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XRP Price Pressure Returns as Investors Consider Regulatory News

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There was no major SEC v Ripple Court event to deliver a breakout session. However, hopes of a favorable outcome to the SEC v Ripple case likely contributed to the Friday rally. The issue of the Hinman speech-related docs has yet to resurface, which could suggest some out of Court agreements.

Slow Progress in the SEC v Ripple Case Remains an XRP Headwind

Defense attorney James Filan shared the latest from the ongoing SEC v Ripple case overnight.

Filan said,

“Third Party B files a Motion to Seal requesting redactions to the declaration of Third-Party B filed by the SEC as an attachment to the SEC’s Motion for Summary Judgement.”

With the latest request insignificant to the outcome of the SEC v Ripple case, regulatory chatter may have contributed to the breakout session.

On Friday, Filan shared and made comments in a series of tweets in relation to regulatory news.

The first of the series of tweets included comments from Ripple defense lawyer Stuart Alderoty, who said,

“In today’s Senate banking Committee hearings, Chair Gensler misstated the Supreme Court test to determine what is and isn’t a security. Was it intentional, or does he really not know the law? Which is worse?”

Filan then shared the latest crypto framework from the White House. On Friday, the White House released the first-ever comprehensive framework for the Responsible Development of Digital assets.

Filan responded to the latest framework, saying,

“Consistent with their mandates. This is why the SEC is doing everything it possibly can to elbow the CFTC out and grab all the power it can to regulate the digital asset space.”

Filan shared one para from the report that stated,

“The reports encourage regulators like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), consistent with their mandates, to aggressively pursue investigations and enforcement actions against unlawful practices in the digital assets space.”

Filan went on to say,

“A lot going on today. On August 11, 2021, Republican Leader McHenry released a statement slamming SEC Chair Gary Gensler’s jurisdictional power grab of all exchanges of digital assets-not all of which are securities.”

Filan shared a tweet from the Financial Services GOP responding to the new Biden Administration digital asset reports that stated,

“Reports are not a substitute for legislative clarity. We must create a regulatory framework that fosters American innovation while also protecting consumers.”

The latest updates continued to demonstrate the lack of a cohesive partnership between the SEC and the CFTC. The crypto market is hoping for lawmakers to give the CFTC oversight of the digital asset space.





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