Category: Forex News

XRP News: SEC’s Ripple Battle Intertwined with SEC v Coinbase Case Outcome

The SEC move came shortly after the SEC v Debt Box debacle, leading to the SEC dropping all charges. In the SEC v Debt Box case, the court ordered, “the SEC to show cause why it should not be sanctioned for making false and misleading representations to the court.”

The SEC responded by filing a Motion to Dismiss rather than face further scrutiny.

banner image

Significantly, the Motion to Dismiss did not go unnoticed on Capitol Hill. In February, US Senators co-signed a letter to SEC Chair Gary Gensler, threatening the SEC with more scrutiny.

Bad faith practices could also come to light in the SEC v Ripple case. Last month, US Government Watch Dog Empower Oversight announced the Office of Inspector General (OIG) was nearing an end to investigations into crypto conflicts of interest within the SEC.

The conflicts of interest relate to former SEC Director William Hinman.

SEC: Conflicts of Interest and Coinbase Battle

Hinman guided the SEC crypto regulation framework while allegedly receiving millions of dollars from former employer Simpson Thacher. Simpson Thacher forms part of a group promoting Enterprise Ethereum. The Hinman-related documents, disclosed during the SEC v Ripple case, highlighted that Hinman continued meeting with Simpson Thacher despite warnings from the SEC ethics department.

Findings of conflicts of interest could end SEC plans to appeal against the Programmatic Sales of XRP ruling. In July 2023, Judge Analisa Torres ruled programmatic sales of XRP did not satisfy the third prong of the Howey Test.

As investors await the outcome of the investigation, a ruling from the SEC v Coinbase (COIN) case could be more pivotal. Coinbase filed a Motion to Dismiss (MTD) in August 2023, arguing the SEC lacked the statutory authority to regulate exchanges.

Judge Katherine Failla heard oral arguments in January 2023. If Judge Failla grants the MTD, the courts could force the SEC to end its regimen of regulation through enforcement.

Amicus Curiae attorney, CryptoLaw US founder, and candidate for US Senate (Massachusetts) believes the SEC would settle the case against Ripple if the court grants the Coinbase MTD. A settlement would end SEC plans to appeal the Programmatic Sales ruling, a boon for XRP and the broader crypto market.

A court ruling on the MTD could arrive at any time.

XRP Price Action


Source link

Discover more from BIPNs

Subscribe to get the latest posts to your email.

Written by : Editorial team of BIPNs

Main team of content of bipns.com. Any type of content should be approved by us.

Share this article:

Share your opinion. And leave a reply within the comments from below.


Discover more from BIPNs

Subscribe to get the latest posts to your email.