Ripple’s Legal Win, Bitcoin Demand, Robinhood’s Banking Vision, And Gamestop’s Bitcoin Strategy: This Week In Crypto

The past week in the financial world was nothing short of eventful. From Ripple’s legal victory to GameStop’s new Bitcoin strategy, there was no shortage of intriguing developments. Let’s dive into the top stories of the week.

XRP’s Legal Win: A Boost Amid Stablecoin Surge

Despite Ripple Labs’ recent legal victory over the SEC, where it agreed to a reduced penalty of $50 million, experts are divided on whether XRP XRP/USD can benefit from the current stablecoin rally. Ripple’s Chief Legal Officer, Stuart Alderoty, announced that the SEC would return $75 million, pending final court and commissioner approval. However, the question remains whether this win will position XRP favorably in the stablecoin market.

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Peter Schiff Questions Bitcoin Demand

Gold advocate Peter Schiff has once again criticized Bitcoin BTC/USD, questioning the source of its current demand. Schiff pointed out two major factors driving Bitcoin’s demand: Michael Saylor’s relentless Bitcoin purchases for Strategy and speculators betting on strategic reserves.

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Robinhood’s ‘Schwab for Everyone’ Vision

Robinhood Markets Inc. HOOD is making strategic moves to capture a portion of the $114 trillion wealth transfer heading toward younger, tech-savvy investors. Bernstein analysts have praised Robinhood’s latest offerings, calling it “Schwab elite banking for everyone,” highlighting the platform’s shift towards higher-end financial services.

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Crypto.com’s SEC Clearance Boosts Native Token

Crypto.com’s native token, Cronos CRO/USD, saw a significant surge after the company announced that the SEC would not take any enforcement action against it. The company’s CEO, Kris Marszalek, confirmed the closure of the SEC’s investigation, leading to a 12% increase in the token’s value.

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GameStop’s Bitcoin Strategy Gets Cramer’s Approval

GameStop Corp. GME received praise from influential market commentator Jim Cramer for its newly announced Bitcoin treasury strategy. Cramer expressed his approval on social media, stating that GameStop is finally implementing the Bitcoin strategy he had previously advocated for.

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This story was generated using Benzinga Neuro and edited by Ananya Gairola