XRP Lawsuit: Are Ripple’s Brad Garlinghouse and Chris Larsen at Risk of Prison, or Will the SEC Withdraw Its Appeal?
Anjali Belgaumkar8 Nov 20242 min read
The final phase of the crypto bull market appears to have begun, with Bitcoin hitting new highs and altcoins starting to show signs of life. Meanwhile, there’s growing speculation that the SEC’s new chair could end lawsuits against Ripple, Coinbase, and others. Former SEC officials are predicting big changes ahead.
New SEC Leadership: A Turning Point for Crypto?
It seems like SEC Commissioner Mark Uyeda is in the running to be appointed acting SEC chair during the transition period after Gary Gensler’s departure. This is huge for the crypto space, especially since Uyeda is known for being more favorable towards the industry. There’s also a chance that Hester Peirce, another crypto-friendly commissioner.
Jeremy Hogan, a crypto lawyer, also shared his thoughts, predicting that Gensler will likely step down before January 20th. He believes that the new leadership will move quickly to dispose of non-fraud crypto cases, including those involving Ripple and Coinbase. This could lead to the dismissal of many ongoing cases, with the Ripple case likely settled for the $125 million already awarded by the court.
Ripple Lawsuit Outcome: What’s Next?
Amid the ongoing uncertainty surrounding the current administration, one user asked whether a new, crypto-friendly government could lead the SEC to withdraw its appeal in the Ripple case. Marc Fagel, a former SEC attorney said that typically, enforcement actions are based on the law, not political influence, and it would be highly unusual for the SEC to reverse course. However, with the current administration challenging traditional norms, it’s hard to predict what could happen next.
When asked whether Ripple executives Brad Garlinghouse, David Schwartz, and Chris Larsen could face prison time for alleged fraud, the attorney declined to comment. The user accused them of “scamming people for over 10 years” and profiting hundreds of millions did not receive a direct response.
