The management at Ripple has remained hopeful about the ongoing legal tussle with the U.S. Securities and Exchange Commission (SEC), saying that they are confident in their case.
Ripple’s General Counsel, Stuart Alderoty, has slammed SEC Chairman Gary Gensler, saying that the agency’s legal approach is redundant and unproductive. This comes after the SEC, on Dec. 23, filed an appeal to the U.S. Court of Appeals for the Second Circuit to reverse an earlier court ruling that stated that XRP was not a security when sold to retail investors.
The SEC’s appeal aims to classify all XRP sales as unregistered securities offerings. However, Alderoty dismissed the arguments presented in the appeal, calling them a rehash of previously failed claims.
He commented:
As expected, the SEC’s appeal brief is a rehash of already failed arguments likely to be abandoned by the next administration. We’ll respond formally in due time. For now, know this: the SEC’s lawsuit is just noise. A new era of pro-innovation regulation is coming, and Ripple is thriving.
Ripple’s CEO, Brad Garlinghouse, also voiced his dissatisfaction, describing the SEC’s actions as misguided. In a statement on social media, he remarked, “One definition of insanity…Doing the same thing over and over and expecting different results. Gensler’s SEC took this to heart.”
Trump’s Pro-Crypto stance fuels hopes for regulatory clarity
Amid Ripple’s confidence, speculation about upcoming changes in crypto regulation is growing. Gensler’s anticipated removal, coinciding with Donald Trump’s upcoming inauguration as president, has fueled expectations of a policy shift.
Trump has increasingly shown support for cryptocurrencies, including Bitcoin, and has nominated pro-crypto individuals for key positions. Many in the crypto community see these developments as a step toward clearer and more innovation-friendly regulations.
Ripple’s positivity echoes other participants in the sector, who expect the authorities to provide clear guidelines with which companies can operate safely and thereby foster innovation. The company has not wavered in its defense of the SEC’s appeal and is ready for what it expects will be a better climate for digital assets.
XRP’s market performance has remained obviously robust despite ongoing legal challenges. XRP has surged by 8.36% over the past 24 hours to $3.10. It gained an additional 8.37% to a market capitalization of $178.47 billion as trading volume climbed 73.02% to $22.61 billion. That strong momentum shows there’s a real swell in momentum around the future of Ripple regardless of regulatory uncertainty.
