Sen. Warren’s U-turn to BTC coincides with a broader shift in sentiment toward cryptocurrencies on Capitol Hill. Both US presidential candidates have expressed varying degrees of support for digital assets, putting anti-cryptocurrency forces in unfamiliar territory.
Could the next U.S. president influence SEC appeals?
The SEC and Ripple’s appeals coincide with a critical moment in U.S. politics. The SEC must file appeal-related opening briefs several days before Inauguration Day.
If the Republicans win, SEC Chairman Gary Gensler’s term as SEC chairman will likely be shortened. Donald Trump promised to fire Gensler on his first day in office. However, US Vice President Kamala Harris is also reportedly considering replacing Gensler.
With both presidential candidates expressing support for cryptocurrencies, an SEC complaint so close to Inauguration Day could draw unwanted attention. Vice President Harris and Donald Trump could pressure the SEC to drop the appeal before the deadline for filing opening briefs.
If the SEC drops the appeal, XRP could reflect a rally to $0.9327 in July 2023. However, if the SEC continues the appeal process, XRP could fall below $0.40. The ruling regarding the programmatic sale of XRP continues to be a focus for the SEC and the crypto market. In July 2023, Judge Annalisa Torres ruled that programmatic sales of XRP did not meet Step 3 of the Howie test.
If the appellate court overturns the Programmatic Sales decision, the SEC could have more authority to regulate crypto exchanges under U.S. securities laws.
outlook
Investors should continue to monitor developments related to the SEC appeal, which are likely to impact XRP price movements. Stay up to date with the latest news and analysis to better manage your exposure to XRP and the broader crypto market.
