"Today is a big day for Binance, crypto, and the U.S. With the dismissal of the Securities and Exchange Commission's long-standing case against us, one chapter closes, but a more promising one begins. This legal decision is a signal to the world: The U.S. is serious about innovation again. [...] Would the SEC walk away from a case like this if there were still fire behind the smoke, with some of the Commission's concerns remaining unaddressed? Unlikely."
The announcement failed to boost demand for binance coin (BNB), which ended the session on Friday, May 30, down 2.89%.
However, XRP came under heavier selling pressure as the SEC remained silent on the Ripple case after the closed meeting. The agency's silence dashed hopes of a second court filing requesting an indicative ruling on settlement terms in the Ripple case. Settlement terms include lifting the injunction prohibiting XRP sales to institutional investors and lowering the $125 million penalty.
Judge Analisa Torres denied the SEC's first request on May 15, citing a procedural error and failure to demonstrate a settlement serves institutional investors and the public.
The May 15 court ruling and the absence of a second indicative ruling request have contributed to XRP tumbling from a May 15 high of $2.5712 to a May 30 low of $2.1307. Failure to secure a favorable indicative ruling could force Ripple to pursue a cross-appeal and compel the SEC to continue with its appeal. The prospects of a US XRP-spot ETF approval could significantly diminish if the SEC continues its appeal.
Despite the legal uncertainty, the chances of an XRP-spot ETF approval by December 2025 rose to 84% on May 30, its highest since March 2025.
The next key court deadline is June 15, when the SEC must submit a settlement progress report to the US Court of Appeals. US Court of Appeals granted a joint motion to pause the appeal for 60 days to allow both parties to settle.