Last Minute Appeal in Ripple vs SEC Lawsuit: What’s Next?

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 clarified 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, a decision to dismiss or withdraw the appeals in the lawsuit to affect the SEC more.

SEC’s chief litigation counsel Jorge Tenreiro, who has been deeply involved in the Ripple lawsuit, will continue handling the case. This 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 didn’t exactly clear the industry whether XRP is a security or commodity. This has further implications for Ripple and the crypto industry.

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.”

Conclusion

In conclusion, the Ripple vs SEC lawsuit is reaching a critical juncture with the SEC’s principal brief due by January 15. The outcome will have significant implications for the crypto industry and Ripple’s future. Pro-XRP lawyers are optimistic about the case’s resolution under Paul Atkins, while others believe Gensler’s last-minute filing could impact the outcome.

FAQs

Q: What is the current status of the Ripple vs SEC lawsuit?

The SEC’s principal brief is due by January 15, and the agency is likely deliberating on filing an opening brief.

Q: Who will take over as SEC Chairman after Gensler’s departure?

Paul Atkins, a pro-crypto advocate, will take over as SEC Chairman on January 20.

Q: What are the implications of the lawsuit’s outcome for the crypto industry?

The outcome will have significant implications for the industry, including the future of crypto regulations and the legitimacy of cryptocurrencies like XRP.

Q: Are there any predictions about the lawsuit’s end?

Pro-XRP lawyers predict a resolution under Paul Atkins, while others believe Gensler’s last-minute filing could impact the outcome.