SEC Won't Postpone Ripple Lawsuit Appeal Until After Gensler's Departure – Decrypt

The leadership of the U.S. Securities and Exchange Commission (SEC) is scheduled to change on January 20, but that will not change the regulator's plans to proceed with enforcement cases.

Ripple Chief Legal Officer Stuart Alderotti tweeted On January 14, the SEC announced that it had refused to postpone the hearing on appeal of the favorable ruling.

Despite heavy criticism from the SEC, investors in Ripple-linked XRP remained undaunted. The price of XRP skyrocketed to $2.99 ​​(or more than $3.00). coinbase). According to data from CoinGecko, the price has increased 15.8% since this time yesterday.

Following a July 2023 ruling partially in favor of Ripple, concluding that Ripple's sales of XRP to retail investors on its digital asset platform did not violate U.S. securities laws, regulators will An appeal was filed in mid-October.

But not everything was smooth sailing for the Ripple Labs court. In August 2024, a judge found Ripple liable for $125 million in damages for violating securities regulations during its fundraising. The civil suit was first filed in late 2020 under former SEC Chairman Jay Clayton.

Although Alderoti criticized the way taxpayers' money is being used, he expressed confidence in Ripple's position. He expressed concern about the waste of resources because he believes the change in SEC leadership associated with the Trump administration will invalidate the legal battle anyway.

Ripple's chief legal officer wrote that once a new administration takes office on January 20th, “the war on cryptocurrencies will end with the SEC.” He called the refusal to postpone the appeal hearing “a waste of time and taxpayers' money.”

CEO Brad Garlinghouse expressed a similar position. Tweet His own. He said the decision was “very on-brand” for current SEC Chairman Gary Gensler. He said he is “completely ignoring the 2024 election and the American people” and is focused on “his failed 'executive regulation' agenda.”

Ripple has been active in changing the anti-cryptocurrency political climate. In 2024, donated $25 million to Fair Shake PAC for “pro-crypto” candidates 3 times.

Edited by Stacey Elliott.