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- SEC Chair Atkins signals a potential end to Ripple’s legal battle, hinting at a policy shift and appeal withdrawal.
- Project Crypto proposes a complete overhaul of U.S. securities law to embrace blockchain innovation.
- Institutional interest in Bitcoin intensifies as firms accumulate more BTC than the mining supply provides.
SEC Chair Paul Atkins introduced a shift in direction during his recent address at the America First Policy Institute. His speech raised hopes that the SEC may withdraw its legal appeal against Ripple. A crucial deadline for the agency looms on August 15, by which it must inform the court about the settlement status.
Atkins revealed Project Crypto, a major initiative aimed at transforming U.S. securities laws to support blockchain and digital assets. The goal is to bring crypto innovation under American regulation instead of letting it flourish overseas. This represents a shift from previous enforcement-heavy approaches and positions the SEC as a potential leader in blockchain policy reform.
Atkins emphasized the need for swift action, citing recommendations from the President’s Working Group on Digital Asset Markets. Project Crypto aligns with this framework, aiming to secure America’s position in the global crypto race. The timing of the announcement closely aligns with Ripple’s legal crossroads, leading many to believe the SEC could be preparing to drop the case.
XRP Case Timeline Nears Critical Point
Investors and legal experts now await the SEC’s next closed meeting on August 7. With only two such meetings before the deadline, this is viewed as a potential window for a vote on ending the agency’s appeal. Earlier efforts to reach a court-approved settlement failed, pushing the SEC toward a possible standalone vote to withdraw.
Atkins’s remarks did not directly confirm the withdrawal, but the absence of appeal-related language has added to the speculation. Some former SEC attorneys have debated whether an additional vote is required to dismiss the appeal. With uncertainty around the internal process, all attention now turns to what decision the commissioners will make in the upcoming meeting.
XRP has responded positively to these developments. On August 4, it jumped 4.17%, following a 6.61% rise the previous day. The token closed at $3.0732, outperforming the broader crypto market. Traders now watch for a potential move above the $3.1 level, which could lead to further gains.
MicroStrategy, Metaplanet Lead Bitcoin Accumulation
Bitcoin also saw gains, rising 0.69% on August 4 to reach $115,098. Institutional buying continues to play a strong role in its momentum. Data showed 25 firms acquired 33,411 BTC in the week ending August 3, far exceeding the weekly mining output.
MicroStrategy remained the largest holder, followed by Japan’s Metaplanet, which added 463 BTC. This demand dynamic is limiting downward pressure even as ETF outflows continue. On August 4, Fidelity and Grayscale reported outflows, while Bitwise posted inflows.
With spot ETFs under watch and legislation like the CLARITY Act in focus, Bitcoin’s price action remains sensitive to policy changes and macroeconomic signals. Traders are watching for whether BTC can push toward its all-time high of $122,055 or fall back toward support near $110,000.
Related Reading: Bitcoin on the Edge: Will $113K Hold or Trigger a Breakdown?
