Crypto is one area where law meets finance ever so often.
James “MetaLawMan” Murphy, the brain behind Murphy & McGonigle law firm, delves into how President Joe Biden’s policy tweaks could sway the Ripple vs. SEC lawsuit.
Murphy shared his insights on X, highlighting the potential impacts that these regulatory changes might have amidst the currently ongoing political shifts in America.
Murphy provides a seasoned perspective on how President Biden’s administration’s regulatory shifts might affect ongoing legal disputes, notably the Ripple vs. SEC lawsuit. With SEC Chairman Gary Gensler’s push for crypto regulation, Murphy foresees significant implications for the crypto landscape.
With a prudent tone, Murphy advises against hasty settlements with the SEC, given the current trajectory. He suggests that Ripple might benefit from waiting for the outcomes of upcoming elections, hinting at the potential for a leadership change within the SEC that could sway the legal outcome.
“I wouldn’t settle any crypto case with the current SEC before seeing how the election turns out.”
In addition, Murphy highlighted the potential for a more open-minded leadership, like the one followed by Hester Peirce, noting that a new regime could also dismiss many crypto cases initiated under the strict policies of Gebsler, specifically the ones that lacked evidence of fraud or victims.
President Joe Biden’s administration recently approved a spot Ethereum ETF, hinting at a more inclusive approach to crypto, which contrasts with former President Donald Trump’s pro-crypto stance.
Biden’s policies were influenced by Trump’s declaration to safeguard crypto interests and advocate for self-custody among American crypto holders, highlighting a strategic response amidst the political battle. Therefore, this shift towards a more crypto-friendly system under Biden could significantly impact the regulatory framework, but it has no direct influence on judicial decisions.
Murphy pointed out that the independence of the judiciary ensures that Biden’s softened stance on crypto would not really affect Judge Torres’s ruling in the SEC vs. Ripple lawsuit. However, it might influence the SEC’s approach in the discussions related to potential settlement.
Therefore, these discussions on X clearly highlight Ripple’s strategic dilemma, as some users advocate for settlement to avoid uncertainties of future administrations. In addition, though Murphy acknowledged these viewpoints, he refrained from advising on Ripple’s specific course of action.
Also, check out: USA Elections: A Detailed Look at Biden’s Crypto Policies in 2024
Will the changing tides in Washington D.C. lead to a victory for Ripple? Let us know your predictions!
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