A high-profile lawsuit between the United States Securities and Exchange Commission (SEC) and Ripple over XRP token sales could soon see resolution, according to a legal panel on CryptoLawTV. The discussion featured legal advocates John Deaton, James Murphy (also known as “MetaLawMan”), and Jeremy Hogan, who highlighted potential shifts in the case as SEC leadership changes appear possible. The panel suggested that a new administration could bring pro-crypto changes, potentially affecting the outcome of the XRP case.
Legal professionals pointed out that if the SEC’s chief, Gary Gensler, who has recently come under political pressure, is replaced, bringing a crypto-friendly leader, could mean a fresh perspective for the case. If the new administration appoints crypto-friendly policymakers, such as Hester Peirce or Mark Uyeda as the SEC Chair, the XRP case could be quickly dropped or settled, benefiting Ripple significantly. Peirce and Uyeda have previously scored high in crypto-friendly policies and may likely influence such policies. The change in course may mean that cases initiated under Gensler’s direction could be retested or stopped altogether.
Also Read: Ripple CTO Defends Platform’s Growth and Vision Amid Criticism
Potential Impact on Crypto Policy with New Leadership
A change in SEC leadership could shape broader crypto regulations and impact the XRP lawsuit. Law experts argue that if a new government comes into the equation and reopens policies it did not approve, the courts may stop or reconsider the flowing cases until Congress provides its exhaustive regulation of digital assets. Ripple could gain a break in this case, marked by drawn-out hearings and intense regulatory scrutiny. Furthermore, crypto enthusiasts continue to believe that a new regime will implement better policies on digital assets, given a change on the part of the SEC.
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XRP Price Awaits Outcome Amid Legal Uncertainty
The price outlook for XRP shows anticipation of a sharp increase if the case concludes in Ripple’s favor. Despite a partial legal victory in 2023, XRP’s growth has remained modest, with a 7.55% increase since November. XRP, the seventh-largest cryptocurrency, trades at $0.72194 and has seen a 4.45% increase in the last 24 hours. Technical indicators, such as XRP’s Relative Strength Index (RSI) at 79.61, suggest overbought conditions, indicating a possible short-term correction. However, analysts maintain a favorable view on XRP, with a potential move toward the $1 mark in the near to mid-term.
Source: Tradingview
Conclusion
As the Ripple case against the SEC nears a potential turning point, the possibility of new SEC leadership could significantly impact crypto regulations. The outcome of this case could set a precedent in the industry, with Ripple and XRP holders watching closely as regulatory developments unfold.
Also Read: Ripple’s RLUSD Stablecoin Set for Public Launch Amid Rising Demand
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.