There was no major SEC event against Ripple Court that led to a separate session. But hopes for a positive outcome in the SEC v Ripple case likely contributed to Friday’s rally. The issue of Hinman’s actions relating to the speech has not yet surfaced, which may indicate some settlements out of court.
Slow progress on SEC v Ripple case remains a headwind for XRP
Defense attorney James Phelan subscriber The latest from the SEC v Ripple case going on overnight.
“Third Party B files an application for seal with a request to amend Third Party B’s declaration submitted by the Securities and Exchange Commission as an attachment to the SEC’s application for summary judgment.”
With the recent request negligible in the outcome of the SEC v Ripple case, regulatory chatter may have contributed to the hack session.
On Friday, Phelan shared and commented on a series of tweets regarding regulatory news.
The first episode of the series of tweets included comments from Ripple’s defense attorney, Stuart Aldrotti, who He saidAnd the
“In today’s Senate Banking Committee hearings, President Gensler misinterpreted the Supreme Court’s test to determine what is a guarantee and what isn’t. Was it intentional or didn’t he really know the law? What’s worse?”
then the file subscriber The latest crypto framework from the White House. The White House on Friday released the first-ever comprehensive framework for the responsible development of digital assets.
In response to the latest framework, Phelan said,
“According to their mandate. This is why the Securities and Exchange Commission (SEC) is doing everything it can to break the CFTC and take advantage of everything it can to regulate the digital asset space.”
file subscriber A paragraph from the report stated:
“The reports encourage regulators such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), in accordance with their mandates, to aggressively pursue investigations and enforcement actions against illegal practices in digital assets.
Phelan went on to say,
“A lot is happening today. On August 11, 2021, Republican Leader McHenry issued a statement criticizing Securities and Exchange Commission Chairman Gary Gensler’s takeover of all digital asset exchanges — not all of which are securities.”
One shared file tweet From GOP Financial Services in response to the new Biden administration’s digital asset reporting that stated,
“Reports are no substitute for clear legislation. We must create a regulatory framework that advances American innovation while protecting consumers.”
Recent updates have continued to show that there is no coherent partnership between the SEC and the CFTC. The crypto market hopes that lawmakers will give the CFTC oversight in the digital asset space.