Ripple’s Legal Troubles Impact XRP as SEC Investigation Continues

Welcome to Extreme Investor Network, where we bring you the latest updates and insights into the stock market, trading, and Wall Street news. Today, we are diving into the recent developments surrounding the SEC’s decision to deny Coinbase’s petition for rulemaking.

The SEC has defended its decision by stating that their enforcement actions related to crypto asset security do not require them to grant Coinbase’s petition. They argue that by authorizing these actions, they have already determined their authority under existing law. The courts have also supported these enforcement actions, dismissing Coinbase’s claims of an unauthorized power grab.

In response to the denial of their motion to dismiss, Coinbase filed for an interlocutory appeal. Judge Katherine Failla rejected parts of Coinbase’s motion, specifically the allegations of operating as an unregistered intermediary of securities. Coinbase has been arguing that the SEC lacks the statutory authority to regulate crypto exchanges.

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The outcome of the Coinbase motion for interlocutory appeal could have significant implications for XRP and the broader market. If the court rules in favor of the SEC, it could lead to selling pressure and strengthen the SEC’s case for regulating the US digital asset space. Additionally, a win for the SEC would provide a stronger foundation for arguing that cryptocurrencies are securities.

Stay tuned for more updates on the XRP price action and how these developments could impact the market. At Extreme Investor Network, we strive to provide you with unique insights and valuable information to help you navigate the complexities of the stock market and trading world. Join our community today for the latest news and expert analysis.

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