Experts believe that the outcome of Coinbase’s legal battle could have an impact on the future movement of XRP’s price. Stuart Alderoty, Ripple’s Chief Legal Officer, recently criticized the SEC and Chair Gary Gensler for their regulatory approach, expressing concerns that excessive regulations could stifle the digital asset sector.
While the crypto community has been eagerly anticipating the resolution of the SEC vs Ripple case, attention has now shifted to the SEC vs Coinbase battle. Market analysts believe that the developments in the legal battle between the SEC and Coinbase could influence the price movement of XRP in the future.
Currently, the SEC and Coinbase are awaiting a court ruling on Coinbase’s Motion for the Interlocutory Appeal, which was filed in April 2024. This motion seeks permission to appeal against the ruling on Coinbase’s Motion to Dismiss (MTD).
Coinbase initially submitted the MTD in August 2023, arguing that the SEC does not have the authority to regulate crypto exchanges, as recently mentioned by Crypto News Flash. However, Judge Katherine Failla denied the MTD, stating that the allegations in the complaint support the SEC’s claim that Coinbase operated as an unregistered intermediary of securities.
If Judge Failla grants Coinbase’s Motion for Interlocutory Appeal, the SEC vs Coinbase case will be put on hold until the appeal process is completed. Successfully overturning the Motion to Dismiss could have positive implications for XRP and the broader cryptocurrency market.
Ripple and Coinbase have both referred to the recent ruling in favor of Binance by Judge Amy Berman Jackson. The judge ruled that the secondary market sales of BNB coin and the BUSD stablecoin do not constitute securities. Ripple and Coinbase argue that there is currently no consistency in the application of crypto regulations, and the judgments depend on the judge and court making the ruling.
Stuart Alderoty recently expressed concerns about the US approach to crypto regulation during a panel discussion at the Point Zero Forum in Zurich, Switzerland. He criticized the SEC and Chair Gary Gensler for imposing overly strict regulations and highlighted the frustration within the Bitcoin sector caused by the SEC’s actions. According to Alderoty, the lack of consistency and clarity in the US regulatory environment is impeding the growth and mainstream acceptance of digital assets.
In terms of price action, XRP’s current movement aligns with the overall market trends, including the Mt. Gox creditor repayment and the sell-off by the German government. At the time of writing, XRP is trading at $0.4343, up 3.11%, with a market cap of $24.3 billion. If the price of XRP breaks above $0.50, it could pave the way for a further rally to $0.95, according to CNF’s report.
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