Does the SEC vs. Binance ruling bolster the Ripple defense against selling unregistered XRP to institutional investors?
Ripple would need to appeal against the court ruling that it breached US securities laws for selling unregistered XRP to institutional investors. Nevertheless, the Binance ruling has significant influences.
The Binance ruling likely bolsters the 2023 Programmatic Sales of XRP ruling. In July 2023, Judge Torres ruled that programmatic sales of XRP do not satisfy the third prong of the Howey Test. Significantly, Judge Amy Berman Jackson cited the Programmatic Sales of XRP ruling in the Binance ruling, surmising,
The court is inclined to agree with the approach of the court in Ripple Labs, since the it-is-what-it-is approach of the SEC appears to be inconsistent with the clear Supreme Court directives [].
The Binance ruling was significant as it poured cold water on the chances of the SEC successfully appealing against the Programmatic Sales of XRP ruling.
An end to SEC plans to appeal against the Programmatic Sales of XRP ruling could be a boon for XRP. In response to the July 2023 court ruling, XRP rallied to a high of $0.9327. However, fears of the SEC appealing against the ruling led to an XRP retreat to sub-$0.50.
With court filings and rulings in focus, investors should remain vigilant. XRP and the broader crypto market remain sensitive to court rulings that impact the crypto regulatory landscape and SEC authority to regulate the crypto space.
Monitor real-time data and expert commentary to adjust your trading strategies accordingly. Stay informed with our latest updates and insights to navigate the crypto market effectively.
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XRP News Today: Binance Ruling's Influence on SEC vs. Ripple Case - FX Empire
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