Here’s what happened in crypto today
Today, in crypto, the US Securities and Exchange Commission is reportedly preparing to drop its case against Ripple, while a reintroduced bill in Congress seeks to authorize the US government to purchase 1 million Bitcoin. Meanwhile, the European Union’s retaliatory tariffs have deepened macroeconomic uncertainty, prompting analysts to forecast increased volatility for BTC prices.
SEC’s enforcement case against Ripple may be wrapping up
The US Securities and Exchange Commission may be preparing to end its enforcement action against Ripple Labs after more than four years.
According to a March 12 X post from Fox Business reporter Eleanor Terrett, the SEC’s case against Ripple was “in the process of wrapping up” after the parties filed an appeal and cross-appeal, respectively, over a $125-million court judgment in August 2024. The civil case against the blockchain firm filed in December 2020 alleged Ripple and certain executives used XRP (XRP) as an unregistered security to raise funds.
Ripple chief legal officer Stuart Alderoty told Cointelegraph on March 11 that the SEC civil case was “far more advanced” than many of the others the regulator had dropped following the inauguration of US President Donald Trump and the departure of Chair Gary Gensler. Since January, the SEC has announced it will not pursue enforcement cases against Coinbase, Consensys, Kraken and others.
“We do have a judgment, we are on appeal — that presents some additional complexity,” said Alderoty in regard to the case potentially being dropped. “But we remain optimistic that we’ll get to a resolution with the SEC, and if we don’t, we’ll proceed with the appeal.”
According to the Ripple CLO, there were several possible outcomes to ending the SEC case if both parties were in agreement that it should wind down.
EU retaliatory tariffs threaten Bitcoin correction to $75,000
The EU’s latest retaliatory tariffs have deepened macroeconomic uncertainty, prompting crypto analysts to forecast increased volatility for Bitcoin (BTC) prices, which may drop below the critical $75,000 support level.
The EU will impose counter-tariffs on 26 billion euros ($28 billion) worth of US goods starting in April, the European Commission announced on March 12, responding to US President Donald Trump’s recent move to impose 25% tariffs on steel and aluminum imports.
This move is the latest retaliatory tariff announcement in response to US import tariffs, which may trigger renewed trade war concerns and market volatility in the near term.
Announcement of retaliatory tariffs on the US. Source: European Commission
“Counter tariffs aren’t a positive signal as they suggest a potential bounce back from the other side again,” according to Marcin Kazmierczak, co-founder and chief operating officer of blockchain oracle solution firm, RedStone.
This may see Bitcoin revisit $75,000, he told Cointelegraph, adding that “given stablecoins and RWAs [real world assets] remain at all-time-highs, it has the potential to rebound.”
“I don’t believe that news will have a strong impact for now, but we’ll observe the response on the US end,” he added.
Related: Bitcoin reserve backlash signals unrealistic industry expectations
Other analysts still eye a temporary Bitcoin retracement below $72,000 as part of a “macro correction” during the current bull market cycle before Bitcoin’s next leg up.
Still, import tariffs are not the only factor influencing Bitcoin’s price, Ryan Lee, chief analyst at Bitget Research, told Cointelegraph, adding:
“The prices are correlated with wider economic conditions but are also influenced by factors beyond trade policies. Worldwide institutional adoption, regulatory updates and high utility make it more resilient than traditional financial instruments.”
Lummis’ revamped BITCOIN Act wants US reserve to buy 1 million BTC
US Senator Cynthia Lummis’ reintroduced her BITCOIN Act on March 11 to allow the government to potentially hold more than 1 million Bitcoin in its newly established reserve.
The bill, the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2025, was first introduced in a different form in July and would’ve seen the US buy 1 million BTC, split across buys of 200,000 BTC a year for five years.
The revamped bill opens the door for the US to acquire and hold in excess of 1 million BTC as long as it is acquired through lawful means other than direct purchase, such as civil or criminal forfeitures, gifts made to the US or transfers from federal agencies.
Proud to re-introduce the BITCOIN Act. Let’s secure America’s financial future.pic.twitter.com/jJFmMopP7h
— Senator Cynthia Lummis (@SenLummis) March 11, 2025
The refreshed bill also now sets a formal evaluation process for Bitcoin forked assets and airdropped assets in the reserve and directs the Secretary after the mandatory holding period to evaluate and retain the most valuable asset based on market capitalization while retaining the “dominant asset.”
US President Donald Trump signed an executive order to create a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile,” both of which will initially use crypto forfeited to the government.
