Seeds of Wisdom RV and Economic Updates Friday Afternoon 12-06-24

07/12/2024

Good Afternoon ,

XRP LAWSUIT NEWS: ATKINS WON’T DISMISS THE RIPPLE CASE, SEC VS XRP TO CONTINUE

Gary Gensler’s departure in January 2025 could leave the SEC’s stance on Ripple unchanged, with Jorge Tenreiro playing a key role in the ongoing case.

As the SEC’s appeal deadline for Ripple approaches in January 2025, the transition in leadership raises questions about the future of crypto regulations.

Gary Gensler, the controversial head of the U.S. Securities and Exchange Commission (SEC), will step down on January 20, 2025, as announced by the agency recently. Gensler, who was widely criticized by crypto investors during his tenure, will leave just days before a major decision in the SEC’s ongoing legal battle with Ripple, set for January 25, 2025.

What Gary Gensler’s Departure Means for the SEC’s Ripple Lawsuit

However, despite Gensler’s departure, the future of the SEC’s approach to crypto remains uncertain. Bill Morgan, an attorney closely following the case, pointed out that the SEC’s new chief litigation counsel, Jorge Tenreiro, is deeply involved in the Ripple litigation.

Tenreiro, who will be the key lawyer in the SEC v. Ripple case, may continue in this role even after the confirmation of the new SEC commissioner, Paul Atkins. Morgan expressed skepticism about any significant shift in the SEC’s stance on crypto if Tenreiro remains in charge of the litigation.

Morgan warned against assuming that the SEC’s decision not to file its brief in the Ripple case by January 15, 2025, signals a change in approach. He said that Tenreiro would still be handling it.

Morgan wrote, “If Tenreiro stays in the new role it will not signal a big change in SEC enforcement policy towards crypto. Even if there is a change the SEC v Ripple Appeal may continue.”

Jorge Tenreiro’s Role: Will the SEC’s Stance on XRP Change?
In response, Marc Fagel, a former SEC lawyer, clarified that trial counsel like Tenreiro do not make policy decisions; they handle enforcement actions approved by the SEC’s Commissioners.

Fagel asked whether there was any example of a new SEC administration dismissing a pending enforcement action, though he acknowledged that future changes could deviate from past norms.

As the January 2025 appeal deadline approaches, it remains to be seen how the SEC’s leadership transition will impact the outcome of the Ripple case and the agency’s overall approach to the cryptocurrency market.

FAQs

What impact will Gensler’s departure have on the Ripple lawsuit?
Despite Gensler’s exit, the SEC’s approach may remain the same, with Jorge Tenreiro continuing to handle the Ripple case.

Will the SEC’s stance on crypto change after Gary Gensler leaves?
Legal experts suggest the SEC’s crypto policy may not change significantly, even with a leadership transition and Tenreiro in charge.

What is the significance of the January 2025 Ripple case appeal deadline?
The Ripple appeal deadline in January 2025 is pivotal for the future of crypto regulation, potentially shaping the SEC’s approach.

@ Newshounds News™

Source: Coinpedia

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RIPPLE TARGETING YEAR-END RLUSD STABLECOIN LAUNCH: REPORT

Ripple is pushing to launch its U.S. dollar-pegged stablecoin, RLUSD, by the end of 2024, though regulatory approvals and the holiday season could cause delays.

This sentiment comes from Ripple CTO David Schwartz. Speaking at The Block’s Emergence conference in Prague, Schwartz expressed optimism despite challenges.

“I’m very hopeful it will happen this year, but once you start running into Christmas and New Year’s, people are gone,” he said, according to The Block.

RLUSD was initially announced in April and will operate on both the XRP Ledger and Ethereum. Testing began in August, and Ripple has partnered with exchanges Uphold, Bitstamp, and Bitso, alongside market makers B2C2 and Keyrock, to ensure liquidity.

No release on December 4

One of the main obstacles is obtaining regulatory approval from the New York State Department of Financial Services

There was speculation that Ripple’s stablecoin would be released on December 4. However, the company addressed this speculation on X, stating, “Despite some rumors, RLUSD isn’t launching today. We’re working closely with the NYDFS on final approval and will share updates as soon as possible.”

@ Newshounds News™