XRP News Today: XRP Price Hangs on SEC Appeal and Senate Vote; BTC Sees Sub-$95k

60 Minutes Crypto Fallout – The SEC vs. Ripple Case

On Monday, December 9, the crypto community reacted to the highly anticipated crypto debut on 60 Minutes. The segment focused on key crypto topics, including donations to Super PACs, the US election results, SEC policies, the SEC v Ripple case, and views from former SEC Chief John Reed Stark.

Ripple CEO Brad Garlinghouse and former SEC Office of the Internet Enforcement Chief John Reed Stark featured prominently, fueling heated debates.

Ripple CEO Brad Garlinghouse shared his misgivings about the airing, stating,

“I spoke with Margaret Brennan / 60 Minutes for 90+ min straight. When discussing the SEC’s misguided lawsuit against Ripple, 60 Minutes shockingly left out that a Federal Judge ruled that XRP is not a security…Gensler’s shill (John Reed Stark) knows better despite his comments that 60 Minutes chose to air.”

Garlinghouse referred to the pivotal July 2023 Programmatic Sales of XRP ruling. Judge Analisa Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test. The July 2023 ruling remains central to the SEC’s appeal against rulings in the Ripple case.

Meanwhile, Stark argued that crypto lacks utility and asserted that US courts consistently classify cryptocurrencies as securities.

SEC Appeal and XRP’s Future

The SEC’s plans on whether to pursue its appeal in the Ripple case remain crucial for XRP and the broader crypto market. John Reed Stark believes that the US election results could halt crypto litigation and enforcement.

However, the SEC must file its appeal-related opening brief on January 15, 2025, ahead of SEC Chair Gary Gensler’s departure on January 20, 2025.

Uncertainty about whether the SEC will file its opening brief has likely contributed to XRP’s retreat from the December 3 high of $2.9070.

Internal SEC rules mandate that an agency vote, not the Chair alone, determines the appeal’s continuation or withdrawal. December 11’s Senate Banking Committee vote on SEC Commissioner Carline Crenshaw’s renomination could influence the outcome.

Commissioner Crenshaw could be the last Democratic Commissioner and a potential stumbling block in Trump’s pro-crypto agenda.

XRP and the broader crypto market could resume the Trump-fueled rally if the Senate Banking Committee votes against her renomination. Trump would nominate a pro-crypto Commissioner, potentially ending the SEC’s appeal. Conversely, renomination could leave XRP in a state of uncertainty going into the New Year.

XRP Price Outlook Hinged on the SEC

On Monday, December 9, XRP tumbled by 14.86%, following Sunday’s 0.27% loss, closing at $2.2176. Significantly, XRP underperformed the broader crypto market, which declined by 6.39%, taking the total market cap to $3.390 trillion.

Price trends will hinge on Wednesday’s renomination vote and the SEC’s plans to appeal Ripple-related rulings.

Expectations for the SEC to pursue the appeal could pressure XRP toward $1. Conversely, a withdrawal may drive XRP past its January 2018 all-time high of $3.5505. The result of Commissioner Crenshaw’s renomination vote may fast-track XRP’s price trajectory.

A withdrawal would set the Programmatic Sales ruling as a crucial legal precedent, impacting cases against Coinbase (COIN) and Binance.

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Bitcoin: Strategic Reserve Debate and Price Volatility

Bitcoin (BTC), the crypto market’s barometer, dropped below the $95k psychological level on Monday, impacting the broader crypto market. BTC failed to break above the December 5 record high of $103,628 despite speculation about BTC becoming a US strategic reserve asset (SBR).

Adoption hurdles include Congressional, Federal Reserve, Treasury, and Presidential approvals. The US government may have more conviction for an SBR if China adopts BTC as a strategic reserve asset.

Binance founder Changpeng Zhao speculated that China might accumulate BTC before announcing it as a strategic reserve asset, potentially further tightening supply.

Microsoft Shareholders Meeting: Will Shareholders Vote to Add BTC to the Balance Sheet?

The prospects of major economies including BTC as a strategic reserve asset have shareholders scampering for approval to hold BTC as assets.

On Tuesday, December 10, Microsoft (MSFT) shareholders could vote to include BTC on its balance sheet at the Annual Shareholders Meeting.

According to an SEC filing, the board opposed the move. The shareholder proposal highlighted BTC as an inflation hedge and referenced BlackRock’s (BLK) Bitcoin ETF and MicroStrategy (MSTR), another tech firm. Shareholders pointed out that MicroStrategy holds BTC on its balance sheet, and its stock outperformed Microsoft stock this year by 313%.

A shareholder vote to acquire BTC could open the floodgates to more multinational companies taking similar steps. Notably, the National Center for Public Policy Research submitted a Bitcoin Treasury Assessment shareholder proposal on behalf of Amazon.com (AMZN) shareholders on December 6.

On Monday, MicroStrategy founder and chairman Michael Saylor announced.

“MicroStrategy has acquired 21,550 BTC for ~$2.1 billion at ~$98,783 per bitcoin and has achieved BTC Yield of 43.2% QTD and 68.7% YTD. As of 12/8/2024, we hodl 423,650 BTC acquired for ~$25.6 billion at ~$60,324 per bitcoin.

Bitcoin Price Outlook

On Monday, BTC slid by 3.57%, reversing Sunday’s 1.32% gain, closing at $97,434. Significantly, BTC dropped below $95k for the first time in four sessions.

Near-term BTC price trends will hinge on US BTC-spot ETF market flows, Trump’s CFTC Chair nomination, US government BTC movements, and shareholder votes.

Robust US BTC-spot ETF inflows, a vote in favor of Microsoft acquiring BTC, and a pro-crypto CFTC Chair could drive BTC toward $100,000. However, a sizeable US government BTC transfer could weigh on BTC demand.

On Monday, Peter Schiff called on the Biden administration to sell it 198,109 BTC stockpile, equivalent to $19.12 billion, saying,

“The one good thing Biden can do before leaving office is sell all the Bitcoin currently held by the U.S. Govt. Not only would the money raised reduce the 2024 budget deficit, but it would put an end to all the nonsense about creating a harmful “Strategic” Bitcoin Reserve.”

Market Outlook for XRP and BTC

XRP and BTC brace for pivotal decisions. From SEC lawsuits to ETF inflows, the stakes couldn’t be higher.

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