XRP Lawsuit News: Will Gensler’s Farewell Move Hurt Ripple in the SEC Lawsuit?

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There’s been significant development in the ongoing SEC vs. Ripple lawsuit. Previously, Judge Torres ruled that XRP is not a security in itself, noting that the classification depends on the specific contract or arrangement. In her ruling, Judge Torres clarified that secondary market sales of XRP are not securities, though institutional sales are, due to the presence of clear contracts.

SEC’s Potential Appeal and Gensler’s Last-Minute Move

The next big question on everyone’s mind is whether the SEC will appeal this decision. According to attorney Jeremy Hogan, the SEC is likely to file its appeal by the January 15th deadline. Hogan, however, advises not to be overly concerned with the filing, saying that gary gensler information

gary gensler

Gary Gensler is a pioneer and the current chair of the U.S. Securities and Exchange Commission. He has extensive experience that spans Wall Street, government regulation, and an angel teaching about cryptocurrencies and blockchain at MIT. Gary S. Gensler was on born October 18, 1957, in Baltimore, Maryland.He graduated from Pikesville High School in 1975, where he was later given a Distinguished Alumnus award. He also earned a degree in economics.Gensler served in the United States Department of the Treasury as Assistant Secretary for Financial Markets from 1997 to 1999, then as Undersecretary for Domestic Finance from 1999 to 2001He has expressed his desire to present crypto-related approach changes later on that include token commitments, decentralized finance, stablecoins, guardianship, exchange-traded resources, and advancing stages.

Chairman

the current SEC chair, may attempt a last-minute move before his term ends on January 20th. While Hogan has criticized Gensler’s leadership, he believes any last-minute actions are unlikely to have a lasting impact.

Hogan said that the SEC’s brief filing by January 15th won’t influence whether the case will be settled or dismissed. He likened the process to “a tale told by an idiot,” suggesting that the effort to file an appeal could ultimately be in vain.

Crypto Community Optimistic About Future Legal Landscape

Marc Fagel, a former SEC official, also weighed in on the situation, stating that the SEC is required to file the opening brief unless there’s a dramatic shift in leadership. Fagel clarified that the SEC’s legal team has no option but to proceed with the filing, despite any potential changes in direction.

Despite the potential for some last-minute actions from Gensler’s team, the crypto community remains hopeful. With pro-crypto individuals gaining influence in government, including the Trump administration and crypto advocates in Congress, there’s optimism that a more favorable regulatory environment is on the horizon.

As the deadline approaches, many are eagerly awaiting the outcome of the appeal and the future direction of the lawsuit. While uncertainty still looms, it seems clear that Ripple’s battle with the SEC is far from over.