Yo Yo Yo, hope everyone has had a great week so far, despite the crypto market bringing tears to everyones wallets.
You can see XRP is still trading in the channel and we are yet to see a bullish breakout, this is normal as the market trend as a whole is on a decline.
Ripple price action did not react to the headlines that came out last night pointing to a possible escalation of violence in the Ukraine region. Traders were on high alert and looking for headlines coming out of NATO after Poland called the alliance when two Polish citizens were killed in a presumed missile attack from Russia. As minutes passed, it became clear it was collateral damage from the Ukraine defense system that was active because of a bombing in the Ukrainian region near the Polish border. This event though reminds traders and markets that this is one tail risk not to be underestimated, as several traders will have received notice of being stopped from making trades.
Hopefully we will get some SEC news this year still, so we can have a pleasant start to the new year.
The United States court hearing the Securities and Exchange Commission’s (SEC) case against Ripple Labs has approved the filing of several amicus curiae briefs by non-party entities, including some made in support of the SEC’s contention that Ripple’s offering of XRP amounted to an unlawful unregistered securities offering.
The SEC’s case against Ripple Labs has drawn a lot of informal comment throughout the industry: to some, the regulator’s pursuit of Ripple is a sign that action is finally being taken against non-compliant digital asset offerings; to others, it’s an example of a massive overreach which could be fatal to the development of the industry.
But it’s also drawn formal amicus curiae applications from people on both ends of the spectrum. An amicus curiae brief is a submission made in a case by a person or entity that is not a party to the action but has some strong interest in it (amicus curiae is Latin for ‘friend of the court’). In this case, 16 companies have requested to make formal submissions in SEC vs. Ripple. On Monday, Judge Analisa Torres granted permission to all 16.
The group is made up mostly of ‘crypto‘ interest groups for whom unchecked initial coin offerings (ICOs) and their analogs are bread and butter: the likes of Coinbase (NASDAQ: COIN), which complains in its proposed brief that ‘rather than engage in rulemaking, the current SEC administration has sought to expand the SEC’s jurisdiction over the cryptocurrency industry through ad hoc enforcement actions, alleging on a retrospective basis that already-trading digital assets… are actually securities subject to SEC regulation.’
But others are filing briefs in support of the SEC, including InvestReady and the New Sports Economy Institute.
You can see XRP is still trading in the channel and we are yet to see a bullish breakout, this is normal as the market trend as a whole is on a decline.
Ripple price action did not react to the headlines that came out last night pointing to a possible escalation of violence in the Ukraine region. Traders were on high alert and looking for headlines coming out of NATO after Poland called the alliance when two Polish citizens were killed in a presumed missile attack from Russia. As minutes passed, it became clear it was collateral damage from the Ukraine defense system that was active because of a bombing in the Ukrainian region near the Polish border. This event though reminds traders and markets that this is one tail risk not to be underestimated, as several traders will have received notice of being stopped from making trades.
Hopefully we will get some SEC news this year still, so we can have a pleasant start to the new year.
The United States court hearing the Securities and Exchange Commission’s (SEC) case against Ripple Labs has approved the filing of several amicus curiae briefs by non-party entities, including some made in support of the SEC’s contention that Ripple’s offering of XRP amounted to an unlawful unregistered securities offering.
The SEC’s case against Ripple Labs has drawn a lot of informal comment throughout the industry: to some, the regulator’s pursuit of Ripple is a sign that action is finally being taken against non-compliant digital asset offerings; to others, it’s an example of a massive overreach which could be fatal to the development of the industry.
But it’s also drawn formal amicus curiae applications from people on both ends of the spectrum. An amicus curiae brief is a submission made in a case by a person or entity that is not a party to the action but has some strong interest in it (amicus curiae is Latin for ‘friend of the court’). In this case, 16 companies have requested to make formal submissions in SEC vs. Ripple. On Monday, Judge Analisa Torres granted permission to all 16.
The group is made up mostly of ‘crypto‘ interest groups for whom unchecked initial coin offerings (ICOs) and their analogs are bread and butter: the likes of Coinbase (NASDAQ: COIN), which complains in its proposed brief that ‘rather than engage in rulemaking, the current SEC administration has sought to expand the SEC’s jurisdiction over the cryptocurrency industry through ad hoc enforcement actions, alleging on a retrospective basis that already-trading digital assets… are actually securities subject to SEC regulation.’
But others are filing briefs in support of the SEC, including InvestReady and the New Sports Economy Institute.