XRP News Today: Ripple’s Legal Woes Weigh on XRP Amidst SEC Scrutiny

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The SEC defended its decision to deny the Coinbase petition for rulemaking, arguing,

“That the Commission has brought crypto-asset-security-related enforcement actions does not require the Commission to grant the rulemaking petition. To the contrary, in authorizing those enforcement actions, the Commission necessarily determined that the agency could assert claims under existing law.”

The SEC continued,

“And the courts presiding over those cases have agreed, an objective judicial assessment that cannot be squared with Coinbase’s protestations that those enforcement actions are an unauthorized power grab and an act of agency self-aggrandization.”

Coinbase filed the motion for interlocutory appeal in response to Judge Katherine Failla denied, in large part, the Coinbase motion to dismiss (MTD). Judge Failla rejected the motion to dismiss allegations against Coinbase operating as an unregistered intermediary of securities.

Coinbase filed the MTD, arguing the SEC lacked the statutory authority to regulate crypto exchanges.

XRP and the broader market could face selling pressure if the court denies the Coinbase motion for interlocutory appeal. An SEC victory could strengthen its case to regulate the US digital asset space through enforcement. More significantly, an SEC win would also give the SEC a stronger foundation to argue that cryptos are securities.

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