January 2025 Could Be a Turning Point For XRP Lawsuit
After Bitcoin’s false rally of $100,000, the market is back to previous levels again, although the current decline is part of a Bitcoin bull cycle. Pressure is growing in the cryptocurrency space due to Trump’s recent actions. While markets are pleased with his pro-crypto government choice, there are concerns.
The deadline for the U.S. SEC to appeal the Ripple lawsuit is set for January 15, 2025, and the crypto world is eagerly awaiting what will happen next. According to rumors, the SEC may not give in to the ongoing crypto case as expected.
Will the SEC seek an extension?
Given the current situation, legal experts are divided on whether the SEC will appeal the ruling or seek an extension of Ripple’s lawsuit with the SEC. Attorney Jeremy Hogan suggestion The SEC can request a 30-day extension to explain its delay in filing an appeal, citing changes in SEC leadership. Hogan believes that both Ripple and the court may be willing to allow such a delay, which may give both parties more time to assess the situation.
In addition, changes in SEC leadership could also affect the direction of the lawsuit. New SEC Chairman Paul Atkins is known for his more balanced and clear stance on cryptocurrency regulation. Former SEC Commissioner Atkins could bring a more favorable regulatory approach to Ripple and the broader crypto industry. Ripple CEO Brad Garlinghouse expressed support for Atkins, calling him an “outstanding choice” and stressing the need for common sense regulation.
However, Garlinghouse said that in order to preserve community spirit, Atkins’ leadership could end the “era of prohibition” for cryptocurrencies.
Concerns about SEC’s future practices
Despite this optimism, some, like legal expert Bill Morgan, Keep cautious. Morgan expressed concerns about the future direction of the SEC, especially since Jorge Tenreiro, who was deeply involved in the Ripple case, may sign the SEC’s brief in the appeal. Morgan worries that Tenreiro’s influence could keep the SEC’s approach to cryptocurrency regulation unchanged even with new leadership.
In a similar tone, Eleanor Terrett point It will be interesting to see if Paul Atkins follows in Gary Gensler’s footsteps. When Gensler became SEC chairman in 2021, he changed things up by replacing all members of the Public Company Accounting Oversight Board (PCAOB), even though their terms were supposed to be staggered five years.
Meanwhile, XRP fell 13% in the past 24 hours, falling to $2.30 on December 5. The decline comes after hitting a high of $2.90 a few days ago. While Bitcoin has surpassed $100,000, XRP’s correction is part of a recurring trend in the market. Whether January 2025 will be a decisive month for this trendsetter, we’ll have to wait and see!
