The US Court of Appeals for the Second Circuit issued a mandate on Aug. 22 approving the dismissal of the appeals in the case between Ripple and the Securities and Exchange Commission (SEC).

The court order, shared by lawyer James Filan on X, officially ends one of crypto’s most consequential legal battles. 

Despite the news, XRP’s price increased less than 1% within one hour, trading at $3.0694 as of press time.

The dismissal follows a joint filing on Aug. 7, in which Ripple and the SEC agreed to end their appeals after a formal Commission vote. 

The agreement marks the conclusion of a dispute that began in December 2020 when the SEC sued Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen for allegedly conducting an unregistered securities offering through XRP sales.

Legal battle concludes, ETF odds remain high

Under the settlement terms, XRP will not be classified as a security, representing a major victory for Ripple. Each side will cover its own legal costs, according to the court filing. 

Ripple’s Chief Legal Officer Stuart Alderoty previously described the agreement as closing a chapter that has overshadowed the crypto industry for nearly four years. 

The outcome places Ripple alongside other crypto firms like Coinbase that have successfully resolved enforcement actions with the SEC. Further, it removes regulatory uncertainty around XRP’s status, keeping the odds of approval of XRP exchange-traded funds (ETFs) high.

In February, Bloomberg ETF analysts Eric Balchunas and James Seyffart predicted 65% odds of approval for spot XRP ETFs in the US. 

Polymarket bettors placed their odds of such an approval happening this year at 98% in early June, followed by a 10% slide after the SEC delayed decisions on multiple filings the same month.

Despite the sliding odds on the crypto-based prediction market, Balchunas and Seyffart raised their odds to “90% or higher” on June 20.

Polymarket traders continued to oppose the analysts, taking the odds to 62% in early August after the news that Commissioner Caroline Crenshaw opposed the approval.

However, Balchunas reiterated the high odds of approval of XRP ETFs:

“Interesting, trades reporting how Polymarket odds of XRP ETF approval went down to 62% after the votes were disclosed showing Crenshaw voting no, but a) she’s gonna vote no on EVERYTHING and b) it’s meaningless, she’s outnumbered = we haven’t changed our odds, still at 95%.”

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The U.S. Securities and Exchange Commission’s 2020 lawsuit against Ripple Labs is officially over, after the two parties informed the Second Circuit Court of Appeals that they were voluntarily dismissing their respective appeals of a 2023 ruling in the case.

The SEC and Ripple will each bear their own costs, the filing said on Thursday. The joint stipulation ends the legal battle between the SEC and Ripple which began in 2020 after the SEC sued Ripple in 2020 under former Chair Jay Clayton (who now runs the U.S. Attorney’s Office for the Southern District of New York) alleging it violated securities laws through the sale of XRP, the token closely associated with the company.

XRP jumped 5% after Thursday’s filing, trading around $3.27 as of press time.

The SEC filed an appeal in 2024 after a district judge’s ruling in 2023 said that Ripple making XRP available to retail traders through exchanges, while Ripple cross-appealed to maintain its arguments in the case.

The parties agreed to drop their respective appeals in June, Ripple CEO Brad Garlinghouse said at the time, leaving District Judge Analisa Torres’ penalties in place. These penalties were tied to her finding that Ripple had violated securities laws in selling XRP to institutional traders, and included $125 million in fines and a permanent injunction against further violations of the law.

Ripple and the SEC paused their appeals earlier this year after Donald Trump retook office as U.S. president and installed new leadership at the agency. The SEC has dropped over a dozen cases and investigations into crypto companies in the last few months.

The parties attempted to negotiate these penalties down, but multiple attempts were rejected by Judge Torres over procedural and other concerns.

The Department of the Treasury is formally taking down a new rule that expanded the definition of a broker under the U.S. Tax Code.

The rule titled “Gross Proceeds Reporting by Brokers that Regularly Provide Services Effectuating Digital Asset Sales” classified decentralized finance (DeFi) exchanges as brokers required to furnish the Internal Revenue Service (IRS) with information on user transactions involving digital assets.

The rule was published in the Federal Register on December 30th during the final weeks of the Biden administration and took effect on February 28th.

In March, legislators from both chambers of Congress voted to repeal the controversial law, a move supported by President Donald Trump, who signed the bill reversing the crypto broker rule on April 11th.

The Treasury Department says the controversial rule now has no legal force or effect.

“Pursuant to the CRA (Congressional Review Act), any rule that takes effect and later is made of no force or effect by enactment of a joint resolution shall be treated as though such rule had never taken effect. Accordingly, the Treasury Department and the IRS are reverting the text of the section 6045 regulations back to the text that was in effect immediately prior to the effective date of the Final Rule.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Fundstrat’s head of research Tom Lee says the stock market is in the midst of a “most hated” rally, with skeptical investors clinging to reasons why the market should fall.

In a new update, Lee says he believes the current surge, which lifted the S&P 500 by 17% from recent lows to within 3% of an all-time high, reflects a powerful but underappreciated rally.

“Part of this [bearish sentiment] is understandable. We had a black swan event on post-tariff liberation day, meaning an unexpected event, and we had a 20% fall in stocks in a very short period of time.”

As for what’s coming next, Lee points to historical patterns where doubt after a market dump led to major rallies.

“When stocks began to rally after March of 2020, many fund managers said we’re still in a bear market.

And recall in the fall of 2022 after the markets made its low in October of 2022, a lot of investors were saying that this was just another bear market rally and investors are about to make a mistake…

But here’s the reality – investors flip bullish as soon as you make an all-time high. So in other words, investors generally fight after a decline. They’ll fight the rally until you make a new all-time high. At a new high, they turn they turn around and become bullish and I think that that’s going to happen as soon as markets make a new all-time high.”

Lee says Bitcoin’s recent all-time high above $111,000 is another leading indicator for the S&P, because Bitcoin peaked about a month before the S&P did and they’re both tracking increased global liquidity.

As for Moody’s downgrade of US government debt from AAA to AA1, Lee says he doubts it’s a negative signal for markets, noting that S&P first downgraded the US in 2011 and Fitch followed in 2023.

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The broader market indexes soared on Monday, May 12, in response to news that the U.S. and China would pause their reciprocal tariffs on most goods for 90 days — a move that built on the momentum from the trade deal framework that the U.S. and U.K. revealed at the end of last week.

As of Monday’s close, the S&P 500 (^GSPC 0.10%) was down just 0.6% year to date  — an astonishing rebound considering the index was down by more than 15% on the year at the nadir of its sell-off in early April.

While it’s great to see portfolio balances recover, those gains will matter little if they are fleeting, and investors are likely wondering if this bounce is the real deal or a head fake.

Either way, it’s important to focus on quality companies during volatile periods. But here’s why I think the worst of the 2025 stock market sell-off may be over, and what I’d recommend you do if the market keeps rallying.

Image source: Getty Images.

An end in sight

There’s no perfect science for knowing when a sell-off is about to start nor for gauging when one is over. But there are some simple indicators you can use to gauge market sentiment.

The simplest is the relationship between stock market sectors. When investors are optimistic about the outlook for the economy and corporate profits, growth-focused and cyclical sectors like tech, consumer discretionary, communications, financials, and industrials tend to do well. But when investors are fearful, then defensive and “safe” sectors such as utilities, consumer staples, and healthcare usually outperform the benchmarks.

Similarly, investors often turn to hard assets like gold during times of uncertainty. At one point in late April, gold prices were up by over 30% year to date while the S&P 500 was down more than 12%.

Another good indicator to watch is the CBOE Volatility Index, commonly known as the VIX. It measures the implied volatility of short-term options on the S&P 500. If investors are willing to pay more for a call option because they think the market will go up a lot in the short term, or a put option to protect against downside risk, then that will lead to higher volatility.

The VIX was at its lowest point of the year when the S&P 500 was near its all-time high in late February. Then, shortly after President Trump unveiled his global tariffs on April 2 (“Liberation Day”), the VIX spiked in lockstep with a massive sell-off in the S&P 500.

Data by YCharts.

In the last few weeks, the VIX has been falling and the S&P 500 has been climbing, a combination that could signal that the worst of the sell-off is over.

Great companies can sell off for bad reasons

The last month and a half or so have been a great lesson on the pitfalls of getting caught up in stock market volatility and letting emotions drive your investment decisions. It also shows the degree to which the market despises uncertainty.

The steep tariffs that Trump imposed led to a host of countries imposing their own higher tariffs on U.S. exports. The escalating tensions put the U.S. on the brink of an all-out trade war. Corporate leaders didn’t shy away from outlining the effects these tariffs would have on their businesses.

For example, Nvidia said it would be taking a $5.5 billion charge in its fiscal 2026 first quarter. Shares of Apple and Nike got crushed due to their exposure to China, both as a manufacturing hub and as a major market for sales.

However, strong results from top tech companies in the recent earnings season were a reminder that much of the broad market sell-off was based on fears of an economic downturn that had yet to materialize.

Microsoft reported phenomenal results and reaffirmed its upbeat revenue and operating margin guidance.

Meta Platforms ramped up its data center and artificial intelligence investments, and management forecast higher capital expenditures this year.

Alphabet reported steadily rising revenue and high margins. It also raised its dividend.

Outside of big tech, several companies saw their stock prices get crushed for the wrong reasons. For example, American Express reported excellent results and reaffirmed its full-year guidance. Its long-term investment thesis looks stronger than ever with the company expanding its network while displaying impeccable risk management. Yet the stock got clobbered, and its price-to-earnings ratio was compressed to bargain-bin levels.

Microsoft, Meta, Alphabet, and American Express are just some of the many examples of companies that were doing just fine even when trade war tensions were hot, yet their stock prices fell anyway.

Quality wins in the long run

Market sell-offs can be swift and brutal. When your screen flashes red with no end in sight, it’s easy to get caught up in fear.

However, companies with strong balance sheets don’t need to overhaul their capital spending plans just because new policies in Washington appear liable to throw a wrench in a few quarters of results. Investors can take a similar approach by not overhauling their investment portfolios based on factors that don’t pertain to the underlying investment theses of their holdings.

Resisting the urge to take action can be difficult, but I’ve found that one of the best ways to handle volatility is to invest in a way that limits pressure.

Pressure can come in different forms. But some of the simplest ways to mitigate pressure are to invest with a long-term mindset with money that you won’t need anytime soon. Also, stick to holding shares of companies that you understand and that have strong fundamentals. Lastly, accept that rough conditions can get worse before they get better.

The same approach applies when the market is going up. You can eliminate pressure on yourself by recognizing that you don’t have to time the very bottom to buy, nor wait to buy stocks until you can get them at incredible prices. Even if you’re feeling like you missed out on the bargain-bin prices from recent weeks, that’s OK. The real wins come from investing in top companies and holding them over the long term, not from trying to capitalize perfectly on short-term periods of market volatility.

With a massive rise in the price value of XRP, the native digital currency of Ripple has also seen significant growth in its market capitalization jumping high to $153 billion slightly more than Tether’s market capitalization. This helped XRP overtake Tether’s USDT and take the third position in terms of market cap, as per data from CoinMarketCap.

XRP Secures Third Spot With $153.02 Billion Market Cap

XRP started a potential bullish rally this month when it broke the key resistance of $2.25 and registered its two-month high of $2.62. This rally helped the digital currency outshine USDT by market cap. With over $153 billion market cap, XRP is the third biggest digital currency in the world.

Source: CoinMarketCap

As of the time of writing, the market capitalization of Tether’s USDT is hovering at around $150 billion which is less than that of Ripple. Bitcoin and Ethereum are still holding their top two spots respectively in terms of market cap.

XRP/KRW Trading Volume Cross $1.2 Billion Within 24 hours

This jump in the market cap of XRP has come as a result of massive increase in the trading volume of XRP/KRW pair across different South Korean digital currency exchanges. The total trading volume involving this trading pair crossed the figure of $1.2 billion over the course of the last 24 hours.

This massive spike in the trading volume of XRP/KRW pair involved two of the major South Korean cryptocurrency exchanges Bithumb and Upbit. The Upbit digital currency exchange saw 18.34% of the trading volume on its platform while on the other hand, the Bithumb crypto exchange saw 18.02% of the total trading volume of XRP/KRW.

XRP is continuously trading in the greenish zone at the moment. As of the time of writing, XRP’s price value is trading at around $2.61 with a positive change rate of 0.22% in the past 24 hours. With this bullish momentum, it is all set to go higher.

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Arizona’s legislature has passed a pioneering measure that could allow the state to invest billions of dollars in Bitcoin (BTC) and other cryptocurrencies. The legislation, known as S.B. 1025, permits state public funds to allocate up to 10% of their managed assets into digital assets, positioning Arizona as a leader in the integration of digital assets into public finance.

First State To Invest In Bitcoin

According to Bloomberg, the newly passed bill defines eligible investments as any “digital representation of value” not based on the US dollar or foreign currencies. This broad definition is designed to encompass a variety of digital assets, including Bitcoin and non-fungible tokens (NFTs). 

Additionally, the legislation establishes a Digital Assets Strategic Reserve Fund, intended to hold seized cryptocurrency assets and future appropriations. The fund will mandate on-chain auditability and standardized risk controls, ensuring transparency and security in managing these investments.

Arizona’s legislative action reflects a growing trend among US states, including Texas, Florida, and New Hampshire, which are exploring Bitcoin-backed reserve strategies. These states aim to attract blockchain innovation and diversify their public asset portfolios. 

If signed into law, Arizona would become the first state in the nation to formally hold Bitcoin in its treasury, setting a significant national precedent for the integration of cryptocurrencies into public finance frameworks.

Following the legislative vote, Bitcoin was trading near $95,000, having recently made a 25% recovery from its monthly lows earlier in April. This renewed interest among institutional investors, coupled with Arizona’s move to recognize Bitcoin as a sovereign reserve asset, is contributing to positive market momentum.

Governor Hobbs’ Decision Loom

Arizona’s total public assets under management (AuM) exceed $31.4 billion as of 2025. Under Senate Bill 1025, the state could allocate up to $3.14 billion to invest in digital assets, including Bitcoin and NFTs. 

This allocation would make Arizona the second-largest institutional holder of Bitcoin among US public entities, surpassing notable corporate holders like Tesla and Marathon Digital, the latter being the largest Bitcoin mining firm.

The legislation emphasizes that all investments in digital assets must comply with standard fiduciary risk management protocols. This requirement aims to protect public funds from the inherent volatility and custodial risks associated with cryptocurrency investments. 

By mandating high liquidity and high-security instruments, Arizona is prioritizing the safety of its public assets while venturing into the digital currency space.

Despite the bill’s passage, Arizona Governor Katie Hobbs has not yet indicated her position on the Bitcoin legislation. Following a recent bipartisan agreement on disability funding disputes, she eased a previous veto threat. 

However, her signature on the bill will be crucial; it would immediately authorize the allocation process for investing in digital assets. Conversely, a veto could halt the bill and pause all associated budgetary allocations.

Featured image from DALL-E, chart from TradingView.com 

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What you need to know

• Assistant Driving Mode in Google Maps is officially gone for good, the company has confirmed.
• Assistant Driving Mode is another feature casualty of the Gemini transition, which is currently underway.
• The feature lost most of its functionality in February 2024, and only a media control bar and voice assistant button remained up until recently.

Google is officially removing Assistant Driving Mode from Android as part of the Gemini transition. The feature has undergone numerous changes since its introduction in 2019, most recently losing the app dashboard that was a crucial part of the Driving Mode experience. Now, it’s no longer available as part of the Google Maps app for Android, the company told 9to5Google.

As of February 2024, the app launcher that featured large, easy-to-touch icons while driving was removed. The most recent version of Assistant Driving Mode only offered a media playback bar and the a control button. It was mostly used by Android users that didn’t have a car with Android Auto functionality, since Driving Mode offered similar utility at one point.

In fact, Assistant Driving Mode was initially seen as a replacement and alternative to Android Auto for Phone Screens, was killed in 2021.

The Assistant Driving Mode app launcher was one of many Google Assistant feature removals announced in January 2024. “Using app launcher in Google Assistant driving mode on Google Maps to read and send messages, make calls, and control media,” the company explained in a support document at the time. “You can still use voice control on Google Maps the same way.”

Over a year later, not even the Assistant Driving Mode’s playback controls or voice control button are available as part of Google Maps. This is an intentional removal that is part of the Gemini transition, per the company. At this point, it means Assistant Driving Mode in Maps is gone for good.

The move is part of a larger transition from Google Assistant to Gemini that was announced officially in March 2025. It’s currently underway, and will see most mobile devices ditch Assistant in favor of Gemini in the near future.

A crypto strategist who continues to grow a following with timely Bitcoin calls believes that BTC’s bull market is far from over despite the prevailing bearish sentiment.

Pseudonymous analyst Credible tells his 467,000 followers on the social media platform X that he’s keeping a close watch on the activities of long-term holders (LTHs) of BTC, which are entities holding coins for at least 155 days.

According to Credible, there are signs that LTHs are now gobbling up the crypto king after unloading their BTC stacks for months.

“It’s been three to four months since the last post I made on long-term holder supply, in which I showed that long-term holders had been net distributing on the rise from $68,000-$110,000 BTC.

This distribution almost always occurs during impulsive price action as long-term holders sell into pumps. This is normal/expected in bull markets. We can see that the selling continued aggressively into $110,000 but then began to slow (but continued) into March.

As of April, LTHs have officially begun accumulating BTC once more.

For the last seven months, long-term holders sold into the rip.

Now, they’re buying the dip.”

As long-term holders take advantage of the market correction, Credible believes that Bitcoin is now gearing up for a rally that could send BTC to new all-time high levels before ending its bull cycle.

“On something like BTC, however, the time to buy spot was much, much lower. Sure, we can go higher this cycle, but upside this cycle is relatively limited (and by that I mean 2-3x from current Ievels) if the top isn’t already in (I don’t believe it is personally).

Best risk/reward level for swing longs (a trade) on BTC is at high time frame demand at $69,000-$74,000 (which we may or may not get).” 

But in the short term, Credible predicts that Bitcoin will spark one more leg up before witnessing another downswing.

“Liquidity taken from the upside and approaching the first area of interest at $86,000+”

At time of writing, Bitcoin is trading for $87,377.

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