The post Ripple vs. SEC Update : January 2025 Could Be a Turning Point For XRP Lawsuit appeared first on Coinpedia Fintech News
After Bitcoin’s $100K fakeout rally, the market is again back to the previous level, though the current dips are part of Bitcoin’s bull cycle. There is constant pressure building up in the crypto space, all due to the recent Trump actions. While the market is rejoicing in his pro-crypto administration choices, there is a fear rolling too.
With the deadline for the U.S. SEC’s appeal in the Ripple lawsuit set for January 15, 2025, the crypto world is eagerly waiting to see what comes next. As per the rumors, the SEC may not bow down to the ongoing crypto cases as predicted.
Will the SEC Seek an Extension?
In light of the current scenario, Legal experts are divided on whether the SEC will appeal the ruling or seek an extension in the Ripple vs SEC lawsuit. Attorney Jeremy Hogan suggested that the SEC could request a 30-day extension to explain its delay in filing the appeal, citing the leadership changes at the SEC. Hogan believes both Ripple and the court may be open to allowing this delay, which could give both parties more time to assess the situation.
Moreover, the change in leadership at the SEC could also impact the lawsuit’s direction. Paul Atkins, the new SEC Chair, is known for his more balanced and clearer stance on cryptocurrency regulation. Atkins, a former SEC Commissioner, could bring a more favorable regulatory approach for Ripple and the broader crypto industry. Ripple CEO Brad Garlinghouse has expressed support for Atkins, calling him an “outstanding choice” and emphasizing the need for common-sense regulation.
However, keeping the community spirit alive Garlinghouse said that Atkins’ leadership could end the “prohibition era” for cryptocurrencies.
Concerns About the SEC’s Future Approach
Despite this optimism, some, like legal expert Bill Morgan, remain cautious. Morgan has expressed concerns about the future direction of the SEC, especially since Jorge Tenreiro, who has been heavily involved in the Ripple case, will likely sign the SEC’s brief in the appeal. Morgan worries that even with new leadership, Tenreiro’s influence could keep the SEC’s approach to crypto regulation the same.
On a similar tone, Eleanor Terrett also points out that it will be interesting to see if Paul Atkins, will follow Gary Gensler’s lead. When Gensler became SEC chair in 2021, he shook things up by replacing all the members of the Public Company Accounting Oversight Board (PCAOB), even though they were meant to serve staggered five-year terms.
In the meanwhile, XRP dropped 13% in the last 24 hours, sitting at $2.30 on December 5. This dip comes after hitting a high of $2.90 just days ago. While Bitcoin is crushing it above $100,000, XRP’s correction is part of the market’s back-and-forth action. Will January 2025 be a decisive month for this trendsetter, we will come to know!
