Investing.com — filed a supplemental brief with Judge Analisa Torres earlier this week, in which the attorneys referenced the judgment in the SEC’s lawsuit against Voyager.
Binance.US intends to take over struggling crypto-lender Voyager Digital, which the US Securities Commission has opposed. According to his argument, Binance.US could be a cryptocurrency exchange offering unregistered securities. In addition, the transfer of the VGX tokens could itself constitute an unregistered securities transaction.
The judge in charge of the case, Michael E. Wiles, rejected the appeal of the SEC on the grounds that the regulator cannot clearly explain what facts its assessment is based on to determine when a cryptocurrency is a value furniture.
This is precisely what Ripple’s defense pointed out in its supplemental brief. In a response letter to that brief, the SEC said it was of no significance to the current proceeding:
“Defendants grossly misrepresent Voyager’s bankruptcy court statements and take selected phrases out of context. This is a misleading attempt to bolster their unsuccessful defense of just cause.”
The authority also notes that Judge Wiles never said market participants lacked clear guidance, as Ripple asserts in his brief.
Attorney Jeremy Hogan commented on the SEC submission as follows:
“Trying to argue that Judge Voyager wouldn’t have said the crypto industry faces glaring uncertainty…ready to smile.”
Ripple: technical price benchmarks
Ripple is currently losing -4.49 percent at a price of $0.4280, while the weekly gain stands at 13.74 percent. The cryptocurrency thus records the largest weekly gain among the Top20 cryptos.
Based on the daily close price, it has been possible so far to avoid the downward correction from the high in the $0.4926 area breaking through the 50 percent Fibo retracement of 0, $4202.
Yesterday’s closing price managed to break above the 38.2% Fibo retracement of $0.4373, which argues for an extension of the upside move towards the 23.6% Fibo retracement of 0 .4584 dollars.
However, if the day’s close is below this level, attention will once again shift to the 50 percent Fibo retracement. Below, the door would open for an extension of the correction towards the 61.8% Fibo retracement of $0.4031.
By Marco Oehrl