During Tuesday’s session, the balance continued between investor optimism about the ongoing SEC v Ripple issue and market concern about central bank monetary policy.
Central Bank Policy Overshadows Updates from SEC v Ripple
The Bank of England on Tuesday weighed riskier assets. Andrew Bailey, Governor of the Bank of England, warned the markets of the end Friday of Gilt buying activity. The market turmoil caused by the UK government’s mini-budget subsided in response to the BoE’s interventions. The impending move to the left led to a trip to safety, leaving XRP on the back foot.
However, updates from the ongoing SEC v Ripple issue have been positive for XRP. Defense attorney James Phelan subscriber The last ruling of the court.
On Tuesday, Judge Torres granted requests from I-Remit and TapJet to file friendly notes in support of Ripple. It was another blow to the Securities and Exchange Commission, which Reverse Reports to the defendants’ dissatisfaction.
The verdict is important because I-Remit and TapJets are likely to demonstrate the use of XRP beyond the SEC rating as collateral.
According to the TapJet filing,
“The interest of TapJet, in this case, is as a company that accepts cryptocurrency, including XRP, in exchange for its services as an alternative to fiat currency. For TapJets, accepting XRP as payment for services is critical in some cases.”
I-Remit is a global payment company that uses RippleNet. According to the I-Remit app,
“As a principal client of ODL, I-Remit is interested in the outcome of this lawsuit due to its heavy reliance on XRP and the XRL Ledger. I-Remit has in-depth knowledge of these technologies that will facilitate court evaluation of the arguments presented by the US Securities and Exchange Commission (“SEC”).
But while the latest ruling is good news, the SEC did not respond to the court’s overturning of the SEC’s objection to the court’s refusal of the SEC’s request to protect William Hinman’s speech documents under attorney-client privilege.