Ripple vs SEC: Former CFTC Chairman Chris Giancarlo and XRP lawyers such as Bill Morgan claim that the US SEC will abandon the appeal. Ripple vs SEC: The US Securities and Exchange Commission (SEC) may abandon the appeal of the Ripple lawsuit. Former CFTC Chairman Chris Giancarlo and XRP supporter lawyers believe that it is "very likely" that the new SEC chairman of the Trump administration will abandon the SEC's lawsuit against Ripple Labs. This will also change the landscape of XRP.
Ripple's lawsuit with the SEC is coming to an end
Charles Gasparino of FOX Business said in an X post that he believes Donald Trump’s election as US President will be a game changer for XRP. The post received a huge response from the XRP army and triggered bullish sentiment on Thanksgiving Day.
In addition, Gasparino revealed that former CFTC Chairman Chris Giancarlo told him that “the new SEC will drop its appeal against Ripple.” The government agency has appealed the decision of Ripple and executives Brad Garlinghouse and Chris Larsen to sell XRP, saying it is not a security. At the same time, the company has filed a cross-appeal, questioning whether investment contacts must have “fundamental rights and obligations.”
Pro-XRP attorneys Bill Morgan, Fred Rispoli, and Jeremy Hogan claim that the appeal may be dismissed or withdrawn. Morgan added in a Nov. 29 post that the appeal will be withdrawn because Judge Torres did not make an error.
Bill Morgan said: “When Gary Gensler, the chief promoter within the SEC, resigns on January 20, the political incentive to proceed with a near-hopeless appeal will largely disappear.”
XRP Price Expected to Reach $2 Soon
XRP is expected to gain at least $2 amid SEC Chairman Gary Gensler’s exit and Trump’s crypto policies. The Trump-Vance transition team has nominated pro-crypto leaders to lead government agencies. Paul Atkins is leading the race to become the next SEC Chairman. Ripple CLO Stuart Alderoty is optimistic about the move.
The price of XRP has risen 200% under the influence of Trump's deal. Today the price has reached $1.64, a 3-year high. As the lawsuit draws to a close, trading volume is rising again.
As first reported by CoinGape, a U.S. district court has ruled in favor of Ripple and its CEO Brad Garlinghouse in the XRP lawsuit. The judge has now granted a motion to expedite a judgment in the lawsuit against Ripple Labs Inc.
