SEC’s XRP reversal marks crypto industry victory ahead of SOL futures ETF launch: Finance Redefined

Published

7 months ago

March 21, 2025

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SEC’s XRP reversal marks crypto industry victory ahead of SOL futures ETF launch: Finance Redefined

Crypto investors rejoiced this week after the US Securities and Exchange Commission dismissed one of the crypto industry’s most controversial lawsuits — one that resulted in an over four-year legal battle with Ripple Labs.

In another significant regulatory development, Solana-based futures exchange-traded funds (ETFs) have debuted in the US, a move that may signal the approval of spot Solana (SOL) ETFs as the “next logical step” for lawmakers.

SEC’s XRP reversal a “victory for the industry”: Ripple CEO

The SEC’s dismissal of its years-long lawsuit against Ripple Labs, the developer of the XRP Ledger blockchain network, is a “victory for the industry,” Ripple CEO Brad Garlinghouse said at Blockworks’ 2025 Digital Asset Summit in New York.

On March 19, Garlinghouse revealed that the SEC would dismiss its legal action against Ripple, ending four years of litigation against the blockchain developer for an alleged $1.3-billion unregistered securities offering in 2020.

“It feels like a victory for the industry and the beginning of a new chapter,” Garlinghouse said on March 19 at the Summit, which Cointelegraph attended.

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Solana futures ETF to grow institutional adoption, despite limited inflows

The crypto industry is set to debut the first SOL futures ETF, a significant development that may pave the way for the first spot SOL ETF as the “next logical step” for crypto-based trading products, according to industry watchers.

Volatility Shares is launching two SOL futures ETFs, the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT), on March 20.

Futures, Solana, ETF — *Volatility Shares Solana ETF SEC filing. Source:* *SEC*

The debut of the first SOL futures ETF may bring significant new institutional adoption for the SOL token, according to Ryan Lee, chief analyst at Bitget Research.

The analyst told Cointelegraph:

“The launch of the first Solana ETFs in the US could significantly boost Solana’s market position by increasing demand and liquidity for SOL, potentially narrowing the gap with Ethereum’s market cap.”

The Solana ETF will grow institutional adoption by “offering a regulated investment vehicle, attracting billions in capital and reinforcing Solana’s competitiveness against Ethereum,” said Lee, adding that “Ethereum’s entrenched ecosystem remains a formidable barrier.”

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Pump.fun launches own DEX, drops Raydium

Pump.fun has launched its own decentralized exchange (DEX) called PumpSwap, potentially displacing Raydium as the primary trading venue for Solana-based memecoins.

Starting on March 20, memecoins that successfully bootstrap liquidity, or “bond,” on Pump.fun will migrate directly to PumpSwap, Pump.fun said in an X post.

Previously, bonded Pump.fun tokens migrated to Raydium, which emerged as Solana’s most popular DEX, largely thanks to memecoin trading activity.

According to Pump.fun, PumpSwap “functions similarly to Raydium V4 and Uniswap V2” and is designed “to create the most frictionless environment for trading coins.”

“Migrations were a major point of friction – they slow a coin’s momentum and introduce needless complexity for new users,” Pump.fun said.

“Now, migrations happen instantly and for free.”

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Bybit: 89% of stolen $1.4B crypto still traceable post-hack

The lion’s share of the hacked Bybit funds is still traceable after the historic cybertheft, with blockchain investigators continuing their efforts to freeze and recover the funds.

The crypto industry was rocked by the largest hack in history on Feb. 21 when Bybit lost over $1.4 billion in liquid-staked Ether (stETH), Mantle Staked ETH (mETH) and other digital assets.

Blockchain security firms, including Arkham Intelligence, have identified North Korea’s Lazarus Group as the likely culprit behind the Bybit exploit as the attackers continue swapping the funds in an effort to make them untraceable.

Despite the Lazarus Group’s efforts, over 88% of the stolen $1.4 billion remains traceable, according to Ben Zhou, co-founder and CEO of crypto exchange Bybit.

The CEO wrote in a March 20 X post:

“Total hacked funds of USD 1.4bn around 500k ETH. 88.87% remain traceable, 7.59% have gone dark, 3.54% have been frozen.”

“86.29% (440,091 ETH, ~$1.23B) have been converted into 12,836 BTC across 9,117 wallets (Average 1.41 BTC each),” said the CEO, adding that the funds were mainly funneled through Bitcoin (BTC) mixers, including Wasbi, CryptoMixer, Railgun and Tornado Cash.

The CEO’s update comes nearly a month after the exchange was hacked. It took the Lazarus Group 10 days to move 100% of the stolen funds through the decentralized crosschain protocol THORChain, Cointelegraph reported on March 4.

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Libra, Melania creator’s “Wolf of Wall Street” memecoin crashes 99%

The creator of the Libra token has launched another memecoin with some of the same concerning onchain patterns that pointed to significant insider trading activity ahead of the coin’s 99% collapse.

Hayden Davis, co-creator of the Official Melania Meme (MELANIA) and Libra tokens, has launched a new Solana-based memecoin with an over 80% insider supply.

Davis launched the Wolf (WOLF) memecoin on March 8, banking on rumors of Jordan Belfort, known as the Wolf of Wall Street, launching his own token.

The token reached a peak $42 million market cap. However, 82% of WOLF’s supply was bundled under the same entity, according to a March 15 X post by Bubblemaps, which wrote:

“The bubble map revealed something strange — $WOLF had the same pattern as $HOOD, a token launched by Hayden Davis. Was he behind this one too?”

The blockchain analytics platform revealed transfers across 17 different addresses, stemming back to the address “OxcEAe,” owned by Davis.

“He funded these wallets months before $LIBRA and $WOLF launched, moving money through 17 addresses and 2 chains,” Bubblemaps added.

The Wolf memecoin lost over 99% of its value within two days, from the peak $42.9 million market capitalization on March 8 to just $570,000 by March 16, Dexscreener data shows.

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DeFi market overview

According to Cointelegraph Markets Pro and TradingView data, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.

Of the top 100, the BNB Chain-native Four (FORM) token rose over 110% as the week’s biggest gainer, followed by PancakeSwap’s CAKE (CAKE) token, up over 48% on the weekly chart.

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.

Politics

David Lammy blames ‘human error’ for release of migrant sex offender – as confirms independent investigation

Published

4 hours ago

October 28, 2025

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David Lammy blames 'human error' for release of migrant sex offender - as confirms independent investigation

David Lammy has confirmed there will be an independent investigation into the accidental release of a migrant jailed for sex offences, as he blamed “human error” for the incident.

The deputy prime minister and justice secretary told MPs he was “livid” on behalf of Hadush Kebatu’s victims and he would be deported back to Ethiopia “as quickly as possible”.

Politics latest: Epping MP calls on Lammy to commit to closing the Bell Hotel

Kebatu, who was found guilty in September of sexually assaulting a 14-year-old girl and a woman in Epping, was freed in error from HMP Chelmsford in Essex on Friday instead of being handed over to immigration officials for deportation.

His accidental release sparked widespread alarm and a manhunt that resulted in him being found and arrested by the Metropolitan Police in the Finsbury Park area of London at around 8.30am on Sunday.

The incident has sparked questions over how the man, whose crimes sparked protests in Epping over the use of asylum hotels, was able to be freed.

Addressing MPs in the House of Commons, Mr Lammy said the mistake should not have happened as he sought to lay part of the blame on to the Conservatives over the state of the prison system over the past 14 years.

He said “there must and there will be accountability” for the mistaken release of Kebatu from prison.

“I’ve been clear from the outset that a mistake of this nature is unacceptable,” he said.

“We must get to the bottom of what happened and take immediate action to try and prevent similar releases in error to protect the public from harm.”

Mr Lammy said he ordered an “urgent review” into the checks that take place when an offender is released from prison, and new safeguards have been added that amount to the “strongest release checks that have ever been in place”.

The justice secretary said the investigation would be led by former Metropolitan Police deputy commissioner Dame Lynne Owens, who also used to lead the National Crime Agency.

He also said the investigation would have the same status as high-profile probes into other prison incidents, including the attack on three prison officers at HMP Franklin in April of this year and the escape of Daniel Khalife from HMP Wandsworth in 2023.

‘Calamity Lammy’

Shadow justice secretary Robert Jenrick referred to a report by Sky News which detailed how a witness present at the prison observed Kebatu appearing “confused” upon his release.

The witness said Kebatu had in fact tried to go back into the prison several times, but was instead guided to Chelmsford station, where he caught a train to London.

Mr Jenrick claimed the case was proof “the only illegal migrants this government are stopping are those that actually want to leave the UK”.

“Dear oh dear,” he said. “Where to begin? This justice secretary could not deport the only small boat migrant who wanted – no – who tried to be deported.

“Having been mistakenly released, Hadush Kebatu came back to prison asking to be deported not once, not twice, but five times, but he was turned away.”

He went on: “The only illegal migrants this government are stopping are those that actually want to leave the UK.

“His officials, briefing the press, called it the mother of all – yeah, they’re not wrong, are they?”

Mr Jenrick, who served as immigration minister under the previous Conservative government, branded his opposite number “calamity Lammy”.

“It’s a national embarrassment and today the justice secretary feigns anger at what happened.”

Continuing with his attack, Mr Jenrick asked Mr Lammy whether he would resign if Kebatu was not deported “by the end of the week” – to which he received no reply.

But asked later by an MP whether he was considering his position, Mr Lammy replied: “A ridiculous question, the answer is no.”

The new checks announced by Mr Lammy on Monday involve five pages of instructions and require more senior prison staff to sign off a release, according to documents obtained by Sky News.

The instructions are effective from Monday.