Ripple’s $XRP Legal Battle Begins January 15
The SEC has until January 15, 2025, to submit its opening brief against Ripple’s based token, which will keep the case in the public eye.
A resolution might be accelerated, if Paul Atkins, a presidential candidate of Donald Trump, is appointed as the SEC chair. If this happens, the outcome of the case may have a significant impact on the direction of the token’s price.
Judge Analisa Torres’ decision on July 13, 2023, that XRP is not a security was a turning point in the regulatory process. The token’s market value briefly increased because of this ruling, but questions remained.
On the other hand, the SEC challenged some aspects of the previous ruling in an appeal submitted on October 17.
XRP stands to benefit more than most other cryptocurrencies from a Trump presidency. Over the past few years, the Securities and Exchange Commission (SEC) and other regulators have put regulatory pressure on the cryptocurrency industry.
Atkins, who most recently worked for a crypto advocacy firm, is pro-crypto. Additionally, some believe Atkins could dismiss or settle the lawsuit against Larsen, Garlinghouse, and Ripple if Congress approves it.
This would open the door for an XRP exchange-traded fund (ETF) in 2025 and finally remove XRP from the SEC’s purview. Since they made it simpler for the general public to invest in cryptocurrencies and for big brokerages and asset managers to provide investments to clients, the SEC’s 2024 approval of spot Bitcoin and spot Ethereum ETFs under Gensler proved to be significant catalysts for both tokens.
