Ripple CEO Brad Garlinghouse criticized SEC Chair Gary Gensler's strategy, as the crypto community calls for clear regulations.
The Clash Between Ripple and the SEC
Ripple's legal battle with the SEC began in December 2020, with the SEC accusing Ripple of offering XRP as an unregistered security. In a 2023 ruling, the court sided with Ripple, stating that XRP sales to retail investors did not constitute securities. However, the SEC is appealing this decision, intensifying the legal scenario. Brad Garlinghouse accused Gensler of pursuing a failed strategy not befitting the industry's needs. Ripple's legal team voiced disappointment over the SEC's refusal to extend the appeal brief deadline.
Gensler's Exit and Hopes for Change
Gensler's departure brings hopes for a shift in the regulatory approach within the crypto industry, amid concerns of harsh treatment and lack of clear guidelines by the SEC. In a CNBC interview, Gensler stated that all tokens, except Bitcoin, should be treated as securities. This has led to expectations of new SEC leadership striving for clearer guidance for digital assets. Optimism prevails within Ripple and other crypto entities about future changes.
Market Reactions and the Future of XRP
Ripple's legal successes fuel market optimism, with analysts predicting potential XRP price growth. Some experts believe the token could reach $8 soon, especially after a recent $265 million transaction. Currently, XRP trades at $2.6, up 4.60% over the last 24 hours. JPMorgan analysts anticipate increased interest in digital assets like XRP and Solana (SOL) with upcoming ETF launches. These changes, alongside clearer rules, boost confidence in crypto's future.
The ongoing regulatory battle in the crypto space highlights the need for clear and fair regulatory frameworks.
