Ripple Executives Cleared by SEC, Impacting Cryptocurrency Market Trends

The U.S. Securities and Exchange Commission (SEC) has dropped charges against CEO Brad Garlinghouse and co-founder Chris Larson, resulting in a positive shift for the markets of Bitcoin (BTC) and Ethereum (ETH). Larson had previously voiced concerns about the prior administration’s impact on innovation and job loss.

Currently, the SEC is also addressing cases involving cryptocurrency exchanges Binance and Coinbase. The outcome of the SEC’s case against Ripple is anticipated to have repercussions for these other cases.

Following its legal success against the SEC in August, Grayscale Investments is aiming to convert its Grayscale BTC Trust into an exchange-traded fund (ETF). The company has submitted a Form S-3 Registration Statement with the SEC, intensifying the competition for the first BTC-spot ETF. Updated filings from Grayscale and Fidelity indicate progress in this area.

Experts in the industry, including Mike Novogratz of Galaxy Digital and James Seyffart of Bloomberg Intelligence, foresee a strong likelihood of approval for such ETFs, including the application from Ark.

Regarding current trends in the cryptocurrency market, Bitcoin could reach $29,193 if it surpasses $28,937; however, bearish trends could arise if it falls below $28,500. Despite negative signals, Ethereum may test the $1,626 resistance level if it rebounds to $1,600. These trends are influenced by various factors, including the previous administration’s impact on innovation, rising U.S. Treasury yields, and ongoing conflicts in the Middle East.

This article was generated with AI support and reviewed by an editor.