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XRP News Today: SEC vs. Case Update Ripple, implications for XRP-Spot ETFs
However, investors were likely aware of impending court rulings that could negatively affect the US cryptocurrency market.
In the ongoing SEC v. Ripple case, the fine for violating US securities laws is unlikely to impact the US cryptocurrency market. However, the SEC plans to appeal programmatic sales of XRP dominant could create tensions on the market. If US appeals courts overturn the ruling on XRP programmatic sales, the SEC would have a stronger basis to regulate through enforcement.
Ripple expects a court ruling in the coming months, meaning the SEC could file an appeal before the US presidential election.
Beyond the Ripple case, the SEC vs. Coinbase (CURRENCY) the case could have more significant consequences for the broader cryptocurrency market. Investors await court ruling on Coinbase Cross-appeal motion.
If Judge Katherine Failla grants the motion for interlocutory appeal, the courts will reconsider Coinbase’s motion to dismiss (MTD). Coinbase filed the MTD in October 2023, arguing that the SEC lacked statutory authority to regulate cryptocurrency exchanges.
A Coinbase victory against the SEC could put an end to the SEC’s plans to appeal the ruling on XRP programmatic sales.