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Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have officially agreed on a deal to end their long-standing legal battle, pending approval from a judge.

According to a settlement agreement filed in New York, both parties have agreed to a $50 million penalty as part of the resolution. This amount is a reduction from the $125 million fine imposed by Judge Analisa Torres last year. Originally, the SEC had sought a massive $2 billion fine.

In a ruling back in 2023, Judge Torres determined that Ripple had violated securities laws by selling its XRP token to institutional investors. However, she found that putting XRP on exchanges for retail customers to buy did not violate securities laws. The lawsuit was initially brought in 2020 under the leadership of then-SEC Chair Jay Clayton, who now holds the position of Acting U.S. Attorney for the Southern District of New York.

Following the ruling, the SEC, led by former Chair Gary Gensler, appealed the decision, leading to Ripple cross-appealing as well. However, both parties have now agreed to drop their cases as part of the settlement agreement. This announcement confirms Ripple’s previous disclosure in March that a settlement with the SEC was being considered.

The resolution comes at a time when the SEC is scaling back its involvement in various crypto investigations and litigations that were initiated during Gensler’s time in office. With the appointment of crypto-friendly Paul Atkins as the new chairman after Donald Trump assumed the presidency in January, the SEC has shifted its stance on crypto regulation.

The news of the settlement caused XRP to increase by 9%, continuing its upward trend over the previous 24 hours.

There was no response from Ripple to requests for comment.

Sam Altman’s innovative blockchain project, World, is set to launch in the United States, with plans to deploy 7,500 eye-scanning “orbs” in cities across the nation by the end of the year.

World’s orbs, which are chrome, bowling ball-shaped devices designed to scan a person’s eyeballs for identity verification, will first be introduced to Americans in six key innovation hubs: Atlanta, Austin, Los Angeles, Miami, Nashville, and San Francisco. Individuals who choose to use the orbs will gain access to the World app and receive a distribution of World’s WLD token. The project aims to have enough orbs spread throughout the U.S. by the end of the year to provide 180 million Americans, more than half the population, access to World’s network.

During a press conference in San Francisco, Sam Altman and other executives at Tools for Humanity, World’s parent company, revealed the U.S. expansion plans along with various new features and partnerships for the project.

The World app will now include access to crypto-backed loans through non-custodial lending protocol Morpho and prediction markets through Kalshi. Later this year, WLD token holders will be able to use their tokens like cash with a new World-linked Visa debit card. The project is also integrating its identity verification technology into certain online dating apps, starting with Tinder users in Japan, for Match Group to pilot using World ID to verify user ages.

Altman mentioned that the concept for World existed prior to OpenAI, his generative artificial intelligence (AI) company.

World is joining the ranks of other crypto projects expanding in the U.S. following a more favorable regulatory environment for crypto projects under the current administration.

As part of its U.S. expansion, the company plans to build a factory in Richardson, Texas, to produce the orbs required for the rollout. Following the initial deployment, other major cities such as Seattle, Orlando, San Diego, and Las Vegas will receive the next wave of orbs.

Alex Blania, co-founder of Tools for Humanity, expressed that the orbs will be widely accessible, with plans to have them available in gas stations, convenience stores, and other locations, allowing verification within 10 minutes wherever individuals are located.

Kyrgyzstan President Sadyr Japarov has taken a significant step towards the issuance of a central bank digital currency (CBDC), signing legislation that grants legal status to the proposed “digital som.”

The central Asian nation is currently deliberating on whether to proceed with the launch of a CBDC. However, the recent amendments to the Constitutional Law of the Kyrgyz Republic ensure that the digital som will be recognized as legal tender if the central bank decides to move forward with the CBDC initiative.

According to a statement on the president’s website, the purpose of the Constitutional Law is to initiate a pilot project for a prototype of the national digital currency, the “digital som,” and establish a legal framework and status for it. The National Bank of the Kyrgyz Republic will now have the authority to develop and approve regulations for transactions conducted on the digital som platform.

Originally adopted on March 20 by Kyrgyzstan’s supreme council, these provisions are set to pave the way for the testing of the digital som later this year, as reported by local news outlet Trend News Agency. A final decision on the issuance of the CBDC is not expected until next year.

While the concept of CBDCs has sparked debates within the crypto community, several countries such as the U.K., Nigeria, Jamaica, and the Bahamas, along with the European Union, have been making strides towards introducing their own CBDCs. In contrast, countries like the U.S. have shown less enthusiasm for the idea of issuing a CBDC.