Ripple Vs SEC Lawsuit: Last Minute Opening Brief By Outgoing Gary Gensler
Highlights
- US SEC under Gary Gensler to file last-minute opening brief as deadline approaches.
- SEC's chief litigation counsel Jorge Tenreiro to continue handling the case, creating headwinds for Ripple.
- Industry seeks clarity on securities and commodities status, setting stage for XRP ETF.
- XRP price breakout will trigger a rally to $11.
The Ripple vs SEC lawsuit is in focus again as deliberations began on filing an opening brief before the January 15 deadline. Latest developments indicate that outgoing SEC Chair Gary Gensler is preparing for last-minute filing related to appeals before pro-crypto Paul Atkins takes over.
Some believe Gensler with SEC’s chief litigation counsel Jorge Tenreiro may create headwinds for Ripple, similar to former SEC Chairman Jay Clayton.
Last Minute Appeal in Ripple Vs SEC Lawsuit
The U.S. Securities and Exchange Commission (SEC) under Gary Gensler is likely deliberating to file its principal brief in the Ripple lawsuit. The 2nd Circuit Court of Appeals earlier extended the deadline to January 15 after a request by the securities agency.
Former SEC lawyers Marc Fagel and James Farrell cleared that the agency will continue its fight after an appeals-related opening brief in January. While the shift in the agency’s leadership may impact progress, but a decision to dismiss or withdraw the appeals in the lawsuit to affect the SEC more.
Besides, SEC’s chief litigation counsel Jorge Tenreiro, who has been deeply involved in Ripple lawsuit, to continue handling the case. It indicates that the legal battle may not shift drastically with a new SEC chair.
The regulator is set to present its arguments on secondary sales as Judge Analisa Torres’s ruling in Ripple Vs SEC lawsuit set didn’t exactly cleared the industry whether XRP is a security or commodity. This has further implications for Ripple and the crypto industry.
Notably, XRP was earlier referred to as “currency” by the U.S. DOJ and Treasury Dept’s FinCEN. And now, the SEC appealed the summary judgment on Ripple’s XRP sales through crypto exchanges, distribution to employees and others by the firm, and XRP sales by CEO Brad Garlinghouse and Executive Chairman Chris Larsen.
Pro-XRP Lawyers Expect End of Lawsuit Under Paul Atkins
Gensler to depart on Donald Trump’s inauguration day on January 20, setting the stage for Paul Atkins to take over SEC Chairman responsibilities. Pro-XRP lawyers Jeremy Hogan, Fred Rispoli, and Bill Morgan indicate high odds of resolution of the Ripple vs SEC lawsuit under pro-crypto Atkins.
Moreover, lawyers claimed Paul Atkins to work on providing clarity on crypto regulations, which remained unclear under Gensler. This could potentially lead to the end of Ripple lawsuit not otherwise. Ripple CLO Stuart Alderoty urged to “cleanse the lingering stain of Hinman from the agency” and restore trust in the agency.
Odds of XRP ETF and Price Rally Ahead
Ripple executives have earlier said that SEC continued its “failed arguments” in crypto cases as Gensler reaffirmed that crypto has no intrinsic value. Moreover, XRP ETF launch is more likely under Paul Atkins as the Trump administration is set to push for crypto regulations.
Attorney Jeremy Hogan predicts April or May as a likely timeline for the Ripple vs SEC lawsuit’s end. Moreover, he expects dismissal early, but “I’d say it’s possible but maybe unlikely.”
Analysts have been overall bullish on XRP price rally amid several developments including RLUSD launch. As per popular analyst Ali Martinez, XRP price is currently consolidating within massive massive bull pennant pattern. A pullback to $2.05 is possible unless the $2.73 resistance is broken. This could lead to a massive rally to $11.
XRP price is currently trading at $2.44, up 1% in the last 24 hours. However, trading volume remains low. Coinglass data indicates futures open interests climbed 7% over the last 24 hours.
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