In response to a federal agency’s assessment of SEC conduct pertaining to crypto custody regulations in the digital asset industry, the crypto community accused the agency of engaging in unlawful behaviour.
The Tuesday Synopsis
XRP had a rise of 3.79% on Tuesday. On Monday, XRP rallied 3.96% and closed the day at $0.6000. Notably, XRP added four sessions to the winning run.
Investor Interest Was Piqued by SEC Action on Tuesday
There was no news pertaining to the SEC v. Ripple lawsuit on Tuesday that may have affected buyer interest in XRP. The crypto community began to contemplate SEC action due to the absence of activity.
Crypto Legal World Reacts: XRP News Sparks Concerns Over SEC’s Conduct,Crypto Legal World Reacts: XRP News Sparks Concerns Over SEC’s Conduct
A US Government Accountability Office (GAO) study on the SEC and its supervision of the cryptocurrency market sparked reactions from the crypto community.
Investor interest will be piqued by an SEC response and a legislative response from the US. The prospect of reducing the SEC’s authority to regulate the digital asset market would be advantageous to the cryptocurrency industry.
Financial institutions (FI) are required by SAB 121 to record customer cryptocurrency assets on their balance sheets. FIs are required to keep enough capital against the crypto assets they hold by virtue of having customer crypto assets on their balance sheets.
Senators Thom Tillis, Mike Crapo, Mike Rounds, Cynthia Lummis, and Bill Hagerty wrote to SEC Chair Gary Gensler in June 2022. By releasing staff guidelines on the accounting of and disclosures pertaining to the custody of digital assets, the agency “attempts to circumvent the rulemaking process required under the Administrative Procedure Act,” which alarmed the senators.
As long as XRP stays above the 200- and 50-day EMAs, positive price indications are confirmed.
A break over the $0.6354 resistance level, with a target of $0.65, would be supported by an XRP move through the Tuesday high of $0.6217.
The focus will be on US lawmakers’ reactions to the US GAO Report and developments connected to the SEC v. Ripple and Coinbase lawsuit.
However, the trend line would become relevant if XRP were to break below the $0.5835 support level.
XRP is in overbought area according to the 14-day RSI reading of 72.85, indicating a probable increase in selling pressure.
Crypto Legal World Reacts: XRP News Sparks Concerns Over SEC’s Conduct,Crypto Legal World Reacts: XRP News Sparks Concerns Over SEC’s Conduct,Crypto Legal World Reacts: XRP News Sparks Concerns Over SEC’s Conduct, XRP coin Crypto news, XRP coin News