Regulatory uncertainty is already having an impact on the cryptocurrency sector and the widely publicized lawsuit between Ripple and the United States Securities and Exchange Commission (SEC). is now gaining steam as the community waits impatiently for the judge to render a decision.
Coinbase has joined the ranks of Ripple, which is fighting on behalf of the entire cryptocurrency space. Youtuber Zach Rector explained the best-case scenario for the Securities and Exchange Commission and added that a settlement may soon be on the cards amid a heavy backlash against SEC chair Gary Gensler.
Talking about Coinbase suing the SEC, he pointed out an interesting fact. He said, “Fred Rispoli has filed some interesting motions. He actually filed the motion against Coinbase, so now it’s funny Fred and Coinbase now are going to be both on the same side against the SEC even though Fred just filed the class action lawsuit against Coinbase.”
According to reports, The House Financial Service Committee has released a new draft bill to regulate stablecoin issuers. The proposal mandates that stablecoin issuers be authorized and subject to regulation. Additionally, it states that stablecoins are not securities and are not subject to SEC regulation.
Even during his recent appearance before the US House of Representatives Financial Services Committee, Gensler continued to dodge the frequently questioned topic of whether Ethereum (ETH) is security.
XRP price hits reverse
This week marked a slow start for the broader cryptocurrency market and XRP. There were no updates in the SEC v. Ripple case to pique interest. Before going into reverse, XRP climbed to an early high of $0.48499. The first major resistance level at $0.4734 and the second major resistance level at $0.4819 were both broken by XRP and then it hit the reverse button. At the time of writing, XRP is down by more than one percent and is trading at $0.45.
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