The Securities and Exchange Commission (SEC) has been creating some rifts in the cryptocurrency market by charging firms with alleged securities violations. Kraken, for example, paid $30 million to settle with the SEC as its CEO claimed they were not in a position to fight the case. Additionally, the SEC has sent Wells notices to several crypto exchanges such as Coinbase, Binance, and Bittrex for selling unregistered securities to US customers.
Judge Torres under pressure
One significant case is the SEC vs Ripple, where the verdict is about to be announced. The SEC has accused Ripple of selling XRP as an unregistered security, but Ripple is fighting the case. Judge Analisa Torres has more pressure on this case, as the crypto community eagerly awaits her decision.
Ashley Prosper, a member of the XRP community, tweeted that the next week would be interesting as April 27 marks 52 days since Judge Torres ruled on the Daubert motions in the XRP case. She assumes that the judge’s Summary Judgement ruling will be just around the corner.
https://twitter.com/AshleyPROSPER1/status/1649112500686684160
Meanwhile, Europe is make rules clear for crypto
Binance CEO CZ tweeted that the European Parliament had voted to implement the Markets in Crypto-Assets (MiCA) regulations. This move will provide tailored regulations for cryptocurrencies to protect users and support innovation in one of the world’s largest markets. Although the fine details of the regulations will matter, CZ believes that this is a pragmatic solution to the challenges faced by the industry. With clear rules of operation in place, crypto exchanges will be able to operate within the European Union.
Who will win the case?
The decision in the SEC vs Ripple case is highly anticipated as it could have a significant impact on the crypto industry. If Ripple wins the case, it could set a precedent for other crypto companies to follow. However, if the SEC wins, it could result in further regulatory action against other crypto firms. The wait for Judge Torres’s decision continues, and the crypto community is eagerly anticipating the outcome.
