Welcome to Extreme Investor Network, where we provide valuable insights into the stock market, trading, and all things Wall Street. Today, we dive into the recent SEC vs. Binance ruling and its potential implications on Ripple’s defense against selling unregistered XRP to institutional investors.
Ripple is currently facing legal challenges for allegedly selling unregistered XRP to institutional investors. To defend against these allegations, Ripple would need to appeal against the court ruling that it breached US securities laws. However, recent developments, such as the Binance ruling, have shed new light on the situation.
The Impact of Binance Ruling on SEC Plans
The Binance ruling has brought significant implications for the future of XRP sales. In a recent court ruling, Judge Torres stated that programmatic sales of XRP did not satisfy the third prong of the Howey Test. This ruling has strengthened Ripple’s defense, with Judge Amy Berman Jackson even referencing it in a separate case.
“The court is inclined to agree with the approach of the court in Ripple Labs, since the ‘it-is-what-it-is’ approach of the SEC appears to be inconsistent with the clear Supreme Court directives […].” – Judge Amy Berman Jackson
With the Binance ruling in place, the SEC’s chances of successfully appealing against the Programmatic Sales of XRP ruling have diminished. This could potentially benefit XRP investors, as seen when XRP rallied to a high of $0.9327 in response to the July 2023 court ruling.
However, it’s crucial for investors to stay informed and vigilant amidst these legal proceedings. The crypto market remains sensitive to court rulings that impact regulatory landscapes and SEC authority in the crypto space.
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Tracking XRP Price Action
Keep an eye on XRP’s price action as developments unfold in the legal arena. Stay tuned for more updates and analysis on Extreme Investor Network.