Top 3 stories: Ripple eyes win against SEC, Paradigm boosts Ethereum, BlackRock waits on Bitcoin ETF approval
|- Ripple CEO Brad Garlinghouse argues the SEC has used lack of clarity in crypto regulation against XRP.
- Paradigm launched Reth v0.1.0, an open source upgrade to boost Ethereum nodes’ performance and stability.
- BlackRock executives clarify that the firm is awaiting ETF approval from the SEC, a regulatory nod may involve a long wait.
Crypto market capitalization recovered from its decline this week, climbing past $1.2 trillion. Bitcoin, Ethereum and altcoins started their recoveries, posting gains for holders this week.
Ripple CEO says giant is poised for a win against SEC
Ripple executive Brad Garlinghouse believes the payment giant is gearing up for a win against the US Securities and Exchange Commission (SEC). Garlinghouse shared his views on the contents of the Hinman documents and highlighted how it impacts XRP. Read more about Ripple executives’ views here.
Paradigm focuses on scalability and decentralization of Ethereum nodes
Despite the Securities and Exchange Commission’s (SEC) crackdown on cryptocurrencies, developers and communities continued building throughout the week. Paradigm, an institutional liquidity network, launched Reth v0.1.0, an open source upgrade for Ethereum chain’s nodes.
The upgrade is focused on boosting scalability, performance and decentralization of Ethereum network’s nodes. As Ethereum price coils ahead of a likely upswing, the development fuels a bullish thesis for the altcoin.
Read more about Ethereum price prediction here.
BlackRock takes long road to Bitcoin spot ETF approval
While crypto-focused institutions continued building, traditional financial giants shifted the spotlight to cryptocurrencies and related services. The world’s largest asset manager BlackRock filed for a Bitcoin spot ETF last week, triggering a series of similar applications from competitors and other traditional finance giants.
During the State of Crypto Summit hosted by Coinbase, on Thursday, BlackRock’s head of strategic partnerships shared his comments on DeFi from an institutional perspective. Joseph Chalom discussed the prospects in DeFi for institutional clients and addressed the challenges in the ecosystem, at the event.
While BlackRock has filed for a spot Bitcoin ETF, the giant is awaiting approval from the US SEC. It's important to note that the US financial regulator has not approved a single application for spot Bitcoin ETFs till date, and BlackRock recognizes that the road to regulatory approval is a long one. Read more about BlackRock’s application and competitor’s response here.
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