Ripple CEO Brad Garlinghouse has slammed the Securities and Exchange Commission (SEC) after XRP’s price dropped 11%, sarcastically suggesting that this “protection” is hurting investors. XRP fell to $0.5101 after the SEC announced it would appeal a previous ruling in the Ripple case. The appeal, which challenges a ruling on Ripple’s token sales of XRP, has weighed on the market. While XRP has recovered 4%, investors who bought in last week are still down over 9%.

Cardano founder Charles Hoskinson has emphasized that ADA maintains its position as a leading cryptocurrency, citing decentralized governance and future roadmap developments as key strengths despite current market volatility. With ADA priced at $0.352889 and trading volume of $205.82 million, the market is showing some stability, but a 41.97% drop in derivatives volume reflects cautious market sentiment. Despite the price challenges, whales and institutional investors remain active, suggesting potential for price improvement in the future.

Solana’s surge to 40,000 TPS with the launch of Frankendancer has highlighted the performance disparity between Solana and Cardano. While Cardano claims its eUTXO model can theoretically handle hundreds of TPS, the reality is that the actual TPS is only 1.3. This has sparked debate among crypto analysts, with some calling for a switch from ADA to SOL due to Solana’s higher performance. Sui has also emerged as a rising alternative, outperforming ADA and SOL with a 108.36% gain over the past month.

Tether CEO Paolo Ardoino has announced that the company has a close relationship with the US government, noting its cooperation with the FBI and the Secret Service. This comes as Tether approaches its 10th anniversary and holds around $98 billion in US Treasuries, making it one of the largest holders of such securities globally. Ardoino stressed Tether’s commitment to regulatory compliance and the importance of a simple model for USDT’s success in the stablecoin market.

As tensions between Ripple and the SEC escalate, XRP holders have launched a social media petition to stop the SEC’s appeal, gaining widespread support from investors. Attorney Fred Rispoli discussed the possibility of suing the SEC, noting that it is possible but would be difficult. He also suggested that John Deaton, who has 75,000 supporters, could be a potential leader in such a lawsuit, despite legal challenges to proving the SEC overstepped its authority.

Ethereum co-founder Vitalik Buterin sold $341,000 worth of meme coins in 30 minutes, according to a report from SpotChain. The tokens sold included MOODENG, DEGEN, and NEIRO, sparking panic in the market. Buterin also donated 100 ETH ($242,000) to support Tornado Cash developers, who are facing legal challenges over a service that guarantees transaction privacy.

Coinbase is preparing to remove stablecoins that do not comply with the European Union’s new MiCA regulations by December 30, 2024. The move is aimed at complying with new laws regulating digital assets to ensure transparency and protect investors.

El Salvador was the first country to adopt Bitcoin as legal tender in September 2021, but it has faced criticism from the International Monetary Fund, which has called for a reduction in Bitcoin use and increased regulation. El Salvador currently holds 5,892 Bitcoin, and while President Bukele has acknowledged the lack of mass adoption, there are ongoing dialogues with the IMF. El Salvador’s experience demonstrates the challenges countries face in adopting digital currencies, and their potential impact on the global future of these currencies.

XRP:
• Ripple continues its legal battle with the US Securities and Exchange Commission (SEC) over XRP’s classification.
• The SEC announced its intention to appeal the ruling that classified XRP as an unsafe currency, which led to its price falling by 11%, to $0.5246.
• Despite the challenges, there is still growing interest in XRP products.

Apartments:

• Aptos Labs has acquired HashPalette Inc. to strengthen its presence in the Japanese blockchain market.

Projects like Aptos (APT), Cardano (ADA), and EigenLayer (EIGEN) will unlock $200 million worth of tokens, potentially causing volatility in altcoin prices amid a broader market downturn and geopolitical tensions.

Ripple’s CTO has uncovered a phishing email impersonating Coinbase, warning users to beware of malicious links. The incident comes amid a surge in scams targeting the cryptocurrency community.
On the legal side, the Securities and Exchange Commission (SEC) is appealing a ruling in Ripple’s favor regarding XRP’s status as a security, amid questions about the timing of the appeal and the commission’s credibility.