Ripple XRP Case Update June: “Judge Torres Was Right On XRP”, SEC May Not Appeal
Highlights
- Former SEC Crypto Enforcement Chief Kristina Littman said the US SEC may not appeal Judge Torres' decision on XRP.
- SEC's decision to close the Ethereum investigation bring Ripple Vs SEC lawsuit into focus.
- Ripple CLO Stuart Alderoty pointed out significant shortcomings in the SEC’s recent decision and regulatory clarity.
- XRP price climbs 1% and looks to build bullish momentum in the short term.
The Ripple XRP case has no latest filing, but it gained a new outlook after the U.S. SEC permanently closed the Ethereum investigation. XRP army now waits for Judge Torres’ verdict on penalties and final judgment in the remedies phase, as well as, the odds of SEC appealing Judge Torres’ summary judgment that determined that XRP in itself is not a security.
Lawyers and former SEC officials anticipate the SEC may not file an appeal against Judge Torres’ summary judgment as it can make the SEC’s arguments weak in the Second Circuit Court.
SEC Not Likely To File An Appeal in Ripple Vs SEC Lawsuit
The XRP lawsuit was back in buzz after the SEC moved to close the investigation into Ethereum, making an effort to send a letter to Consensys without any obligation to do so.
The major development regarding SEC v. Ripple Labs is a comment by former SEC Crypto Enforcement Chief Kristina Littman that the U.S. SEC may not appeal against Judge Torres’ decision on XRP. “The SEC might just let the Ripple opinion stay there as a District Court opinion and not risk elevating it to Circuit level.”
Lawyer James Murphy, known as MetaLawMan, believes the tokens identified in the Coinbase lawsuit do not qualify as securities when traded on the secondary market. It has been proved in a judgment by the Second Circuit Court.
He also said that “Judge Torres was right on XRP,” pointing out that the SEC may not appeal the summary judgment. Murphy added the SEC’s inconsistent treatment of digital assets is becoming evident, highlighting the SEC’s contradictory arguments in the Coinbase hearing compared to its stance on Ethereum.
Also Read: Lawyer Defies Concerns Over Ripple’s Fine To SEC, Here’s Why
Ripple CLO On SEC’s Inconsistent Crypto Stance
Ripple CLO Stuart Alderoty pointed out significant shortcomings in the SEC’s recent decision. This decision raises questions about the SEC’s stance on Ethereum transactions and related services like MetaMask and staking.
A big win for Consensys, though questions remain. Does this mean the SEC thinks Consensys’ offers and sales of ETH are not securities transactions and/or that ETH itself is not a security? What will Gensler say if now asked? What is the status of MetaMask and staking?
This is…
— Stuart Alderoty (@s_alderoty) June 19, 2024
The SEC’s decision has raised concerns and skepticism, especially in the XRP community. Crypto participants question whether Ether gaining status as a commodity means all proof-of-stake (PoS) cryptocurrencies such as Solana, Cardano, and Polygon are commodities now. The regulator has failed to bring clarity on how some digital assets are securities while others are not, implying inconsistent regulatory guidelines.
Also Read: Lawyers Weighs In On SEC Appeal Summary Judgment and Judgment Date
XRP Price Rebounds from Support
XRP price continues to trade range-bound this week, with the price currently trading at $0.489. The price jumped over the $0.50 level but retraced back, with a 24-hour high and low of $0.4906 and $0.5002, respectively. The trading volume has increased by 9% in the last 24 hours, indicating some interest in traders.
Analyst Dark Defender suggested BTC will lose dominance against XRP starting now. XRP/BTC pair saw a reversal in the weekly timeframe. Also, he has confirmed a Golden Cross for RSI.
He predicts targets of $0.5286 to $0.6649 in the short term. The support level to watch for XRP is $0.4623, price below this can cause massive liquidation to bring XRP price back towards $0.42 support.
Also Read: XRP Price To Rally 1700% If It Closes At This Level
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