Multiple indicators suggest that LINK is primed for a significant market move.
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Ripple XRP Case: SEC Moves To Appeal Court Ruling
In a significant move that could reshape the regulatory landscape for XRP and blockchain payments company Ripple, the US Securities and Exchange Commission (SEC) announced on Wednesday that it is appealing the court ruling limiting its authority over crypto markets. The appeal targets a July 2023 decision by US District Judge Analisa Torres, which determined that the XRP token, sold by Ripple Labs on public exchanges, does not qualify as a security under existing laws. SEC Appeals Court Ruling On XRP The implications of this ruling are substantial. Judge Torres stated that the approximately $757 million in XRP sales on public exchanges did not fall under the SEC’s jurisdiction, thereby exempting these transactions from the investor protection laws the agency enforces. Related Reading: Can SUI Break Past $2 Resistance? On-Chain Metrics Reveal Growing Demand If the 2nd US Circuit Court of Appeals upholds this interpretation, it could hinder the SEC’s ability to regulate other cryptocurrency exchanges, such as Coinbase, and challenge the agency’s oversight of newer financial products that do not fit traditional definitions. However, the ruling was not entirely favorable for Ripple. Torres also ruled that roughly $728 million of XRP sales to institutional investors should be classified as securities, requiring compliance with relevant laws. Ripple CEO Slams SEC’s Appeal The SEC had originally sought a hefty $2 billion fine against Ripple, but Torres ultimately imposed a $125 million penalty, which is currently on hold pending the outcome of the appeal. Related Reading: Analyst Says Bitcoin Is In The ‘Final Test’, Here’s Where The BTC Price Is Headed Next Ripple CEO Brad Garlinghouse expressed his frustration at the SEC’s decision to appeal, calling it “misguided” and “infuriating.” He emphasized that despite the ongoing legal challenges, the current legal status of XRP as a non-security is established: If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn’t protected investors and instead has damaged the credibility and reputation of the SEC. While we’ll fight in court for as long as we need, let’s be clear: XRP’s status as a non-security is the law of the land today. At the time of writing, XRP is trading at $0.5390, down 10% after the SEC appealed the judge’s ruling on Wednesday. Featured image from DALL-E, chart from TradingView.com AMB Crypto
Bitwise’s Spot XRP ETF Registration Statement Unveiled, Price Falls 7%
Crypto asset manager Bitwise has made a significant move by submitting an initial registration statement to the US Securities and Exchange Commission (SEC) on Wednesday for its spot XRP ETF. This action confirms the authenticity of its filing on September 30, following widespread speculation regarding the development. XRP ETF Applications Gain Momentum Despite this initial step, the road to approval is fraught with challenges. No XRP ETF is guaranteed to meet the SEC’s regulatory standards. Related Reading: Cardano Completes First Green September Close In 6 Years, What’s The Significance? Recent reports indicate that applications for ETFs linked to Solana, the fifth-largest cryptocurrency, were recently rescinded due to the SEC’s concerns about Solana’s legal standing. Nonetheless, Hunter Horsley, CEO of Bitwise, expressed confidence in XRP’s potential as an investment opportunity. “XRP is one of the most enduring, well-known assets in the space and is also recognized among mainstream investors,” Horsley stated in an interview with Fox Business. He emphasized that Bitwise aims to help investors access opportunities in the cryptocurrency market, and the filing for a Bitwise XRP ETF aligns with that mission. In addition to Bitwise’s efforts, Fox Business has learned that another XRP ETF filing has emerged from Canary Capital, a newly formed crypto-focused investment firm founded by Steven McClurg, co-founder and former chief investment officer of Valkyrie Funds. Canary’s XRP ETF was filed on September 24. Implications Of SEC’s Ripple Lawsuit The regulatory status of XRP has been a contentious issue over the past years, particularly following the SEC’s lawsuit against Ripple in 2020, claiming that XRP sales constituted what the agency calls “unregistered securities offerings.” A recent ruling provided Ripple a partial victory, determining that only certain sales—specifically to institutional investors—were classified as securities. This ruling has significant implications for XRP’s future, particularly as the SEC approaches its October 7 deadline to appeal. As reported by Bitcoinist earlier this week, Pro-XRP attorney Fred Rispoli has indicated that the likelihood of an SEC appeal is higher than the chance of the agency allowing the case to conclude without further action. Rispoli highlighted the stakes involved, noting that if the SEC chooses not to appeal, it could set a precedent that distinguishes Ripple’s case from future cryptocurrency sales. This could have wider implications, not only for Bitwise’s XRP ETF application but also for other institutions making similar moves to offer the same investment vehicles for the token. This could be similar to the newly launched Bitcoin and Ethereum Spot ETF markets, which were approved and launched in January and July this year, respectively, with the world’s largest asset managers offering these index funds to their clients, further supporting the adoption and investment in these cryptocurrencies. XRP Price Despite this notable development for the XRP market, its price has failed to follow the excitement generated among investors, as the token has followed the broader market’s decline with a 7% drop in the 24-hour time frame, resulting in a current trading price of $0.578. Related Reading: Will Israel-Iran Conflict Push Bitcoin Further Down? Analysts Discuss Despite this, the cryptocurrency is still managing to hold on to some of its gains from last month, up 5% over the period. However, XRP has only managed to gain 10% every year, highlighting the lack of catalysts and bullish momentum for further recovery. This is particularly evident in the gap between the current trading price and the all-time high of $3,040 reached in January 2018, leaving a difference of 82% from the record peak. However, a full victory for Ripple and other institutions to follow Bitwise’s initiative for an XRP ETF could have a noticeable impact on the price and perhaps renew investor confidence in the token, strengthening the bullish outlook for the rest of the year. Featured image from DALL-E, chart from TradingView.com AMB Crypto