There seems to be a shift in American politics and their policies towards crypto. Both former President Trump and current President Joe Biden have made positive statements about Bitcoin (BTC), with Biden even appearing to adjust his view.
James Murphy, founder and chairman of law firm Murphy & McGonigle, notes that Biden’s changing policies could influence the lawsuit between Ripple and the US Securities and Exchange Commission (SEC).
Shift in regulatory approach
The SEC has sued several crypto companies in recent years, including Ripple Labs. However, Murphy points to a possible shift in the regulatory approach, influenced by the broader political environment and the upcoming elections. He expresses skepticism about a possible settlement with the SEC.
Influence of the elections
Murphy emphasizes that the Biden administration’s softening stance should not have a direct impact on Judge Analisa Torres’ judicial ruling in the Ripple case. However, this policy change could impact the SEC’s bargaining power in any settlement negotiations. Therefore, he recommends waiting for the outcome of the election before considering a settlement, given the potential changes in SEC leadership.
Will there be an XRP ETF?
The SEC has approved applications for Ethereum (ETH) Spot exchange-traded funds (ETF) against expectations. Several analysts subsequently shared their insights on the possible launch of ETFs for other cryptocurrencies, such as Solana (SOL) and XRP. Geoffrey Kendrick, an analyst at Standard Chartered Bank, predicts that the SEC could approve crypto ETFs for coins such as Solana and Ripple by 2025.
The approval of the new Ethereum ETF implies that the SEC does not consider the digital currency a security, which could potentially impact the regulation of other similar coins. Additionally, shifting political support for crypto in the US is seen as a major turning point, paving the way for future regulatory changes.
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Source: https://newsbit.nl/hoe-de-politieke-verandering-in-de-vs-ripple-kan-helpen-in-de-rechtszaak-tegen-de-sec/
