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XRP News Today: XRP Surges 8% as Crypto Market Slows
The decision could hinge on whether Ripple continued to violate U.S. securities laws after the December 2020 complaint.
The verdict is expected to be delivered before the US presidential election. Court decisions on cryptography could influence the verdict.
Binance Court Ruling Fuels Crypto Market Optimism
The recent Binance decision set a precedent on whether XRP is a security or a commodity.
Judge Amy Berman Jackson dismissed the SEC’s complaint against Binance, alleging that secondary sales of the Binance Coin (BNB) are considered securities under the Howey test. Significantly, Justice Jackson cited Judge Analisa Torres’ programmatic sales of XRP decisionsupposing,
“The court is inclined to endorse the court’s approach in Ripple Labs because 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 political agenda.
Trump Makes Cryptocurrency a Political Issue in Presidential Race
In May, Donald Trump targeted the crypto vote, declarant,
“If you like crypto in all its forms…and it comes in many forms…if you are in favor of crypto, you better vote for Trump.”
This week, Trump announcement JD Vance will be his running mate for the 2024 presidential election. Vance criticizes SEC Chairman Gensler’s attack 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 crypto. said,
“This should never have become a partisan issue. […] It’s refreshing to see the Republican Party relying on this as part of its platform.
When asked if there were any discussions with the SEC regarding the Ripple case, Garlinghouse said he couldn’t comment on that.
Favorable outcomes in the SEC’s crypto cases and a Trump victory could fuel innovation and growth in the U.S. digital asset sector.
Investors should remain vigilant as the SEC vs. Ripple verdict approaches. Stay up-to-date with our latest news and analysis to manage your exposures to XRP and the broader cryptocurrency market.