Here’s your crypto highlights of the week in less than 5 minutes.
XRP flying high with new development in SEC Lawsuit
While most major cryptocurrencies are ending the week in red, Ripple’s XRP is ending the week in a different direction, with an over 51% price hike, and most gains being made in the last 3 days. The SEC lawsuit saga has seen new major development, as both parties filed motions for summary judgment, asking the judge to make a ruling based on the arguments filed in accompanying documents. This could mean the lawsuit that has been going on since 2020 might see an end without going to trial.
Stellar partners with Tildamail and posts double-digit profits
Stellar Lumens (XLM) have seen a pleasant week, climbing up to its highest price in six weeks. On Tuesday, Stellar Lumens started a partnership agreement with Tildamail, the private email and decentralized storage provider, which aims to enable users to send XLM and USDC tokens via mail. XLM’s price saw an increase of over 20% in the last seven days, breaking through the $0.13 mark.
Cardano Vasil upgrade goes live
After being delayed for several months, Cardano’s long-awaited Vasil fork went live on Thursday. The new upgrade is the greatest for the blockchain since adding the smart contract functionality about a year ago and is meant to bring “significant performance and capability” enhancements to the blockchain. ADA’s price reaction to the fork wasn’t significant, as it scored profits of almost 1.75% in the last 24 hours.
Tether ordered to prove its reserves
A US Judge has ordered Tether to prove what backs its stablecoin, as part of a market manipulation lawsuit alleging USDT artificially inflated crypto prices. Tether will now be required to produce documents to establish the reserves of the largest stablecoin in the world, including account statements of banks and other institutions linked to its funds. Tether said the instruction was a “routine discovery order” and doesn’t substantiate the “meritless claims.”
Colorado first state to accept taxes in crypto
Colorado has become the first state in the United States to accept cryptocurrencies for payment of taxes. According to the announcement, residents of Colorado can pay their taxes through the PayPal Cryptocurrency Hub with service fees of $1.00 plus an additional 1.83% of the payment amount. This move comes after the state of Ohio tested crypto tax payments earlier, but suspended them after one year due to legal complications.
Stablecoins make a win in a new EU crypto law draft
A new draft of the European Union’s markets in crypto-assets (MiCA) has been leaked and shows that most of the limitations on the use of US dollar-pegged tokens within the EU have been removed. The rulemaking is the result of official discussions between the European Parliament, European Commission and European Council, which concluded on June 30. Unlike its stand on stablecoins, the draft leaves the door open for further rulemaking on decentralized finance (DeFi) and non-fungible tokens (NFTs) by the European Banking Authority and other financial regulators.