Giancarlo Recommends SEC to Drop Crypto Lawsuits: Implications for XRP
Former CFTC Chair Chris Giancarlo, also known as ‘Crypto Dad,’ recently appeared on Fox News to share his insights into the future of cryptocurrency regulation under the new administration.
With Gensler’s anticipated departure from the SEC, the cryptocurrency market is eagerly awaiting his replacement. Many in the industry believe that the next SEC chair will offer clearer guidance on regulating digital assets.
There are promising signs of collaboration between the cryptocurrency sector and the incoming government. Speculations are rife that Chris Giancarlo could be appointed as a “Crypto Czar” in the Trump administration, given his long-standing support for digital assets.
During his appearance on Fox Business, Giancarlo suggested that regulatory agencies should dismiss cases that they have lost, including the Ripple lawsuit with the SEC. This recommendation has garnered attention, especially in light of reports suggesting that the SEC-Ripple legal battle might reach a swifter conclusion than expected.
If Giancarlo’s advice is heeded by the next SEC chair, investors anticipate a significant shift in XRP’s performance. Indeed, XRP has emerged as the highest performing asset among the top 30 cryptocurrencies by market capitalization in response to the news of a possible Ripple victory.
In the last 24 hours, XRP has gained approximately 5.16% in value, reaching $1.54. This surge marks a significant milestone for XRP, as its value has not surpassed the $1.50 threshold since March 2021.
The positive market response to the speculation surrounding the Ripple lawsuit underscores the impact of regulatory decisions on cryptocurrency values. As the industry awaits further developments, the future of XRP remains a focal point for investors and enthusiasts alike.
