SEC July Crypto Ruling Deadline – Will It Affect Ripple and XRP?
Senator Warren chooses 28th July as US SEC’s deadline to answer back to crypto regulations. Will the decision impact Ripple’s XRP?
US senator Elizabeth Warren wrote a note to the US Securities and Exchange Commission (SEC) concerning the Ripple lawsuit. The notice stated that the SEC needs to decide on digital coins soon. He declared that he expects the institution to respond by 28th July.
Warren reached out to Gary Gensler, SEC Chairman, criticizing him due to the absence of regulations to control cryptocurrencies. That is according to reports by Reuters. Warren noted that the lack of crypto regulations exposes investors to fraudsters and manipulators.
The US Crypto Regulation
Elizabeth Warren, the democrat senator who criticized digital coins previously, describes the crypto space as speculative. The politician stated that the whole thing about virtual currencies would end in tears. Recently, he voiced his concerns about BTC’s power consumption and that coins that use the PoW model to validate crypto deals.
Warren wanted SEC to declare its crypto direction as soon as it can. For that case, he emphasized that the regulators need to implement the procedures by 28th July.
Contrarily, the politician’s demand might force SEC to take hasty decisions concerning its lawsuit with Ripple. Though the IRS, an institution that regulates the US market, does not have too much say on virtual currencies, it requests cryptocurrency taxation over specific amounts.
Will Ripple Suffer?
According to AtoZMarket reports, SEC and Ripple postponed the lawsuit until 15th October this year. Cryptocurrencies and Ripple definitions are vital in the case.
Recently, Ripple demanded SEC to reveal its trading policies.
Sara Netburn, the judge, responded positively, granting the request by Ripple. However, the regulator remains against the disclosure of such information. SEC believes that their internal trading protocols have no relation with the trial.
On the other side, Ripple trust that disclosing the data will illustrate how the regulator differentiates Ripple’s XRP from BTC and other alternative coins.
Jeremy Hogan, Ripple’s lawyer, believes the verdict will take longer, not earlier than January next year. However, that might change with the deadline issued by the senator.
XRP has traded according to BTC moves in the previous sessions. At the moment, XRP trades at $0.61 after losing 1.38% yesterday.
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