Category: Forex News

XRP News Today: SEC vs. Ripple Case Outcome Predictions Unveiled

Ripple will use US legal precedent to argue for a reduced penalty considering the lack of fraud. In contrast, the SEC wants a punitive penalty as a deterrent. Another reason could be to salvage credibility after the ruling on Programmatic Sales of XRP. In the July rulings, Judge Torres ruled programmatic sales of XRP did not satisfy the third prong of the Howey Test.

Notably, the Terraform Labs ruling may have incentivized the SEC to pursue an appeal against the Programmatic Sales ruling. Judge Rakoff ruled that Luna and TerraUSD are securities. The lingering SEC threat to appeal against the Programmatic Sales ruling remains an XRP headwind.

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However, rulings from other SEC cases against crypto firms could pour cold water on plans to appeal.

SEC v Coinbase: Motion to Dismiss Ruling on the Horizon

Coinbase (COIN) filed a Motion to Dismiss (MTD) in August 2023, arguing the SEC lacked the statutory authority to regulate crypto exchanges.

The Motion to Dismiss relates to SEC charges alleging Coinbase operated as an unregistered securities exchange, broker, and clearing agency. Additionally, the SEC charged Coinbase for the unregistered offering and selling of securities in connection with its staking-as-a-service program.

Significantly, if Judge Katherine Failla grants the MTD, the courts could force the SEC to step back from regulating crypto exchanges through enforcement. It could also set a precedent for the listed cryptos in the case that the SEC alleges are securities.

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