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Stock markets continued with their winning streak following better-than-expected inflation print last week, as well as more dovish composition in the Fed. The broader cryptocurrency surged following the partial victory of Ripple’s lawsuit with the SEC. The top mover for today is XRP, which has gained more than 60% right after the news hit the headlines, briefly overtaking BNB as the fourth-largest digital asset.
As detailed in our deep dive on Ripple and XRP, XRP has been underperforming top crypto tokens since the SEC’s lawsuit. As such, the 60% price increase is essentially a relief rally for XRP. Nonetheless, the impact of this potential win in the lawsuit is not limited to XRP but top crypto tokens that SEC picked on in May this year, including UNI, MATIC, etc. The key issue revolves around classifying digital tokens as a security or a commodity. Securities are regulated by SEC and lead to more stringent compliance requirements, likely harming innovation in the space. Also, it is worth noting that there are still twists in the lawsuit, where SEC might appeal to the summary judgment.
Check Out the Latest Prices, Charts, and Data of XRP/USDT Here!
Aave, a decentralized liquidity protocol, has received community approval to launch its own stablecoin, GHO, on Ethereum's mainnet. GHO is a completely decentralized, multi-collateral stablecoin with a fixed price oracle, allowing its backing to be transparent for holders. During the initial launch, users can mint GHO through the Aave V3 facilitator pool or the FlashMinter facilitator. Aave stakers will receive a 30% discount, and interest earned from GHO will go to the AaveDAO treasury. Entities seeking to become facilitators in the future must be vetted by Aave governance and receive their own bucket capacity.