With Donald Trump’s recent presidential election win, the crypto community is thrilled for all the changes that would accompany once Trump takes over the oval office. In one of Trump’s election campaign rally, he promised to fire SEC Chair, Gary Gensler, on his first day at the office, and after the presidential election win, the crypto community is now wondering on how would this event affect the Ripple vs. SEC case.
Fred Rispoli, a pro-XRP attorney, expressed his optimism on his recent X post on how Trump’s win could lead to a change in the Ripple’s appeal timeline. The attorney highlighted that there are very low chances of the case being dismissed, but according to him, a settlement between the SEC and Ripple Labs has become a realistic possibility.
#xrpcommuity My thoughts on how @realDonaldTrump win changes @ripple appeal timeline. TLDR: It’s good news and–from a pure crypto perspective–thank heavens he won!
We know Trump is aware of the case from the X post by @s_alderoty. We know there are about to be extreme changes…
— Fred Rispoli (@freddyriz) November 7, 2024
Favorable Policies for Ripple and Broader Crypto Industry
There are two things that the community is very sure about, first, from Ripple’s CLO Stuart Alderoty’s recent X post, we know for a fact that Trump is aware of the Ripple vs. SEC case and everything that is wrong with lawsuit and second, the community anticipates changes at the SEC, which could bring a shift in the existing regulatory guidelines.
The current SEC regime, led by Gary Gensler, has faced criticism for its stringent enforcement against the crypto firms. Trump’s administration is expected to prioritize a more favorable regulatory environment for the entire crypto industry, once Gary Gensler is fired from his position by Trump.
The Two Scenarios
Fred Rispoli has highlighted two scenarios in which the entire Ripple vs. SEC case can go down. The first scenario would be where the SEC acknowledges that its position cannot be defended and opts for a settlement before new leadership at the SEC takes over.
The second scenario would be that the new SEC leadership recognizes the flaws in the case and settles for reduced penalties and an agreement that the current sale of XRP by Ripple are not investment contracts.
Ripple’s CEO expresses Optimism
Brad Garlinghouse, Ripple CEO, recently posted his frustration on X because of the long stretch of the XRP and the SEC lawsuit. He expressed his frustration saying that due to the Ripple vs SEC case, XRP has dropped down from 2nd most valuable digital asset to 7th most valuable digital asset. Its been 4 years since the SEC sued Ripple and now finally he sees a light of hope with Trump winning the presidential elections.
Ripple’s CEO then shared his optimism stating “The tides are shifting, headwinds are turning to tailwinds, and the opportunity for those of us who believe in the future for XRP is enormous!”
I’ve shared some thoughts on what the Trump administration could mean for crypto and wanted to also recognize the XRP family’s patience and unwavering support.
A lot has happened since XRP was the 2nd most valuable digital asset. It’s been – at times – a frustrating journey.~6…
— Brad Garlinghouse (@bgarlinghouse) November 7, 2024
From the above scenarios suggested by Fred Rispoli, it seems like the resolution to this lawsuit may not extend to 2026, a timeline that once seemed inevitable. The crypto community and XRP army now anticipates crypto-friendly policies to roll-out soon so that there is innovation in the industry and an end to the ongoing legal battle between Ripple and the SEC.
Also Read: U.S. Bitcoin ETF Sees Net Inflow of $2B within 2 days of Trump’s Win
Credit: Source link
