Nevertheless, investors were likely mindful of looming court rulings that could adversely affect the US crypto market.
In the ongoing SEC vs. Ripple case, the penalty for breaching US securities laws is unlikely to affect the US crypto market. However, SEC plans to appeal against the Programmatic Sales of XRP ruling could create market tension. If the US appellate courts overturn the Programmatic Sales of XRP ruling, the SEC would have a stronger footing to regulate through enforcement.
Ripple expects a court ruling in the coming months, meaning the SEC could file an appeal before the US Presidential Election.
Beyond the Ripple case, the SEC v Coinbase (COIN) case could have more significant ramifications for the broader crypto market. Investors await a court ruling on the Coinbase Motion for Interlocutory Appeal.
If Judge Katherine Failla grants the Motion for Interlocutory Appeal, the courts will reconsider the Coinbase Motion to Dismiss (MTD). Coinbase filed the MTD in October 2023, arguing that the SEC lacked the statutory authority to regulate crypto exchanges.
A Coinbase win against the SEC could end SEC plans to appeal against the Programmatic Sales of XRP ruling.