XRP news today: XRP trend rises on SEC Capitol Hill statement

House Majority Leader Tom Emmer referred to the Debt Box case and stated:

“Your lawyers, who have undoubtedly heard your anti-crypto rhetoric that is not based on the law, have gone out and willfully lied to a court in order to comply with their Chairman’s orders to prosecute crypto companies.” Chairman Gensler, know Can you think of another time in history when the SEC was sanctioned by a court for material misrepresentation?”

Taking advantage of his time, Emmer interrupted Chairman Gensler’s answer and explained:

“The answer to that is: No, that has never happened. But let me ask you one more question. Are you at all a little embarrassed that we’re talking about this today?”

Chairman Gensler responded:

“The matters in this case were not handled well and we have made that known to the court.”

Emmer regained his time and stated:

“It was recently reported that Vice President Harris has finally stated that if she becomes president, she would establish clear rules for the digital asset space. Is that too much of your approach, sir, or do you think she is reprimanding you because she feels you have not done a good job of setting these clear rules in the last three years of her term?”

Chairman Gensler responded:

“I think there are laws. If Congress wants to change them, they will change them, but we enforce the laws.”

Finally, Emmer pointed to the SEC’s use of the term “crypto-asset securities” and the recent filing in the Binance case.

Will the SEC appeal?

While SEC Chairman Gensler has faced intense scrutiny, the larger question remains whether Vice President Harris’ recent support for digital assets will influence the SEC. The SEC’s appeal window in the Ripple case ends on October 7th.

An appeal would coincide with the US presidential election and could challenge Vice President Harris’s recent involvement in digital assets.

XRP price trends continue to depend on the SEC’s actions

Price action will likely depend on whether the SEC appeals decisions in the Ripple case. If the SEC appeals the ruling on the Programmatic Sales of XRP, XRP could fall towards $0.40. Conversely, if the SEC does not appeal, XRP could target $1.00, reflecting the market’s reaction to the decision on XRP’s programmatic sales.