April 16 comes with a breakthrough: the long-standing Ripple case is finally put "in abeyance," as the SEC moved to drop its appeal soon after Paul Atkins was appointed as its Chair.
A week ago, on April 10, Ripple and the SEC agreed to start settlement negotiations, and now we see the outcome — the end of a protracted Ripple case that created many hurdles for the XRP price, preventing it from reaching its previous all-time high of 2018.
A major shift in the Commission's attitude is more than just a routine legal action. Following Gary Gensler's resignation, the SEC dropped 10 cryptocurrency cases, easing the bureaucratic pressure on the entire crypto community.
Since President Trump announced his golden era for the U.S., which was marked by support for Bitcoin and the creation of a Bitcoin Strategic Reserve, crypto markets have soared, only to drop shortly after. However, some notable changes have occurred.
Some suggest that the recent market drop was a slight correction after the overheating fall-winter season.
Bitcoin's 30% decline falls well within typical behavior during bull runs. Moreover, a year after the April 2024 halving, the market has seen the supply deficit for the prime cryptocurrency diminish, driving the crypto market.
Meanwhile, the Chinese yuan is in an extended deflation cycle, occurring once every five to seven years. During the 2015-2016 cycle, Chinese investors flocked to crypto as a cost-effective, high-return option. Now, with unpredictable trade tensions and rising tariffs, it may look especially lucrative.
The latest numbers show tariffs of staggering 245% on Chinese goods entering the U.S. and a relatively mild 125% on American goods entering China.
Meanwhile, in the U.S., the debate over state-level crypto adoption continues. Earlier this week, on April 15, the Oklahoma State Senate voted against HB1203, a bill that would have allowed investing up to 10% of state funds in Bitcoin and select altcoins. Oklahoma is now joining Pennsylvania, South Dakota, North Dakota, Montana, and Wyoming in opposing such legislation.
Interestingly, the vote was close: 6–5 in the Revenue and Taxation Committee, with Senators changing their stance at the very last moment. Even longtime sceptic Senator Christi Gillespie voted for the bill — yet it wasn't enough.
New Hampshire, Florida, and Texas have supported President Trump's proposal to establish a Reserve to reduce foreign debt. Arizona is just two steps away, waiting for the latest approval from the House and the Governor.
Currently, 117 crypto-related bills are undergoing legal review. Bitcoin Strategic Reserve itself is the subject of legislative hearings in 26 states, involving 47 separate bills.
The stock and crypto markets are closely tied to each other. With the new SEC Chair — the "head" of exchange regulations, we might see the promised golden age. That is, unless tariffs are raised again. And again. And again…
