A leading candidate for a top cryptocurrency role in a potential second Trump administration believes the SEC will drop its case against Ripple.
The Ripple Case: A Likely Dismissal?
Chris Giancarlo, a former CFTC chairman nicknamed “Crypto Dad,” thinks the SEC’s lawsuit against Ripple Labs is headed for dismissal. He points to a previous law review article he wrote arguing that XRP shouldn’t be classified as a security, a view partially supported by a judge’s ruling. Giancarlo believes the SEC should drop similar cases where they’ve lost in lower courts. He’s even willing to bet they’ll drop the Ripple appeal.
Trump’s Crypto Vision: Turbocharging the Economy
Giancarlo says Trump’s focus has shifted. While previously prioritizing 4% economic growth, Trump now sees crypto and other technologies (AI, quantum computing) as key to a “second industrial revolution” in the US. He believes crypto is a crucial part of this vision.
A Critical Look at the SEC Under Gensler
Giancarlo isn’t shy about criticizing the current SEC leadership under Gary Gensler. He cites low morale, talent loss, and what he calls overreach in enforcement, even mentioning a federal court sanctioning the SEC for dishonesty. He paints a bleak picture, describing the current SEC staff as “dead-enders” with low morale.
A New Dawn for Crypto Regulation?
Giancarlo hopes the next SEC chair will bring both experience and a pro-innovation approach to crypto. He suggests Paul Atkins and Kevin Hassett as potential candidates. He also advocates for a new “crypto council” to coordinate government efforts and fulfill Trump’s crypto promises, involving various agencies including the White House. This coordinated approach, he believes, is vital to making the US a global leader in crypto and blockchain.
(Note: XRP was trading at $1.45 at the time of this writing.)
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