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The Coin Rise 2025-01-15 08:11:13

Ripple Faces SEC Appeal as Leadership Change Looms: Details

Ripple Faces SEC Appeal as Leadership Change Looms: Details

The U.S. Securities and Exchange Commission (SEC) remains resolute in its legal battle against Ripple, despite impending leadership changes set for January 20. Ripple’s chief legal officer, Stuart Alderoty, confirmed via social media on January 14 that the SEC had no intention of delaying its filing as part of an appeal to a prior judgment. The ongoing case, rooted in allegations that Ripple raised funds using XRP as an unregistered security, resulted in a $125 million liability for the blockchain firm in August 2024. Expressing frustration over the SEC’s persistence, Alderoty criticized the expenditure of taxpayer funds on the appeal but remained optimistic about Ripple’s prospects. CEO Brad Garlinghouse mirrored this sentiment, suggesting that the SEC’s approach to cryptocurrency regulation might see a significant shift under new leadership. Trump’s Influence and the Potential Ripple Effect Donald Trump’s inauguration as president on January 20 will bring a wave of changes, including Gary Gensler’s resignation as SEC chair. Trump’s campaign pledge to overhaul the SEC, including appointing former commissioner Paul Atkins to lead the agency, has garnered attention from the crypto industry. However, Atkins’ appointment remains contingent on Senate approval, leaving uncertainty over the future direction of the Ripple case. The civil lawsuit against Ripple, initiated in December 2020 under Trump’s first term, has evolved significantly. Notably, the SEC is appealing a ruling that XRP does not inherently qualify as a security — a critical aspect of the case. Ripple, meanwhile, is appealing other aspects of the judgment but continues to rally support from the broader blockchain community. Pro-Crypto PACs Ripple has invested heavily in shaping the political landscape. The company contributed $45 million to the Fairshake PAC, which supported pro-crypto candidates during the 2024 election cycle. Following Trump’s victory, Ripple announced an additional $25 million for the PAC , signaling its ongoing commitment to promoting blockchain-friendly policies. Alderoty himself has been a vocal supporter of Trump, donating over $300,000 to political action committees aligned with the new administration. These strategic moves underscore Ripple’s determination to influence regulatory attitudes and secure a more favorable environment for the crypto industry. The post Ripple Faces SEC Appeal as Leadership Change Looms: Details appeared first on TheCoinrise.com .

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