XRP bucked the broader market trend on the back of SEC v Ripple Optimism
It was another quiet session on Tuesday, with no updates on the SEC v Ripple case to provide guidance. However, investor optimism about earnings continued to provide support.
On Tuesday, John Deaton, attorney for Amicus Curiae, drew attention and spoke about the potential impacts of the Amicus calendar on the SEC’s attempt to classify XRP as a security. Deaton shared part of his application, likeAnd
“The SEC is literally claiming that XRP itself is, is and always will be a security.
“The scope of Howey’s argument from the SEC has become so broad that it cannot really be determined, in space or time.”
While John Deaton shared his thoughts, investors are waiting for several court decisions that could greatly affect XRP and the broader crypto market.
One ruling concerned important documents related to William Hinman’s speech. After failing to protect the documents under attorney-client privilege, the Securities and Exchange Commission (SEC) made motions to withhold content from the speech-related documents. A ruling against the SEC could force the SEC to go down the settlement path.
As a matter of background, former SEC Director of Corporate Finance William Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities. The controversial issue in the letter concerns Hinman’s relationship with Simpson Thacher, who is part of a group promoting Enterprise Ethereum. After leaving the SEC, Hinman returned to Simpson Thacher.
Today, a must for all parties and non-parties file Opposition to non-partisan motions to seal. Once the parties file, decisions on previously submitted proposals can come at any time, which could test investors’ appetites.
However, the lack of updates would leave XRP in the hands of the broader crypto market. US economic indicators will attract interest in the afternoon session.