Senator Cynthia Lummis issued a statement and had this to say say on Biden's veto,
“I will not stand by while this administrator attempts to circumvent the law, and I will continue to fight to promote financial innovation and key protections for crypto assets that this administrator seems hell-bent on stifling.”
SEC vs. Crypto: awaiting court rulings and an appeal
There was not SEC case against Ripple-Related updates to influence buyers' demand for XRP. However, the pending court rulings could leave XRP in a cautious mood.
Investors Await Court Decision on Ripple Motion to seal. While publicly available agreements and financial statements could come under scrutiny, the penalty for violating US securities laws will hit XRP the hardest.
Ripple may have plenty of money to pay the financial penalty. However, a court decision banning sales of XRP to institutional investors could impact buyers' appetite for XRP.
Investors should also consider the SEC's plans to appeal against programmatic sales of XRP. decision. If the US appeals courts overturn the ruling on programmatic sales of XRP, XRP would fall under the purview of the SEC. Additionally, investors could move away from XRP in favor of altcoins. The result of the SEC vs. Coinbase (CURRENCY) case will likely have further implications for the US digital asset space.
The crypto market awaits a court decision on Coinbase Motion for Interlocutory Appeal. In April, Coinbase filed the Interlocutory Appeal Motion in response to Judge Failla. denyingg, in large part, Coinbase's motion to dismiss (BAT). In the motion to dismiss, Coinbase argued that the SEC lacked legal authority to regulate US crypto exchanges.
Coinbase wait The SEC will appeal against a ruling that favors Coinbase MTD.
However, a GOP victory could end the SEC's plans to appeal the ruling on programmatic XRP sales and the war on cryptocurrencies in the US courts. A GOP victory could also open the door. door to an XRP spot ETF market.
