- SEC v Binance could be a precedent for XRP regulations and broader crypto regulation. Judge Amy Berman Jackson dismissed SEC claims regarding Binance’s BNB Token.
- John E. Deaton is involved with 75,000 XRP users, which highlights how court decisions can influence future SEC rules.
The native cryptocurrency, XRP, has gained some momentum amid the recent developments in the SEC Ripple lawsuit. It is now trading above $0.48 at press time, up 1.67% over the past 24 hours. XRP’s price is now up 1.67% from last week, and it could be on its way to $0.50 if this momentum continues. update.
The SEC v Ripple lawsuit is still pending. However, SEC v Binance’s outcome could have a significant impact on the broader cryptocurrency market including XRP.
Amy Berman Jackson rejected recently the SEC claim that Binance BNB secondary market transactions qualify as securities according to the Howey test. John E. Deaton from Massachusetts commented on the decision.
It is with great pride that I can say myself and the SEVENTY FIVE THOUSAND #XRPHolders who were involved in this case played an important role in getting Judge Torres’ ruling. Judge Torres used not only my Amicus Brief, but other briefs too. She also referenced the thousands of statements we received from #RPHolders. She ruled, as we requested: ‘XRP itself is not a security’.
John E. Deaton filed an Amicus Brief on behalf of 75,000 XRP investors who were included in the Programmatic Sales of XRP decision. The Crypto News Flash noted that the SEC’s decision against Binance may also affect the SEC’s ruling on Coinbase. report.
Does CFTC Oversight benefit XRP?
XRP as well as the broader market for cryptocurrency stand to gain by increased involvement from the Commodity Futures Trading Commission.
- Clarifying the Status of SecuritiesIf the debate over whether cryptos are securities is resolved, it could pave the way for the XRP spot ETF and an expanded market of cryptocurrency-spot exchange-traded funds.
- Supporting Key LegislationIncreased CFTC involvement may help pass the Lummis and Gillibrand Financial Innovation Responsible Act. The act would allow the CFTC to have more control over U.S. Digital Assets and encourage innovation, while also protecting the consumers.
- Reducing regulatory burdensThe Digital Asset Anti-Money Laundering Act, which provides for strict frameworks to combat money laundering and the financing of terrorists (CFT), could be less likely to become law.
Bipartisan legislation, The Responsible Financial Innovation Act would provide the CFTC with more power in order to protect U.S. customers while supporting technological advances.
While the Digital Asset Anti-Money Laundering Act was drafted with input from American Bankers Association by Senators Elizabeth Warren & Roger Marshall and pushed through the SEC, it aims to regulate the digital asset market in a similar fashion to banking.
Summary: Court rulings that cryptocurrencies do not qualify as securities may strengthen the CFTC’s role by fostering a more innovative environment, and possibly reducing the regulatory hurdles for the approval of spot XRP exchange-traded funds. reported Crypto News Flash
XRP price action
XRP continues to be significantly lower than the 50 and 200 day EMAs. The bearish trend is reinforced.
Bulls could target the 50 day EMA if they move over these trendlines. A break above this 50-day EMA could support a move further towards the 200-day EMA.
Investors are advised to closely follow updates on SEC cases involving crypto and SEC response to Binance’s ruling. If XRP drops below $0.4650, this could lead to a decline further towards $0.45.
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Source: www.crypto-news-flash.com