Crypto Market News: A new US Supreme Court consideration may likely have a significant impact on the future of the cryptocurrency market, as the industry grapples with an increasingly tighter regulatory environment in the United States. Earlier, CoinGape reported that the top court agreed to consider cutting down powers enjoyed by federal regulatory agencies including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). These two agencies have already initiated enforcement actions against crypto businesses, including the likes of Binance, Coinbase and Kraken.
Also Read: U.S. Investors Abandoning Crypto Exchanges, But Where Are They Going?
In this context, a shift in the US regulatory power structure could potentially have a major impact on ongoing legal disputes like the XRP Vs SEC lawsuit and the Grayscale spot Bitcoin ETF. The new Supreme Court consideration is about abolishing an old ruling that gives rule making powers to the agencies.
XRP Lawsuit Impact
Starting October 2023, the US Supreme Court will take up the case that could potentially reverse a ruling that gave the likes of SEC to define their own powers. The idea is to draft new operational guidelines for the agencies, including the financial watchdogs. Therefore, if the SEC’s power to define which cryptocurrencies are securities is curbed, the new Supreme Court appeal could mark a daunting change for the crypto ecosystem in the United States. Already, the XRP community had pinned hopes on a positive outcome in the pending Summary Judgement in SEC lawsuit.
Also Read: Poloniex Exchange Pays $7.6 Million To Settle Charges With U.S. Treasury
