As a seasoned researcher with over two decades of experience in the financial industry, I’ve seen my fair share of legal battles and regulatory challenges. The ongoing Ripple vs SEC case is no exception, and it’s fascinating to observe its evolutions from multiple angles.
As a crypto investor, I’ve been closely following the escalating Ripple vs. SEC battle, and recent developments from Bitnomial have added more fuel to the fire. Interestingly, Bitnomial Exchange has taken legal action against the US Securities and Exchange Commission (SEC), arguing that their XRP Futures are not “Security Futures,” as the agency claims.
Ripple Vs SEC: Why SEC Continues To Target XRP?
Despite facing legal challenges and unrest from the Ripple vs SEC case, Binance has persisted with its strategic growth plan. Notably, they’ve recently disclosed the imminent debut of their new perpetual futures platform, which goes by the name, Botanical.
The platform, funded by Ripple with a $25 million investment, intends to offer a variety of trading choices such as futures, cryptocurrency derivatives, and more to its users. Additionally, the company announced that Brad Garlinghouse, CEO of Ripple, will be joining their board. This announcement has added fire to the rumors circulating in the cryptocurrency market.
In the meantime, some people are questioning the Securities and Exchange Commission’s intentions towards Bitnomial, as Ripple has become more involved in its funding. These critics believe that the SEC might be intentionally focusing on Bitnomial’s XRP futures to weaken Ripple’s increasing power.
One social media user pointed out that every company working with XRP seems to be under the SEC’s radar. His comment reflects the agency’s actions, which may be more about hindering Ripple’s progress than protecting investors.
On the other hand, Bill Morgan, a lawyer supportive of XRP, offered his perspective on this matter. He pointed out that Ripple’s financial backing of Bitstamp has given Bitstamp a strong motivation to side with it in its legal dispute with the SEC. Moreover, he suggested that the SEC’s tough approach could be part of an overall strategy aimed at curbing Ripple’s expansion by targeting associated companies like Bitstamp.
What’s Next In XRP Lawsuit?
The Bitnomial case has gained more attention as the US SEC has recently filed an appeal in the XRP lawsuit. The Ripple Vs SEC case was one of the high-profile and long-running legal battles in the crypto sector.
In light of the agency’s latest call, there have been lively debates springing up in the market, with numerous parties criticizing the SEC for prolonging the case. At the same time, Ripple has presented a counter-appeal, showing their faith in the ongoing legal battle. Moreover, the head of Ripple’s legal team has also weighed in on the XRP lawsuit and potential future advancements.
In the midst of this, Grayscale has applied to transform its Solana, XRP, and AVAX Trusts into ETF formats. This action, even with the US SEC focusing on Ripple’s native cryptocurrency, underscores the company’s faith in the blockchain firm and its native digital currency. Additionally, Ripple has recently disclosed significant advancements concerning its stablecoin RLUSD, sparking market rumors.
Today, XRP’s price dropped by 1.5%, reaching $0.5384. The trading volume for this cryptocurrency increased by 9% to reach a significant $1.22 billion. In the past 24 hours, XRP reached a high of $0.5475 and a low of $0.5327. Additionally, the XRP Futures Open Interest saw a decrease of 2%, amounting to $747.94 million.
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2024-10-16 11:16