CC#37 // FedNow Becomes Live for Instant Payments 24/7

Happy Saturday Crypto peeps!

Crypto world just becomes crazier by the week. Is the next bull run around the corner?!

Check out some quick recaps below of what we’ll cover here.

Curated Recap:

• Federal Reserve launches their instant payment system FedNow

• The SEC may appeal the XRP ruling from last week

• XRP Futures reach record-breaking levels in open-interest

FedNow is now Live:

Big news folks! The U.S. Federal Reserve just launched FedNow, an instant payments service, significantly reducing the time it takes to send money within the country. No more waiting for days for a transfer! The service is expected to bring the U.S. in line with other countries that have already adopted instant payments. FedNow's functionality could create friction between traditional financial systems and cryptocurrencies, but the Federal Reserve denies any connection to a digital U.S. dollar initiative or central bank digital currency (CBDC). (Ya, ok Feds 😉). The service operates 24/7, allowing payments to be processed in seconds through commercial banks as intermediaries. FedNow aims to provide a reliable alternative to private sector payment options while some see it as a possible stepping stone towards a future CBDC. As for me, I think this could be a concern for the crypto world moving forward.

SEC Could Appeal the XRP Ruling:

The United States Securities and Exchange Commission (SEC) may appeal a recent ruling in the Ripple Labs case, which declared XRP not to be a security when sold to retail investors, which was big news last week. The SEC argues that the ruling goes against fundamental securities laws principles, like the Howey test, which determines what qualifies as an investment contract. SEC Chair Gary Gensler seemed to be disappointed over the court's decision, and the agency is considering further review and potential avenues for appeal.

In Other XRP News:

XRP-tracked futures have reached a record high of over $1.1 billion in open interest in the past 2 days, indicating increased interest and bets on the digital asset. XRP tokens surged by up to 6% for two consecutive days, touching 80 cents before having a slight pullback, maybe getting coiled up for the next leg up. The recent surge in interest follows a U.S. court ruling stating that the sale of XRP on exchanges does not qualify as investment contracts, resulting in significant price gains and higher trading volumes for Ripple. You can see a quick chart below 👇

Crypto Moves of the Week:

Curated Fact:

Binance is currently the Top Centralized Exchange by Spot Trading Volume!

Curated Meme:

Psst: Follow Curated Coins on Threads by Instagram, we won’t tell Elon: @curated.coins

Curated News:

⚡ Tesla reveal they have not sold their $333,000,000 of Bitcoin in Q2 2023! 💎✊

💵 Robert F. Kennedy Jr will back US dollar with Bitcoin if elected as President

🐔 McNuggets Land by McDonald’s is now open in the Metaverse

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