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In today’s crypto news, Ripple and the SEC have officially concluded their lengthy legal dispute, Donald Trump announced he will nominate Stephen Miran to temporarily occupy a vacant Federal Reserve position, and the White House indicated that Trump will enact an executive order instructing agencies to permit cryptocurrency in retirement funds.
SEC, Ripple legal contest concludes with agreement to withdraw appeals
The Securities and Exchange Commission and Ripple Labs culminated their lengthy legal contest over XRP (XRP) on Thursday following a US appeals court acknowledging the regulator’s request to forgo its appeal and the blockchain firm’s action to cease its cross-appeal.
The Second Circuit Appeals Court acknowledged a joint dismissal of the SEC’s appeal alongside Ripple’s cross-appeal, emphasizing that each entity will absorb its own expenses and fees.
The SEC filed a lawsuit against Ripple in late 2020, charging it with the sale of XRP as an unregistered security. A federal judge ruled in July 2023 that XRP traded on public exchanges did not qualify as a security; however, XRP sold to institutional buyers was deemed unregistered securities — a verdict that the agency had appealed.
With the appeal process for the lawsuit relinquished — that ruling is now conclusive. Ripple is also mandated to pay $125 million in fines, which both the company and the SEC unsuccessfully sought to reduce.
Trump selects chief economic adviser to temporarily fill key US Fed position
US President Donald Trump declared that he would nominate Stephen Miran, chair of the Council of Economic Advisors, to temporarily succeed Federal Reserve Board of Governors member Adriana Kugler after her resignation takes effect on Friday.
In a social media update on Friday, Trump stated that Miran would occupy the Fed position until Jan. 31, 2026, while the White House will “continue to seek a permanent replacement.” Reports indicated that the president had been considering economic adviser Kevin Hassett, former Fed governor Kevin Warsh, and two other candidates to fill Kugler’s position by the week’s end.
The incoming Fed board member will exercise considerable influence over the nation’s monetary policy, encompassing federal interest rates. This nomination, which requires Senate approval, follows Kugler’s resignation on Aug. 1. No explanation was given for her exit.
Hassett, who also served as director of the National Economic Council under Trump, revealed holding a stake in Coinbase Global worth between $1 million and $5 million as of June. Warsh, who was a Fed governor from 2006 to 2011, supposedly stated that blockchain technology could enhance the US central bank’s payment systems.
Trump to permit crypto in 401(k) plans for US employees: White House
US President Donald Trump will issue an executive order facilitating the inclusion of cryptocurrencies in 401(k) retirement schemes, potentially transforming how Americans allocate their savings.
The White House Press Office confirmed to Cointelegraph on Thursday that the directive instructs the US Labor Department to re-evaluate limitations on alternative assets in defined-contribution plans, including digital currencies, private equity, and real estate.
A senior official from the White House indicated that the order directs the labor secretary to clarify the department’s position on alternative assets and provide guidance on fiduciary processes for offering such investments in retirement portfolios.
Once implemented, the directive will provide Americans with access to digital assets through their 401(k) plans, part of a $12.5 trillion retirement market, representing a sought-after opportunity for crypto companies looking to reach a broader retail audience.
This development would represent a notable advancement for the crypto sector, which has eagerly sought wider retail engagement and recognition within the financial system.
Although institutional investors have increased their crypto allocations, everyday savers have been limited due to fiduciary risk, regulatory ambiguity, and concerns over volatility.
The White House official noted that Trump’s directive would call for inter-agency collaboration with the Treasury and the Securities and Exchange Commission (SEC) to investigate potential rule alterations that could facilitate the adoption of alternative investments like crypto in retirement products.
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