In a recent appearance on Anthony Pompliano’s podcast, Fox Business Senior Correspondent Charles Gasparino criticized the U.S. Securities and Exchange Commission’s (SEC) approach to the Ripple case, describing it as an instance of regulatory overreach.
He expressed concerns that the SEC’s actions have driven Ripple’s innovative technology overseas due to a lack of clear regulatory guidelines.
Gasparino’s Critique of SEC’s Handling of Ripple Case
Gasparino also commented on Judge Analisa Torres’s ruling in the case, labeling it “idiotic.” He argued that the decision established a precedent where retail investors receive less disclosure compared to institutional investors, potentially undermining investor protections.
Looking ahead, Gasparino speculated on the potential impact of political changes on the SEC’s handling of the Ripple case. He suggested that with the inauguration of President Donald Trump and the anticipated appointment of Paul Atkins as SEC Chair, there might be a shift in the Commission’s stance. This could lead to the SEC overturning the programmatic sales ruling or possibly dropping the appeal altogether.
Upcoming Legal Deadlines and Proceedings
The SEC’s appeal process is currently underway, with important deadlines approaching. The agency’s filing deadline for the appeal is January 15, 2025, following a 90-day extension requested in October.
Transcripts for the appeal are scheduled to be ordered by December 31, 2024, and must be fully delivered by January 30, 2025. March 2025 is expected to be a critical month, during which the plaintiff will present arguments against Ripple and its CEO, Brad Garlinghouse. Ripple Labs and Garlinghouse are required to respond by April 7, 2025.
Gasparino emphasized his commitment to journalistic neutrality, stating that he will continue to cover the story objectively, regardless of the outcome, as he does not hold any XRP. He acknowledged receiving criticism from both pro-crypto and anti-crypto communities, underscoring the contentious nature of the debate.
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Community Members Respond
In response to Gasparino’s remarks, the crypto community members have offered differing perspectives. Crypto influencer Tony Edward accused Gasparino of bias, suggesting that his stance indicates a desire for Ripple to lose the case.
Edward contended that Judge Torres’s ruling appropriately distinguished between institutional sales and secondary market transactions, noting that many investors in secondary markets are not directly connected to Ripple.
Additionally, lawyer Bill Morgan criticized Gasparino’s understanding of the case, asserting that the ruling addressed only Ripple’s programmatic sales and not all secondary market transactions. Morgan stated, “As for Charles Gasparino, it is quite apparent he does not understand XRP or crypto.”
The Ripple case keeps being a focal point in the ongoing discourse surrounding cryptocurrency regulation. The outcome of the SEC’s appeal and potential shifts in regulatory leadership are anticipated to have significant implications for Ripple, XRP, and the broader crypto industry.
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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