This Ripple regulatory clarity ends years of uncertainty. XRP spent 2020 to 2025 in SEC litigation. The case concluded in August 2025 when both parties dropped appeals and Ripple settled for $125 million—far below the SEC's original $2 billion demand. The CLARITY Act would codify XRP's non-security status in federal law, putting XRP, Solana, Litecoin, Hedera, Dogecoin, and Chainlink on the same regulatory footing as Bitcoin and Ethereum.For XRP, the key provision declares it not a security by statute. The m ...

Core Insights - Arthur Hayes, co-founder of crypto investment fund Maelstrom, has made significant purchases of Ethena's ENA token, totaling approximately $995,000 within a 48-hour period, as the project competes for control of the USDH stablecoin ticker [1][2] Group 1: Ethena's Positioning - Ethena is a contender in the USDH stablecoin race, with its proposal backed by BlackRock, aiming to use its USDtb stablecoin to collateralize USDH [2] - Ethena has processed $23 billion in cumulative mints and redemptions without security incidents or downtime, indicating a robust operational history [3] Group 2: Market Dynamics - The Hyperliquid validators are set to make a decisive vote on the USDH ticker, with Hayes' purchases seen as personal positioning rather than a direct endorsement of Ethena for the USDH votes [4] - Other contenders in the USDH race include Paxos, which has revised its proposal to pledge a larger share of reserve yield to Hyperliquid's Assistance Fund, and Native Markets, which is currently viewed as a top contender with 90% odds in its favor [5][6]