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2 MAJOR KEY EVENTS ON APRIL 16: RIPPLE VS SEC SETTLEMENT AND POWELL’S SPEECH IMPACTING CRYPTO ASSETS
April 16, 2025 – Today marks a potentially pivotal moment in the crypto market as two high-stakes events unfold: the long-awaited conclusion of the Ripple vs SEC lawsuit and a key speech by Federal Reserve Chair Jerome Powell. Together, these developments could significantly influence investor sentiment and shape the near-term direction of crypto assets.
Ripple vs SEC lawsuit Update
After nearly a decade of legal wrangling, the Ripple vs SEC case may finally be over. April 16 was Ripple’s final deadline to file its appellate brief. With no extension granted, the only options were to either submit the filing or reach a settlement.
Sources close to the matter suggest that a settlement has been reached between Ripple and the SEC. As part of the reported agreement, the SEC has dropped its appeal, while Ripple has agreed to pay a $50 million fine and also withdraw its own counter-appeal.
Crucially, there will be no official declaration labeling XRP as a security, which many in the XRP community view as a significant win for the cryptocurrency.
According to Attorney Fred Rispoli on X, Ripple has only two options by April 16. He explained that Ripple cannot ask for more time, so they have only two options. Either they go ahead and file their appeal, which he believes has just a 10% chance, or they announce a settlement or withdrawal, which he thinks is much more likely, with a 90% chance.
FED Chair Jerome Powell’s Speech
Later today, Federal Reserve Chair Jerome Powell is set to deliver a speech at the Economic Club of Chicago. With U.S. inflation easing and election-year pressure building, Powell’s comments may hint at the Fed’s outlook on future rate cuts.
The market currently expects:
▪️Two rate cuts in 2025
▪️Possibly starting in June or September
However, Powell has repeatedly emphasized caution, citing persistent inflation risks and global uncertainty.A dovish or hawkish tone could significantly influence Bitcoin, altcoins like XRP, and broader equity markets.
@ Newshounds News™
Source: Coinpedia
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SOUTH KOREAN PRESIDENTIAL CONTENDER VOWS TO PUSH CRYPTO ‘AS MUCH AS’ TRUMP: REPORT
▪️South Korea’s presidential primary candidate for the right-wing party said he would reform crypto regulations “as much as” the Trump administration.
▪️He also vowed to increase investment into other disruptive technologies, including AI.
A candidate in the South Korean right-wing party’s presidential primary pledged to revamp local regulations on blockchain and cryptocurrencies, according to local news agency Yonhap.
“To foster blockchain and virtual assets as an industry, I will reform regulations as much as the Trump administration in the United States,” Hong Joon-pyo, a candidate for People Power Party’s presidential primary, said during a policy announcement meeting on Wednesday, according to the report.
Hong, who served as mayor of Daegu city up until last week, said that he would work to incorporate blockchain technology into the public sector and administrative services.
Outside of blockchain and crypto, Hong also pledged to invest at least 50 trillion Korean won ($35.1 billion) over five years in research and development for AI, quantum technology and room-temperature superconductors, the report said, as part of his “growth driven by disruptive tech” initiative.
The prominent politician, with nearly 30 years of experience, had previously urged the South Korean government to adopt friendlier policies and regulations on crypto.
In 2021, Hong openly criticized the government’s decision to tax cryptocurrency at the time, labeling the move retrogressive and urging the establishment of legal foundations to institutionalize emerging technologies, according to local news outlet Financial News.
South Korea’s 20th President, Yoon Suk-yeol, was removed from office on April 4 after the Constitutional Court unanimously upheld the National Assembly’s impeachment vote, prompted by his controversial declaration of martial law on Dec. 3, 2024.
With the June 3 presidential election less than two months away, neither of the two major political parties has yet nominated its candidate.
Hong is among eight candidates vying for the People Power Party’s nomination. Meanwhile, Yoon’s impeachment has given the opposition Democratic Party of Korea an advantage heading into the upcoming election.
@ Newshounds News™
Source: The Block
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