Ripple Faces Court Ruling Amidst US Election Crypto Debate: Latest XRP News

The crypto market is abuzz with the latest developments on Capitol Hill, as Brad Garlinghouse, CEO of Ripple, has committed $25 million annually to Fairshake until anti-crypto rhetoric ends. This move comes as other crypto-linked firms, including Coinbase, Kraken, and Andreessen Horowitz, also contribute to Fairshake, highlighting the significance of the US Presidential Election for the crypto market.

Senator Cynthia Lummis, a strong advocate for crypto, emphasized the shifting attitudes toward digital assets on Capitol Hill, noting the progress made in educating lawmakers about the industry. The Lummis and Gillibrand Responsible Financial Innovation Act, introduced in 2022, aims to give the Commodity Futures Trading Commission more authority to regulate crypto assets while promoting innovation and protecting consumers.

With the upcoming election, the stance of the two major parties on crypto regulation is becoming increasingly clear. The Republican Party, led by front-runner Donald Trump, has shown support for crypto, which could benefit the market, given the large number of Americans who own digital assets. In contrast, the Democratic Party, spearheaded by Senator Elizabeth Warren, is pushing for stricter regulations on the crypto market through the Digital Asset Anti-Money Laundering Act.

Meanwhile, updates from the ongoing SEC vs. Ripple case continue to capture investor attention. Ripple has filed a reply letter in support of its Motion to Seal documents, strengthening its arguments for keeping non-public information confidential. The outcome of this case will have significant implications for the crypto market and could impact the price action of XRP. Investors are eagerly awaiting the court’s decision on the penalty for any violations of US securities laws.