Ripple vs. SEC Case: What To Expect
The recent victory of Donald Trump in the 2024 U.S. presidential election has stirred optimism among cryptocurrency enthusiasts, particularly those backing Ripple in its ongoing legal battle with the Securities and Exchange Commission (SEC). Legal experts, including Attorney Jeremy Hogan, have shared insights into how the change in political leadership might influence the outcome of this case and others involving major crypto firms like Coinbase.
Hogan suggests that a resolution in the Ripple-SEC lawsuit could be on the horizon after Trump’s inauguration. This potential development hinges on whether SEC Chair Gary Gensler steps down before the new administration takes office on January 20. With new leadership at the SEC, there might be an initiative to conclude non-fraud cryptocurrency cases.
The anticipated new leadership could undertake a comprehensive review of each crypto case, weighing options for settlement or dismissal. Hogan points out that with three Republican-appointed commissioners, there is a strong likelihood that recommendations to close cases involving Ripple and Coinbase would be approved. For Ripple, this might mean settling for the $125 million judgment previously determined by the court, whereas Coinbase and similar companies might see their cases entirely dismissed, given the absence of fraud allegations.
Expected Timeline for Resolutions
While the potential shifts in the SEC’s approach bring hope, Hogan cautions that changes are unlikely to occur immediately. He anticipates that significant progress towards resolving these high-profile legal matters could be visible by the summer of 2024. Hogan’s insights offer optimism that a fresh perspective at the SEC might finally bring an end to these prolonged crypto legal disputes, potentially clarifying the regulatory framework for digital assets.
XRP To Hit $0.94
Donald Trump’s electoral success has also sparked enthusiasm in the cryptocurrency market, particularly for XRP. The digital asset has experienced a price increase, currently trading above $0.55. Analysts predict that XRP could climb to $0.94, mirroring its peak in July 2023 when Ripple secured a partial victory in its legal battle. If a settlement is indeed forthcoming, XRP’s value might soar even further.
Trump’s presidency brings with it the potential for crypto-friendly policies, which could include the approval of an XRP exchange-traded fund (ETF) — a move the SEC has previously resisted. Such developments would likely have a significant impact on the cryptocurrency market, reinforcing the optimism surrounding Ripple and its supporters.
