XRP News Today: Ripple Lawsuit Sparks Controversy Over SEC's Fairness in Crypto ETF Approval

Ripple's ongoing legal battle with the Securities and Exchange Commission (SEC) has sparked a new controversy, with attorney Bill Morgan criticizing VanEck for perceived favoritism. Morgan highlighted VanEck's inconsistency in advocating for fairness in the approval process for crypto exchange-traded funds (ETFs) while remaining silent during the Ripple lawsuit.

VanEck, along with other asset managers such as Canary Capital and 21Shares, had previously signed a joint letter to SEC Chair Paul Atkins. The letter urged the SEC to adopt a fair "first-to-file, first-to-approve" rule for crypto ETFs, citing concerns over favoritism and its potential to stifle innovation in the ETF market. This call for fairness came amidst growing uncertainty and delays in the approval of spot ETFs.

Morgan, however, pointed out that VanEck did not voice similar concerns when Ripple faced legal actions over its XRP sales. In contrast, Ethereum was deemed a non-security by SEC official William Hinman in a 2018 speech, allowing it to avoid similar legal scrutiny. This discrepancy has raised questions about potential conflicts of interest within the SEC and the credibility of Hinman's speech.

Critics, including John Deaton, have also questioned the SEC's fairness and transparency in its crypto regulations. These concerns come as the crypto community awaits updates on a potential settlement between Ripple and the SEC. A key deadline for the SEC to report to the Appeals Court is approaching on June 16, adding to the anticipation surrounding the case.

The outcome of the Ripple-SEC lawsuit could have significant implications for the broader crypto market, particularly for XRP. The cryptocurrency's price movements have been closely tied to developments in the legal battle, with recent gains attributed to positive sentiment surrounding the case. However, the next move for XRP will depend on updates from the lawsuit and any developments in the spot ETF approval process.