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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

US SEC Sues Binance, Fails To Mention Ripple (XRP) As Security

Dalmas Ngetich
Dalmas Ngetich
2 years ago
2 mins read
Ripple XRP SEC

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In a shock move that has forced the cryptocurrency markets lower, the United States Securities and Exchange Commission (SEC) on June 5 sued Binance, the world’s largest cryptocurrency exchange, accusing them of 13 charges, one of which is allegedly enabling the trading of unregistered securities.

Top of the list, the regulator said, was that Binance allegedly allowed the trading of several crypto assets, including BNB, the platform’s native currency; Cardano’s ADA; and MATIC, the token priming the Polygon ecosystem.

XRP Not A Security?

The SEC didn’t mention payment company Ripple, the native currency of the XRP Ledger, a platform through which the company bases its flagship products. The two entities have been entangled in a legal fight since late 2020, when the regulator accused the payment company of allegedly selling an unregistered security, XRP. 

It should be noted that despite the regulator mentioning XRP, the coin’s price is lower and weighed by the market-wide collapse that has so far wiped billions in value from the total crypto market capitalization, according to CoinMarketCap (CMC), a coin tracker.

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When writing on June 5, the total cryptocurrency market cap had contracted by over 5% to $1.09 trillion. During this time, the XRP price has been down 7% in the past 24 hours. 

XRP Price On June 2| Source: XRPUSDT On Binance, TradingView
XRP Price On June 2| Source: XRPUSDT On Binance, TradingView

However, comparing the current performance to how XRP faired last week, the coin is the only one in the green territory, adding 3%. This means XRP has outperformed all the top-10 cryptocurrencies, including Ethereum and Bitcoin.

The failure of the SEC to mention XRP in their lawsuit could be a huge boost for the token and its ecosystem in the days and weeks ahead. This is especially considering the ongoing case. 

Ripple Supporters Remain Bullish Despite SEC’s Accusations

The case is ongoing, but there have been rulings in recent weeks that make XRP supporters optimistic. The presiding judge has denied SEC’s motion to seal the Hinman documents. 

Although the SEC vehemently campaigned for these documents to remain private, claiming they were deliberative and privileged, the judge said the public had the right to know since they are relevant to the case. 

These documents are critical in the case as they detail internal communication by the SEC on how they classified XRP as a security. 

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Still, the judge is yet to make a ruling though the SEC, in March 2023, filed an amended complaint against Ripple, claiming they were engaged in market manipulation. Ripple has since filed a motion to dismiss the regulator’s amended complaint saying they are “baseless.”

Feature Image From Canva, Chart From TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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