As the SEC vs Ripple lawsuit is coming to an end with the blockchain firm paying a $50 million penalty, developments on an XRP ETF are gathering pace once again. In his latest Bloomberg interview, CEO Brad Gralinghouse said that it’s important to have this exchange-traded fund, while just falling short of accepting that they are working with the world’s largest asset manager, BlackRock. XRP price movement has been relatively mute to this development, while industry players expect a $3 breakout soon.
Are Ripple and BlackRock Exploring Potential XRP ETF?
In his recent Bloomberg interview, Ripple CEO Brad Garlinghouse was asked whether they are collaborating with BlackRock to launch an XRP ETF in the US. Although Garlinghouse didn’t explicitly accept such a collaboration, he sparked speculation by stating, “We think it makes sense for the XRP community overall”.
The prospect of a BlackRock filing for an XRP ETF in 2025 has captured the attention of the crypto community. Many believe that once the regulatory wall over Ripple is removed, asset managers will rush in the second-half of the year to bring a Ripple ETF to the market. Furthermore, Ripple CEO Garlinghouse is also confident that XRP would make it to the US Digital Asset stockpile.
Adding to the discussion, Crypto.com CEO Kris Marszalek highlighted the transformative potential of XRP ETFs. He predicts that the development could attract $8 billion in inflows following the approval.
Ripple Drops Cross-Appeal Against US SEC
The long-running Ripple vs SEC lawsuit has finally come to an end as the blockchain startup has decided to no longer pursue the cross-appeal against the securities regulator. The resolution involves a $75 million refund to Ripple, following the SEC’s decision to drop its appeal and Ripple abandoning its cross-appeal.
This settlement concludes a case that initially resulted in a $125 million penalty against Ripple. With the refund, the company’s net payment to the SEC amounts to $50 million. Under the Trump administration, the SEC has softened its stance, while putting a greater focus on establishing clear crypto regulations.
XRP Price Surge to $3 Soon?
Amid the current development and hopes for XRP ETF, the XRP price has given a muted response as it continues to face strong rejection at $2.50 levels. Despite this, market analysts have made bold predictions, expecting the XRP price rally to continue at $15 and beyond.
Sharing the XRPUSDT chart, popular crypto trader Seyma stated that she’s more bullish on the Ripple cryptocurrency in comparison to other altcoins. “My weekly target is $3-$3.24 i never give investment or trading advice just noted to myself,” she wrote.
After 11 consecutive weeks of relentless Bitcoin buying, Strategy (formerly MicroStrategy) is bracing for another purchase announcement. Michael Saylor has dropped a clue for an incoming purchase that can send Strategy’s holdings above 600,000 BTC. Michael Saylor Flashes Buy Signal For Strategy Strategy founder Michael Saylor has shared the leading indicator for an incoming Bitcoin
The state of security across the crypto and blockchain space has changed significantly in the past few months. Traditional smart contracts exploited or brute force attacks on blockchain networks are being superseded by crypto scams like rug pulls and pump-and-dump schemes.
BeInCrypto spoke with a spokesperson from security firm CertiK to understand how blockchain and security threats are evolving and how projects and users can safeguard against future exploits.
Social Media Hacks on the Rise
Over the past few months, the crypto community has seen a rise in social media-related hacks. This increasingly common tendency has pivoted away from the orchestration of more sophisticated blockchain attacks that have traditionally plagued headlines.
Whereas smart contract exploits or blockchain hacks require more knowledge, hackers have found an easier avenue by targeting social media accounts instead.
X (formerly Twitter) has quickly become the social media platform of choice among Web3 hackers.
Social Media is Now a Prime Target for Web3 Hackers
After US President Donald Trump launched his meme coin only two days before assuming office, hackers began to take advantage of the hype to hack high-profile X accounts and convince followers to invest in scam meme coins.
Last month, anonymous hackers took over the X account of the former Malaysian Prime Minister Mahathir Mohamad to promote MALAYSIA, a fake meme coin promoted as the country’s official cryptocurrency.
The post was removed within an hour, but the damage was done. Analysis shows that these hackers were probably related to the infamous Russian Evil Corp and that they stole $1.7 million in this rug pull.
The MALAYSIA token scam happened only two weeks after hackers exploited former Brazilian President Jair Bolsonaro’s social media account. In that instance, scammers promoted the BRAZIL token, which rose over 10,000% in minutes, netting the scammers over $1.3 million.
These scams have also affected technological companies.
Attacks on Tech Companies
In December, AI research and development company Anthropic also saw its X account hacked. A fraudulent post claimed that a fake token called CLAUDE would incentivize AI and crypto projects and included a wallet address for investors.
Attackers managed to collect around $100,000 from speculative investors.
These situations also highlight a broader issue of weak account security on social media platforms. As a result, even prominent individuals are susceptible to security breaches that directly affect the crypto community.
TRUMP Meme Coin Launch Was a Catalyst For Crypto Scams
“Now is the time to talk about the fact that large-scale political coins cross a further line: they are not just sources of fun, whose harm is at most contained to mistakes made by voluntary participants, they are vehicles for unlimited political bribery, including from foreign nation states,” Buterin claimed.
Buterin highlighted the tokens’ role in enabling scams and political corruption in crypto and blamed a regulatory loophole former SEC Chair Gary Gensler created for allowing bad actors to exploit governance tokens.
However, these crypto scams extend beyond political themes.
Growth of Social Engineering Exploits
A week after Buterin cautioned against political meme coins, a Coinbase user lost $11.5 million after falling victim to a social engineering scam on Base.
Crypto sleuth ZackXBT uncovered the exploit, pointing out that this incident is part of a growing trend, with multiple Coinbase users suffering similar losses. He also estimates that crypto scams of this nature have drained at least $150 million from Coinbase customers.
“Coinbase has a serious fraud problem. I just uncovered many more recent thefts from Coinbase users. The $150 million stolen from Coinbase users in a year is just from thefts I independently confirmed. So it’s more than likely multiples of this number,” ZachXBT stated.
In social engineering scams, attackers use phishing emails, spoofed calls, and other deceptive tactics to trick victims into revealing private keys or login credentials. Once they gain access, they drain wallets, move funds, and take control of accounts.
For CertiK, these situations stipulate the need for stronger security measures.
Addressing these security challenges is crucial as new crypto projects increase exponentially.
Prioritizing Proactive Security in a Rapidly Growing Industry
The Web3 sector is experiencing consistent growth, marked by a surge in new crypto project launches. This innovative momentum is expected to continue, but it’s also fueling security concerns.
Notably, the increasing rate of scams and hacks in the first three months of 2025 makes it clear that security efforts are struggling to keep up with innovation.
A study by Precedence Research estimates the Web 3.0 market will expand from USD 4.62 billion in 2025 to approximately USD 99.75 billion by 2034, with a projected compound annual growth rate (CAGR) of 41.18% during that period.
Predicted market size of Web3 in the next ten years. Source: Precedence Research.
Yet, CertiK believes that project developers are pushing security considerations toward the end of the priority list.
As the Web3 ecosystem evolves, a proactive and adaptive security approach is critical. Prioritizing both blockchain integrity and social media vigilance will be essential for safeguarding the growing Web3 ecosystem.
The battle against these exploits requires a future where security is not an afterthought but a foundational pillar of every Web3 project and user interaction.
Today, July 9, marks a rare moment of convergence in Washington’s crypto narrative amid President Trump’s push to make the US the crypto capital of the world.
Ripple CEO Brad Garlinghouse is headed to Capitol Hill to testify before the Senate Banking Committee. Tax is quietly creeping back into the crypto spotlight elsewhere in the Capitol.
Brad Garlinghouse To Testify As Senate Zeroes in on Crypto Market Structure
The “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets” hearing will feature top industry figures. Today’s conversation is expected to influence how the US shapes the next phase of digital asset regulation.
The Senate Subcommittee on Financial Institutions and Digital Assets will host the hearing. It is part of an accelerating effort to codify crypto oversight.
Brad Garlinghouse, CEO of Ripple, will appear alongside Summer Mersinger of the Blockchain Association. Dan Robinson of Paradigm and Chainalysis co-founder Jonathan Levin will also attend.
In a post on X (Twitter), Garlinghouse called for “constructive crypto market structure legislation” that balances innovation with consumer protection.
I am honored to be invited to testify in front of the Senate Banking Committee this Wednesday on the need for passing crypto market structure legislation. Thank you to @BankingGOP Chairman @SenatorTimScott, @SenLummis and @SenRubenGallego (as leaders of the Subcommittee for…
His appearance highlights how Ripple, once locked in a protracted legal battle with the SEC, is repositioning itself as a willing regulatory partner.
Today’s testimony signals a shift from the courtroom to the committee room. This follows Ripple’s withdrawal of its cross-appeal in its long-running SEC case, and the agency is expected to follow suit.
Senate to Discuss Tokens’ Commodity Status
The US Senate will debate whether tokens like XRP qualify as digital commodities under US law. Lawmakers will examine these tokens’ fundamental characteristics, more closely examining their similarities to traditional commodities.
MARK YOUR CALENDARS:This July 9, the Senate takes up the question: can tokens like XRP be officially recognized as digital commodities?
A critical turning point, if greenlit, it could open the floodgates for altcoin spot ETFs before year’s end.
The Senate will also assess whether they meet the necessary criteria for this classification. If the Senate recognizes tokens as digital commodities, it would pave the way for a new wave of financial products.
The general sentiment is that this may be crucial in approving altcoin ETFs (exchange-traded funds). Such a development would allow investors to gain direct exposure to altcoins through regulated investment vehicles.
This could bring billions of dollars in institutional capital into the market and significantly boost mainstream adoption.
Addressing SEC and CFTC Divide: Who Regulates What?
Meanwhile, the testimonies come as lawmakers revisit the core question that has long plagued the industry: who regulates what?
On the other side of the bench, Senators Tim Scott, Cynthia Lummis, and Ruben Gallego will lead the push. The general sentiment is to align Senate priorities with the House’s upcoming “Crypto Week,” which begins July 14.
There, lawmakers will debate the same bills and possibly vote on final versions. Momentum has accelerated since President Trump expressed support for the GENIUS Act. The move prompted the House to fast-track its adoption over a previously competing bill.
The GENIUS Act has already passed in the Senate, and the CLARITY Act is still in draft form but has advanced only recently. The two bills are at the center of today’s debate.
The GENIUS Act aims to establish a stablecoin framework, including reserve requirements and federal licensing. The CLARITY Act, meanwhile, would assign primary oversight of most digital assets to the Commodity Futures Trading Commission (CFTC), reducingthe role of the US SEC (Securities and Exchange Commission).
Tax Reform Reenters the Crypto Conversation
While market structure dominates headlines, the House Ways & Means Oversight Subcommittee will hold a hearing today on “Making America the Crypto Capital of the World.” The focus is to build a 21st-century tax policy framework for digital assets.
NEW: The House Ways & Means Oversight Subcommittee will hold a hearing Wednesday on “Making America the Crypto Capital of the World,” focusing on building a 21st-century tax policy framework for digital assets. pic.twitter.com/PUxUjVQbd4
The proposal would exempt capital gains taxes on transactions under $300 up to a yearly cap of $5,000. This revision is intended to enable microtransactions and day-to-day crypto use without punitive tax consequences.
It also seeks to defer taxation of staking and mining rewards until those assets are sold or spent. This echoes arguments that unrealized gains should not be taxed.
Similarly, Senator Lummis is quietly reviving her push for crypto tax reform. On the heels of failed amendments to Trump’s budget bill, she has introduced a standalone bill to revise the Internal Revenue Code’s treatment of digital assets.
Additionally, the bill would extend securities lending rules to digital assets, allowing for clearer treatment of token lending agreements.
While still in the draft stage, Lummis has invited public comment and signaled that bipartisan support would be critical to advancing the bill through the Senate Finance Committee.
NEW: The House Ways & Means Oversight Subcommittee will hold a hearing Wednesday on “Making America the Crypto Capital of the World,” focusing on building a 21st-century tax policy framework for digital assets.