Daily Crypto News May 9: Ripple Settles With SEC While XRP Heads to Healthcare
May 9, 2025
Craig Cobb, a market analyst and trader at The Grow Me Co, shares insights on the recent Ripple and SEC settlement. He discusses the critical need for U.S. stablecoin regulation and its impact on digital finance. Cobb also dives into effective trading strategies, emphasizing decisive actions and risk management techniques. Additionally, he highlights Bitcoin's new acceptance at Steak 'n Shake and the promising performance of coins like SHIB and Pepe, while urging caution amidst the market's gains.
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US Stablecoin Bill Fail Insight
- The U.S. Senate failed to pass the Genius Act that would regulate stablecoins due to political tensions and national security concerns.
- Treasury Secretary Scott Bessent warns this could push innovation offshore and leave fragmented state-level oversight in the U.S.
Steak 'n Shake Adopts Bitcoin
- Steak 'n Shake will accept Bitcoin nationwide starting May 16, representing a large-scale crypto payment rollout.
- This contrasts previous pilots, showing more serious mainstream crypto adoption commitment.
SEC-Ripple Settlement Controversy
- The SEC settled with Ripple Labs for $50 million, ending a long XRP legal battle.
- SEC Commissioner Caroline Crenshaw criticized the deal as a setback for investor protection and crypto enforcement.
