Charles Gasparino, a stern XRP critic and Senior Correspondent at Fox Business has pinpointed Donald Trump’s victory as the major game changer for XRP. He suggested a significant shift could be on the horizon for Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
In a recent post on X, Gasparino highlighted comments made by former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo during a Fox Business interview. According to Giancarlo, there’s a good chance the SEC will drop its appeal against Ripple once Donald Trump takes office in early 2025.
Gasparino notes that Trump’s re-election is a game-changer for XRP. Speaking on the likelihood of the SEC dropping the lawsuit against Ripple, Gasparino stated, “My view is that’s very plausible.”
The Prolonged Legal Battle
The infamous lawsuit between Ripple and the SEC has been a focal point for the cryptocurrency industry since it began in December 2020. The SEC tried to regulate XRP and other digital assets as securities under existing securities laws.
However, the court partially disagreed with this stance. The SEC has faced backlash from the courts, the financial world, and the crypto market. In July 2023, U.S. District Judge Analisa Torres delivered a landmark ruling that non-institutional sales of XRP did not violate federal securities laws.
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The SEC attempted to file an interlocutory appeal but was denied by the court. Subsequently, the regulator dropped its aiding and abetting charges against Ripple’s executives. In August of this year, Ripple won another major victory, when the court ordered the company to pay a penalty of $125 million instead of the $1.95 billion sum the SEC initially requested.
Ripple and XRP were finally free, but this freedom did not last, as the SEC appealed the ruling almost two months later, keeping the case unresolved and prolonging uncertainty for Ripple and the wider crypto sector.
Is the Ripple Lawsuit About to End?
Giancarlo is well known for his pro-crypto stance. He’s widely called “Crypto Dad.” He is a front-runner for the role of Crypto Czar, a role insiders believe Trump will create in his administration. His experience in financial and regulatory spaces and expertise has given credence to his prediction that the SEC will drop the lawsuit.
A potential dismissal of the case would represent a major victory for Ripple and could set a precedent for other cryptocurrency-related cases. Gasparino believes the change in regulation is a game-changer. It would boost confidence in XRP’s regulatory standing and encourage a more constructive approach to regulating digital assets in the U.S.
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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