XRP Lawsuit News: Will Gensler’s Farewell Move Hurt Ripple in the SEC Lawsuit?

There’s been significant development in the ongoing SEC vs. Ripple lawsuit. Previously, Judge Torres ruled that XRP is not a security in itself, noting that the classification depends on the specific contract or arrangement. In her ruling, Judge Torres clarified that secondary market sales of XRP are not securities, though institutional sales are, due to the presence of clear contracts.

SEC’s Potential Appeal and Gensler’s Last-Minute Move

The next big question on everyone’s mind is whether the SEC will appeal this decision. According to attorney Jeremy Hogan, the SEC is likely to file its appeal by the January 15th deadline. Hogan, however, advises not to be overly concerned with the filing, saying that gary gensler gary gensler Gary Gensler is the chairman of the U.S. Securities and Exchange Commission (SEC). His studies in finance and blockchain at MIT have helped him develop U.S. cryptocurrency regulations and policies. Quick Facts Full name Gary Scott Gensler Birth 18-10-1957, Baltimore, Maryland, United States Nationality American Education MBA from the University of Pennsylvania Marital status Married to Francesca Danieli (1986-2006) Net worth Estimated $100 million   Gensler has advocated for enhanced supervision of digital assets, seeking to regulate cryptocurrencies similar to securities. His work at the SEC has focused on safeguarding investors, regulating crypto exchanges, and establishing stablecoin policies.   Gary Gensler - Career Highlights 1997 – Became Assistant Secretary of the Treasury. 2009 – Led CFTC, regulating financial derivatives post-2008 crisis. 2018 – Taught blockchain and crypto at MIT. 2021 – Appointed SEC Chairman, focusing on crypto regulations. 2022 – Proposed stricter rules for crypto exchanges. 2023 – Took legal action against major crypto firms. 2024 – Advocated for stronger stablecoin and DeFi regulations.   Gary has collaborated with multiple lawmakers in formulating crypto policies. Even with disagreements with crypto investors regarding crypto policies, he continues to be a key player in the changing dynamic between regulatory frameworks and blockchain advancement.   Awards & Recognitions of Gary Gensler Year Institution  Description 2009 U.S. Treasury Financial Regulation Leader 2018 MIT Blockchain & Crypto Educator 2021 SEC SEC Chairman Overseeing Crypto Policies 2023 Bloomberg Most Influential Regulator in Crypto 2024 Forbes Top Policy Maker in Digital Assets   Useful Links to Connect With Gary Gensler Platform Link X (formerly Twitter) twitter.com/GaryGensler CFTC website Chairman Gary Gensler   Chairman the current SEC chair, may attempt a last-minute move before his term ends on January 20th. While Hogan has criticized Gensler’s leadership, he believes any last-minute actions are unlikely to have a lasting impact.

Hogan said that the SEC’s brief filing by January 15th won’t influence whether the case will be settled or dismissed. He likened the process to “a tale told by an idiot,” suggesting that the effort to file an appeal could ultimately be in vain.

Crypto Community Optimistic About Future Legal Landscape

Marc Fagel, a former SEC official, also weighed in on the situation, stating that the SEC is required to file the opening brief unless there’s a dramatic shift in leadership. Fagel clarified that the SEC’s legal team has no option but to proceed with the filing, despite any potential changes in direction.

Despite the potential for some last-minute actions from Gensler’s team, the crypto community remains hopeful. With pro-crypto individuals gaining influence in government, including the Trump administration and crypto advocates in Congress, there’s optimism that a more favorable regulatory environment is on the horizon.

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As the deadline approaches, many are eagerly awaiting the outcome of the appeal and the future direction of the lawsuit. While uncertainty still looms, it seems clear that Ripple’s battle with the SEC is far from over.