Another week ends in the global cryptocurrency field, with Ripple, Binance, and Pepecoin causing various speculations among cryptocurrency market participants. The ongoing Ripple vs. US SEC case took an exciting turn this week, with Binance further streamlining its crypto services. Pepecoin has emerged as a hot topic in the memecoin sector, painting an optimistic portrait of its future.
Let's take a closer look at this week's top headlines that grabbed a lot of attention in the global cryptocurrency industry.
Ripple vs. US SEC: This is what all happened
The litigation between Ripple and the US SEC is nearing its conclusion, as XRP litigation expert Ashley Prosper argues that the SEC's decisive response at the relief stage had important implications for the case. Speculation that this is the case has increased tremendously this week.
The U.S. Securities and Exchange Commission (SEC) filed its final response to the relief phase on May 6th. Notably, pro-XRP attorney James Murphy criticized the response, deeming it nonsensical and lacking any substantive discussion of the economic harm to institutional investors. .
Meanwhile, as reiterated by Ripple CLO Stuart Alderroti, industry-wide sentiment also suggested that the SEC's arguments in the written response to the remedies and final judgment were weak. Meanwhile, Ripple CEO Brad Garlinghouse discusses the company's operational initiatives, recent developments within XRPL, and strategy for its long-running lawsuit against the U.S. Securities and Exchange Commission. Shared key insights on trends.
The American blockchain payments company is considering launching a stablecoin in June, as hinted by CTO David Schwartz. Meanwhile, the Ripple Research Institute-backed cryptocurrency XRP continued to slump this week.
Binance Cryptocurrency Services
Meanwhile, Binance, one of the world's most famous crypto exchanges, has launched a number of crypto-related developments this week. The US Department of Justice has reportedly called on the Forensic Risk Alliance (FRA) to monitor Binance Holdings' activities following the money laundering scandal.
Meanwhile, Binance-related wallets were noted to have burned 222 million Terra Luna Classic Tokens (LUNC) this week. In other news surrounding his pioneering CEX, his Binance CEO Richard Teng announced a petition calling for the release of unjustly detained Binance executive Tigran Gambarian.
Additionally, Binance Futures, the crypto derivatives arm of Binance, announced that it will delist the USDⓈ-M perpetual contracts of STPTUSDT, SNTUSDT, MBLUSDT, RADUSDT, and CVXUSDT. The company also announced that it will remove all BIDR (Indonesian Rupiah-backed stablecoin) products and services from the platform.
Amidst this record of delistings, Binance has announced that it will end support for the USDⓈ-M IDEXUSDT, SLPUSDT, and GLMRUSDT USDⓈ-M perpetual contracts, followed by support for other pairs. At the same time, the exchange announced the launch of Notcoin (NOT) as the 54th project of Binance Launchpool.
Interestingly, Binance also became an FIU (Financial Intelligence Unit) registered crypto exchange in India this week, further solidifying its foothold in the industry.
Also read: Tron founder Justin Sun bags 2 million tokens from EigenLayer Airdrop
Pepecoin becomes a bullish spark
During the aforementioned chronology, Pepecoin emerged as a hot topic in the meme coin sector. This week, it was noted that smart money addresses had accumulated 143 billion PEPE, sparking immense investor optimism for meme coins.
Accumulations around the frog-themed meme token have risen over the past seven days, even though the token is already in a bull market. It was noted that a fresh whale bagged 357 billion PEPE from Binance, followed by a large number of crypto market investors who collectively accumulated 650 billion PEPE coins.
This phenomenon helped the token gain significant traction despite the overall market turmoil, and Pepecoin market sentiment outperformed. Also, the price increase after the BTC halving is yet to come.
Also Read: Smart Money Flocks to PEPE and These Major Cryptocurrencies; Is the Recovery Next?
