It looks like the clouds are clearing for Ripple as recent events have given it a boost, possibly changing the course of its legal battle. Trump’s promise to fire SEC Chair Gary Gensler on day one seems to be coming true, as Gensler announced his resignation on January 20, the same day Trump is inaugurated. This big news helped push XRP to new yearly highs.
Plus, Ripple’s RLUSD launched on December 17, taking a big step toward global growth. Meanwhile, SEC Commissioner Caroline Crenshaw became a target of the crypto community due to her strong anti-crypto stance and was denied renomination. All of these events could lead to something big on January 15, especially with Paul Atkins soon taking over as SEC Chair. Many are hopeful that this will bring a more relaxed approach to crypto regulation.
What Will Happen on January 15?
The SEC has requested an extension to file its principal brief in the ongoing XRP lawsuit with Ripple Labs. The new deadline for filing is set for January 15, 2025. According to attorney Fred Rispoli, this part of the case is strictly about paperwork — no new evidence or jury trial. There are two appeals in process: one from the SEC and another from Ripple, called a “cross-appeal.”
Each side will submit an opening brief, followed by an opposition brief, and then a reply brief. Afterward, there will be a 15-minute oral argument in front of three judges. Fred said that while the argument is brief, it will be crucial, as the judges’ questions can provide insight into their initial thoughts on the case. However, he also said that the entire process could take up to a year and a half, despite the short duration of the oral argument.
Even if the legal case continues, supporters remain optimistic that the new government will implement the right measures to support the crypto industry. Another bullish development is that Empower Oversight is urging Congress to release an SEC Inspector General report on former chairman Jay Clayton’s actions. This report could bolster their investigation before Clayton is confirmed as U.S. Attorney for the Southern District of New York.
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