- SEC claims that nine digital assets involved in insider trading by Coinbase employees are securities.
- The US SEC has accused ten companies of violating securities laws, attempting to regulate by enforcement.
- Ripple price is struggling to recoup its losses; analysts have a bearish outlook on the altcoin.
XRP succumbed to developments in the SEC v. Ripple case and the crypto ecosystem, dropping to $0.36. The SEC has filed a complaint accusing ten companies of violating securities laws in its tactic of regulation by enforcement.
Also read: Ripple officially confirms end of Jed McCaleb’s XRP dumping spree
SEC’s regulation by enforcement tactics hit ten crypto companies
The SEC filed a complaint against ten companies violating the securities laws, including nine digital asset issuers and a crypto exchange. Jake Chervinsky, Head of Policy at Blockchain Association, commented on the situation and condemned the defendants’ alleged conduct and the SEC’s unjust tactics in accusing the firms.
21/ It’s sad but not surprising to see the SEC continue its unfair attacks on crypto.
— Jake Chervinsky (@jchervinsky) July 22, 2022
As I said, we knew the SEC planned to ramp up enforcement this year, so I assume this is only the beginning.
I hope their next move won't be so unfair & unjust.
[end]https://t.co/G5dHIwJgvO
The SEC moved to set a crypto industry-wide precedent through an insider trading case and established jurisdiction stating that the nine digital assets in question were unregistered securities. It's important to note that the SEC has never addressed these cryptocurrencies before. The regulator argues that these assets qualify as securities for the first time in a federal complaint rather than guidance or rule-making. These assets are AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX and KROM.
The regulator has adopted the regulation by enforcement policy for crypto assets. Therefore, Chervinsky argues that it is not uncommon to learn that an enforcement agency has identified a violation when a complaint is filed.
Chervinsky believes that not just the payment giant Ripple but these ten companies are at trial too.
SEC v. Ripple case update
There was a flurry of activity in the SEC v. Ripple case, with both parties filing motions in response to the SEC’s request to file an appeal against the Hinman ruling. Ripple objected to the SEC’s request for a 30-page opening brief and 10-page reply brief on the Hinman ruling.
James K Filan, defense attorney, informed the Ripple community:
In connection with the SEC’s Objection to Judge Netburn’s Ruling on the Hinman Speech documents, the SEC’s motion to file a 30-page opening brief was denied (limited to 20 pages), but its request to file a 10-page reply brief was granted.
Analysts reveal bearish outlook on XRP price
Analysts at FXStreet evaluated the XRP price chart and predicted a decline in the altcoin. Analysts have a bearish outlook on XRP, believing the asset could struggle to recoup its losses. XRP price could plummet to the $0.31 level in the current downtrend. For price levels and critical information on where XRP is headed, check the video below:
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.
Recommended Content
Editors’ Picks
Uniswap nears $3 billion in daily trading volume despite Wells notice and fee hike
Uniswap's (UNI) price witnessed a double-fold crash in the past week after it received a Wells notice from the SEC and later due to the general crypto market crash over the weekend. In the past week, UNI has decreased more than 38%.
Arbitrum Price Prediction: 10% losses likely for holders ahead of $107 million worth of cliff token unlocks
Token unlocks are considered bearish catalysts, particularly when recipients are likely to cash in for a quick profit. The event, which adds tokens to the project’s circulating supply without increasing demand, leaves an effective imbalance in favor of supply.
Ethereum recovers from dip as Hong Kong ETH ETF approval sparks whale buying spree
Ethereum's (ETH) price slightly improved on Monday after Hong Kong approved applications for a spot Bitcoin and Ethereum ETF. Whales have also been accumulating ETH after the market dip over the weekend.
Bitcoin price delays pre-halving rally as US and China battle for BTC supremacy ahead of halving
Bitcoin has failed to showcase an enticing pre-halving rally. As the event remains less than a week out, traders and investors remain at the edge of their seats, with thoughts on whether the impact of the fourth cycle will be different than what has been seen before.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.