Chris Giancarlo Expects SEC To Drop Ripple-XRP Case; Foresees Innovation and Growth Under Trump
Former CFTC Chairman Chris Giancarlo has potentially hinted that the SEC may drop its high-profile legal action against Ripple over XRP. at fox interview On Wednesday, Giancarlo said the U.S. Securities and Exchange Commission may drop its appeal against Ripple after a series of court failures.
Crypto Father Claims SEC Will Drop XRP Case
When asked if the SEC would drop the XRP case, the “Father of Crypto” responded: “I think they should, I bet they will. I would suggest that regulators should now drop many of the cases that have been lost in trial courts,” he said pointed out.
Giancarlo’s comments come amid optimism in the cryptocurrency industry following Trump’s victory and expectations for more crypto-friendly regulations. Particularly in the context of Gensler’s exit and Trump’s inauguration on the same day, the issue has gained widespread attention amid years of backlash against the “enforcement regulatory” approach espoused by SEC Chairman Gary Gensler. After the backlash, the community gained renewed confidence.
“Cryptocurrency Czar”
Notably, Trump’s team has revealed plans to decentralize cryptocurrency regulation, possibly shifting some responsibilities to the U.S. Commodity Futures Trading Commission and appointing a dedicated “crypto czar.” Trump’s former CFTC chairman Chris Giancarlo is the leading contender for the position of white cryptocurrency czar. Fox Business Channel noted that this new position may usher in a new era of pro-cryptocurrency policy in Washington.
The former CFTC chairman has previously said he does not want to clean up the mess created by former SEC Chairman Gary Gensler when there were rumors he was being considered for the position.
Asked for his opinion on who will be the next SEC chairman, Giancarlo wants someone who has both institutional knowledge of the building and a strong commitment to the innovation and encryption agenda. He suggested that Paul Atkins, one of the top names under consideration, could be the next SEC chairman. Atkins is widely respected for his deep understanding of cryptocurrencies and the workings of the SEC, making him a possible ally to the crypto industry.
Will Trump fulfill his promise?
When asked whether Trump would fulfill his promise to make the United States the cryptocurrency capital of the world and build a strategic reserve of Bitcoin, Giancarlo emphasized that this is why he believes a cryptocurrency czar is crucial to achieving all promises. He believes that Trump is committed to all this and aims to create “the second industrial revolution in the United States.”
“If we can get rid of the resistance to innovation of the past few years and really advance innovation, we may be able to achieve a growth rate of 4.5% and get rid of the debt problem.” The former CFTC chairman emphasized.
The U.S. outlook for the crypto industry could see a major shift as the incoming Trump administration prioritizes innovation and clarity, paving the way for growth and investment.
