The change in the political wind of cryptocurrency and the latest developments of the Ripple case

Recently, the cryptocurrency field has ushered in positive signals from the other end of the political spectrum. On July 27, Democratic members of the U.S. House of Representatives jointly wrote a letter calling on the party to take a more "forward-looking and open" stance on blockchain technology and digital assets. This move marks a subtle change in the attitude of the Democratic Party towards cryptocurrency.

In response to this initiative, the top leaders of the Democratic Party have also taken action. The advisory team of Harris, the U.S. Vice President and potential Democratic presidential candidate, has taken the initiative to contact cryptocurrency companies to repair and strengthen the Democratic Party's ties with the industry, further reflecting the re-evaluation and acceptance of the value of cryptocurrency within the party.

At the same time, in the cryptocurrency market, the legal tug-of-war between Ripple and the U.S. Securities and Exchange Commission has once again caused waves. The market generally expects that this high-profile lawsuit will reach a critical node this week, and traders are holding their breath. Previously, the prediction of well-known cryptocurrency lawyer Fred Rispoli that the case will be settled in July 2024 also added more uncertainty to this legal battle.

It is particularly worth mentioning that the SEC's recent withdrawal of "security status" requests for cryptocurrency projects such as Solana, Cardano and Polygon was interpreted by the market as a sign that the Ripple case may usher in a positive turn. This move undoubtedly injected a shot in the arm for market sentiment, and traders' optimism about the Ripple case (especially the final ruling on whether XRP is considered "non-security") has increased significantly.

In addition, rumors that Ripple and the SEC may reach an out-of-court settlement were already rampant before the closed-door meeting on July 25, further exacerbating market expectations and speculation. Back in July 2023, when Judge Analisa Torres initially ruled that XRP was not a security, Ripple won a phased victory, which is still one of the focuses of market attention. $BTC $XRP #比特币大会 $BOME