LIVERipple XRP Vs. SEC Update:
A court filing shows that the Commission filed its letter brief in opposition to Ripple’s motion to seal on May 20. Ripple had filed the motion on May 13 in line with the scheduling order, which stipulated that date as the deadline for both parties to file a motion to seal any document related to the remedies stages
Ripple had revealed in their May 13 filing that they had consulted with the SEC before making the sealing requests. The crypto firm further claimed that the Commission “indicated that they consent to certain of Ripple’s requests, but intend to oppose others.” Therefore, based on that revelation, the Commission will likely agree to some of Ripple’s quests.
The cause of Ripple’s legal woes against the SEC has been the lack of regulatory clarity for the crypto industry in the US. However, that is about to change soon enough, as the US Congress will soon vote on the Financial Innovation and Technology for the 21st Century (FIT21) bill, which would provide regulatory clarity for crypto companies.
LIVEXRP has seen a notable increase over the past 24 hours. The XRP price has rallied above the $0.52 resistance level, currently trading at $0.5219. This marks a 1.42% rise over the past week, with the market cap now at $28.86 billion, up by 0.67%.
Ripple must file counter briefs to the omnibus letter motions filed this week by May 20 alongside the SEC and interested parties. The court is deliberating on issuing an injunction against Ripple and determining penalties for securities law violations.
Stuart Alderoty, Ripple’s Chief Legal Officer, praised a Capitol Hill vote. He noted a bipartisan agreement against SEC Chairman Gary Gensler’s perceived crypto overreach.
The US Senate passed the Congressional Review Act (CRA), repealing SAB 121. SAB 121 would have required companies, including banks, to include client-owned crypto assets on their balance sheets. This repeal reflects growing resistance to stringent crypto regulations.
XRP has shown remarkable stability, consistently maintaining a position above the crucial $0.51 level. This steady performance suggests that XRP might soon reach the $0.55 milestone. If this upward momentum continues, the cryptocurrency could potentially challenge the $0.8 mark and possibly escalate to $1 in the near future.
#XRP #altcoins #buythedip #BTC
