After the SEC’s recent appeal, Ripple’s Chief Legal Officer, Stuart Alderoty, expressed confidence that the company is ready to prove once more in appellate court that the lawsuit against Ripple has been irrational and misguided from the start. He also questioned whether it was mere coincidence that SEC enforcement chief Gurbir Grewal stepped down “about an hour before” the filing was made.
Ripple CEO Brad Garlinghouse also commented on the SEC’s appeal, stating that the financial regulator should have “moved on from this case long ago” if SEC Chair Gary Gensler had acted rationally.
In a recent podcast with ‘Thinking Crypto,’ attorney Fred Rispoli discussed what a new SEC Chair could mean for the cryptocurrency industry. Will new leadership promote innovation, or could things get worse? Rispoli shared some important insights.
Rispoli suggested that everything could change with a new leadership team. He noted that Gensler is “almost assuredly” not going to stay on as Chair, regardless of who wins the presidential election. The identity of the next Chair will be a crucial factor in shaping cryptocurrency regulation.
When asked if clearer legislation could lead to the SEC’s appeal being thrown out, Rispoli replied that a well-defined law would likely do just that. If legislation is passed by the end of this year and takes effect on January 1, 2025, Ripple’s attorneys would file a notice of supplemental authority with the Second Circuit, arguing that the new law applies to their case.
However, Rispoli warned that the court could still rule against Ripple regarding past actions.
“the court could still come out with the ruling saying, we reverse judge Torres on programmatic sales. Those were investment contracts at the time. However, as of January 1, 2025, through this legislation from Congress, they no longer are. So this only pertains to everything that happened in the past. And so that’s how that would play out,”
Even without a new bill, Rispoli pointed out that appellate courts often prefer cases to settle amicably. He mentioned that the SEC and Ripple could negotiate terms and withdraw the case from appellate consideration at any time. While this outcome is rare, Rispoli indicated that the current political environment increases the chances of such negotiations, especially with a significant regime change at the SEC.
When asked about the possibility of Donald Trump returning to office and appointing a Republican Chair who might work with Congress to resolve the situation, Rispoli agreed this is a viable option. However, he noted the complexity of firing or demoting Gensler from his position.
“Gary Gensler Not Worried In The Slightest”
Rispoli stressed that many observers are increasingly focused on the cryptocurrency market, recognizing both government incompetence and corruption within the SEC.
While he believes that 90% of tokens are either useless or scams, he criticized the SEC for not regulating in good faith, especially towards those trying to comply with the law. This disconnect has fueled widespread opposition to the SEC’s actions.
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