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Crypto News: The intense grilling of US Securities and Exchange Commission (SEC) Chair Gary Gensler before the House Financial Services Committee came as a welcome move for the crypto market. In fact, the criticism Gensler faced during the hearing could act as a validation of long pending demand for regulatory clarity in the crypto market space. The lawmakers not only questioned the status quo but also sought Gensler’s opinion on the legal framework behind crypto assets.
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Several Congressmen expressed the need for immediate resolution to the regulatory issues surrounding trade of cryptocurrencies in the United States. Hence, it is possible that Gensler could face more of such Congressional hearings in that pursuit. But whether such hearings will further delay outcome from the legal route in crypto related lawsuits remains to be seen.
Ripple Lawsuit Summary Judgement Delay
After the ruling in the Ripple Vs SEC lawsuit in March 2022, experts have been predicting that the Summary Judgement could be out any time before May 6, 2020, which marks a 60 days period. However, it is highly unpredictable as to when Judge Analisa Torres gives out the judgement, especially after the Gary Gensler Congressional hearing led to a widespread debate in the mainstream. XRP influencer Mr Huber said there could be many more Congressional hearings of the SEC Chair before the Summary Judgement ruling.
“I think it is likely that there will be several more congressional hearings of Gensler and his successor before Torres even starts working on her Summary Judgement ruling.”
Overall, the Congressional hearing’s impact on Court rulings cannot be overruled, in favor of Ripple and the 76,000 XRP holders.
Also Read: Binance.US Sparks Optimism As It Lists Floki (FLOKI), Is A Meme Season In The Making?
Earlier, Coinbase filed a lawsuit against the SEC to push the agency to respond to a rulemaking petition it filed last year.
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