Judging by Donald Trump’s victory in the United States elections, certain legal practitioners are confident that the Ripple-SEC appeal will be withdrawn.
Three days ago, Charles Gasparino, a Senior Correspondent at Fox Business, released a tweet highlighting the potential implications of Trump’s re-election for the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs.
New US President Equals New SEC Chairman
Gasparino cited the Commission’s decision to drop the appeal once a new administration takes over, likely once Trump is in the White House.
Noteworthy, the Republican politician promised to oust Gary Gensler, the current agency chairman, on his first day in office. This means the SEC would get a new chairman, a position Robinhood CLO Dan Gallagher recently rejected.
In addition, Gasparino quoted former Chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, who also holds the same stance.
SEC Has no Case Against Ripple
Popular crypto lawyer Bill Morgan responded to Gasparino’s tweet, further emphasizing the possibility of having the SEC drop the appeal.
He claimed that the appeal would be dropped because “there was no error made in the part of the case the SEC lost,” not because of political dynamics. In his opinion, the Commission’s move with the appeal is a political motive for continuing a near-hopeless appeal.
Unfortunately, Gensler’s potential dethronement, tentatively scheduled for 20 January 2025, will also erase this political motive.
This is the date of the official inauguration of the new US president. These comments have sparked significant discussion within the cryptocurrency community, and many crypto enthusiasts are still looking forward to the case’s eventual outcome.
Judge Torres Rules in Partial Favor of Ripple
For background on the Ripple-SEC case, Federal judge Analisa Torres differentiated between institutional and programmatic sales of XRP in July 2023.
She categorized the first group as securities, while programmatic sales to retail investors were termed non-securities. As this verdict marked a partial victory for Ripple, the SEC contested it.
In the meantime, trial dates for the unresolved appeals and claims in the Ripple-SEC lawsuit are scheduled for January 2025.
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