Ex-SEC Lawyer Pushes Back Against Settlement as Gensler Secures Partial Victory in XRP Case
Gary Gensler, the chair of the Securities and Exchange Commission (SEC), is set to step down in January 2025, and this news has sparked fresh interest in Ripple’s legal struggles. Recently, XRP hit $1.5, a notable milestone, alongside a surge in trading activity, signaling investor confidence in clearer regulations.
Former SEC lawyer, Marc Fagel, has cast doubt on the possibility of a settlement, highlighting the SEC’s current partial victory in the case. Fagel mentioned that the SEC had already succeeded in half of its case, making a settlement before Gensler’s departure unlikely but not impossible.
Experts in the crypto market remain optimistic about XRP’s future, with some predicting a rise in price to $2 in the upcoming months. Factors like growing adoption in Europe, major exchanges listing physical XRP, and positive expectations around leadership changes in Washington all contribute to this positive outlook.
Attorney Jeremy Hogan anticipates a resolution in the case by the spring or early summer of 2025. Brad Garlinghouse, Ripple’s CEO, sees a bright future for XRP, especially with the potential appointment of Scott Bessent, a likely proponent of favorable cryptocurrency regulation, as Donald Trump’s Treasury Secretary nominee.
On a broader scale, the SEC reported a significant milestone in fiscal year 2024, with record-breaking enforcement actions resulting in $8.2 billion in penalties. Despite a decrease in the number of actions compared to the previous year, the monetary penalties remained substantial, underlining the agency’s commitment to ensuring market integrity.
The success of the whistleblower program, which processed over 45,000 tips and resulted in $255 million in awards, further highlights the SEC’s dedication to addressing market misconduct. With key achievements in enforcement actions and investor compensation, the SEC’s regulatory influence expanded significantly in 2024.
It’s essential to note that this article is meant for informational purposes and should not be seen as investment advice. For personalized financial guidance, readers are encouraged to conduct their own research and consult with financial advisors before making any investment decisions.
