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XRP News Today: XRP’s 8% Breakout Challenges Crypto Market Downturn
The ruling may hinge on whether Ripple has continued to violate U.S. security requirements since the December 2020 lawsuit.
A verdict is likely to come before the U.S. presidential election. Court rulings on cryptocurrencies could influence the verdict.
Binance Court Ruling Fuels Crypto Market Optimism
The recent Binance dominant set a precedent for whether XRP is a security or a commodity.
Judge Amy Berman Jackson rejected the SEC’s claim against Binance, arguing that secondary sales of Binance’s coin (BNB) qualify as securities under the Howey test. Significantly, Judge Jackson cited Judge Analisa Torres’ programmatic sales of XRP dominantassuming,
“The Court is inclined to agree with the court’s approach in Ripple Labs, as the SEC’s “it-is-what-it-is” approach appears to be inconsistent with the Supreme Court’s clear guidance. […].”
Additionally, the digital asset space in the United States has become a topic of political discussion.
Trump Makes Crypto Political in Race to Presidential Election
In May, Donald Trump took aim at the cryptocurrency vote, stating,
“If you like cryptocurrency in any form… and it comes in many forms… if you’re in favor of cryptocurrency, you’d be better off voting for Trump.”
This week, Trump announced JD Vance as his running mate for the 2024 presidential election. Vance is a critic of SEC Chairman Gensler’s assault on cryptocurrencies. The era of SEC regulation through enforcement may be coming to an end.
On Wednesday, Ripple CEO Brad Garlinghouse discussed the US political scene and cryptocurrencies. She said,
“This should never have become a partisan issue. […] It was encouraging to see the Republican Party adopt this approach as part of their platform.”
Asked whether there were ongoing discussions with the SEC regarding the Ripple case, Garlinghouse said he could not discuss that.
Favorable SEC cryptocurrency case outcomes and a Trump victory could fuel innovation and growth in the U.S. digital asset sector.
Investors should remain vigilant with the upcoming verdict in the SEC case against Ripple. Stay up to date with our latest news and analysis to manage exposure to XRP and the broader cryptocurrency market.