Solana Celebrates 5th Birthday With 50% Discount From January Highs

16 March 2025 marked the fifth year of Solana's existence, with Solana co-founder Anatoly Yakovenko tweeting, "Happy solana 0 block day to all those who celebrate!"

After a brief respite, the U.S. Securities and Exchange Commission (SEC) has dropped its case against Ripple.

The regulator had planned to appeal a lower court's ruling that two of Ripple's token sales were not securities transactions. However, the SEC ultimately decided not to pursue the appeal, which was due on March 14.

The court case began in December 2020 when the SEC sued Ripple and its executives, Chairman and Chief Executive Officer (CEO) , over a $1.3 billion offering of XRP to institutional investors. The agency argued that the sales should have been registered with the SEC.

The case was a significant setback for the SEC, which has been trying to assert its authority over the cryptocurrency industry. The lower court's ruling could have far-reaching implications for other crypto cases that the SEC is handling.

The case also highlighted the difficulties that regulators face in keeping pace with the rapidly evolving cryptocurrency sector.

In other news, the Trump administration is rolling back a previously proposed crypto custody rule.

The U.S. Securities and Exchange Commission (SEC) is reconsidering a contentious proposal aimed at tightening cryptocurrency custody requirements, the latest indication of a shifting regulatory landscape for digital assets.

Earlier this year, the SEC proposed a rule that would require hedge funds, private equity firms, and other large institutions to hold their crypto in "qualified custodians," such as federally insured banks or trust companies. The proposal, which was open for a 90-day comment period, drew criticism from industry groups, who argued that it would create undue burdens on investors and limit access to crypto products.

But the Trump administration is now pivoting on the proposal. The SEC plans to propose a modified rule in the coming weeks, according to The Block, which cites two people familiar with the matter.

The report adds that the administration is aiming to align the crypto custody requirements with existing regulations for other types of securities. This shift in strategy could significantly reduce the scope of the proposal and the impact it would have on the crypto industry.

The SEC's initial proposal for crypto custody rules was part of a broader effort by the agency to regulate the rapidly growing digital asset market. The agency has faced pressure from lawmakers and industry groups to provide clear and consistent rules for crypto products and services.

However, the agency's efforts have been hampered by internal divisions and the complexity of the crypto ecosystem.

The Trump administration's decision to roll back the crypto custody rule is a major victory for industry groups, who had argued that the proposal would be disruptive and unnecessary.

The move could also help to boost confidence in the crypto market, which has been battered by a series of setbacks in recent months.

The SEC’s pivot on the crypto custody proposal is the latest sign of a broader shift in thinking at the agency.

The agency has also dropped its case against Ripple, and it is planning to propose a new framework for regulating stablecoins.

These changes suggest that the SEC is becoming more open to working with the crypto industry to provide the clear and consistent rules that are needed for the market to thrive.

It remains to be seen how the Trump administration will ultimately decide to regulate crypto. However, the recent moves suggest that the agency is becoming more engaged with the industry and is open to considering new approaches to crypto regulation.

This story originally appeared on GLITCH.