The crypto community is celebrating the US Supreme Court’s decision to overturn the Chevron doctrine, a 40-year-old principle that defers to federal agencies’ interpretation of the law.

Crypto stakeholders noted that the Supreme Court’s 6-3 decision ended a precedent that had unjustly empowered unelected agencies like the Securities and Exchange Commission (SEC). Over the years, the SEC has often been criticized for its stringent interpretation of the law against the emerging industry.

Mike Cagney, co-founder and CEO of Figure Markets, highlighted the ruling’s significance for the crypto sector. He stated that the decision shifts enforcement from regulators to the courts.

“Previously, when there wasn’t clear legislation, courts had to side with the regulator (e.g., the SEC). With this decision, courts decide autonomously. Big for our space,” Cagney added.

Austin Campbell, an adjunct professor at Columbia Business School, said the ruling forces the SEC to follow clear written rules. He remarked that “this decision will have some unintended consequences and likely puts the onus back on Congress, but in the long run, it’s a huge net positive for judicial and legal certainty in our industry.”

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

Similarly, economist Timothy Peterson chimed that the decision will prevent the SEC from acting as an “automatic subject matter expert” on crypto.

“[The Supreme Court] overturning Chevron deference limits the SEC’s unilateral interpretive power against Bitcoin. All those ‘staff opinions’ that said “such and such is a security”? Gone. Courts must now scrutinize the SEC’s anti-Bitcoin stance, potentially leading to fairer regulations and a more balanced legal environment​,” Peterson noted.

Meanwhile, FOX Business reporter Eleanor Terrett explained that the ruling doesn’t entirely remove the SEC’s enforcement abilities. However, she noted that it raises questions about whether Congress has authorized the SEC to regulate crypto as a security.

“The SEC’s claim that it has full jurisdiction over crypto matters less today than it did yesterday because there is a question over whether Congress has given the SEC authority to regulate it based on whether or not it’s a security,” Terrett stated.

Republican lawmaker Warren Davidson corroborated Terrett’s view. He noted that the “decision does not prevent a delegation of power for rulemaking by Congress. [However, it] does prevent rulemaking where no delegation was made.”

Read more: How Does Regulation Impact Crypto Marketing? A Complete Guide

Despite broad support, President Joe Biden’s administration and key Democrats, like Elizabeth Warren, have criticized the ruling. Warren, a known crypto skeptic, called it a power grab by the far-right to benefit the wealthy and well-connected.

“Corporate interests want extremist judges to write the rules at the expense of consumers, workers, safety, and the environment,” she said.

Ripple’s (XRP) price action has consistently disappointed its investors, with the altcoin noting declines since the beginning of the month

Going forward, the crypto asset could see a period of consolidation as the investors exhibit mixed signals.

Ripple Investors Seem Unsure

XRP price is noting mixed signs as whales try to initiate recovery while retail investors continue to pull back. The addresses holding between 1 million and 10 million XRP have bought over 100 million XRP in the last 48 hours.

This $47 million accumulation is crucial in initiating recovery, given that the XRP price has been trending lower and lower every day.

However, retail investors do not seem to share this optimism as they remain bearish. Their participation on the network remains minimal visible in the declining active addresses.

Investors are likely to refrain from conducting transactions on the network because of the lack of profits. This price and daily active addresses (DAA) divergence is flashing a “sell” signal.

If Ripple holders continue to pull back, the altcoin might face considerable resistance in initiating recovery. This could invalidate the attempts made by the whales to pull the price back up.

Read More: How To Buy XRP and Everything You Need To Know

XRP Price Prediction: Consolidation Ahead

XRP price, trading at $0.474 at the time of writing, is around the crucial support at $0.473. Despite massive accumulation by the whales, the aforementioned cues support sideways momentum for the altcoin.

This would keep the crypto asset restricted between $0.473 and $0.516. The latter coincides with the 23.6% Fibonacci Retracement, which is known as a bear market support floor. The chances of reclaiming it are minimal, but if this happens, the XRP price could reinitiate recovery.

Read More: Ripple (XRP) Price Prediction 2024/2025/2030

On the other hand, if the $0.473 support is lost, the altcoin could end up testing the critical support at $0.460. Losing this support would invalidate the bullish-neutral thesis, resulting in further drawdown.

Coinbase is expanding its derivatives exchange by introducing futures contracts for popular altcoins, including Shiba Inu, Polkadot, Stellar, Avalanche, and Chainlink.

The company revealed this through a series of applications submitted to the United States Commodity Futures Trading Commission (CFTC) on June 28.

Coinbase Continues Financial Products Diversification

Coinbase claims these derivatives offerings will help clients manage risks, speculate on price movements, and engage with reduced upfront capital. The firm furthered that the move will improve its users’ overall trading experience with a diverse product suite.

The applications indicate that Coinbase chose self-certification under CFTC Regulation 40.2(a). This choice speeds up the listing process by bypassing direct CFTC approval. If approved, the new products could launch on or after July 15 and increase the firm’s financial products offering to 15, including 13 crypto-related and three non-crypto products like gold and crude oil.

Read more: Best Crypto Derivative Exchanges in 2024

Meanwhile, Coinbase highlighted the unique features of each new offering. Avalanche, the asset with the largest market capitalization among the five, supports custom blockchain networks or subnets. This makes it attractive for DeFi projects, digital collectibles, and other blockchain-based applications.

The Brian Amrstong-led exchange said it selected Shiba Inu because of its rising significance among memecoins. According to the firm, the project’s team is working on expanding its utility beyond being “highly speculative and volatile” by focusing on real-world applications. These moves, it argued, will contribute to its long-term sustainability and relevance in the crypto space.

Read more: Coinbase Review 2024: The Best Crypto Exchange for Beginners?

Coinbase chose Chainlink because it is popular among developers for enhancing smart contract functionality with real-world data. It stated that it picked Stellar because its native currency can act as a bridge for cross-border transactions. Polkadot was selected because it is uniquely capable of achieving true interoperability between different blockchains.

“Coinbase Derivatives is excited to lead market accessibility, as the first U.S. futures exchange to offer margined futures contracts for these assets and we look forward to seeing the maturation of these derivatives contracts in a regulated market,” the firm added.