Former CFTC Chair Chris Giancarlo and XRP lawyers, including Bill Morgan, say the US SEC will drop the appeal.
The US Securities and Exchange Commission (SEC) is reportedly likely to drop its appeal in the lawsuit against Ripple.
Former CFTC Chairman Chris Giancarlo and pro-XRP attorneys suggest it’s “very plausible” that a new SEC chair under a Trump administration would end the case against Ripple Labs. This could have a transformative impact on XRP.
Ripple vs SEC Lawsuit Approaches Resolution
FOX Business journalist Charles Gasparino shared on X that Donald Trump’s return to the presidency appears to be a game-changer for XRP.
His post sparked significant excitement within the XRP community, fueling bullish sentiment during Thanksgiving.
Gasparino also mentioned that former CFTC Chairman Chris Giancarlo predicted the “new SEC will drop the appeal” against Ripple.
The SEC has appealed decisions that declared XRP sales by Ripple and its executives, Brad Garlinghouse and Chris Larsen, as not being securities.
Meanwhile, Ripple has filed a cross-appeal on whether investment contracts must have “essential rights and obligations.”
Pro-XRP attorneys, including Bill Morgan, Fred Rispoli, and Jeremy Hogan, believe the appeals are likely to be dismissed or withdrawn.
Morgan stated in a November 29 post that the appeal is likely to be dropped since Judge Torres made no errors in her ruling.
“The political motive for continuing a near hopeless appeal will largely disappear when its main internal SEC enabler Gary Gensler resigns on 20 January 25,” Morgan added.
XRP Eyes $2 Milestone
The XRP community is optimistic about the token reaching $2, driven by SEC Chair Gary Gensler’s anticipated departure and Trump’s pro-crypto stance.
The Trump-Vance transition team has nominated crypto-friendly leaders for key government roles, with Paul Atkins being a frontrunner to become the next SEC chairman. Ripple’s Chief Legal Officer Stuart Alderoty expressed optimism about these developments.
XRP’s price has surged 200% amid the so-called Trump trade, reaching $1.64, its highest in three years. Trading volumes are increasing as the lawsuit nears its conclusion.
Previously, as reported, the US District Court ruled in favor of Ripple and CEO Brad Garlinghouse in the lawsuit. The court has now granted a motion to expedite judgment in the In re Ripple Labs Inc. litigation.