- Former CFTC Chair Hints SEC Might Abandon Ripple Lawsuit Amid Regulatory Shake-Up
Former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo, known as “Crypto Dad,” has sparked speculation about a potential shift in the Securities and Exchange Commission’s (SEC) stance on its high-profile lawsuit against Ripple over XRP. Speaking on Fox Business, Giancarlo suggested the SEC might drop its appeal following a series of courtroom setbacks.
SEC Could Drop XRP Case
When asked whether the SEC would abandon its case against Ripple, Giancarlo stated,
“I think they should, I bet they would. It’s time for regulatory agencies to drop these cases they’ve lost at trial court.” His remarks reflect growing sentiment that the SEC’s legal strategy, often criticized as “regulation by enforcement,” has met its limits, especially under Chair Gary Gensler.
This speculation comes as optimism sweeps the crypto industry, fueled by expectations of a Trump presidency that promises crypto-friendly policies and a potential overhaul of the regulatory landscape.
Trump’s Crypto Vision: A New Era of Oversight
The incoming Trump administration has signaled plans to decentralize cryptocurrency oversight, potentially transferring some authority from the SEC to the CFTC. This includes appointing a “Crypto Czar,” with Giancarlo emerging as a leading contender.
In the interview, Giancarlo stressed the importance of this new role to advance the administration’s pro-crypto agenda. “If we can move from resistance to innovation to furthering it, we might achieve the growth rates needed to address our economic challenges,” he noted.
Also Read: Ripple vs. SEC Appeal: How Trump’s Election Could Impact XRP’s Future and Regulatory Clarity in 2025
New Leadership at the SEC?
Giancarlo also speculated about potential candidates to replace Gensler as SEC Chair. He highlighted Paul Atkins, a respected figure in both crypto and regulatory circles, as a strong contender. Atkins is seen as someone who could bring clarity and innovation to the regulatory framework.
What’s at Stake for Crypto?
The possibility of a policy overhaul has raised hopes within the crypto industry. Trump has previously promised to position the U.S. as the “crypto capital of the world” and establish a strategic Bitcoin reserve. Giancarlo emphasized that achieving these goals hinges on appointing leaders committed to fostering innovation.
For Ripple, a dropped SEC appeal could solidify its recent legal victories and boost market confidence in XRP. Broader implications include a potential shift in how U.S. regulators approach the crypto sector, encouraging investment and growth.
As the Trump administration prepares to take office, the crypto industry watches closely, hoping for a transformative era that prioritizes innovation and regulatory clarity. If Giancarlo’s predictions hold true, the SEC’s approach to crypto regulation could be fundamentally reshaped, paving the way for a new chapter in the U.S. crypto landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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