Are you keeping up with the latest legal battles in the world of cryptocurrency? If not, you’ll want to pay attention to the recent developments in the SEC vs. Binance case. Judge Amy Berman Jackson made a significant ruling that could impact the SEC’s future plans.
In June 2024, Judge Jackson dismissed the SEC case against Binance, stating that secondary sales of Binance coin (BNB) qualify as securities under the Howey test. This decision aligns with Judge Torres’s ruling in the Programmatic Sales of XRP case. Judge Jackson even referenced the Ripple Labs case, noting that the SEC’s approach seemed inconsistent with Supreme Court directives.
The SEC’s next move may depend on the outcome of the SEC vs. Coinbase case. Coinbase filed a Motion for Interlocutory Appeal in April 2024 after a ruling on their Motion to Dismiss. Judge Katherine Failla denied Coinbase’s motion, indicating that the SEC may have a valid claim that Coinbase acted as an unregistered intermediary of securities.
If Judge Failla grants Coinbase’s Motion for Interlocutory Appeal, the SEC’s plans regarding the Programmatic Sales of XRP ruling may change. This could impact the price of XRP, with the potential for the cryptocurrency to break above $1.00 if Ripple avoids an injunction and the SEC refrains from appealing.
As an investor, it’s crucial to stay informed on these legal proceedings and their potential impact on the crypto market. Keep a close eye on our latest news and analysis to make informed decisions about your investments in XRP and other cryptocurrencies.
Stay ahead of the game with Extreme Investor Network and be the first to know about the latest developments in the cryptocurrency market.