Ripple Vs SEC Lawsuit: Last Minute Opening Brief By Outgoing Gary Gensler

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As a seasoned crypto investor with over a decade of experience in the digital asset market, I find myself closely monitoring the Ripple vs SEC lawsuit, given its potential impact on the entire industry. Having witnessed the tumultuous journey of Bitcoin and Ethereum, as well as numerous altcoins, I have learned to navigate the complexities of regulatory battles and their subsequent effects on token prices.

In this case, I believe that the impending last-minute appeal from the outgoing SEC Chair Gary Gensler could create some headwinds for Ripple, similar to the challenges faced by XRP under former Chairman Jay Clayton. However, I remain cautiously optimistic about the outcome, as the incoming pro-crypto Paul Atkins is expected to take over soon.

Given my understanding of regulatory shifts and their influence on market sentiment, I anticipate that a more favorable stance towards crypto regulations under Atkins could potentially lead to the end of the Ripple lawsuit and provide much-needed clarity for the industry. Furthermore, if Atkins works diligently on providing clearer guidelines for the crypto sector, it might even pave the way for an XRP ETF launch, which has been elusive thus far.

In terms of short-term price action, I find myself intrigued by the technical analysis presented by analysts like Ali Martinez and Jeremy Hogan. If the current bullish trend persists, a potential rally to $11 for XRP appears plausible, provided that key resistance levels are broken. However, as always in crypto, one must approach such predictions with a pinch of salt, lest we forget the infamous “pump and dump” schemes that have plagued our market.

To lighten the mood, I’d like to share a little joke: Why don’t cryptocurrencies ever get lost? Because they always find their way back to the blockchain – even if it takes them through several forks!

The ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC) is back in the spotlight as they are set to file their opening brief by January 15th. Recent updates suggest that outgoing SEC Chair Gary Gensler may be preparing a last-minute filing concerning appeals, before Paul Atkins – known for his pro-crypto stance – takes over.

Some people think that the combination of Gensler as SEC chairman and his chief litigation counsel, Jorge Tenreiro, could potentially pose challenges for Ripple, much like the difficulties faced by Ripple under former SEC Chairman Jay Clayton.

Last Minute Appeal in Ripple Vs SEC Lawsuit

It seems that the U.S. Securities and Exchange Commission (SEC), led by Gary Gensler, is considering submitting its main argument in the Ripple lawsuit. The 2nd Circuit Court of Appeals previously granted an extension to January 15 following a request from the securities agency for more time.

The former SEC attorneys, Marc Fagel and James Farrell, affirmed that the Securities and Exchange Commission (SEC) will persist with its legal battle following the submission of an opening brief for appeals in January. Although changes in the agency’s leadership might slow progress, dropping or withdrawing the appeals in this court case would have a more significant impact on the SEC.

The fact that Jorge Tenreiro, the SEC’s chief litigation counsel involved in the Ripple lawsuit, will remain on the case implies that the legal struggle might not undergo significant changes even with a change of SEC chair.

The regulatory body will soon express their views on the matter of secondary transactions, as Judge Analisa Torres’ decision in the Ripple vs. SEC lawsuit did not provide a definitive answer about whether XRP should be classified as a security or commodity. This ambiguity could impact both Ripple and the wider crypto industry significantly.

Significantly, XRP was previously classified as a “currency” by both the U.S. Department of Justice (DOJ) and the Financial Crimes Enforcement Network (FinCEN) within the Treasury Department. However, the Securities and Exchange Commission (SEC) has challenged the summary judgment regarding Ripple’s sales of XRP via cryptocurrency exchanges, distribution to employees and others by the company, and XRP sales by CEO Brad Garlinghouse and Executive Chairman Chris Larsen.

Pro-XRP Lawyers Expect End of Lawsuit Under Paul Atkins

On January 20, when Donald Trump’s inauguration takes place, Gensler will be stepping down, paving the way for Paul Atkins to assume the role as SEC Chairman. Legal representatives supportive of XRP, Jeremy Hogan, Fred Rispoli, and Bill Morgan, suggest that the likelihood is high for a resolution in the Ripple vs SEC lawsuit with Atkins, who appears to be pro-cryptocurrency, at the helm.

Furthermore, attorneys asserted that Paul Atkins was instrumental in clarifying cryptocurrency regulations, which were ambiguous under Gensler’s leadership. This could possibly bring an end to the Ripple lawsuit if it weren’t for other factors. Ripple’s Chief Legal Officer, Stuart Alderoty, appealed for the removal of the Hinman issue from the agency and the reestablishment of trust in their operations.

Odds of XRP ETF and Price Rally Ahead

Previously, Ripple’s leaders claimed that the SEC persisted with “unsuccessful arguments” in its cryptocurrency-related cases, and this stance was echoed by Gary Gensler, who asserted that cryptocurrencies lack inherent value. Furthermore, it appears that a launch for an XRP Exchange Traded Fund (ETF) is more probable under Paul Atkins, given the Trump administration’s intention to implement stricter crypto regulations.

Lawyer Jeremy Hogan anticipates that the Ripple versus SEC legal battle might conclude somewhere around April or May. He also speculates an early dismissal, but notes that such an outcome is “potentially possible, but perhaps not very likely.

Analysts generally express optimism about the increase in XRP’s price due to various advancements such as the RLUSD launch, according to well-known analyst Ali Martinez. At present, XRP’s price is being contained within a large, expansive bullish pennant formation. There might be a dip towards $2.05 unless the resistance at $2.73 is surpassed. This could trigger a significant surge that may reach up to $11.

At present, the value of XRP stands at approximately $2.44, marking a 1% increase within the past 24 hours. Yet, the trading activity associated with it remains relatively modest. Data from Coinglass reveals that during this same period, there was a 7% rise in open interests related to XRP futures contracts.

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2025-01-04 13:28