- The ongoing legal battle between Ripple and the U S Securities and Exchange Commission continues to heat up, with Ripple referencing the partial win of Crypto exchange Binance.
- Ripple, along with other cryptocurrency-based firms, including Binance, argues that the regulatory landscape for digital assets lacks clarity and consistency.
Ripple Labs is taking advantage of Binance’s recent victory in its lawsuit against the U.S. Securities and Exchange Commission (SEC).
This event has infused optimism among XRP enthusiasts as it seeks to challenge the SEC and secure another significant win.
In the latest court filings, Ripple referenced Judge Amy Berman Jackson’s ruling in favor of Binance. Judge Amy Berman, flagging SEC’s claims, asserted that the secondary market sales of BNB don’t constitute securities. Using Binance’s win, Ripple highlighted Judge Amy’s verdict that digital assets like XRP may not perfectly fit within the framework of existing securities laws, such as the Howey Test.
The lack of regulatory clarity prior to that ruling in turn supports Ripple’s position that the Court’s finding of a strict liability violation on some of Ripple’s sales – but far fewer than the SEC alleged were violations – does not reflect a reckless disregard for the law or warrant harsh remedies. Ripple noted.
#XRPCommunity #SECGov v. #Ripple #XRP @Ripple has filed a Notice of Supplemental Authority regarding the recent Binance decision.https://t.co/tSEQXTxrWU
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) July 2, 2024
Crypto firms that have passed through the SEC’s gauntlet, including Ripple and cryptocurrency exchange Binance, continue to reprehend the lack of clear digital asset regulations. They argue that the SEC’s existing strategy, relying on litigation on a case-by-case basis, is incompetent and creates uncertainty for the industry.
Coinbase Takes Cue from Ripple
Coinbase has also come out strongly to support Ripple’s laments. Coinbase argues that the SEC’s use of unclear guidelines in this case lacks definition, and traditional security laws being applied to digital assets lack definition. Coinbase decisively calls for a clearer and more precise regulatory framework.
To the same degree as Ripple, Coinbase is using Binance’s win to demonstrate how the SEC unfairly targets some firms and not others.
The recent case between Ripple and the SEC has substantially affected XRP’s price. Recent developments on the case, including the outcome of SEC vs Binance, where Judge Amy Berman Jackson rejected SEC’s Claims on Binance’s BNB token, have driven buyer demand for XRP.
XRP is exchanging hands for $0.4727, marking a 0.61% price surge in the last week. While the short-term price movement is a product of technical indicators, a ruling favoring Ripple could significantly surge its price.
As the legal battle continues, Ripple’s reference to Binance’s win against the SEC emphasizes the need for regulatory clarity and consistency, a collective thought held by many.
Once the case is concluded, experts anticipate an XRP ETF could be approved. Additionally, the fintech company has suggested that it could seek a public offering.
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