Crypto wallet provider Exodus Movement's planned listing on the NYSE American exchange has been postponed as the US Securities and Exchange Commission (SEC) is still reviewing its registration statement.

The US SEC has maintained Ripple should pay close to $2 billion in fines for selling XRP to institutional investors, in response to the fintech firm’s counter-proposal that argued for a fine of around $10 million.

US President Joe Biden’s office has issued a statement declaring its intention to veto a congressional resolution to undermine the SEC’s cryptocurrency policy, saying it “strongly opposes” the resolution.

Top stories in the Crypto Roundup today:

• Crypto Wallet Provider Exodus’ NYSE Listing Put on Hold
• SEC Stands Firm on $2 Billion Fine for Ripple
• Biden Administration to Veto Resolution Affecting SEC’s Crypto Policy
• Trading Volumes on Centralised Exchanges Drop After Seven Months

Crypto Wallet Provider Exodus’ NYSE Listing Put on Hold

Crypto wallet provider Exodus Movement's planned listing on the NYSE American exchange has been postponed as the US Securities and Exchange Commission (SEC) is still reviewing its registration statement.

The company announced the delay late Wednesday, just one day before the scheduled listing. The firm’s Class A Common Stock has been trading over-the-counter (OTC) under the ticker OTCQX, and will continue on the platform for the foreseeable future.

Exodus noted it “may reconsider listing on a national securities exchange” once the SEC has completed its review of the firm’s registration statement. Its CEO JP Richardson said on social media the uplisting would see the firm create “long-term value” for its investors “by expanding our global shareholder base and boosting stock liquidity.”

Richardson added that Exodus remains “hopeful that the SEC will follow through on its commitment to treat us as the law intends,” noting the firm has been “fully transparent and responsive throughout this process.”

SEC Stands Firm on $2 Billion Fine for Ripple

The US SEC has maintained Ripple should pay close to $2 billion in fines for selling XRP to institutional investors, in response to the fintech firm’s counter-proposal that argued for a fine of around $10 million.

The SEC, in a filing on Tuesday, called Ripple's suggestion a "slap on the wrist" that would undermine investor protections, saying it would “encourage other crypto asset issuers to violate Section 5 by making it a remarkably lucrative endeavor.”

The legal battle between the SEC and Ripple stretches back several years and started after the regulator accused Ripple of raising over $1.3 billion through sales of XRP, which it says is an unregistered security.

While a judge last year ruled that some XRP sales did not violate securities laws, Ripple's direct sales to institutional investors were deemed securities offerings. The SEC claims these sales generated billions for Ripple, while the fintech firm says it has changed the way it sells XRP after the ruling.

Biden Administration to Veto Resolution Affecting SEC’s Crypto Policy

US President Joe Biden’s office has issued a statement declaring its intention to veto a congressional resolution to undermine the SEC’s cryptocurrency policy, saying it “strongly opposes” the resolution.

In a statement the White House argued the resolution would disrupt the regulator’s efforts “to protect investors in crypto-asset markets and to safeguard the broader financial system.”

Introduced in February, House Joint Resolution 109 seeks to overturn the SEC's Staff Accounting Bulletin (SAB) No. 121, which requires banks to include customers' digital assets on their balance sheets and maintain sufficient capital reserves against them.

The White House argued that SAB 121 was a necessary measure, responding to the "technological, legal, and regulatory risks" that have led to significant financial losses for consumers.

Invoking the Congressional Review Act to challenge this directive, according to the Biden administration, could severely restrict the SEC’s ability to ”ensure appropriate guardrails and address future issues related to crypto-assets including financial stability,” which could potentially lead to “substantial financial instability and market uncertainty."

Trading Volumes on Centralised Exchanges Drop After Seven Months

Centralized cryptocurrency exchanges saw their monthly spot trading volumes fall by 32.6% to $2.01 trillion in their first decline in seven months, with monthly derivatives trading also seeing its first drop over the same period, falling by 47.6% to $4.57 trillion.

The dominance of the derivatives market, which has been on a steady decline for the past seven months, dropped further to 69.5% in April following an all-time high recorded in March.

Dig deeper into the world of cryptocurrency trading with CCData’s latest Exchange Review report.

Minutes Network Token Seeks to Capitalize on Global Calling Market

Meet Minutes Network Token (MNT) is a new cryptocurrency initiative aiming to disrupt the traditional telecommunications industry, with echoes of the early days of Bitcoin (BTC).

Leveraging the massive $251 billion annual international calling market, Minutes Network leverages blockchain technology to create a "sharing economy" for telecommunications with the MNT tokens incentivizing participation in the network by rewarding node operators with a share of profits.

The network itself is built on a foundation of 500 Switch Nodes and 2,500 Validation Nodes, capable of handling a staggering 72 million minutes of daily call traffic. These nodes generate revenue by offering competitive termination rates to major carriers, facilitated by partnerships with third-party mobile applications.

Minutes Network boasts an ambitious user acquisition plan, targeting 1.2 billion users within the next two years, with an eye on a potential user base exceeding 2 billion. This projected user growth is expected to translate into significant revenue streams.

The company emphasizes a commitment to community rewards. All net profits are converted into MNT and distributed, with node operators receiving a substantial portion (60%) of monthly generated rewards.

With a limited number of nodes still available for public purchase, Minutes Network aims to capitalize on a perceived market opportunity. However, potential investors are advised to conduct thorough due diligence before making any investment decisions.

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