Recent developments are bringing a wave of excitement for Ripple as significant changes in the SEC may influence its ongoing legal battle. The anticipated resignation of SEC Chair Gary Gensler on January 20 has sent ripples through the market, coinciding with Trump’s promise to replace him upon taking office. This news has positively affected XRP, pushing it to impressive yearly highs.
On December 17, Ripple launched its RLUSD, marking a substantial advancement towards its global ambitions. Meanwhile, SEC Commissioner Caroline Crenshaw, known for her strong opposition to cryptocurrencies, faced a setback when she was denied renomination, further energizing the crypto community. With Paul Atkins set to step in as the new SEC Chair, optimism is growing for a more lenient approach to crypto regulation.
So, what’s on the horizon for January 15? The SEC has sought an extension to file its primary brief in the ongoing lawsuit against Ripple Labs, moving the deadline to January 15, 2025. According to attorney Fred Rispoli, this phase is focused solely on documentation, meaning there’s no new evidence to consider and no jury trial expected. The litigation involves two appeals: one initiated by the SEC and a “cross-appeal” from Ripple.
The process entails both parties submitting an opening brief, followed by opposition and reply briefs. This leads to a concise 15-minute oral argument before a panel of three judges. Although brief, Fred emphasizes that this segment is critical, as judges’ inquiries can hint at their viewpoints on the case. Still, he warns that the entire procedure could extend up to a year and a half despite its seemingly short duration.
Even amid ongoing legal challenges, optimism persists within the community, fueled by hope for new policies that will nurture the crypto landscape. Another promising update involves Empower Oversight, which is encouraging Congress to disclose a report from the SEC Inspector General regarding former chair Jay Clayton. This could strengthen their investigation before Clayton’s potential confirmation as U.S. Attorney for the Southern District of New York.
These developments are pivotal for both Ripple (XRP) and the broader crypto ecosystem, making January 15 a date to watch closely. More content in ZCrypto.
