Despite a shift in leadership at the U.S. Securities and Exchange Commission (SEC) set for January 20th, it seems that the commission is pressing ahead with its ongoing court cases related to enforcement actions.
According to Stuart Alderoty, Ripple’s chief legal officer, in a post on January 14th, there would be no delay in the SEC submitting their brief during the commission’s appeal against Ripple. Back in August, it was ruled that Ripple owes $125 million following the SEC’s allegation that they illegally raised funds by treating XRP as an unregistered security within their blockchain company.
Alderoty expressed disappointment, stating it was unfortunate that time and public funds were being spent. However, he remains optimistic about their case on appeal and is eager to collaborate with the upcoming SEC administration to address this issue.
Brad Garlinghouse, CEO of Ripple, made a statement similar to Alderoty’s, suggesting that the Securities and Exchange Commission (SEC) might alter its approach towards cryptocurrency enforcement following Donald Trump’s inauguration on January 20th. It was one of Trump’s campaign pledges to dismiss Gary Gensler due to criticism from the crypto industry about the SEC chair. On the same day, January 20th, Gensler will step down from his position.
During Donald Trump’s presidency, a civil lawsuit against Ripple was initiated by the SEC in December 2020, with Jay Clayton as the appointed SEC Chair. This case is now set to be heard by an appellate court following the August 2024 ruling. The SEC has appealed the judgment where a federal judge determined that the XRP token may not meet the criteria to be classified as a security. However, Ripple’s appeal will not address this specific part of the verdict according to Alderoty.
There’s some ambiguity as to whether the upcoming SEC leader, who could potentially be Paul Atkins if Trump’s nomination is approved, will carry on with the legal action against Ripple.
Alderoty directly contributed over $300,000 towards fundraising efforts and political groups backing Trump.
In a significant move, Ripple donated a total of $70 million to the Fairshake Political Action Committee (PAC). This committee utilized these funds, amounting to over $100 million, on media purchases to back candidates who are proponents of cryptocurrency in the 2024 election campaign. After November 5th, Ripple declared an additional contribution of $25 million to the PAC for the 2026 midterm elections.
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2025-01-15 01:12