SEC Chair Gary Gensler says the agency has fared well in legal battles while speaking at the ICI 2024 Leadership Summit.
XRP rallied past $0.53 on Friday, adding 3% in value this week.
The ruling of the Ripple (XRP) lawsuit is pending, and holders await the court’s decision in the legal battle between the US Securities and Exchange Commission (SEC) and the payment remittance firm. Ripple’s Chief Executive Officer (CEO) Brad Garlinghouse and Chief Legal Officer (CLO) Stuart Alderoty have slammed SEC Chair Gary Gensler and his “regulation by enforcement” approach on more than one occasion.
Speaking at a leadership conference, Chair Gensler commented on the SEC’s performance in court cases.
XRP sustained its gains this week, rallying past $0.53 on Friday. The altcoin held on to a 5% increase in its value this week on Binance.
XRP holders await a court ruling in the SEC vs. Ripple lawsuit while agency Chair Gary Gensler comments on the agency’s performance in court cases.
Chair Gensler spoke at the ICI 2024 Leadership Summit and said that the SEC has done very well in court on crypto cases.
The blanket statement likely does not apply to the agency’s case against the payment remittance firm Ripple.
In the SEC vs. Ripple lawsuit, the regulator alleged that the firm sold unregistered securities (XRP) to its institutional clients at different prices/ discounts therefore the firm netted “ill-gotten gains,” and demanded a fine of $2 billion be imposed on the firm.
Ripple responded with a $10 million fine request, and according to attorneys familiar with the case, the firm is prepared for an injunction (ban) on the sale of XRP to institutional clients in the US.
The SEC has noted wins in its ongoing lawsuits against Coinbase and exacted settlements/ fines from crypto exchanges Binance and Kraken in the past.
The court’s ruling in the SEC vs. Ripple lawsuit is anticipated, and it remains to be seen whether the regulator will secure a victory in its legal battle.
Pro-crypto attorneys and analysts in the XRP community speculate the impact of the newly approved FIT21 bill by one house of Congress.
Ripple CEO Brad Garlinghouse voiced his opinion on FIT21 in a recent tweet on X:
Ripple has been in an uptrend since April 13. The altcoin has formed higher highs and higher lows, as seen in the XRP/USDT 1-day chart. In its uptrend, the altcoin has preserved 3% gains from the week and surged past $0.53 on Friday.
The Moving Average Convergence Divergence (MACD), a momentum indicator, shows there is underlying positive momentum in the XRP uptrend. The Relative Strength Index (RSI) reads 52.93, supporting the recovery in XRP price.
If Ripple continues its uptrend, it could extend gains by over 7%, climbing to $0.5703, the high observed on May 6 and April 22. This level has acted as resistance for the altcoin since April 13.
XRP/USDT 1-day chart
On the downside, the XRP price could sweep liquidity at the May 23 low of $0.5027. This is a key level for the altcoin as it is close to $0.50, a psychologically important support for Ripple.
An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.
Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
Bitcoin spot ETF has been approved outside the US, but the SEC is yet to approve one in the country. After BlackRock filed for a Bitcoin spot ETF on June 15, the interest surrounding crypto ETFs has been renewed. Grayscale – whose application for a Bitcoin spot ETF was initially rejected by the SEC – got a victory in court, forcing the US regulator to review its proposal again. The SEC’s loss in this lawsuit has fueled hopes that a Bitcoin spot ETF might be approved by the end of the year.
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