Today in crypto, Ripple and the SEC have officially wound up their yearslong court battle, Donald Trump said he will nominate Stephen Miran to temporarily fill a vacant Federal Reserve seat, and the White House said Trump will sign an executive order directing agencies to open retirement funds to crypto.
SEC, Ripple legal fight ends with agreement to drop appeals
The Securities and Exchange Commission and Ripple Labs ended their yearslong legal battle over XRP (XRP) on Thursday after a US appeals court recognized the regulator’s bid to abandon its appeal and the blockchain company’s move to stop its cross-appeal.
The Second Circuit Appeals Court recognized a joint dismissal of the SEC’s appeal and Ripple’s cross-appeal, noting each party will bear their own costs and fees.
The SEC sued Ripple in late 2020, accusing it of selling XRP as an unregistered security. A federal judge in July 2023 ruled that XRP sold on public exchanges did not meet the definition of a security, but XRP sold to institutional investors were unregistered securities — a decision the agency had appealed.
With the appeals process for the lawsuit abandoned — that ruling is now final. Ripple will also have to pay $125 million in fines, which the company and the SEC tried and failed to have reduced.
Trump picks top economic adviser to temporarily fill crucial US Fed seat
US President Donald Trump said he would nominate Stephen Miran, chair of the Council of Economic Advisors, to temporarily replace Federal Reserve Board of Governors member Adriana Kugler after her resignation becomes effective on Friday.
In a Friday social media post, Trump said Miran would serve at the Fed until Jan. 31, 2026, as the White House will “continue to search for a permanent replacement.” The president had reportedly been weighing economic adviser Kevin Hassett, former Fed governor Kevin Warsh and two other people to replace Kugler by the end of the week.
The next Fed board member will have significant influence over the country’s monetary policy, including federal interest rates. The incoming nomination, which must be approved by the Senate, follows Kugler’s resignation on Aug. 1. No reason was given for her departure.
Hassett, also director of the National Economic Council under Trump, disclosed holding a stake in Coinbase Global worth between $1 million and $5 million as of June. Warsh, who served as a Fed governor from 2006 to 2011, reportedly said that blockchain technology could benefit the US central bank with its payment systems.
Trump to allow crypto in 401(k) plans for US workers: White House
US President Donald Trump will sign an executive order opening the door for cryptocurrencies to be included in 401(k) retirement plans, potentially reshaping how Americans invest their savings.
The White House Press Office confirmed to Cointelegraph on Thursday that the order directs the US Labor Department to reevaluate restrictions around alternative assets in defined-contribution plans, including digital assets, private equity and real estate.
A senior White House official said the order instructs the labor secretary to clarify the department’s stance on alternative assets and provide guidance on fiduciary processes for offering these types of investments in retirement portfolios.
Once implemented, the order will grant Americans access to digital assets through their 401(k) plans, part of a $12.5 trillion retirement market and a sought-after opportunity for crypto firms aiming to reach more retail investors.
The move would be a significant step forward for the crypto industry, which has long sought broader retail exposure and financial system legitimacy.
Despite institutional investors increasing crypto allocations, everyday savers have been restricted due to fiduciary risk, regulatory uncertainty and volatility concerns.
The White House official said that Trump’s directive would call for inter-agency coordination with the Treasury and the Securities and Exchange Commission (SEC) to explore rule changes that may support the adoption of alternative investments like crypto in retirement products.
