The post XRP Market Outlook & Legal Updates appeared on BitcoinEthereumNews.com.

After more than three years of legal battles, the Ripple vs. SEC case is nearing its final stages. Presiding Judge Analisa Torres is carefully reviewing a series of motions, the latest being Ripple’s reply letter supporting its motion to seal documents related to the SEC’s judgment and remedies. Despite progress, Ripple’s substantial XRP holdings remain a significant obstacle. The US SEC argues that Ripple’s monthly sales mainly constitute securities transactions. The Ripple community narrowly avoided a setback when President Joe Biden vetoed the SAB21 bill, which had serious implications for the crypto sector. SAB21 Bill: A Threat Averted The SAB21 bill suggested that crypto projects with single investors holding more than 20% of the total supply should be classified as securities, not commodities like Bitcoin. This classification could have severely impacted Ripple and similar projects. The US SEC has faced several defeats in recent crypto cases, most notably the Debt Box case. A well-known Web3 and crypto lawyer, MetaLawMan on the X platform, noted that the recent settlement between the US SEC and Terraform Labs, along with Do Kwon, is positive for the crypto industry. The reported settlement between the SEC & Do Kwon is good news. It means that either the @Ripple case or the @Coinbase case (on possible interlocutory appeal) is likely to be the first case to get to the 2nd Circuit Court of Appeals to address the legal status of crypto assets. https://t.co/qh7Qv5HOhw — MetaLawMan (@MetaLawMan) June 3, 2024 The crypto lawyer suggests that the Ripple or Coinbase case will likely reach the 2nd Circuit Court of Appeals, which would address the legal status of crypto assets. This could have far-reaching implications for the entire crypto market. XRP Market Performance Despite recent successes, Ripple-backed XRP is gradually losing its top-tier status among crypto projects. Messari’s report…

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Filed under: News - @ June 6, 2024 3:16 am