Gary Gensler's tenure as Chair of the SEC is coming to an end, and all eyes are on the agency's upcoming filing deadline in the legal battle with Ripple. The SEC is expected to file its opening brief before January 15. Although Gensler's departure raises speculation, analysts believe the groundwork by SEC's chief litigation counsel will continue the case. The appeal focuses on secondary sales of XRP and whether it should be classified as a security or commodity. Pro-XRP lawyers argue that the lawsuit has harmed Ripple's business and criticize the SEC's complaint as overly broad. Ripple's Chief Legal Officer also expresses concerns about the SEC's attempts to expand its jurisdiction beyond securities transactions. Many in the industry hope for a change in direction under Paul Atkins, who has been appointed as the new SEC Chairman. Recent statements by SEC Commissioner Hester Peirce suggest a shift away from a "regulation-by-enforcement" approach. The outcome of the lawsuit could have significant ramifications for the broader cryptocurrency landscape. Meanwhile, XRP's price has seen some fluctuations, but there is potential upward momentum in the near term.
- Content Editor ( cryptopolitan.com )
- 2025-01-04
Ripple vs. SEC: Will outgoing Gary Gensler file an opening brief before January 15 deadline?