Ex-CFTC Chair Predicts SEC Will Drop XRP Case Under Trump
XRP
Former CFTC Chairman Chris Giancarlo has predicted that the Securities and Exchange Commission might dismiss the XRP lawsuit under Donald Trump's administration. During a recent FOX Business interview, Giancarlo, often referred to as 'Crypto Dad,' recommended that regulatory agencies dismiss cases they've lost at trial.
When pressed by Senior Correspondent Charles Gasparino for a direct response regarding the Ripple case, Giancarlo stated definitively, "I would bet that they would." This prediction gains significance in light of the current regulatory landscape and recent developments.
In the Ripple-SEC lawsuit, the trial court's final verdict in August maintained its earlier summary judgment. It established that while institutional sales of XRP constituted securities, programmatic sales and other distributions did not. Importantly, the court determined that XRP itself is not a security.
The SEC's response to this mixed ruling came after two months of internal deliberation. The agency filed an appeal to challenge the aspects it lost while Ripple reacted with a counter-appeal contesting the ruling on institutional sales. The SEC's appeal brief is scheduled for January 15, 2025.
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