Ripple’s legal battle with the SEC continues to make headlines. Attorney Bill Morgan took to social media and criticised VanEck for playing both sides. Morgan brought to attention VanEck’s inconsistency as they pushed for fairness in ETFs, but chose to remain silent for XRP when it was in a similar situation.
For the unversed, asset managers like VanEck, Canary Capital, and 21Shares signed a joint letter to the SEC Chair Paul Atkins, urging a fair and consistent process for approving crypto ETFs.
They requested the SEC to adopt a fair “first-to-file, first-to-approve” rule for crypto ETFs explaining that favoritism damages innovation in the ETF market. This came after long delays and growing uncertainty around spot ETF approvals.
But Morgan slammed VanEck for staying silent during the Ripple lawsuit. Morgan wrote on X, “Don’t recall you complaining about SEC favoritism when Ripple was sued over XRP sales and Ethereum received a free pass.”
XRP faced legal actions, while Ethereum walked away clean when it was called a non-security by SEC official William Hinman in a 2018 speech.
This has raised concerns over conflicts of interest at the SEC. Critics like John Deaton have also questioned how credible Hinman’s speech actually was and whether the SEC is being fair and transparent with its crypto rules.
These comments come as the crypto community anxiously awaits for updates on a likely settlement between the Ripple vs SEC. A key deadline for the SEC to report to the Appeals Court is coming up on June 16.
XRP is up 2.7% in the last 24 hours, and is currently trading at $2.29. The next move will now depend on updates from the Ripple case and spot ETF news. A breakout above $2.35 could push XRP to $2.50, then $2.65, and possibly $3 or even its all-time high of $3.55. But if it drops below the 50-day EMA, bears could drag it down to $1.93.
The SEC has a key deadline of June 16 to report to the Appeals Court regarding the ongoing legal proceedings, which could trigger significant market moves for XRP. Sources
This rule, advocated by asset managers like VanEck, requests the SEC to approve crypto ETFs based on submission order to ensure consistency and prevent favoritism in the market.
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