Welcome to Extreme Investor Network, where we provide unique insights and analysis on all things related to the stock market, trading, and Wall Street. Today, we will be discussing the recent SEC appeal against the Programmatic Sales ruling and its potential impact on the crypto vote, specifically in relation to Ripple and XRP.
One interesting aspect to consider is that unlike FTX and other players in the crypto space, the SEC has never accused Ripple of fraud or recklessness. This could significantly affect Ripple’s chances of winning over the crypto vote, as giving Ripple and XRP a pass while going after another player in the industry may be more appealing to crypto voters.
Currently, the SEC is facing a new target in the form of Binance, with the focus potentially shifting to the secondary sales ruling in the SEC vs. Binance case. In a recent ruling, Judge Amy Berman Jackson dismissed the SEC case against Binance, citing the Programmatic Sales of XRP ruling and stating that secondary Binance Coin (BNB) sales qualify as securities under the Howey test.
Successful appeal against the Binance ruling could weaken the precedent set by the Programmatic Sales ruling, allowing the SEC to pursue other cryptocurrencies through enforcement. Expert views on the SEC’s legal options suggest that an appeal is a possibility, with pro-crypto lawyer Fred Rispoli highlighting the importance of addressing the issue of secondary markets in enforcement actions.
The uncertainty surrounding the SEC’s plans to appeal could impact the price of XRP, potentially leaving it at current levels or causing it to drop to its July 5, 2024, low. Conversely, if the SEC decides against an appeal, XRP could experience a significant jump in price.
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