Dennis Kelleher, CEO of Better Markets, has predicted a 90% likelihood that the U.S. Securities and Exchange Commission (SEC) will ultimately prevail in its appeal against Ripple.
Kelleher criticized the July 2023 decision by Judge Analisa Torres, arguing that it upends decades of legal precedent and fails to adequately protect less experienced investors.
According to Kelleher, the ruling improperly narrows the scope of securities laws, as it determined that only Ripple’s sales to institutional investors breached these laws.
Judge Torres’ decision was later contested by U.S. District Judge Jed Rakoff, who argued that the method of sale should not influence the regulatory status of a cryptocurrency.
Recently, Judge Torres ordered Ripple to pay $125 million in penalties as part of the ongoing legal saga.
Ripple’s chief legal officer, Stuart Alderoty, remarked earlier this week that while an appeal from the SEC would not be surprising, it is unlikely to alter the current legal standing of XRP, which is already well established.
Coinbase has emerged as the best-performing stock in the S&P 500 for June, climbing 43% amid a surge of bullish momentum driven by regulatory clarity, product innovation, and deeper institutional interest in crypto.
Coinbase CEO Brian Armstrong has spotlighted a significant acceleration in institutional crypto adoption, driven largely by the surging popularity of exchange-traded funds and increased use of Coinbase Prime among major corporations.
The latest market turbulence, fueled by geopolitical tensions and investor fear, offered a textbook case of how sentiment swings and whale behavior shape crypto price action.
Jefferies chief market strategist David Zervos believes an upcoming power shift at the Federal Reserve could benefit U.S. equity markets.