XRP News Today: Market Buzzes as Ripple Awaits Court Rulings, Biden’s Veto Stirs

Senator Cynthia Lummis issued a statement and had this to say about the Biden veto,

“I will not stand idly by as this admin attempts to skirt the law, and I will continue to fight to promote financial innovation and key protections for crypto assets this admin seems hellbent on stifling.”

SEC vs. Crypto: Awaiting Court Rulings and an Appeal

There were no SEC vs. Ripple case-related updates to influence buyer demand for XRP. Nevertheless, pending court rulings could leave XRP in a cautious mood.

Investors await a court decision on the Ripple Motion to Seal. While publicly available agreements and financial statements could draw scrutiny, the penalty for breaching US securities laws will impact XRP more.

Ripple may have deep pockets to pay the financial penalty. However, a court decision to prohibit XRP sales to institutional investors could affect buyer appetite for XRP.

Investors should also consider SEC plans to appeal against the Programmatic Sales of XRP ruling. If the US appellate courts overturn the Programmatic Sales of XRP ruling, XRP would fall under the purview of the SEC. Moreover, investors could shy away from XRP in favor of altcoins. The outcome of the SEC v Coinbase (COIN) case will likely have more implications for the US digital asset space.

The crypto market awaits a court decision on the Coinbase Motion for Interlocutory Appeal. In April, Coinbase filed the Motion for Interlocutory Appeal in response to Judge Failla denying, in large part, the Coinbase Motion to Dismiss (MTD). In the Motion to Dismiss, Coinbase argued the SEC lacked the statutory authority to regulate US crypto exchanges.

Coinbase expects the SEC to appeal against a ruling favoring the Coinbase MTD.

However, a Republican Party win could end SEC plans to appeal the Programmatic Sales of XRP ruling and the war against crypto in the US courts. A Republican Party win may also open the door to an XRP-spot ETF market.

XRP Price Action