- Elon Musk criticizes the SEC’s unclear rules, especially targeting Bitcoin holdings as securities.
- Ripple executives slam the SEC’s shifting stance on crypto assets like SOL, ADA, and SAND in the Binance complaint.
- Price recovery is seen in Ripple’s XRP, although overbought conditions could lead to short-term falls.
Elon Musk has taken to criticizing the Securities and Exchange Commission of the United States. Amended SEC filing clearly shows how there is a big demand for some more prescriptive and more conformed standards, focusing solely on the Bitcoin holdings that are deemed securities.
Executives from Ripple have expressed disapproval of the SEC’s regulatory strategy, particularly in light of the most modifications to the complaint filed against Binance. Third-Party Crypto As of right present, the amended complaint lists set Securities” like SOL, ADA, and SAND,
SEC’s Lawsuit Against Binance and Ripple’s Response
It charged several people with legal violations in response to the SEC’s lawsuit against former Binance CEO Changpeng Zhao over misleading clients and running an unregistered exchange.
Stuart Alderoty, Ripple’s chief legal officer, criticized the SEC for taking a contradictory position on X, formerly Twitter, and highlighted the agency’s uneven approach to regulation. Alderoty pointed out that the SEC classified the ten tokens available on Binance as securities in its case against Coinbase, despite the agency later retracting its claim that they are securities.
“When a judge signals B.S. on the SEC’s claim that 10 tokens on Binance are securities, the SEC says ‘never mind,'” Alderoty wrote. “However, the Coinbase lawsuit leaves these tokens out to dry. That’s not how regulation works.”
Hypocrisy and Inconsistent Enforcement
Brad Garlinghouse, the CEO of Ripple, chimed in, calling the revised Binance complaint “hypocritical.” He maintained that the agency’s uneven enforcement stands in stark contrast to SEC Chair Gary Gensler’s remarks on clear regulations. “SEC can’t figure out the rules and implements them randomly, creating additional industry confusion,” tweeted Garlinghouse in response to Chair Gensler’s testimony that the regulations are clear.
This charge alleges that the business took in $1.3 billion to sell XRP. The SEC contends that XRP is an unregistered security. In a somewhat positive ruling for Ripple last year, Judge Analisa Torres explained that based on their nature, some sales of XRP did not break any securities laws. However, others, like selling to institutional investors, were classified as securities.
XRP Price Action and Market Analysis
At its current price of $0.6517, XRP exhibits an upward trend from its previous lows of approximately $0.45 in early July. The resistance level of $0.70, last observed in March 2024, is almost approached by the price.
With a current volume of 126.39M, the trading volume has surged recently, suggesting that interest in and involvement in XRP trading are expanding. According to the RSI, the asset can be overpriced in the near term at 70.74. When the MACD line is above the signal line, there is bullish momentum. However, the convergent MACD lines imply that the upswing might be coming to an end.
Source: Crypto rank
XRP saw a protracted decline from March to June 2024, but it resumed a strong recovery at the beginning of July. Investors should exercise caution despite the positive overall trend, as there is a possibility of temporary declines brought on by overbought circumstances. As usual, more research and a variety of aspects should be taken into account before making any investment selections.
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