Ripple Vs SEC News: XRP Lawsuit To See Appeals in Second Circuit Court Next

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As a researcher with a background in finance and experience in the crypto industry, I find the current situation between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) particularly intriguing. The recent settlement between the SEC and Terraform Labs and Do Kwon could potentially pave the way for clarification on the legal status of crypto assets through a case that may be taken to the 2nd Circuit Court of Appeals, either by Ripple or Coinbase.

The community supporting XRP is on edge as Judge Torres prepares to make a decision on various motions, including the final judgment in the remedies phase, in the ongoing legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs. A legal professional has predicted that the Ripple or Coinbase case will be the first crypto asset-related case to reach the 2nd Circuit Court of Appeals following a potential settlement between the SEC and Terra, providing much-needed guidance on the classification of crypto assets.

SEC Settlement Sets Case Move to Second Circuit Court of Appeals

Renowned crypto legal expert James Murphy, also known as “MetaLawMan,” expressed approval in a recent post on X over the settlement reached between the U.S. Securities and Exchange Commission (SEC) and Terraform Labs and its founder Do Kwon. The SEC aims to impose significant fines on both parties separately from the ongoing legal proceedings.

MetaLawMan noted that the SEC settlement might lead to Ripple or Coinbase, who have previously applied for an interlocutory appeal, transporting the lawsuit to the Second Circuit Court of Appeals. These cryptocurrency pioneers aim to clarify the regulatory standing of digital assets in this legal dispute.

As a researcher studying the legal landscape of cryptocurrencies, I’ve come across an interesting development. Previously, the US Court of Appeals for the Second Circuit ruled in favor of Coinbase in a lawsuit where it was determined that secondary market transactions of cryptocurrency do not qualify as securities. This decision carries significant implications, as it bars the U.S. Securities and Exchange Commission (SEC) from appealing the XRP secondary market sales case against Ripple Labs (SEC v. Ripple Labs).

SEC Hiding Key Details

As a crypto investor, I’m keeping a close eye on the latest developments regarding the ongoing FOIA request filed by Empower Oversight. They’ve recently pressed the Securities and Exchange Commission (SEC) for more records, specifically those related to the declarations of cryptocurrencies like Bitcoin and Ether not being considered securities by former directors William Hinman and Jay Clayton. These declarations could potentially influence the outcome of the ongoing Ripple vs SEC lawsuit, as both cases share similar arguments. Stay tuned for updates on this significant issue in the crypto world.

Tristan Leavatt, president of Oversight, expressed concern over the numerous “no relevant records” responses received from the SEC regarding certain communications by Jay Clayton. In response, we have requested all pertinent documents from Clayton’s team. If it is discovered that Clayton employed alternative methods for his cryptocurrency-related correspondence, we will make every effort to uncover these hidden communications.

83M Coins Reshuffled Amid Ripple CEO’s Unwavering Stance On XRP ETF

XRP Price Jumps Over 2%

Over the past day, XRP‘s price has surged by over 2%, reaching a current value of $0.5269. The lowest and highest prices within this timeframe were recorded at $0.5188 and $0.5307 respectively. Moreover, there has been a substantial uptick in trading activity, resulting in a 31% rise in volume compared to the previous day.

According to Coinglass, derivatives data indicates a buy signal as traders increase their purchases of XRP. In just the previous day, the total open interest for XRP futures surged by more than 6%, reaching over 1.25 billion. Notably, significant buying activity occurred on Binance, Bitget, Kraken, and Coinbase.

As a crypto investor, I’ve been following the developments around Ripple and XRP closely. And I’m excited to share that Brad Garlinghouse, the CEO of Ripple, has once again expressed his belief that an XRP Exchange-Traded Fund (ETF) is on the horizon. He even went as far as predicting a potential launch timeline of around 2025. This means investors could one day access real-time XRP prices through a regulated investment vehicle, much like they can with other assets in the traditional financial markets. It’s an exciting prospect for those of us who believe in the potential of XRP!

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2024-06-05 13:36