Rounds Cryptocurrency exchange rates rose sharply on Wednesday, as investors hoped that Ripple, a company closely associated with tokens, would win a long-term lawsuit with the Securities and Exchange Commission in the United States.
According to coinjection, the value of the label was around 45 cents at 8 a.m. Eastern Time, which increased by more than 11% in the last 24 hours. Before that, the turnout was up to 20%. cryptocurrency wallet
- The dealers referred additional notice to ripple on Monday, who cited the decision in another Binance-related case. The American plan to save the crypto creditor Voyager digital crashed. According to the plan, the American division of Binance was to acquire all of Voyager's assets, including the original VGX trademark, in a deal worth dollars 1.3 billion.
- The SEC rejected this plan, stating that FGX security was closer, and called binance an unregistered stock exchange, as informed by ripple.
- However, the judge rejected the SEC's objection and approved the bankruptcy plan, citing what he called "unclear" the regulator's argument, saying that the SEC "gave no indication of what the creditors said they had to prove" to prove that FGX was not a security, according to ripple's letter
- When CNBC contacted the SEC, he was unable to comment immediately.
The SEC accused ripple, general manager Brad Garlinghouse, and co-founder Chris Larsen of violating U.S. savings laws by selling ripple without prior registration to the regulatory system. Ripple opposes SEC's claims, believing that ripple should be treated as a digital currency rather than a security.
Ripple president Monica Long told on Wednesday morning that she was "very optimistic" about resolving the dispute with the SEC, adding that she believes it will end this year.
Long said that he believes that it is "unlikely" that a judge will decide the SEC, "considering both the facts and the laws that support us.”
If Ripple is considered a security, it can have a major impact on the cryptocurrency industry.
The flow parameters may fall into the same category, making them a controlled financial instrument that requires SEC scrutiny and frequent disclosure of transparency information.
Improving market sentiment
Both ripple and the SEC submitted their final recommendations for a brief verdict in the case. The case was presented to judge Annalisa Torres of the Southern District of New York, who was expected to run soon.
It is unclear when he will make the decision. However, some crypto investors believe that the product will be available in the coming days.
Ripple gets support from potential positive outcomes in SEC matters, Vijay Maillard, vice president of crbc exchange lono, told CNBC via email on Wednesday.
According to Ayyar, the trademark, which is the world's sixth largest market capitalist, is promoted by the sentiment of the wider crypto market.
Bitcoin
It has grown 70% since the beginning of the year and currently sells over 2 28,000 for the first time in nine months. Ether
, the second-largest index, has increased by 50% since the beginning of the year.
In general, the cryptocurrency market has grown over the past week, with hopes of a break or drop in interest rates and a decrease in inflation, May said.
Rules of practice?
Ripple has long stated that he believes the SEC is controlling through practice rather than creating explicit rules for the sector. He said that Europe is more advanced in its attitude to cryptocurrencies, citing for example the bloc market in coordinating crypto assets.
We see the action through practice contrary to clear rules and regulations, which is what we all want in the industry, Long said.
Europe is very distinguished as a leader in establishing precision rules that allow crypto companies as well as traditional financial institutions to use cryptocurrency.
On the other hand, the SEC stated that it wanted all companies and crypto projects to align their work with federal security legislation.
In an interview with CNBC in February following the crackdown on the Kraken cryptocurrency exchange, SEC Chairman Gary Gensler said, "there are several registered trademarks. The intermediary, the store, if you want, the casinos, where people make money, should be careful and share these difficult products.”
If this industry has a chance to survive and succeed, rules and laws have been tested to protect the investing public.
In recent weeks, the regulator has targeted several crypto companies allegedly involved in illegal security installations.
Paxos, the provider of the stablecoin, announced that the SEC had issued a notice threatening legal action related to the charge that POSD, the original stablecoin belonging to the cryptocurrency exchange, was a security that the regulator should have written.
The regulator also accused the crypto Genesis and Gemini exchange creditors that the high-quality investment products offered by the two companies should be considered guarantees.