As the January 15 deadline for the SEC’s decision to appeal the Ripple lawsuit looms, discussions about the agency’s next steps are heating up. The XRP community is debating on whether the agency will pass up this deadline or submit a filing. Pro-XRP lawyer Jeremy Hogan recently weighed in on the situation, proposing a potential strategy for the SEC to delay the process until the new chairman joins.
Lawyer Predicts SEC’s Next Steps in Ripple Lawsuit
“The proper course of action would be to request an extension—say 30 days—to file the brief and explain to the Court why,” Hogan suggested on X. He added that such a delay could give the agency time to adapt to an incoming administration, which might reconsider pursuing the appeal. According to Hogan, Ripple would likely agree to this request, making it a feasible approach.
I think the proper course of action would be to request an extension – say 30 days – to file the brief and explain to the Court why (that a new admin is coming in that might decide not to pursue the appeal). If I’m Ripple, I’m agreeing to that and the Court probably will as…
— Jeremy Hogan (@attorneyjeremy1) December 5, 2024
Earlier, Gensler has indicated his intent to resign on January 20, 2025, which is the same day Donald Trump takes office. Hence, the SEC’s future approach to crypto enforcement remains uncertain. However, since Trump is considering pro-crypto advocate Paul Atkins to replace Gensler, the agency could adopt a crypto-friendly approach.
In addition, industry experts like Christopher Giancarlo, former Commodity Futures Trading Commission (CFTC) chairman, have suggested that the SEC could drop the appeal in the ongoing XRP lawsuit under the new leadership.
Meanwhile, Ripple CLO Stuart Alderoty suggested the agency should hold off on litigation until a leadership transition occurs. “The Commission could wait for the next administration for guidance on how best to proceed with these lawsuits,” he noted.
Backlash Over Binance Case
Meanwhile, the SEC, led by Gary Gensler, has faced criticism from Alderoty, particularly over the agency’s recent legal moves. Alderoty took issue with the SEC’s 81-page filing in the Binance case, labeling its arguments as outdated and baseless.
“Instead of pausing crypto litigation with new leadership weeks away, Gensler’s SEC filed an 81-page brief yesterday,” Alderoty remarked on X. He criticized the agency for reiterating its claim that cryptocurrency lacks intrinsic value, calling the stance “absurd and unsupported.”
This filing, aimed at opposing Binance’s motion to dismiss the SEC’s amended complaint, reignited debates about the agency’s interpretation of crypto regulations. The SEC has accused Binance of selling unregistered securities, including its native token BNB, while Binance continues to challenge these allegations.
Also Read: Ripple CTO Breaks Silence on FUD Around XRP Token Unlocks
Credit: Source link
