- Donald Trump as US President may force the closure of most SEC-crypto lawsuits.
- As market analysts projected, this may happen as early as mid-next year.
Donald Trump’s victory at the White House has raised hope for a likely turnaround in the case between Ripple Labs and the SEC. Attorney Jeremy Hogan, a major Ripple supporter, said the legal battle may finally conclude by mid-next year.
What to Expect in the Ripple vs SEC Case
Attorney Hogan believes the US Securities and Exchange Commission (SEC) will likely close some of its ongoing crypto cases under Trump’s leadership. According to Hogan, this could happen if SEC Chair Gary Gensler resigns before January 20. He thinks a new Chair will likely push to close non-fraud crypto cases.
He added that the new leadership may review each crypto case and decide whether to settle or reject it. Hogan sees a strong chance of their recommendations receiving approval, with three Republicans already appointed as commissioners. This could lead to resolution for cases like those involving Ripple and Coinbase.
Hogan suggests that the Ripple vs SEC case could settle for the $125 million settlement amount previously set by the court. Hogan predicted an outright dismissal of Coinbase and other crypto firms’ cases since there are no allegations of fraud.
While Hogan has expressed optimism for early settlement of crypto cases, he said these changes may not occur immediately. He forecasted that the market could see major steps toward ending these high-profile cases by June.
Hogan’s analysis gives crypto market participants hope that a new strategy at the SEC would settle protracted legal disputes in the crypto space. Eventually, this could help clarify the regulations of digital assets, leading to increased adoption. As more people enter the market and demand increases, the prices of major cryptocurrencies are expected to surge.
XRP’s price rose above $0.55 on Wednesday amid optimism about Trump’s election victory. XRP trades between $0.525 and $0.54 at the time of writing, following a 1.4% price decrease today. The 24-hour trading volume also dropped by 28% to $1.3 billion. Nonetheless, the market cap is over $31 billion, indicating XRP’s relevance in crypto.
Impact of Trump’s Win on XRP ETF Launch
As CNF reported, XRP supporters are optimistic that Donald Trump’s win could also speed up the approvals of XRP Exchange-Traded Funds (ETFs). While the SEC has previously resisted this move, they believe a new SEC Chairman could turn things around.
Their expectations are hinged on Trump’s promises to make the United States a “crypto capital.” Trump has repeatedly criticized Gensler’s crypto enforcement actions, which have led to multiple lawsuits against several crypto firms, including Ripple.
The XRP Army has persistently advocated for asset managers, particularly industry leader BlackRock, to introduce an XRP ETF. They believe such a product could enhance the value of XRP by making it more accessible to institutional investors.
As reported by CNF, Ripple CEO Brad Garlinghouse recently predicted an imminent XRP ETF approval, stirring excitement in the market. With Trump now elected president, this dream could happen anytime soon.
