Ripple vs SEC: Gensler Set to File Opening Brief, Can New SEC Chair Override It?

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In the ongoing legal battle between the SEC and Ripple, the parties have recently filed a stipulation indicating they will submit a deferred appendix for the cross-appeals 21 days after the appellee’s brief is served. The SEC is still required to file its opening brief by tomorrow (January 16).

Despite this, the XRP community is questioning whether the new SEC chair Paul Atkins could potentially retract the appeal. Bill Morgan, a legal expert, expressed uncertainty, suggesting that a vote by all five commissioners might not be required. Morgan has always anticipated the SEC would proceed with filing the opening brief, noting the appeal is arguable and the SEC holds a decent position for negotiation.

Former SEC lawyer Marc Fagel weighed in, stating that a newly-formed SEC would likely need to vote to dismiss the appeal, although it would be a highly unusual move. Morgan responded, acknowledging Fagel’s point but clarified he doesn’t expect the SEC to vote to dismiss. He suggested that the SEC might instead seek a better deal through settlement, even if enforcement actions shift under new leadership.

A newly-constituted SEC would need to vote to dismiss the appeal. Which they may do (though it’s a highly unusual move).

— Marc Fagel (@Marc_Fagel) January 14, 2025

Morgan wrote on X,

I don’t see or at least don’t assume the SEC will vote to dismiss it. They could quietly negotiate a better deal by settlement even if the policy changes towards enforcement actions.

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XRP Price Rallies

Ripple’s XRP is currently up by more than 12 percent and is now eyeing to break the crucial $3 mark. The altcoin is currently trading at the $2.85 mark after hitting a high of $2.87. President-elect Donald Trump’s inauguration is scheduled for January 20, coinciding with Gary Gensler’s resignation. Ahead of the event, crypto leaders will gather on January 17 to discuss the future of cryptocurrencies with crypto czar David Sacks.