🚨 Crypto Scoop: Must-Watch Web3 Developments

Author

CoinGape Media
June 17, 2025

📰 News

Gemini has filed a complaint against the CFTC's Enforcement Division, arguing that it used false testimony in the 2022 lawsuit.

Gemini Accuses CFTC Enforcement Division Of Wrongdoing

In a letter addressed to the Inspector General of the CFTC, the crypto exchange raised a number of concerns and complaints about the conduct of the Division of Enforcement (DOE) lawyers who represented the CFTC in its lawsuit against them.

Gemini accused the DOE staff of “selectively and unfairly” weaponizing the Commodity Exchange Act (CEA) to bring dubious false statements and charges against the exchange.

Furthermore, the Winklevoss-founded firm alleged that the Division compounded this wrongdoing by taking a series of legal positions that are contrary to basic principles of due process and good governance.

Gemini claimed that the agency relied on the testimony from a discredited former employee to build its case. The exchange declared that these actions led to a substantial prejudice against them.

Coinbase seeks US SEC approval to offer tokenized stock trading, aiming to innovate finance with blockchain-based equities.

Coinbase Push for Tokenized Equities

Coinbase aims to introduce a new form of stock trading that would leverage blockchain technology. The company wants to tokenize equities, converting company shares into digital tokens. Instead of holding traditional stock certificates, investors would hold tokens that represent ownership of the securities.

This would make stock trading similar to cryptocurrency transactions, allowing for easier transfer of ownership.

The company’s efforts to bring this to fruition come with a broader ambition to make Coinbase a leader in the next wave of digital finance. Paul Grewal, the chief legal officer, stressed that gaining approval for tokenized equities is a priority for Coinbase, as it would enable the company to expand into a new business segment.

📊 Markets

Crypto market reacts as Trump denies involvement in Iran-Israel peace talks, dismissing reports as "HIGHLY FABRICATED" and "FAKE NEWS".

Crypto Market Liquidations Soar $355 Million

As Trump flips the game on Iran-Israel peace talks, the crypto market selling pressure has triggered around $355 million in liquidations in the last 24 hours. Coinglass data shows that $239 million in long positions have been affected while $115 million in short positions have also been liquidated.

CoinMarketCap data also shows that the market is down almost 2%, with the crypto market cap dropping to $3.28 trillion. The Bitcoin price is down almost 2%, trading just above the $105,000 level.

Altcoins have been facing an even steeper fall, with Ethereum (ETH) down 2.5%, slipping closer to the $2,500 support levels. Similarly, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) are all down by more than 3% today, while Hyperliquid has tanked 8% from the HYPE all-time high yesterday.

Crypto market investors would be closely watching for the US market to open on Tuesday, as the S&P 500 flirts around all-time highs. Additionally, the FOMC meeting and Fed decision on rate cuts will also weigh on future market action.

XRP price risks crashing to $1.80 as the 4-hour and 1-day charts show a bearish momentum is at play despite the recent gains.

XRP Price Remains Under Bearish Pressure Below Key Resistance

Even after the recent 7x spike in XRPL daily active addresses, a majority of retail traders remain on the sidelines, and this has forced the XRP price to trade below a key resistance level for the last three weeks since May 29, as seen on CoinMarketCap’s data. This level lies between the range of $2.27 and $2.30, where XRP has faced five consecutive rejections.

The most recent rejection happened on June 16 after short-term buyers looking to make quick profits reacted to the news of the launch of an XRP ETF in Canada. However, this uptrend also failed, suggesting that bears are placing their sell orders at these prices. Until XRP clears this sell wall, it will remain under bearish pressure and risk falling by roughly 9% below the psychological support of $2.

The green volume profile bars also show that the $2.27 to $2.30 zone is not attractive to buyers. Hence, each time traders sell here, there is a lack of strong demand to absorb the sold coins, forcing the XRP price to decline.

The continuous rejections tend to push the price back to support around $2.10. If these conditions persist, it may prevent buyers from entering the market, giving bears full control of the price performance and causing a decline to $1.82.