The Ripple vs SEC lawsuit has taken a pivotal turn as the U.S. Securities and Exchange Commission (SEC) under outgoing Chair Gary Gensler prepares a last-minute filing before the January 15 deadline.
The appeals-related opening brief will likely be spearheaded by SEC’s chief litigation counsel, Jorge Tenreiro, who has been instrumental in the ongoing case. This development raises uncertainties for Ripple as Gensler's strategies mirror those of former SEC Chairman Jay Clayton, potentially creating new challenges.
Ripple’s case remains a cornerstone in the debate over whether XRP qualifies as a security or commodity. Judge Analisa Torres's earlier ruling did not fully clarify the matter, leaving significant implications for the crypto industry. Furthermore, previous references by the U.S. DOJ and FinCEN classifying XRP as “currency” add another layer of complexity to the SEC’s appeal against Ripple’s XRP sales and distributions.
The imminent departure of Gensler on January 20, with pro-crypto Paul Atkins expected to take over, brings optimism among XRP proponents. Legal experts anticipate Atkins might resolve the case by fostering regulatory clarity, which has been lacking under Gensler’s tenure. Ripple CLO Stuart Alderoty has called for restoring trust in the SEC, emphasizing the need to address the agency's prior missteps.
On the market front, XRP’s price shows bullish potential, with a massive rally to $11 anticipated if it breaks key resistance levels. Analysts foresee positive momentum driven by the possibility of an XRP ETF launch and broader regulatory shifts under Atkins’ leadership. While trading volume remains low, the ongoing legal developments could catalyze a significant price breakout, shaping XRP’s future trajectory in the crypto market.
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