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Lisa Parker

An editor at FOMOdrive

  • Jul 17, 2023
  • 3 min read

Ripple v SEC case: too early to rejoice?

Ripple XRP logo and metal coin

BlackRock's CEO perceives immense potential in cryptocurrencies.

By the end of the year, Mike Novogratz believes that Bitcoin will experience growth.

The SEC is getting ready to file an appeal against the court ruling in the Ripple case.

Two committee heads in the US Congress are advocating for a bill concerning cryptocurrencies.

Several major cryptocurrency exchanges have announced their intention to resume trading of XRP.

Larry Fink, the CEO of BlackRock, one of the world's largest asset managers, has stated that he perceives immense potential in cryptocurrencies. Investors are eagerly anticipating the introduction of spot Bitcoin ETFs due to their low investment costs. Fink commented, “we are just at the start of this sector's growth in the crypto market.”

Mike Novogratz, CEO of Galaxy Digital, believes that the emergence of new applications for spot bitcoin ETFs will cause a significant increase in the value of the first cryptocurrency by the end of the year. He also stated that bitcoin has become a viable option for investing.

Chairmen Patrick McHenry of the House Financial Services Committee and Glenn Thompson of the Agriculture Committee have issued a joint statement calling on the U.S. Congress to expedite the passage of their cryptocurrency legislation.

Circle CEO Jeremy Allaire warned that if Congress does not take action on stablecoin legislation, the US dollar's status as the world's reserve currency will be in jeopardy.

After Ripple's victory in a case against the US Securities and Exchange Commission (SEC), the two biggest exchanges, Binance and Coinbase, have declared their intention to resume trading in the XRP token for users from the United States.

The General Counsel of Ripple Labs expressed his opinion on the court ruling that XRP is no longer considered a security in the secondary market. He stated that this decision means that the SEC will no longer have full control over cryptocurrencies.

Tyler Winklevoss, co-founder of the Gemini exchange, declared that the court ruling "annihilates" the SEC lawsuits against Coinbase and Binance.

The SEC has stated that they will do their utmost to re-examine the ruling, partly in support of Ripple. A representative of the regulator has declared that the court has set up fresh court hearings to decide whether Ripple's CEO Brad Garlinghouse and executive chairman Chris Larsen are guilty or not.

Despite the positive outcome for XRP, several lawyers have warned against celebrating too soon. The judge's positive ruling is only "partial" and does not establish a legal precedent. Lawyer Joe Karlazar accused Garlinghouse of "making illegal profits of $700 million."

The Latin American exchange Matba Rofex has been given the go-ahead by the Argentine regulator to launch the region's first Bitcoin futures contract.

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