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In a recent appearance on Anthony Pompliano’s podcast, Charles Gasparino, Senior Correspondent for Fox Business, criticized the U.S. Securities and Exchange Commission’s (SEC) handling of the Ripple case, labeling it a stark example of regulatory overreach. Gasparino’s comments highlighted concerns about the impact of unclear regulatory guidelines, which he claims have pushed Ripple’s groundbreaking technology overseas.
Gasparino’s Concerns Over SEC’s Approach
Gasparino did not mince words when discussing Judge Analisa Torres’s ruling, calling it “idiotic.” He argued that the decision created an imbalance by providing institutional investors with greater disclosure protections than retail investors. This, he contends, undermines the SEC’s mission of protecting individual investors.
Looking ahead, Gasparino speculated that a potential shift in political leadership could alter the SEC’s approach. With the possible inauguration of Donald Trump and the expected appointment of Paul Atkins as SEC Chair, he suggested the Commission might reverse its programmatic sales ruling or abandon the appeal altogether.
Key Legal Deadlines Loom for Ripple and SEC
The SEC’s appeal process is moving forward, with critical deadlines on the horizon. Following a 90-day extension granted in October, the SEC must file its appeal by January 15, 2025. Transcripts are due by January 30, 2025, and key arguments are slated for March, with Ripple Labs and CEO Brad Garlinghouse expected to respond by April 7, 2025.
Community Reactions to Gasparino’s Comments
Gasparino’s remarks sparked mixed reactions within the crypto community. Influencer Tony Edward accused him of bias, asserting that Gasparino’s stance suggests a desire for Ripple to lose the case. Edward also defended Judge Torres’s ruling, emphasizing the distinction between institutional sales and secondary market transactions.
Credit to Gasparino for his initial reporting. But he is exposing himself by calling Judge Torres a moron for her ruling which was a common sense ruling. He has a dog in the fight, he wants Ripple to lose.
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) December 28, 2024
Judge Torres clearly stated secondary market sales are not securities… https://t.co/6SFQ2Zhopz
Meanwhile, lawyer Bill Morgan criticized Gasparino’s understanding of the case, stating that the ruling focused solely on Ripple’s programmatic sales. “As for Charles Gasparino, it is quite apparent he does not understand XRP or crypto,” Morgan asserted.
Judge Torres did not rule that secondary market sales of XRP are not securities. The ruling was not that broad. She went no further than ruling that Ripple’s programmatic sales of XRP are not securities.
— bill morgan (@Belisarius2020) December 28, 2024
As for @CGasparino it is quite apparent he does not understand XRP or… https://t.co/PY80nEivkE
The Broader Implications
As the legal battle continues, the Ripple case remains a pivotal moment in the evolving landscape of cryptocurrency regulation. The outcome of the SEC’s appeal and potential shifts in leadership are poised to shape the future of Ripple, XRP, and the broader crypto industry.
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.
Also Read: Ripple vs. SEC Lawsuit: XRP Poised for a Massive $30 Surge Riding on Legal Wins and Global Expansion
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
