U.Today: Read the top three U.Today stories from the previous day to stay on top of the major updates in the cryptocurrency industry.
Cryptocurrency industry could suffer a “fell-over,” says leading expert
In his recent article for Bloomberg, prominent legal journalist Chris Dolmetsch wrote that the Ripple case “bodes well” for the cryptocurrency industry at large. As a reminder, according to the final judgment issued earlier this month, Ripple has to pay $125 million in fines to the SEC. The ruling was heralded as a victory for the fintech giant, as this sum is a mere fraction of the fine initially sought by the regulator: $2 billion. Dolmetsch noted that the case is “not quite over yet,” as the SEC could still appeal the court’s decision. However, the outcome could already be affecting how cryptocurrency lawsuits are handled in the future. According to Bloomberg Intelligence analyst Elliott Stein, Coinbase (NASDAQ:) could potentially benefit from the court’s recent decision in its own legal fight with the SEC. Last June, the agency accused the exchange of operating as an unregistered broker-dealer and clearing agency.
Launches Platform Access Function with Visa (NYSE:) and Mastercard (NYSE:)
According to a recent announcement by Shibarium Network X handle, BONE and Circle’s USDC have become available for purchase with fiat currencies via Visa and Mastercard on Shibarium. This was made possible as a result of Shiba Inu developers enabling Visa and Mastercard login features for BONE. With the recent integration, Shiba Inu aims to bridge the gap between traditional finance and digital assets. Thanks to the integration with Visa and Mastercard, Shibarium can expect an increase in growth and adoption, making the BONE token more accessible to a wider audience. The launch of login services for the USDC stablecoin on Shibarium will also make it easier for newcomers to enter the Shiba Inu ecosystem.
Goldman Sachs reveals huge ETF holdings
As stated in a recent 13F filing with the SEC, Goldman Sachs currently holds $419 million worth of Bitcoin exchange-traded funds (ETFs). The bulk of the mentioned amount, $239 million, is held by BlackRock’s (NYSE:) iShares Bitcoin Trust (IBIT). Goldman Sachs also holds shares of products such as Fidelity Wise Origin Bitcoin, Grayscale Bitcoin Trust, etc. As previously reported by U.Today, Goldman has joined American bank Citigroup and Swiss financial bank UBS on the list of authorized participants for BlackRock’s Bitcoin ETFs. However, Goldman Sachs is still not on board with cryptocurrencies. Earlier this year, the Wall Street Journal reported that the major financial institution has not warmed up to cryptocurrencies. Sharmin Mossavar-Rahmani, CIO of Goldman Sachs, is still quite hesitant about cryptocurrencies and will not accept them as an investment class.
This article was originally published on U.Today
