White House Turmoil, Ripple-SEC Showdown, and a Blockbuster Deal | This Week’s Crypto Firestorm

D.C. in chaos as Biden's inner circle crumbles—just as the SEC finally corners Ripple after years of legal trench warfare. Meanwhile, a whale swallows a minnow in this week's M&A madness.

Ripple's endgame: A $1.3B lawsuit reaches boiling point as the SEC plays its last cards. Insiders whisper settlement—but at what cost to XRP holders?

Acquisition alert: Kraken pounces on struggling rival in a fire sale, consolidating power while regulators nap at the wheel. Because nothing says 'decentralization' like monopoly playbooks.

Bonus jab: TradFi bros still can't decide if crypto's dead or stealing their lunch money—maybe both?

Presidential crypto council sees leadership change

• Bo Hines has announced his decision to step down from the Presidential Council of Advisors for Digital Assets.
• He now plans to pursue private sector activities after his December 2024 appointment by Trump.
• Deputy Patrick Witt is anticipated to assume the leadership role of the “crypto council” following Hines’s transition.

Ripple-SEC legal battle reaches final conclusion

• The Securities and Exchange Commission’s lawsuit against Ripple Labs finally came to an end on Thursday.
• Both parties informed the Second Circuit Court of Appeals they were voluntarily dismissing their appeals.
• Each organization will bear their own legal costs from the litigation, according to the court filing.

Ripple acquires Rail for $200 million

• The blockchain payments company announced it is purchasing the Toronto-based stablecoin payments platform for $200 million.
• The transaction is expected to complete during the fourth quarter, according to the official statement.

World Liberty Financial targets massive fundraising round

• The Trump family-backed venture is pursuing $1.5 billion in capital to establish a public company structure holding WLFI tokens.
• The business has reportedly contacted cryptocurrency and technology investors seeking support for a treasury company model.

Harvard and Brown universities enter Bitcoin market

• According to SEC 13F filings, Harvard Management Company, the university’s fully owned subsidiary, invested $116 million in BlackRock’s iShares Bitcoin Trust.
• Brown University also disclosed Bitcoin exposure through similar regulatory documentation.

Coinbase integrates decentralized exchange capabilities

• The cryptocurrency exchange announced Friday it is launching DEX integration to provide access to “millions” of digital assets previously unavailable to users.

Animoca Brands forms stablecoin joint venture

• The Web3 investor partnered with Standard Chartered’s Hong Kong division and Hong Kong Telecom to create Anchorpoint, a licensed stablecoin issuance venture.
• The joint venture plans to develop business models for regulated stablecoin operations in the Hong Kong market.

Trump authorizes cryptocurrency in retirement plans

• Trump signed an executive order permitting crypto investments in 401(k) retirement accounts.
• This policy change could influence wealth managers who previously avoided cryptocurrency exposure to reconsider their investment strategies.

Paxos settles New York charges for $26.5 million

• The stablecoin issuer agreed to pay the penalty to resolve New York State Department of Financial Services charges related to its previous Binance partnership.

Roman Storm convicted in Tornado Cash case

• A Manhattan jury convicted Roman Storm, the Tornado Cash creator, of conspiring to run an unauthorized money transmission company.
• Sentencing has not been scheduled, and prosecutors have not announced whether they will retry Storm on remaining charges.

Zhao challenges FTX bankruptcy lawsuit

• Changpeng Zhao, the former CEO of Binance, filed a motion to have the $1.76 billion lawsuit from the FTX bankruptcy estate dismissed.
• His attorneys contend that he was not properly served in the lawsuit and that U.S. courts do not have jurisdiction over him.