Five Things to Know in Crypto This Week: BTC-Spot ETFs Enjoy 4 Week Inflow Streak
Ripple Contributions Highlight Significance of the US Presidential Election
On Wednesday (May 29), Ripple CEO Brad Garlinghouse announced a $25 million contribution to Fairshake. Fairshake supports candidates in the US committed to securing the US as the home to innovators building the next generation of the internet.
Republican Party front-runner Donald Trump planted crypto into the US Presidential Election Race, saying,
“If you like crypto in any form…and it comes in many forms…if you’re in favor of crypto, you better vote Trump.”
Before the launch of US BTC-spot ETFs, 52 million Americans owned crypto. The Trump plug could also influence the Biden administration to reconsider its position on crypto and innovation.
On Thursday (May 30), Donald Trump became the first former President to be found guilty on felony charges. Despite the guilty verdicts, Trump remains the Republican Party front-runner, carrying the hopes of the crypto market.
There were also SEC vs. Ripple case-related updates for investors to consider. On Wednesday (May 29), Ripple filed its reply letter, supporting the Motion to Seal. Ripple strengthened its argument to seal non-public inflation, including its financial statements.
After a court ruling on the Motion to Seal, the US courts will decide the penalty Ripple must pay for breaching US securities laws.
Moreover, investors expect the SEC to appeal against the Programmatic Sales of XRP ruling after the case. The SEC plan remains an XRP headwind. However, shifting sentiment toward crypto on Capitol Hill could end SEC plans for an appeal and fuel speculation about an XRP-spot ETF market.
From Monday (May 27) to Saturday (June 1), XRP was down 1.86% to $0.5184. Despite the weekly loss, XRP saw gains of 3.30% in May.
