Ripple’s ongoing legal battle with the SEC has taken a positive turn with a recent decision by a U.S. appellate court. The court denied the SEC’s request for a significant disgorgement award without the need to prove investor harm. This ruling is crucial as Ripple prepares to counter the SEC’s claims in upcoming court filings.
The outcome of this case, which revolves around allegations of unregistered securities offerings, could greatly influence the legal battle in Ripple’s favor. Market volatility and the legal environment continue to impact investor behavior and the valuation of XRP.
Recent legal developments and SEC activities have directly affected the cryptocurrency market, particularly impacting the price of XRP. In a recent CNF YouTube video, it was highlighted that XRP saw a slight decline of 1.52%, closing at $0.6087. These fluctuations highlight the market’s sensitivity to regulatory actions and legal outcomes, which are expected to consistently influence investor decisions and cryptocurrency trends.
Marvin Ammori, Chief Legal Officer at Uniswap Labs, has criticized the SEC’s recent Wells notice against Uniswap, calling it an “abuse of power.” Ammori argues that most digital tokens, including btc, eth, stablecoins, and meme coins, do not meet the definition of securities. Recent legal precedent, such as the SEC vs. Coinbase case, supports the argument that the Uniswap Protocol and its associated services do not qualify as securities exchanges or brokers.
Paul Grewal, Chief Legal Officer at Coinbase, also commented on the contradictions in the SEC’s claims against Uniswap following a recent court ruling in favor of Coinbase. Grewal humorously questions the consistency of the SEC’s regulatory enforcement.
The upcoming trial between Ripple and the SEC is seen as a pivotal moment for XRP’s price. Despite a slight decrease of 1.15% in the past day, XRP has shown resilience by gaining 5.38% over the past week. This aligns with forecasts suggesting that a favorable legal outcome for Ripple could potentially trigger a significant rally for XRP.