- Chris Giancarlo believes the SEC will drop its Ripple case if Trump nominates crypto-friendly leadership.
- SEC and Ripple filed their appeals and the next big filing deadline is January 2025.
Chris Giancarlo has spoken at the CFTC. proposed Bitcoin reserve initiative In addition, there are broader crypto policy that might emerge from Donald Trump’s administration. Giancarlo explained the problems with pro-crypto policies in an exclusive interview given to Fox Business Charles Gasparino.
BREAKING: 🇺🇸 LEADING CANDIDATE FOR WHITE HOUSE “CRYPTO CZAR” STATES RIPPLE $XRP THE CASE IS DISMISSED
“If you’re a betting man would they drop the XRP case?” – @CGasparino
“I would bet they would.” – @giancarloMKTS
Do you believe the SEC leadership under President Trump… pic.twitter.com/6YRNJ1hwdh
— Good Morning Crypto (@AbsGMCrypto) November 26, 2024
Bitcoin Reserve Initiative Facing Complex Challenges
Giancarlo, also known as the ‘Crypto Dad,’ explained that building a Bitcoin reserve is a very challenging task. Despite not having a one-on-one conversation with Donald Trump, who is said to secretly want him as the ‘Crypto Czar,’ he mentioned that Mar-a-Lago discussions are about crypto strategies.
Some of these proposals are: allowing individuals to keep their digital assets; forming a crypto-council and establishing a Bitcoin Reserve. Giancarlo, however, pointed out that implementing these measures will require a lot of effort. The identification of qualified personnel who can spearhead these programmes is a significant challenge.
Giancarlo has also stated that those with prior experience developing profitable cryptocurrency companies are the only ones who should be considered. These candidates might be concerned about the disclosure of assets or the demands for divestment that could arise. Trump also said that he wants to use cryptocurrency to expand technology and strengthen the economy, including artificial intelligence and cryptocurrency.
The Ripple case with the SEC also came up in the interview. Giancarlo said that, because the Trump administration has a more favorable stance towards cryptocurrencies than the previous administration, it could try to get the Ripple lawsuit dismissed.
The term “In terms of” SEC leadership, Giancarlo suggested that Paul Atkins (another former SEC commissioner) take Gary Gensler’s position as the chairman. Giancarlo decided not to accept the post himself. He noted that the positions would have many challenges, including a talent shortage and the union relationship.
SEC leadership transition could affect strategy
After Gary Gensler’s resignation, which was submitted on 20 January 2025, the SEC will likely undergo a leadership change. Trump’s team, according to sources, is looking at candidates who are pro-cryptocurrency for Gensler’s position, and this could change the SEC’s attitude towards cryptocurrency regulation.
Each of Ripple and the SEC has appealed against the ruling by the court. The SEC has appealed the court’s decision. programmatic sales of XRP Ripple wants to keep the sales of institutional customers from being classified securities. On the 15th January 2025, when the SEC should file their appeals brief, is the next date for legal events.
Analysts say that an agreement can bring the conflict to a close. Jeremy Hogan, a pro-crypto lawyer who supports Ripple’s cryptography, said that Ripple might agree to pay the $125m judgment to end the case. But no decision has yet been taken.
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Source: www.crypto-news-flash.com
