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There was no court activity over the weekend. However, crypto market chatter about the US crypto regulatory landscape drew interest. Coinbase CEO Brian Armstrong spoke at Mainnet 2023. Initially focusing on the political space and regulatory landscape, the Coinbase CEO said,
“The crypto industry is going to have to get a little more sophisticated and powerful in terms of our lobbying efforts and our political power that we can bring to bear in this 2024 election.”
Armstrong went on to say,
“Coinbase helped create this website, standwithcrypto.org. We want to bring the whole community together, all of the people who have used crypto, all the companies in this space to come together and say you know what, we’re going to elect candidates in this country who are sensible about, and they’re pro-technology, and pro-builders and pro-innovation. And any candidate in our government, who cannot get behind this should be voted out of office, period, full-stop.”
Armstrong also referred to the bills progressing through the House and mentioned the upcoming election, emphasizing the industry’s need to make its voice heard.
US Presidential Election Impact on the US Crypto Market
While Ripple, Coinbase, and others, including Binance, battle the SEC, the US crypto market could get a facelift in late 2024.
Crypto advocates see a Republican Party victory as a favorable outcome for the US digital asset space. SEC Chair Gary Gensler would have to step aside, ending the era of regulation by enforcement.
The SEC decision to press for an interlocutory appeal could work in the favor of XRP and the crypto market. If Judge Analisa Torres grants the SEC’s motion, the SEC v Ripple case would be on ice until the end of the appeal process.
Lawmakers estimate the appeal process to extend beyond one year, bringing the US Presidential Election into the mix.
However, it could all be a moot point if Judge Katherine P. Failla grants the Coinbase motion to dismiss. Crypto-Law US founder and Amicus Curiae attorney John E. Deaton believes the SEC will settle if Judge Failla grants the Coinbase motion to dismiss.
Considering the dynamics, XRP will likely remain range-bound until a pickup in court activity.
XRP Price Action
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