Markets
XRP News Today: Market Vibrates as Ripple Awaits Court Rulings, Biden’s Veto Sparks Debate
Senator Cynthia Lummis released a statement and called for it To say on Biden’s veto,
“I will not stand by as this administrator attempts to circumvent the law, and I will continue to fight to advance financial innovation and key protections for crypto assets that this administrator appears intent on stifling.”
SEC vs. Crypto: Awaiting Court Rulings and Appeal
There were not SEC case against Ripple-related updates to impact buyer demand for XRP. However, pending court rulings may leave XRP in a cautious state of mind.
Investors await a court decision on Ripple Motion to seal. While publicly available agreements and financial statements may come under scrutiny, the penalty for violating US securities laws will have a greater impact on XRP.
Ripple may have deep pockets to pay the financial penalty. However, a court decision banning the sale of XRP to institutional investors could affect buyers’ appetite for XRP.
Investors should also consider the SEC’s plans to appeal programmatic sales of XRP dominant. If US appeals courts overturn the ruling on XRP’s programmatic sales, XRP would fall under the purview of the SEC. Furthermore, investors may avoid XRP in favor of altcoins. The outcome of SEC vs. Coinbase (CURRENCY) the case will likely have larger implications for the US digital asset space.
The cryptocurrency market awaits a court decision on Coinbase Cross-appeal motion. In April, Coinbase filed the motion for interlocutory appeal in response to Judge Failla to denyg, in large part, Coinbase’s motion to dismiss (MTD). In the motion to dismiss, Coinbase argued that the SEC lacked statutory authority to regulate U.S. cryptocurrency exchanges.
Coinbase expects the SEC will appeal a ruling in favor of Coinbase MTD.
However, a Republican Party victory could put an end to the SEC’s plans to appeal the ruling on XRP’s programmatic sales and the war on cryptocurrencies in US courts. A Republican Party victory could also open the door to an XRP spot ETF market.