According to a Fox Business reporter, the former U.S. Commodity Futures Trading Commission (CFTC) chair Christopher Giancarlo believes that the next U.S. Securities and Exchange Commission chair might drop the Ripple case. Another poll posted on X by Good Morning Crypto revealed that out of the 1312 votes, over 94% of the respondents believed the Ripple case would be dismissed.
During the discussion, Giancarlo revealed that the U.S. SEC might reassess the case details released in August. In August, Judge Annalisa Torres ruled that Ripple’s sale of XRP to secondary markets did not violate any regulations. The company still had to pay $125 million in fines for selling XRP to institutional clients. The SEC vs. Ripple case has been ongoing since December 2020.
The commission still filed a notice for appeal in early October after Judge Torres’s August ruling. The U.S. SEC also filed a last-minute appeal on October 18, contesting other aspects of the case.
Ripple also filed a counter-appeal on October 10 to contest the U.S. SEC’s appeal. Many key figures in the crypto community, including Ripple’s Brad Garlinghouse and Stuart Alderoty, believed that the case was nearly over.
Former U.S. CFTC chair advises the U.S. SEC to drop other cases
BREAKING: 🇺🇸 LEADING CANDIDATE FOR WHITE HOUSE “CRYPTO CZAR” STATES RIPPLE $XRP CASE WILL BE DISMISSED!
“If you’re a betting man would they drop the XRP case?” – @CGasparino
“I would bet they would.” – @giancarloMKTS
Do you believe the SEC leadership under President Trump… pic.twitter.com/6YRNJ1hwdh
— Good Morning Crypto (@AbsGMCrypto) November 26, 2024
Fox Business senior correspondent Charles Gasparino asked the former CFTC chair about other regulatory questions. The former CFTC chair suggested that the U.S. SEC review other past cases filed against crypto companies. He believes the commission should drop most of the cases filed against the companies.
Last year has been especially shaky for centralized crypto exchanges in the U.S., with the commission suing multiple, including Kraken, KuCoin, and Coinbase. The commission suggested that crypto companies could not ignore the rules at the expense of investors.
Giancarlo also expressed his views on XRP, mentioning his long-term stance on the coin. The former CFTC chair confirmed that XRP was never a security and should not have been under the scrutiny of the U.S. SEC.
The former CFTC chair, referred to as the ‘Crypto Dad,’ has been speculated to be a top option as the first ‘crypto czar.’ The position would involve overlooking the crypto regulations and policies. Fintech company Trakx discussed Giancarlo’s pro-crypto stance, his alignment with incoming president Donald Trump’s policies, and his past in a regulatory position.
XRP price reacts to Gary Gensler’s resignation
The recent discussion between Gasparino and Giancarlo comes due to Gary Gensler’s resignation as the U.S. SEC chair. Gensler tweeted on November 21 that he would resign from office effective January 20. The commission’s chair entered office in April 2021. The chair has also gained negative sentiment among the crypto community.
XRP’s price skyrocketed by about 25% and reached $1.43 after the announcement, hitting the highest level since May 2021. A CoinMarketCap report suggested an increased sentiment among investors for the possible dropping of the Ripple case. Today, the coin is up by about 4.88% and hovered around $1.55. XRP is still one of the top gainers in the past 7 days, up over 10%.
A recent report confirmed that Gensler’s resignation and the possibility of a more crypto-friendly U.S. SEC chair have led to momentum in several altcoins, including XRP. The report indicated investors’ fear of holding coins at risk of being classified as securities by the commission. With Gensler leaving office, investors are hopeful that most of the issues will dissipate, the report added.
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