XRP Lawsuit: How New US Supreme Court Move Could Help Ripple

Anvesh Reddy
May 2, 2023
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XRP Price ripple lawsuit News

Crypto Market News: A new US Supreme Court consideration may likely have a significant impact on the future of the cryptocurrency market, as the industry grapples with an increasingly tighter regulatory environment in the United States. Earlier, CoinGape reported that the top court agreed to consider cutting down powers enjoyed by federal regulatory agencies including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). These two agencies have already initiated enforcement actions against crypto businesses, including the likes of Binance, Coinbase and Kraken.

Also Read: U.S. Investors Abandoning Crypto Exchanges, But Where Are They Going?

In this context, a shift in the US regulatory power structure could potentially have a major impact on ongoing legal disputes like the XRP Vs SEC lawsuit and the Grayscale spot Bitcoin ETF. The new Supreme Court consideration is about abolishing an old ruling that gives rule making powers to the agencies.

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XRP Lawsuit Impact

Starting October 2023, the US Supreme Court will take up the case that could potentially reverse a ruling that gave the likes of SEC to define their own powers. The idea is to draft new operational guidelines for the agencies, including the financial watchdogs. Therefore, if the SEC’s power to define which cryptocurrencies are securities is curbed, the new Supreme Court appeal could mark a daunting change for the crypto ecosystem in the United States. Already, the XRP community had pinned hopes on a positive outcome in the pending Summary Judgement in SEC lawsuit.

Also Read: Poloniex Exchange Pays $7.6 Million To Settle Charges With U.S. Treasury

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.