This Week in Crypto: Pi Network KYC Deadline Ends, SEC Drops Lawsuit Against Ripple

This week in crypto, the market recorded several significant developments, ranging from a crucial deadline within the Pi Network ecosystem to landmark breaks in Ripple's longstanding legal battle.

This week in crypto, there was no shortage of crucial developments to follow. From a huge deadline within the Pi Network ecosystem to landmark breaks in Ripple’s longstanding legal battle, the sector continues to be shaped by several key events.

Here is a roundup of some of the biggest developments that happened this week.

Pi Network KYC Deadline Ends, Users Face Token Loss

One of the biggest talking points this week was the end of the KYC (Know Your Customer) verification deadline for Pi Network users. The project, known for its millions of users mining its PI token through a mobile app, required members to complete KYC to migrate their tokens to the mainnet.

However, many users failed to meet the deadline, resulting in large sums of PI tokens being lost or frozen. This has sparked frustration among the Pi Network community. Some claimed the verification process was too complex or inaccessible in certain regions.

This week, another key highlight for the Pi Network ecosystem was users alleging Bot activity on CoinMarketCap. As BeInCrypto reported, Pi Network’s community sentiment poll on CoinMarketCap dropped 90% daily, leading to allegations of bot sabotage.

“It looks like somebody is using bots to vote against PI. I am 99% sure this will be an organic poll. Over 1.94 Million votes is even bigger than the BTC vote. 77% of the PI community is bullish on CoinGecko. Why is it so different on CoinMarketCap?” a Pioneer asked on social media.

Despite claims, there was no concrete proof to support bot involvement. However, the PI community’s history of vote brigading added credence to the suspicion.

Unmoved, Pi Network proceeded to roll out .pi domains, providing unique digital identities within its blockchain ecosystem. Bidding with Pi cryptocurrency started on March 14 and will remain open until June 28 for users looking to secure personalized .pi domains.

SEC Drops Lawsuit Against Ripple After 3.5 Years

In another major highlight this week in crypto, the US SEC (Securities and Exchange Commission) dropped its lawsuit against Ripple. The long-running legal battle, which began in 2020, pursued Ripple on allegations of selling XRP as an unregistered security.

While Ripple had already secured partial legal victories in the past, the SEC’s decision to fully drop the lawsuit marks a significant win for XRP and the broader crypto industry.

The XRP price surged almost 15% in the immediate aftermath of the news, which presented a turning point for crypto regulation in the US. As of press time, XRP was trading at $2.41, down almost 4% in the last 24 hours.

Amidst this win, crypto market participants are optimistic about a potential XRP ETF (exchange-traded fund) in the US.

Darknet Vendors Turn to DeFi for Money Laundering

Elsewhere this week, a concerning trend emerged in crypto. Reports indicated that darknet market vendors increasingly turn to decentralized finance (DeFi) platforms for laundering illicit funds.

Traditionally, criminals relied on privacy coins like Monero (XMR) and centralized exchanges (CEXs) to cash out their profits. However, with authorities cracking down on these methods, criminals are exploiting DeFi protocols for automated money laundering.

Reports indicate that darknet operators use decentralized exchanges (DEXs), bridges, and liquidity pools. These help them obfuscate transactions and move funds across different blockchains.

This presents new challenges for regulators, as DeFi platforms operate without intermediaries. It makes enforcement efforts more difficult.

The shift highlights the ongoing cat-and-mouse game between criminals and regulators in the crypto space. Experts believe enhanced blockchain analytics and improved smart contract monitoring will be crucial to addressing these concerns.

Trump’s Digital Asset Summit Speech: Stablecoin Adoption Key

More recently, this week in crypto, President Donald Trump attended the Digital Asset Summit, though remotely. In the broadcast appearance, Trump revealed big plans for stablecoin adoption in the US. His remarks signaled a pro-crypto stance, suggesting that stablecoins could play a key role in the future of the country’s financial system.

“With the dollar-backed stablecoins, you [the community] will help expand the dominance of the US dollar for many, many years to come. It’ll be at the top, and that’s where we want to keep it,” he said in the pre-recorded appearance.

He emphasized that the US must adopt digital assets rather than fall behind competitors like China and the European Union.

This speech aligns with growing stablecoin regulatory clarity in the US, where banks can now custody these digital assets. However, new challenges emerge as transparency impedes the mass adoption of stablecoin payments.

Binance Community Votes on Meme Coin Listings

On a lighter note this week in crypto, the Binance exchange hosted a community vote to decide whether to list two new meme coins: Mubarak and Broccoli. This move comes as meme coins continue to dominate retail investor interest.

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