Ripple’s legal battle with the SEC has taken a positive turn thanks to a recent decision by a U.S. appellate court. The court rejected the SEC’s request for a large disgorgement award without proving investor harm, which gives Ripple an advantage as it prepares to counter the SEC’s claims in court filings due by April 22. This ruling could have a major impact on the outcome of the case, which revolves around allegations of unregistered securities offerings.
The legal developments and SEC activities have had a direct impact on the cryptocurrency market, particularly on the price of XRP. In a recent video by CNF, it was revealed that XRP experienced a slight decline of 1.52%, closing at $0.6087. These fluctuations highlight the market’s sensitivity to regulatory actions and legal outcomes, which are expected to continue influencing investor decisions and cryptocurrency trends.
Uniswap has also faced a legal challenge from the SEC, with Marvin Ammori, Chief Legal Officer at Uniswap Labs, criticizing the SEC’s actions as an “abuse of power.” Ammori argues that most digital tokens, including btc, eth, stablecoins, and meme coins, do not meet the definition of securities. He points to recent legal precedents, such as the SEC vs. Coinbase case, to support the argument that the Uniswap Protocol and its services should not be considered securities exchanges or brokers.
Coinbase’s Chief Legal Officer, Paul Grewal, has also commented on the SEC’s claims against Uniswap, highlighting the contradictions in the SEC’s position following a recent ruling in favor of Coinbase. Grewal humorously questions the consistency of the SEC’s regulatory enforcement.
The upcoming trial between Ripple and the SEC is expected to be a crucial moment for XRP’s price. Despite a slight decrease of 1.15% in the past day, XRP has shown resilience by gaining 5.38% over the past week. This aligns with CNF’s forecasts, suggesting that a favorable legal outcome for Ripple could lead to a significant rally for XRP.