In a video shared by Good Morning Crypto (@AbsGMCrypto) on X, former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo expressed his belief that the SEC’s lawsuit against Ripple could soon be dismissed.
During an interview with Fox Business host Charles Gasparino, Giancarlo stated, “I would bet they would,” when asked if the SEC would drop the case under the incoming Trump administration.
The comments from Giancarlo, a leading voice in cryptocurrency policy and a rumored candidate for the role of “crypto czar,” come as the political and regulatory landscape shifts.
Following Donald Trump’s victory in the 2024 presidential election, reports suggest that the administration is planning to appoint a pro-crypto SEC chair to replace current Chair Gary Gensler, who has announced his resignation effective January 2025.
BREAKING:
LEADING CANDIDATE FOR WHITE HOUSE “CRYPTO CZAR” STATES RIPPLE $XRP CASE WILL BE DISMISSED!
“If you’re a betting man would they drop the XRP case?” – @CGasparino
“I would bet they would.” – @giancarloMKTS
Do you believe the SEC leadership under President Trump… pic.twitter.com/6YRNJ1hwdh
— Good Morning Crypto (@AbsGMCrypto) November 26, 2024
Will the XRP Lawsuit Finally End?
The Ripple case, filed in December 2020, has held down XRP and prevented it from reclaiming its all-time high of $3.84 which it achieved in January 2018. The SEC alleged that Ripple and its executives conducted an unregistered securities offering by selling XRP, but the lawsuit suffered a significant setback in July 2023.
Judge Analisa Torres ruled that XRP is not a security, and Ripple’s non-institutional XRP sales were not securities transactions. This victory for Ripple raised doubts about the SEC’s broader legal arguments.
“I wrote a definitive law review article before the case arguing that XRP was not a security,” Giancarlo noted during the interview. He argued that it was time for regulatory agencies to reconsider cases where they had faced significant losses in court, referring to the Ripple lawsuit as an example.
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A Turning Point for the Crypto Market
The potential dismissal of the case would mark a turning point for the cryptocurrency sector. Ripple and XRP would be freed from the burden of litigation, while the ruling could serve as a precedent clarifying that cryptocurrencies are not securities.
The new administration’s pro-crypto stance has already sparked optimism within the market. Gary Gensler’s departure is expected to pave the way for regulatory reforms aimed at fostering innovation rather than stifling it.
With a pro-crypto SEC Chair on the way, the sky’s the limit for the crypto market, and assets like XRP which have been held down the most will benefit significantly from this new era.
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