Recent developments in the ongoing Ripple lawsuit have sparked speculation within the XRP community, especially rumors of an “emergency settlement” by the U.S. Securities and Exchange Commission (SEC).
Ben Armstrong, better known as BitBoy, recently commented on these speculations. meanwhile, the timing of SEC Chairman Gary Gensler’s resignation announcement has added further intrigue to the situation.
On November 21, Gary Gensler, the current Chairman of the SEC, revealed that he will step down on January 20, 2025. This announcement has led to speculation that the ongoing legal battle between the SEC and Ripple could be affected. The lawsuit, which has now entered its appeal stage, is one of the most high-profile enforcement actions that Gensler has overseen during his tenure.
Following Gensler’s announcement, some members of the XRP community have suggested that the SEC’s appeal in the Ripple case could be paused or even dismissed due to the upcoming leadership change at the SEC. Although these claims remain unverified, the rumors have gained significant attention.
Ben Armstrong, a well-known cryptocurrency commentator, addressed the ongoing rumors during a recent live video. He acknowledged the discussions surrounding a possible “emergency settlement” but admitted he could not confirm the accuracy of these claims. Armstrong emphasized that the speculation was fueled by recent developments but stated he would investigate the matter further to determine its credibility.
The rumors have their roots in the SEC’s confidential weekly meetings, where pending cases and legal matters are discussed behind closed doors. The SEC held one of these sessions the same day Gensler announced his impending resignation. The timing has led to speculation that the Ripple case could have been a topic of discussion, although there is no official confirmation from the SEC.
The speculation surrounding a potential settlement in the Ripple lawsuit had a noticeable impact on the market. On Friday, XRP experienced a price surge of over 40%, reaching $1.60 for the first time in three years.
The dramatic increase in XRP’s value highlights the market sensitivity to developments in the legal proceedings, particularly any potential resolution of the SEC’s case against Ripple.
Marc Fagel, a former lawyer for the SEC, also commented on the situation, lending credibility to the speculation. Fagel acknowledged that past rumors regarding settlement talks during the SEC’s closed meetings were often unfounded. However, he suggested that the recent claims might hold more weight.
Fagel further pointed out that if the SEC’s appeal in the Ripple lawsuit were to be dismissed, such a decision would be rare and unlikely to occur immediately.
He indicated that any official action would likely take place after the appointment and confirmation of a new SEC Chair. He added that the upcoming January 15 deadline for filing briefs in the Ripple appeal leaves ample time for further rumors and speculation.
The timing of Gary Gensler’s resignation has generated speculation, as it coincides with significant political events. Gensler’s decision to step down on January 20, 2025, aligns with the scheduled inauguration of the 47th U.S. President, Donald Trump.
During his campaign, Trump publicly vowed to remove Gensler from office on his first day, however, Gensler opted to leave voluntarily on the same date.
As the Ripple lawsuit moves into the appeal phase, questions remain about how Gensler’s resignation and the potential leadership change at the SEC might impact the case.
For now, the appeal process continues, with both sides expected to file their briefs according to the established timeline. The XRP community remains vigilant, watching for any signs of a resolution or shift in the SEC’s position.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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