Ripple’s XRP closed the Thursday session dropping by 1.52%, reversing the 0.55% gain seen on Wednesday, with XRP closing the session at $0.6087. Notably, XRP’s performance lagged behind the broader crypto market. Yesterday, the total crypto market cap declined by 0.79% to 2.56 trillion. 

On April 10, Hayden Adams, the founder of Uniswap (UNI), notified the crypto community about receiving a Wells notice from the SEC. Given the ongoing SEC vs. Ripple case, XRP continues to be influenced by SEC activity, attracting significant attention from investors. 

Yet, another lawsuit filed by the SEC against a crypto company underscores the SEC’s commitment to regulating the industry through enforcement actions. Despite no clear regulatory framework for cryptocurrencies in the United States, SEC filings against crypto firms continue. 

Meanwhile, the cryptocurrency community supported Uniswap, closely examining the recent move by the SEC. Paul Grewal, Chief Legal Officer of Coinbase, commented on the matter, stating,

“Sometimes you have to laugh or else you’ll cry. Question: how can you square the SEC’s claim that Uniswap acts as a broker with the Court’s ruling against the SEC just a handful of days ago? Answer: you can’t.”

In addition, Uniswap Chief Legal Officer Marvin Ammori referenced a recent court ruling the SEC vs Coinbase case stating, 

“Sometimes you have to laugh or else you’ll cry. Question: how can you square the SEC’s claim that Uniswap acts as a broker with the Court’s ruling against the SEC just a handful of days ago? Answer: you can’t.”

SEC Continues To Lose

At this stage, there were no updates regarding the ongoing SEC vc. Ripple case to take into account. However, an unrelated court ruling could potentially boost Ripple’s case against facing severe penalties for alleged breaches of US Securities laws. 

As per Ripple Chief Legal Officer Stuart Alderoty, “The SEC continues to lose. The Second Circuit Court of Appeals refused to reconsider their decision in Govil, which held that if a buyer suffers no financial loss, the SEC is not entitled to disgorgement from the seller.”

The ruling might affect the SEC’s efforts to pursue a $2 billion disgorgement in the Ripple Case.