Biden’s Stance on Crypto Could Have Major Impact on Ripple-SEC, Predicts Lawyer
James “MetaLawMan” Murphy, who is the founder and chairman of the law firm Murphy & McGonigle, has given expert analysis on how recent policy adjustments under President Joe Biden’s administration might affect ongoing legal battles. He specifically focused on the case between Ripple Labs and the US Securities and Exchange Commission (SEC). During the discussion, he highlighted how political dynamics, especially with upcoming elections, could impact regulatory approaches and the leadership within the SEC.
The commission, under the leadership of SEC Chair Gary Gensler, has maintained a strict stance on cryptocurrency, emphasizing investor protection through strong enforcement. However, Murphy pointed out the potential for a change in regulatory approaches influenced by the broader political environment, particularly with potential changes in SEC leadership due to upcoming elections.
Can Ripple Leverage Biden’s Stance on Crypto?
Regarding the potential impact of the Biden administration’s more lenient stance on cryptocurrencies, Murphy emphasized that judicial proceedings are independent of administrative shifts. He mentioned that the recent policy adjustments should not affect Judge Torres’s ruling but acknowledged their potential influence on the SEC’s stance in settlement negotiations.
Murphy also expressed doubt about reaching a settlement with the SEC under its current direction and advised against settling any crypto case before the election’s outcome. He speculated that a change in SEC leadership, possibly under open-minded leadership like Hester Peirce, could lead to significant changes, including voluntary dismissals of crypto cases initiated under the current regime.
The discussion also considered strategic considerations for Ripple, with one user suggesting that settling might be wise given the uncertainties of future administrations. While recognizing the validity of this cautious approach, Murphy maintained his neutrality and refrained from expressing any opinion on what Ripple should or shouldn’t do.
At the time of the discussion, XRP was trading at $0.52737.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
