- Once the US Securities and Exchange Commission’s Inspector General confirms that there is a conflict within SEC, Ripple could win another battle.
- Analisa’s Torres could rule on the amount of penalty based on her rulings on the claimed conflict of interests and on the award. “make or break” The XRP rate in the short-term.
The price of XRP only saw a slight increase. 1% The price of Bitcoin has improved slightly in the last day to $0.43, a small improvement compared with the 0.97% On Tuesday, 7th July, a gain was recorded.
According to our statistics, asset prices also increased by 2.7% On Monday, the market closed at $0.4355. The broad market has stopped its downward trend and is now stabilizing above its lows of July 7.
Analysts believe The lack of updates in the SEC/Ripple case was a bigger factor for the small market movement. XRP stakeholders and investors are anxiously awaiting a ruling on the penalties Ripple will have to pay for violating securities laws.
Crypto News Flash earlier highlighted To put it in perspective, while the SEC seeks $2 billion as penalties, defence lawyers have only suggested $10 millions, putting the range of expected fines between $10 and $2 billion. Many expect the SEC to ban XRP from being sold to US Institutional Investors. Experts say that if Judge Analisa Turres finds sufficient evidence that Ripple has continued to violate US Securities laws following the December 2020 complaint, she could take this action.
XRP price could benefit from ongoing investigation against SEC
Investors are closely following an ongoing investigation of a possible conflict of interest at the SEC. We previously discussed reportedEmpower Oversight has announced that Office of Inspector General’s (IG) investigation of a possible breach of law relating to a statement made by William Hinman, former SEC Corporation finance director is nearing completion.
Hinman stated that in 2018, both Hinman and the EPA are committed to a sustainable future. Bitcoin (BTC) The following are some examples of how to get started: Ethereum (ETH) They were not securities. Empower Oversight reported that while he was working at SEC, he received millions of dollar from his former employers Simpson Thacher. He ignored several warnings by the SEC Ethics Division at the time to meet Simpson Thacher, while a member of the Commission.
To put things in context, Simpson Thacher played a key role within a group which promoted Enterprise Ethereum. Empower Oversight reports that Hinman was hired by Thacher immediately after leaving the Commission.
Empower Oversight Case vs SEC: More Details
Empower Oversight sent an FOIA request in March 2024 for documents targeting William Hinman as well as former SEC Chairman Jay Clayton, regarding ethical issues. Empower Oversight reports that Jay Clayton publicly supported Hinman and his speech, and declared Bitcoin not to be a financial instrument. Clayton, who left the SEC in 2013, joined One River Asset Management a crypto hedge fund that focused on Bitcoin and Ethereum. Experts believe that a successful expose of a potential conflict of interest in the Commission may force it to reconsider its decision to support XRP.
A decentralized exchange, Uniswap Labs, has cautioned the regulator about a proposed rule that would change the definition for an exchange.
Today, @Uniswap Labs urged the SEC not to proceed with its proposed rulemaking that would dramatically and improperly expand the definition of an ‘exchange’ to include DeFi and more. 1/x— Katherine Minarik (@MinarikLaw) July 9, 2024
XRP was hovering just below the 50 and 200 day EMAs at the time of publication. Analysts say that a breakout over the $0.45 level could be a sign of a move up to trendlines, the 50-day EMA and give bulls more control in moving towards the 200 day EMA. If the price falls below $0.42, it could reach $0.40.
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Source: www.crypto-news-flash.com