Kraken, Consensys, and Cumberland welcomed a significant relief as the U.S. Securities and Exchange Commission (SEC) officially withdrew its lawsuits against the firms. The decision, confirmed in an SEC notice, ends a period of uncertainty for the cryptocurrency sector.
Ripple’s CEO, Brad Garlinghouse, expressed how this reflects a positive regulatory shift, underscoring a broader acceptance of cryptocurrencies. XRP’s market value spiked more than 10%, marking a substantial shift in market sentiment.
The SEC’s withdrawal of lawsuits against Kraken, Consensys, and Cumberland marks a pivotal turn for the industry. These legal actions had cast a shadow over the companies’ operations, impacting their ability to thrive in the evolving digital economy.
Ripple experienced an immediate upsurge in value on news of the withdrawals. Trading of XRP saw a significant increase, particularly on platforms like Binance, where transaction volume surged by more than 200% compared to the previous day. The market viewed this as a favorable sign of easing regulatory pressure.
“This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it.” — Brad Garlinghouse, CEO of Ripple
Did you know? In the past, the SEC has ceased similar legal actions against significant platforms like Coinbase and Uniswap, suggesting a trend of loosening regulatory grips, likely affecting future market strategies and token values.
XRP, listed at $2.34, accounts for a market cap of approximately 136.08 billion, with a dominance of 4.78% in the crypto market. Recent metrics show a trading volume decline of -17.37% over 24 hours, according to CoinMarketCap. Price adjustments reveal a 4.28% increase over the past day, contrasting with a -3.29% shift in the preceding week.
The Coincu research team suggests this withdrawal may alleviate regulatory pressures faced by the industry and foster technological advancements. Analyzing historical trends, these changes could lead to a more stable regulatory environment, offering enhanced opportunities for cryptocurrency growth.
