GENIUS Stablecoin Act today at 4:30 p.m. Eastern. This bill aims to establish a federal oversight framework for dollar-pegged stablecoins, mandating licenses, strict reserve requirements, regular audits, and transparent disclosures for issuers. Supporters argue the legislation will enhance consumer protection and provide regulated stablecoin issuers with clearer access to U.S. payment systems. If approved by the Senate, the bill will move to the House later this year, signaling continued momentum for digital asset regulation.
Anticipation Builds for XRP ETF Decision, "Altcoin ETF Summer" on the Horizon?
The crypto market is buzzing with anticipation as the SEC is expected to provide an update today on Franklin Templeton's XRP ETF application. Market odds suggest an 88% chance of approval this year. If approved, financial giants JPMorgan and Standard Chartered project that XRP ETFs could generate up to $8 billion in trading within the first year. Analysts are increasingly optimistic about a broader "altcoin ETF summer," potentially led by Solana, fueled by favorable pro-crypto policies from the Trump administration and a more industry-friendly SEC leadership. While a final decision on the XRP ETF might be delayed until October, the optimism around crypto ETFs is driving broader market interest amid ongoing developments in DeFi, regulation, and multi-chain ratings.
XRP Reaches 12-Year Whale Accumulation Milestone
On-chain data reveals a significant milestone for XRP, with over 2,700 whales now holding more than 1 million XRP each. This substantial whale accumulation underscores sustained institutional interest in XRP. Today, XRP's price increased by 1.10%, trading at approximately $2.23. This long-term whale activity stands in contrast to recent price fluctuations in the broader crypto market, highlighting XRP's ongoing relevance among large investors.
Stablecoins: The Next Evolution of Money?
The discussion around stablecoins as the potential next great acceleration of money continues to gain traction. Drawing parallels to historical innovations that sped up financial transactions, proponents argue that stablecoins could revolutionize payments by enabling 24/7, permissionless, global transfers of digital dollars, removing current frictions in traditional payment systems. The exploration of stablecoins by major companies like Walmart and Amazon suggests a potential shift towards mainstream adoption in everyday commerce, promising to boost economic activity and efficiency.
Eric Trump Denies Involvement in Tron Nasdaq Deal
In a surprising turn, Eric Trump has denied any public involvement in Tron's attempt to debut on Nasdaq via SRM Entertainment, despite his reported board role in a firm leading the deal. This denial comes as Donald Trump's crypto earnings for 2024 have reportedly topped $58 million.
Gemini and Coinbase Poised for EU MiCA Licenses
Major crypto exchanges Gemini and Coinbase are expected to secure EU licenses under the Markets in Crypto-Assets (MiCA) framework, according to Reuters. MiCA regulations, which took effect in June 2024 with full implementation by December, are designed to create regulatory consistency across the European Union, strengthen investor protection, and promote financial stability in the crypto space.