XRP News: US Congressman Tom Emmer References SEC v Ripple in House Bill

Key Insights:

• XRP gained 0.25% on Wednesday, ending the session at $0.6873.
• US Congressman Tom Emmer targeted the SEC as investors await updates on the November 9 deadline in the SEC v Ripple case.
• On Thursday, SEC v Ripple case-related updates remain the focal points.

The Wednesday Overview

On Wednesday, XRP gained 0.25%. After sliding by 4.10% on Tuesday, XRP ended the day at $0.6873.

November 9 Deadline Arrives and No Briefing Schedule in Sight

The SEC and Ripple must propose a briefing schedule to the court by today. On October 24, Judge Analisa Torres ordered a briefing schedule submission by November 9. The lack of progress toward remedies relating to the outstanding charges in the ongoing SEC v Ripple case points to a contested briefing schedule.

The courts arrange a contested briefing schedule when the two parties cannot agree to motions, pleadings, or other legal arguments.

The US Congressman Tom Emmer Critique of the SEC

With the SEC v Ripple case in the spotlight, US Congressman Tom Emmer  targeted the SEC on Wednesday, with a crypto inclusion in the house budget bill. Justifying the inclusion, Emmer had this to say about the SEC and SEC Chair Gary Gensler,

“My amendment seeks to put an end to Chair Gensler’s pattern of regulatory abuse. […] Specifically, my amendment prohibits the SEC from using funds for enforcement activities related to digital asset transactions until Congress passes legislation and gives the SEC jurisdiction over this asset class.”

Emmer went on to say,

“Under Gensler’s leadership, the SEC has pursued dozens of enforcement actions against the digital asset industry despite never finalizing a single rule or regulation for the industry to follow. Chair Gensler refuses to provide the marketplace with clear criteria for digital assets that he would consider to be a security. How can this industry comply if there are no rules or guidelines to follow?

Discussing the SEC case against Ripple, Emmer said,

“One of these extra-jurisdictional enforcement cases was the SEC’s landmark crypto enforcement against Ripple, alleging that XRP is a security. In July, the Southern District of New York sided against the SEC, asserting that XRP is not itself a security. In August, the United States Court of Appeals for the District of Columbia Circuit found the SEC to be acting arbitrarily and capriciously in its refusal to approve Grayscale’s bitcoin spot ETF application.”

US Congressmen Emmer also discussed the Government Accountability Office (GAO) findings about the SEC creating an illegal crypto accounting rule.

Emmer concluded,

“Congress must be allowed to finish its legislative work, so the future of digital asset innovation is determined by Americans, not by unelected bureaucrats in DC.”

Amicus Curiae Attorney John E. Deaton Discusses SEC Actions

With Tom Emmer targeting the SEC and highlighting the SEC case against Ripple, Amicus Curiae attorney John E. Deaton said,

“Why is the private company that’s using pseudonym emails to disguise purchases given a free pass but the company that’s disclosing token sales every quarter, being sued?”

Deaton went on to say,

“Worst yet, the SEC uses the public disclosure of token sales as EVIDENCE against the company, arguing that the public disclosure of sales was effectively promoting the company’s efforts to entice retail to buy the token.”

Market Impact and Regulatory Priorities

The anti-SEC rhetoric has continued to grab the crypto news headlines at a pivotal time for the digital asset space.

A Coinbase (COIN) victory against the SEC and the SEC approval of BTC-spot ETFs could significantly alter the US digital landscape. However, as US Congressman Emmer eluded, rules and regulations should remain a priority for lawmakers.

Amidst the furor surrounding the SEC and the SEC case against Ripple, Ripple continued to make waves.

Metaco Announces HSBC Digital Assets Custody Services

In a separate development, Metaco announced HSBC plans to launch a new digital asset service for institutional clients investing in tokenized securities. According to the announcement,

“HSBC is working with Swiss enterprise tech firm, Metaco, to use its institutional platform, Harmonize, as part of HSBC’s new custody service for digital assets.”

Ripple acquired Metaco for $250 million earlier this year.

XRP Price Action

Daily Chart

XRP held above the 50-day and 200-day EMAs.

An XRP move above the $0.7047 resistance level would give the bulls a run at the Monday high of $0.7328.

SEC v Ripple case-related updates will be the focal point on Thursday. Failure to jointly propose a briefing schedule could impact buyer appetite.

An XRP return to sub-$0.6750 would give the bears a run at the $0.6354 support level.

The 14-day RSI reading of 75.05 shows XRP holding in overbought territory. Selling pressure could intensify without favorable updates from the SEC v Ripple case.

4-Hourly Chart

In the 4-hourly Chart, XRP holds above the 50-day and 200-day EMAs, sending bullish price signals.

An XRP move through the $0.7034 resistance level would support a run at the Monday high of $0.7328.

However, a drop below $0.67 would bring the 50-day EMA and the $0.6354 support level into play.

The 4-hourly RSI, with a reading of 56.21, indicates an XRP move through the $0.7047 resistance level before entering overbought territory.