• Ripple and Coinbase continue to fight the SEC amidst a lack of regulatory clarity.
  • US Chamber of Commerce filed a brief in the Coinbase vs. SEC case, supporting cryptocurrencies and criticizing the SEC.
  • XRP price could note some bullishness if the Chamber generates enough support from the community.

Ripple and the Securities and Exchange Commission (SEC) have been in a legal battle for more than a few years now, and the defendant is now beginning to find allies. Ripple was recently joined by Coinbase, which is also battling the SEC and is now finding the support of the Chamber of Commerce.

The US Chamber of Commerce supports Ripple and crypto

Ripple, at the time of writing, is inching closer to a resolution as the lawsuit filed by the SEC back in December 2020 is set to conclude. Investors eagerly await the summary judgment from Judge Torres as anticipation builds.

While at the same time, Coinbase also fired back at the regulatory body for its delayed response regarding the securities rules and whether they were applicable to cryptocurrencies as well.

But while these two entities might be powerful, they still aren't the most powerful companies in the market. This lack of impact can be covered by the support of the Chamber of Commerce (CoC). The CoC is the largest lobbying group in the United States, acting as a highly influential organization representing companies in all industries across the US– not just crypto.

The same filed a brief this week in the Coinbase vs. SEC case, stating that the regulatory body has been acting "unlawfully" in the crypto market. The barrage of regulatory crackdowns that took place over the last few weeks is the reference made by the CoC. In its brief, the lobbying group stated,

"As it stands today, nobody knows for certain which digital assets, if any, are 'securities' under federal law."

Additionally, Coinbase's newest supporter made three crucial arguments, as noted by lawyer MetaLawMan. These include:-

  1. Regulatory uncertainty is killing innovation in the US.
  2. The SEC is destabilizing the digital assets regulatory environment.
  3. The SEC is violating Constitutional Due Process and Fair Notice rights.  

Cypto now has a powerful list of supporters, which is important since CoC is the most influential business organization. This could also end up being a table-turner for the case since the court would consider the points made by the Chamber.

As a result, not only have Ripple's chances of washing out SEC risen, it could also impact the token positively. Since Ripple has been defending itself against the regulatory body for such a long time, it has become immune to any negative impact.

However, support from the biggest business organization in the United States could actually help Judge Torres lean toward the crypto company. Consequently, this could also push the cryptocurrency's trading price, which is following the broader market cues for now.

Trading at $0.42, XRP price is still far away from the year-to-date high of $0.51. The coin noted a near 16% crash on May 11 before rising back up and closing at $0.42.

XRP/USD 1-day chart

XRP/USD 1-day chart

This could change, and the altcoin could rise provided the community supports the cryptocurrency, as pro-XRP lawyer John Deaton suggests,

"#XRPHolders were the first to call out the gross overreach by the SEC but clearly we aren't the last. Over two years ago we said don't be fooled that this will stop with #XRP. Even when the government's gross overreach is against a project you dislike you must stand against it. (sic)


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Three reasons why Chainlink could rally

Three reasons why Chainlink could rally

Chainlink has noted accumulation by large wallet investors for the past two weeks. Nearly $110 million in LINK has been withdrawn from exchanges in this time period. LINK sustained above $13 on Sunday, extending gains by nearly 1%. 

More Chainlink News

Ripple holds on to double-digit gains, highest in top 20 cryptocurrencies

Ripple holds on to double-digit gains, highest in top 20 cryptocurrencies

Ripple rallied over 19% in the past seven days per CoinGecko data. The altcoin broke past resistance at $0.50 on the one-year anniversary of Judge Analisa Torres’ XRP ruling. 

More Ripple News

Bitcoin breaks $60,000 as market anticipates re-election of pro-crypto former President Trump

Bitcoin breaks $60,000 as market anticipates re-election of pro-crypto former President Trump

Bitcoin extended gains post the shooting at the rally of US Presidential candidate Donald Trump. The former President is a pro-crypto candidate, and a report by Fortune shows that Trump’s chances of winning the race increased after the Saturday events.

More Bitcoin News

Ethereum ETF launch could push Ether to new all-time high, on one condition

Ethereum ETF launch could push Ether to new all-time high, on one condition

Ethereum (ETH) traders are watching two key events closely: the anticipated approval of the Spot Ether ETF and the activities of whales, the large wallet investors holding ETH. An analyst has predicted that the odds of Spot Ether ETF is 72.7% this week. 

More Ethereum News

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows.

Read full analysis

BTC

ETH

XRP