The legal battle between the SEC and Ripple remains a hot topic, with all attention focused on whether the agency will file its initial summary brief by the January 15, 2025 deadline. This is an important deadline after the Second Circuit Court of Appeals extended the appeal period, continuing to prolong the lawsuit between the two parties.

The departure of Gary Gensler and the transformation of the SEC

Gary Gensler, who currently serves as the SEC Chairman, will soon leave office when his successor, Paul Atkins, is appointed. This has sparked speculation about potential shifts in the SEC's stance, particularly regarding the crypto industry. Paul Atkins, known as a cryptocurrency advocate, could lead the SEC in a less hardline direction, with a clearer and more reasonable approach to regulations concerning digital assets.

The SEC vs Ripple lawsuit: The tense confrontation continues

The SEC is continuing to appeal the decision of Judge Analisa Torres, who declined to classify XRP as a security in a significant part of the lawsuit. The SEC is focusing on secondary XRP transactions (selling XRP through exchanges) and the distribution of XRP to employees or sold by Ripple executives like Brad Garlinghouse and Chris Larsen.

John E. Deaton, a lawyer advocating for XRP, believes that the SEC is conducting an overly broad and complex campaign against Ripple, which is causing difficulties for the company's business. He also criticized the involvement of certain individuals in the lawsuit, particularly when they are connected to Ripple's competitors, raising concerns about conflicts of interest.

Stuart Alderoty, Ripple's General Counsel, emphasizes that the SEC is exceeding its authority in regulating cryptocurrency. He argues that the SEC should only have jurisdiction over securities transactions and should not extend to other digital assets like Bitcoin or XRP. He provides the example of selling gold bars – if the gold bars do not come with additional rights, they cannot be considered securities transactions and do not fall under the SEC's jurisdiction.

Ripple is calling on the SEC, under the leadership of Paul Atkins, to adopt clearer and more reasonable regulations for cryptocurrency, something that many in the crypto industry also agree with.

The impact of Gensler's departure and future predictions

The departure of Gary Gensler is being welcomed by the crypto community. Many in the industry hope that Paul Atkins, with a more open perspective on cryptocurrency, will change the SEC's approach, bringing clarity and reasonableness to the regulation of cryptocurrency. Legal experts like Jeremy Hogan, Fred Rispoli, and Bill Morgan believe that under Atkins' leadership, the lawsuit could achieve a more reasonable outcome with less harm to Ripple.

Hester Peirce, SEC Commissioner, has also pointed out that the agency needs to shift away from the 'regulation by enforcement' strategy that Gensler implemented, and instead needs a more proactive approach to issues related to cryptocurrency. If these changes are made, there may be an adjustment in how the SEC handles the lawsuit with Ripple.

Impact on XRP

Currently, XRP is trading at $2.38, recording a 3.5% decrease in the past 24 hours. However, trading volume has decreased by 13%, indicating that investors may be waiting for a significant event on January 15 when the SEC files its formal appeal.

XRP 1-day price chart | Source: TradingView

Data from Coinglass shows that the open interest (OI) for XRP futures contracts has increased by 6%, which could be a sign that investors are expecting a price increase in the near future if the outcome of the lawsuit is favorable for Ripple. Investors and experts in the crypto industry will be closely monitoring this lawsuit, as it could set an important precedent for cryptocurrency regulation in the U.S.

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