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Gensler sees the court’s ruling as disappointing as the Commission partially lost its case against Ripple last week.
Ripple hopes that many US banks and financial institutions will approach the company this quarter.
The surge in XRP price highlights the impact of legal outcomes on the crypto market.
Bitcoin (BTC), the world’s largest cryptocurrency, reached its highest price since June 2022, touching $31,818 on the Bitstamp exchange.
Schwartz’s caution comes amid a surge in XRP price and market capitalization.
Exchanges that delisted XRP back in 2020 in the wake of the lawsuit filed by SEC are now exploring the opportinities for XRP relisting. Among them are Gemini exchange, Kraken exchange, and Bitstamp.
According to the ruling, Ripple violated securities law when it sold XRP to institutional investors. However, the “programmatic sales” of XRP through exchanges and algorithms are not considered as the sale of securities.
Ethereum (ETH) price gained over 7.3 percent to trade around $2,010 on Friday with XRP and XLM up more than 60 percent in 24 hours.
This great win of Ripple in its battle against the SEC can be viewed as a reminder that the existing regulatory frameworks may not always fit the unique characteristics of cryptocurrencies and may require modification or refinement.
Ripple CTO addressed the matter, labeling the rumors as false and casting doubt on the credibility of the news article due to the absence of an official source.
In a report published June 15, JPMorgan’s analyst Nikolaos Panigirtzoglou said that SEC officials were unsure of Ethereum’s legal status in 2018.
Ripple’s partnership with Colombia’s central bank is another step towards its vision of “enabling the Internet of Value”.
The release of the Hinman documents comes amid rising legal pressure on Binance and Coinbase.
The US SEC has mysteriously deleted Hinman’s biography from its website ahead of the court’s imminent order to disclose unredacted emails from Hinman’s communications.
XRP’s lawyer thinks the outcome could be determined by September based on recent events. In light of this, Ripple is allegedly meeting with investors to discuss their interest in an IPO.