Ripple Community Calls for SEC Case Dismissal and Gensler’s Resignation

The Ripple $2 community demands the dismissal of the ongoing SEC lawsuit and the resignation of SEC Chairman Gary Gensler. Ripple’s CEO, Brad Garlinghouse, expressed hope for a resolution following Donald Trump’s victory. Additionally, Gensler’s removal and the establishment of regulatory clarity for cryptocurrencies are among Trump’s priorities for his first 100 days in office.

Possibility of Case Dismissal

Experts and lawyers believe that changes in policy due to Trump’s election could facilitate the dismissal of the case between Ripple and the SEC. The cryptocurrency industry may gain significantly from Trump’s reelection, as he promises regulatory clarity for crypto.

Ripple’s CTO, David Schwartz, argued that the SEC has created chaos around the term “investment contract” regarding securities laws. He clarified that the company is legally bound to XRP holders, not Ripple shareholders. Pro-XRP attorney Bill Morgan stated that Ripple’s XRP sales do not meet the third criterion of the Howey test due to a lack of program compliance.

“The SEC evaluates all reasonable trust as if it were a contract. This often works in reverse.”

Attorney Fred Rispoli indicated that the Ripple-SEC lawsuit could be withdrawn or resolved at any moment. However, he remarked that the withdrawal of the XRP case is “unrealistic,” while resolution remains a possibility.

XRP Investors Anticipate Price Increase

The price of XRP currently trades around $0.67, with a rise of over 15% in the last 24 hours. Trading volume increased by 166% with Trump’s potential reelection. Experts predict that the altcoin season could push XRP’s price to $1, with open positions in XRP futures increasing by 25% to $1.11 billion in the last day.

The U.S. SEC must submit its opening brief regarding appeals related to the SEC and Ripple Labs case by January 15, 2025.

Although the likelihood of dismissing the Ripple case is low, a compromise could be pursued. Dismissals in investigations at the Wells notice stage are possible and could positively impact many cryptocurrencies.