Backlash From the US Supreme Court For SEC
Hey folks.
Short-term XRP price patterns were not impacted by any updates pertaining to the SEC v. Ripple lawsuit.
Investors eagerly awaited the court's decision regarding Ripple's punishment for breaking US securities laws. Ripple anticipates a decision in the upcoming months, which will leave the XRP community uncertain.
However for XRP and broader crypto industry things could work out favorably. The SEC will have to wait longer to file an appeal against the Programmatic Sales of XRP rule the longer the court takes to render a decision.
The timing of appeal by Securities and Exchange Commission could be important for XRP and the wider crypto industry as the race for White House gets heated.
A stronger political voice for crypto on Republican Party victory and Capitol Hill could be advantage for XRP and the crypto industry.
Gary Gensler, Chairman of Securities and Exchange Commission could see his remaining tenure cut short with regulation on cryptocurrencies, which has been stagnant, is probably going to advance in order to protect investors and promote innovation.
Additionally, the Securities and Exchange Commission could face a political pressure to stop its anti-crypto campaign if in polls the Democrats are trailing.
The co-founder of Kraken, Jesse Powel has shared on X that he has personally donated $1 million to Donald Trump for his presidential campaign. He alsi criticized Joe Biden for his regulatory approach towards cryptocurrency.
The Chief Legal Officer for Ripple reacted to another from the Securities and Exchange Commission in the United States courts, stating:
Gary Gensler thinks the SEC is a “cop on the beat,” created to freely police anything it wants. Today, reversing “Chevron,” the Sup Ct made clear that the opinions of zealous bureaucrats deserve no special deference and their authority is constrained by Congress and Courts.
The Chief Legal Officer of Ripple made reference to the US Supreme Court's decision to reverse a 1984 ruling that further limited the authority of federal agency.
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