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Kraken’s legal victory challenges SEC’s crypto regulation and influences future industry rulings.
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Ripple’s legal team sees the Kraken ruling in a positive light against crypto asset security claims.
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The price of XRP remains unstable, despite positive legal outcomes in other exchanges.
The recent development of the SEC vs. Kraken has sparked debate in the crypto community. Kraken’s Chief legal officer Marco Santori shared a post in X stating that the Federal Court for the Northern District of California had ruled that tokens traded on Kraken are not securities.
The ruling has been noted by industry leaders, including Ripple Chief Legal Officer Stuart Alderoty. Alderoty stressed the importance of the court’s ruling, stating that it reinforces the notion that the term “crypto asset security” is fundamentally flawed.
This outcome poses a challenge to the SEC’s regulation-by-enforcement approach, which has relied on classifying crypto assets as securities to exert control over the industry. Bill Morgan, a pro-crypto lawyer, echoed the point, highlighting the fact that the decision is in line with Judge Torres reasoning in the SEC Vs. Ripple Case, further undermining SEC’s position.
In the Binance case Judge Jackson ruled Binance’s BNB token sales on secondary market did not constitute securities. This ruling, which diverges from previous decisions, prompted Coinbase, to question the inconsistent treatment of different exchanges.
Paul Grewal, Coinbase’s Chief legal officer, has highlighted the differences between how U.S. District Courts clarify crypto transactions. He acknowledges the challenges that exchanges face in dealing with the current regulatory environment.
XRP remains below critical levels despite the legal victories of other exchanges. As of the time of publication, XRP’s price was $0.60962, a drop of 0.27% from the previous day.
The daily chart for XRP shows a phase of consolidation, with the price fluctuating between $0.40 and $0.05 over the last year. Technical indicators like the MACD and RSI indicate a cautiously bullish sentiment. The MACD line crosses above the signal line, and the RSI is at 58.48.
The market outlook for XRP is uncertain as traders wait for more clear signals before making any significant movements.
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