Crypto Industry Could Experience 'Ripple Effect,' Shiba Inu Launches On-ramp Feature with Visa and Mastercard, Goldman Sachs Reveals Massive Bitcoin ETF Holdings: Crypto News Digest by U.Today

U.Today - Read U.Today's top three news stories from the previous day to stay tuned in on the major updates in the crypto industry.

Crypto industry could experience "Ripple effect," top expert says

In his recent article for Bloomberg, prominent legal reporter Chris Dolmetsch wrote that the Ripple case "bodes well" for the broader crypto industry. As a reminder, according to the final judgment issued earlier this month, Ripple has to pay $125 million in penalties to the SEC. The ruling was proclaimed a victory for the fintech giant, as this sum is a mere fraction of the fine initially requested by the regulator - $2 billion. Dolmetsch noted that the case "is not quite over yet," as the SEC could still appeal the court's decision. However, the outcome might already be affecting how cryptocurrency lawsuits are handled in the future. According to Bloomberg Intelligence analyst Elliott Stein, Coinbase (NASDAQ:COIN) could potentially benefit from the recent court decision in its own legal fight with the SEC. Last June, the agency accused the exchange of operating as an unregistered broker and clearing agency.

Shiba Inu launches on-ramp feature with Visa (NYSE:V) and Mastercard (NYSE:MA)

According to a recent announcement by the Shibarium Network X handle, BONE and Circle’s USDC have become available for purchasing with fiat currencies via Visa and Mastercard on Shibarium. This became possible as a result of the enabling of on-ramp features with Visa and Mastercard for BONE by Shiba Inu developers. With the recent integration, Shiba Inu aims to bridge the gap between traditional finance and digital assets. Thanks to the integration with Visa and Mastercard, Shibarium can hope for an increase in growth and adoption, making the BONE token more accessible to a wider audience. Launching on-ramp services for the USDC stablecoin on Shibarium will also make it easy for newcomers to enter the Shiba Inu ecosystem.

Goldman Sachs (NYSE:GS) reveals massive Bitcoin ETF (TSX:EBIT) holdings

As stated in a recent 13F filing to the SEC, Goldman Sachs is currently holding $419 million in Bitcoin exchange-traded funds (ETFs). The majority of the aforementioned amount, $239 million, is accounted for by BlackRock (NYSE:BLK)'s iShares Bitcoin Trust (IBIT). Goldman Sachs also holds the shares of such products as Fidelity Wise Origin Bitcoin, Grayscale Bitcoin Trust (NYSE:GBTC) and so on. As previously reported by U.Today, Goldman joined American bank Citigroup and Swiss financial bank UBS on the list of authorized participants for BlackRock's Bitcoin ETFs. However, Goldman Sachs is not yet onboard with cryptocurrencies. Earlier this year, the Wall Street Journal reported that the major financial institution had not warmed up to crypto. Sharmin Mossavar-Rahmani, CIO of Goldman Sachs, is still quite dubious about cryptocurrencies and will not accept them as an investment class.

This article was originally published on U.Today