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- HKVAC Cryptocurrency Global Large Top5 Equal Weight Index.
- HKVAC Cryptocurrency Global Large Top5 Index.
The inclusion follows the Court’s Programmatic Sales ruling, where XRP is not a security. Importantly, the Court denied the SEC motion for interlocutory appeal, paving the way for greater XRP inclusiveness in global crypto products.
There was no SEC v Ripple case-related news to influence investor sentiment on Friday. The crypto market must now wait for the SEC v Ripple trial, slated for April 2024. Hopes of an SEC settlement have faded. Lawyers in the crypto field believe the SEC will lodge more appeals at the end of the case. The appeals process could extend the case into 2027.
Jeremy Hogan, a partner at Hogan & Hogan, recently shared the possible scenarios for the SEC v Ripple case. Hogan predicted that, if the SEC proceeds with the trial and appeals unfavorable judgments, the trial would conclude on June 14, 2027.
Ripple would need deep pockets for a trial that extends into 2027. Ripple CEO Brad Garlinghouse spoke earlier this year, putting the legal bill at $200 million.
While Ripple prepares for trial, the SEC v Coinbase case offers hope of the SEC agreeing to a settlement.
SEC v Coinbase Motion to Dismiss Ruling Pivotal for the Crypto Market
Coinbase filed a motion to dismiss on August 4, 2023. In the preliminary statement, Coinbase argued,
“Two years ago, recognizing that the SEC wanted but lacked statutory power to regulate crypto exchanges, Chair Gary Gensler asked Congress for a legislative mandate. None came. Now, without any intervening legislative, the Commission accuses Coinbase – the largest US crypto exchange – of having “defied” the federal securities laws in failing to register as a securities exchange, broker, and clearing agency since 2019.”
The SEC filed charges against Coinbase in June 2023 after allowing Coinbase to go public in 2021.
Crypto Law founder John E. Deaton shared possible reasons why the SEC may settle the case against Ripple if the Court grants the Coinbase motion to dismiss.
The Programmatic Sales ruling was significant for Ripple. However, a Coinbase victory could become a landmark ruling for the US digital asset space.
XRP Price Actions
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