Ripple’s native coin, XRP, crossed the $3 mark, reflecting investor confidence after the circuit Courts ruled in favor of the company. In their latest decisions, the circuit courts highlighted that SEC enforcement tactics are oppressive on crypto firms. Legal experts predict the SEC will likely acquire a similar ruling in its appeal against the Programmatic Sales of XRP decision at the second circuit.
Lawyer Deaton explains more details on Ripple’s lawsuits
Lawyer John E Deaton revealed some complexities surrounding the appeal. Deaton said that should the SEC win at the Second Circuit Court, the case would be referred back to Judge Torres.
He added that Ripple was likely to appeal further to the Supreme Court in that event. The lawyer speculated that if the Supreme Court upheld the recent ruling, the decision would be a landmark precedent for the crypto ecosystem within the USA. However, he noted that the recent win is a non-binding decision that could be easily overturned.
The recent XRP partial win and Trump’s inauguration on January 20 are both factors that have reportedly provided XRP’s investors with a safety net. Experts revealed that after Paul Atkins, Trump’s appointed SEC chair assumes office, the agency may ease its stringent stance on cryptocurrency firms.
However, Deaton warned against moving from one extreme to another. He recommended that policies be put in place to protect consumers while promoting innovation.
Reports that the SEC may halt or dismiss several non-fraud crypto-related cases on Jan 15 fueled further market optimism. On Wednesday, the coin recorded gains of 17.82% with a total market cap of $163.71 billion.
Credit: Source link
