The victory of cryptocurrency major Ripple over a US lawsuit may have proven its "grit" in the face of legal turmoil but it apparently isn't enough to calm nerves in a highly volatile market.
The US Securities and Exchange Commission eventually decided to back down on its half-decade legal fight against the San Francisco-based company, Ripple chief executive Brad Garlinghouse revealed on Wednesday.
The case was "doomed from the start" and the victory "resounding" not only for Ripple, but also "for crypto, every way you look at it", chief executive Mr Garlinghouse declared in an X post.
Ripple said it was "the first crypto company with the grit and resources to stand up to the SEC’s overreach". However, the win may not have much of a ripple effect on the broader sentiment within the industry.
Why was the SEC chasing Ripple?
The Ripple-SEC tussle began in 2020 when the regulator alleged that the company raised $1.3 billion in 2013 by selling the token in an unregistered security offering. Ripple countered that XRP should not be treated as a security.
The case came to an end in July 2023 when a judge ruled that XRP – and, broadly, cryptocurrency – is not a security if it is sold to the public on an exchange, but would be if sold to institutional investors. That dealt a major blow to the SEC's efforts to rein in the industry.
Shortly after that, the company said its win highlighted the need for industry players and governments to collaborate and work together to help advance the technology deemed the future of finance – instead of going to court and try to take down crypto players – Ripple president Monica Long told The National.
Is it really over?
Not quite: Ripple and the SEC are still locked in court over part of their litigation involving a $125 million fine imposed by the judge who handed the company the 2023 victory.
The fine is in escrow; Ripple is to decide if it will appeal or pay up, the company's chief legal officer Stuart Alderoty told Bloomberg.
How did XRP react?
As expected, XRP – the fourth-biggest cryptocurrency by market capitalisation, according to CoinMarketCap data – jumped by about 10 per cent to more than $2.51 following the news.
However, it quickly cooled down: as of Friday afternoon, XRP has lost about 5.6 per cent from that peak. That might have been a knee-jerk reaction, since the crypto industry has more things to worry about.
What's muting Ripple's victory?
Two major things: the uncertainty stemming from the trade wars, led by the administration of US President Donald Trump, and the general volatility in stock markets.
Bitcoin and the overall industry soared to new heights after Mr Trump recaptured the White House, promising to "fight like hell" to protect cryptos. However, the magic has since faded, amid America's tariff wars with its key trading partners.
Last month's record $1.5 billion hack of Dubai-based Bybit didn't help sentiment either, as it continued to show the vulnerability of the largely unregulated digital assets industry.
Meanwhile, stock markets are also feeling the pressure of macroeconomic and geopolitical pressures, despite positive data coming from the US and China, the world's two biggest economies.
That's because investors are now reconsidering their positions on high-risk assets like cryptos and trending towards safer ones such as gold, which hit another all-time high on Thursday breaching the $3,000 mark for the first time last week.
On Wall Street, major indices are down in 2025: the S&P 500 has lost 3.7 per cent, the Dow Jones Industrial Average has retreated 1.4 per cent and the tech-heavy Nasdaq Composite has shed 8.4 per cent. At this point last year, the Dow was up nearly 5 per cent, while both the S&P 500 and Nasdaq were soaring at least 9 per cent.
The effects of all these have been mirrored in the crypto market: from a record high of more than $109,000 in January, Bitcoin has retreated by nearly a quarter. It was trading at a little more than $83,500 in Friday afternoon trading.
Reputation
Taylor Swift
(Big Machine Records)
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
THE%20HOLDOVERS
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UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
UAE currency: the story behind the money in your pockets
The five pillars of Islam
Killing of Qassem Suleimani
BRAZIL%20SQUAD
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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EEjari%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EYazeed%20Al%20Shamsi%2C%20Fahad%20Albedah%2C%20Mohammed%20Alkhelewy%20and%20Khalid%20Almunif%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EPropTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ESanabil%20500%20Mena%2C%20Hambro%20Perks'%20Oryx%20Fund%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E8%3C%2Fp%3E%0A
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Squad
Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas)
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
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'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
UAE currency: the story behind the money in your pockets
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Inside%20Out%202
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EKelsey%20Mann%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%C2%A0Amy%20Poehler%2C%20Maya%20Hawke%2C%20Ayo%20Edebiri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4.5%2F5%3C%2Fp%3E%0A
