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“What is important to me is that if there is no obvious legal error and the SEC can easily distinguish the Ripple case because it is narrowly confined to its own facts why appeal it at all, unless of course there are non legal considerations influencing the decision to appeal.”
SEC Faces Increasing Scrutiny Amid Appeal Uncertainty
FOX Business journalist Eleanor Terrett shared insights from a Spaces session titled ‘Bulls, Bears, and Blockchain,’ stating,
“SEC Commissioner Hester Peirce says she partly blames herself for how the Commission has interpreted the Howey Test when it comes to crypto.”
Commissioner Peirce’s comments come at a pivotal time for the SEC and the crypto market, as the agency shows no signs of ending its regulation through enforcement strategy.
SEC Issues OpenSea a Wells Notice, Targeting the NFT Space
On Wednesday, the Non-Fungible Token (NFT) marketplace Open Sea received a Wells Notice from the SEC. OpenSea co-founder and CEO Devin Finzer shared the news, saying,
“OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities. We’re shocked the SEC would make such a sweeping move against creators and artists. But we’re ready to stand up and fight.”
Finzer commented on the broader conflict between the SEC and crypto firms, including Coinbase (COIN) and Kraken. He also warned,
“By targeting NFTs, the SEC would stifle innovation on an even broader scale: hundreds of thousands of online artists and creatives are at risk, and many do not have the resources to defend themselves.”
Candidate for the United States Senate in Massachusetts, John E. Deaton, reacted to the news by sharing an image of Senator Elizabeth Warren with the caption, Elizabeth Warren is building an Anti-Crypto Army. Deaton also said,
“We all know how the Captain of the Crusade against crypto is and it’s not Gary Gensler.”
Deaton, who represented 75,000 XRP holders in the Ripple case, played a crucial role in the Programmatic Sales of XRP ruling.
XRP Price Outlook Depends on SEC Appeal Plans
Price trends hinge on whether the SEC will appeal. XRP could drop below $0.40 if the SEC appeals. Conversely, XRP return to $1.00 if the SEC decides against challenging rulings from the case. XRP rallied from $0.4696 to a high of $0.9327 in response to the July 2023 Programmatic Sales of XRP ruling.