The SEC has restructured its crypto unit, leading to speculation about its appeal in Ripple’s case. Grayscale’s XRP-spot ETF application could shape the XRP market, while BTC aims for $100K amid changing demand. Investors are advised to monitor SEC developments closely.
On February 20, the SEC’s recent restructuring garnered attention, impacting the crypto world. They established the Cyber and Emerging Technologies Unit (CETU) to address misconduct in emerging tech, replacing the previous Crypto Assets and Cyber Unit. Led by Laura D’Allaird, this new unit consists of approximately 30 fraud specialists focused specifically on fraud cases linked to blockchain and digital assets.
Former SEC official John Reed Stark commented on the changes, highlighting, “It’s Official: Acting SEC Chair Mark Uyeda Has Cancelled the SEC Crypto Unit.” This shake-up hints that the SEC may prioritize cases involving fraud, potentially diverting attention from Ripple-related cases and even hinting at a possible withdrawal of their XRP appeal.
In an exciting development for XRP holders, Grayscale’s application for an XRP-spot ETF was officially posted, commencing SEC review within deadlines tied to approval or denial. After winning a significant court appeal against the SEC in August, Grayscale has opened the door for potential growth in the XRP market. Pro-crypto attorney Bill Morgan noted the contrast to Brazil’s rapid ETF approval, underscoring the slow pace in the US.
As of February 20, XRP fell by 1.75%, closing at $2.6901, despite broader crypto market gains. The uncertainty surrounding the SEC’s ongoing strategy in the Ripple case continues to dampen XRP’s performance. Investors eagerly await clarity on upcoming announcements and developments in the XRP ETF space to signal possible price directions.
Turning to Bitcoin, anticipation builds as it aims for a significant milestone of $100K. Michael Saylor, Chairman of Strategy, announced a $2 billion public offering, influencing BTC’s market sentiment. Despite recent outflows from the BTC-spot ETF market, market trends suggest shifts in demand may favor BTC should legislative supports arise.
On February 20, Bitcoin rose to $98,251, buoyed by a 1.93% gain. Market observers are also keeping an eye on the upcoming US services PMI data, which could sway investor sentiment regarding the Fed’s interest rate approach and demand for BTC-spot ETFs. Investors should watch closely as developments unfold around the SEC’s Ripple appeal and prospective government support for a Bitcoin Strategic Reserve, which could reshape market dynamics significantly.
In summary, the SEC’s restructuring indicates a shift in focus away from non-fraud crypto cases, with potential implications for Ripple., Meanwhile, Grayscale’s XRP-spot ETF application launches a key timeline for the crypto market. Bitcoin’s march toward $100K remains pivotal amidst fluctuating ETF market dynamics and regulatory advances. Investors must stay alert to evolving SEC strategies and legislative shifts affecting both Ripple and Bitcoin.
Original Source: www.fxempire.com
