{"id":14822,"date":"2025-08-08T08:48:38","date_gmt":"2025-08-08T06:48:38","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=14822"},"modified":"2025-08-08T08:48:38","modified_gmt":"2025-08-08T06:48:38","slug":"crypto-market-highlights-todays-key-developments","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/08\/crypto-market-highlights-todays-key-developments\/","title":{"rendered":"Crypto Market Highlights: Today’s Key Developments"},"content":{"rendered":"

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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.<\/p>\n

SEC, Ripple legal contest concludes with agreement to withdraw appeals <\/h2>\n

The Securities and Exchange Commission and Ripple Labs culminated their lengthy legal contest<\/a> over XRP (XRP<\/a>) on Thursday following a US appeals court acknowledging the regulator\u2019s request to forgo its appeal and the blockchain firm\u2019s action to cease its cross-appeal.<\/p>\n

The Second Circuit Appeals Court acknowledged a joint dismissal of the SEC\u2019s appeal alongside Ripple\u2019s cross-appeal, emphasizing that each entity will absorb its own expenses and fees.<\/p>\n

Ripple\u2019s legal head Stuart Alderoty announced the formal conclusion of the company\u2019s legal conflict. Source: <\/em>Stuart Alderoty<\/em><\/a><\/figcaption><\/figure>\n

The\u00a0SEC filed a lawsuit against Ripple<\/a>\u00a0in 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 \u2014 a verdict that the agency had appealed.<\/p>\n

With the appeal process for the lawsuit relinquished \u2014 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.<\/p>\n

Trump selects chief economic adviser to temporarily fill key US Fed position<\/h2>\n

US President Donald Trump declared that he would nominate Stephen Miran<\/a>, 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.<\/p>\n

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 \u201ccontinue to seek a permanent replacement.\u201d Reports indicated that the president had been considering<\/a> economic adviser Kevin Hassett, former Fed governor Kevin Warsh, and two other candidates to fill Kugler’s position by the week’s end.<\/p>\n

The incoming Fed board member will exercise considerable influence over the nation\u2019s monetary policy, encompassing federal interest rates. This nomination, which requires Senate approval, follows Kugler\u2019s resignation<\/a> on Aug. 1. No explanation was given for her exit.<\/p>\n

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<\/a> that blockchain technology could enhance the US central bank’s payment systems.<\/p>\n

Trump to permit crypto in 401(k) plans for US employees: White House<\/h2>\n

US President Donald Trump will issue an executive order facilitating<\/a> the inclusion of cryptocurrencies in 401(k) retirement schemes, potentially transforming how Americans allocate their savings.<\/p>\n

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.\u00a0<\/p>\n

A senior official from the White House indicated that the order directs the labor secretary to clarify the department\u2019s position on alternative assets and provide guidance on fiduciary processes for offering such investments in retirement portfolios.<\/p>\n