**Ripple SEC Case: David Schwartz and Lawyers Weigh in on Potential Dismissal**
In the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), the crypto community is calling for the lawsuit’s dismissal and urging the resignation of SEC Chair Gary Gensler. While former SEC attorneys argue that a dismissal of the XRP lawsuit is unlikely, some believe policy changes under a Donald Trump-JD Vance administration, coupled with clearer crypto regulations, could potentially resolve the case.
Ripple CEO Brad Garlinghouse has expressed hope for an end to the lawsuit if Trump wins, referencing a 100-day crypto checklist that includes regulatory clarity and the potential removal of SEC Chair Gensler.
**Expert Analysis on the Ripple SEC Case**
Experts and legal analysts are weighing in on the potential for case dismissal, especially as President-elect Donald Trump considers sweeping policy changes. Trump’s return to the White House could be a boon for the crypto industry, given his stance on regulatory clarity.
Ripple CTO David Schwartz criticized the SEC for confusing the concept of an “investment contract” and causing ambiguity in securities law. He emphasized that Ripple is accountable to its shareholders, not XRP holders, noting that XRP prices are not directly tied to the company’s efforts. Schwartz explained that the SEC has been incorrectly interpreting reasonable reliance as akin to a contract, a misunderstanding in his view.
Pro-XRP lawyer Bill Morgan noted that Judge Torres ruled Ripple’s programmatic sales of XRP do not meet the Howey test’s criteria for securities, suggesting that Ripple’s marketing to retail investors may not significantly impact XRP’s price. Attorney Fred Rispoli added that while case withdrawal is “unrealistic,” a settlement is possible.
**SEC’s Focus on Secondary Market Sales**
Former SEC attorney James Farrell indicated that there’s no chance of dismissal for Ripple, Coinbase, or other cases, as the SEC’s litigation strategy includes targeting secondary market sales of crypto assets. Dropping the XRP lawsuit appeal could damage the SEC’s credibility, Farrell argued, suggesting the regulator may push for penalties up to $125 million.
The SEC’s recent actions highlight its intent to pursue firms for secondary market transactions that allegedly violate U.S. securities laws. ASA President Chris Iacovella and other critics are pushing for Gensler’s resignation, arguing his approach has created market uncertainty and reduced efficiency.
Attorney James Murphy, also known as “MetaLawMan,” noted that SEC Chairs historically have resigned shortly after a change in administration.
**XRP Price Rally on the Horizon?**
Currently trading at $0.66, XRP has seen a 1% gain in the past 24 hours and a 25% rise over the week. With recent trading volume surges and an increase in futures open interest to $1.1 billion, traders anticipate a price rally, particularly if XRP can break past the $0.75 resistance level. Increased social discussion around XRP, especially on platforms like Binance, signals bullish trader sentiment, with potential for XRP to reach $1.
Meanwhile, the SEC must submit its opening appeal brief by January 15, 2025, as ordered by the U.S. Court of Appeals for the Second Circuit.
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