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Crypto Market News: In the wake of a renewed demand to ‘Relist XRP’ on US crypto exchanges like Coinbase, the XRP token holders await the summary judgement in the U.S. Securities and Exchange Commission (SEC) lawsuit. On the other side, the focus of majority crypto traders is now on memecoins like Pepe Coin, as the token continues to register huge growth since launch in the last three weeks. Meanwhile, amid rising regulatory pressure around the crypto market, the XRP token holder community still holds together in anticipation of the ruling from Judge Analisa Torres in the SEC lawsuit.
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In recent times, the prolonged wait for the lawsuit Summary Judgement had a direct impact of the XRP price. Despite significant rise in crypto prices since January 1, 2023, the token did not see a proportionate increase.
XRP Lawyer Confident Of Community Strength
John Deaton, the attorney representing XRP token holders in the SEC lawsuit, expressed confidence that the community support will work in favor of Judge Torres’ decision. He made the comment in context of speculation on Coinbase listing XRP and Ripple’s XRPL using the token.
“I am confident (Judge) Torres recognizes the huge public interest and will act accordingly. I believe she shoots down the SEC’s crazy over broad theory but until we read the exact language no one can predict whether Coinbase or even Ripple will list XRP on their platforms immediately.”
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Market News: Even as the crypto community awaits the summary judgment in the XRP lawsuit, an old court judgement ruling that went against the U.S. Securities and Exchange Commission (SEC) could give a lot of confidence to the XRP token holders. John Deaton, the attorney representing the more than 70,000 XRP token holders, said there could be a logical conclusion end to the lawsuit in the form of a settlement only in case if Ripple wins against the SEC.
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In a recent comment, Deaton said there will not be any chance for settlement if the SEC emerges victorious in the lawsuit. Meanwhile, Ripple Labs and its executives are confident of a win for XRP.
SEC Lost A Case Overseen By Judge Analisa Torres
In an interesting finding, the US SEC lost in a lawsuit overseen by Judge Analisa Torres, who is also now in charge of the XRP Vs SEC lawsuit. In 2019, the judge ruled against the regulatory agency in the SEC v. Rio Tinto lawsuit. When the SEC appealed, the appellate Court upheld the Judge’s decision, pointed attorney Jeremy Hogan. Hence, this forms an important precedent against the SEC by the same judge overseeing the Ripple lawsuit.
Also, the SEC could face a fresh challenge some time later in 2023 if the US Supreme Court goes for abolishing the Chevron Doctrine. Earlierm CoinGape reported that the top US court agreed to consider the proposal to look into the decision making powers federal agencies gain through the Doctrine.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.