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Ripple vs SEC: How Biden’s Administration Could Influence XRP Lawsuit

James “MetaLawMan” Murphy, founder and chairman of Murphy & McGonigle law firm, recently analyzed how President Joe Biden’s administration policy adjustments might influence the Ripple vs. SEC lawsuit. Murphy shared his insights on X, highlighting the potential impacts that these regulatory changes might have amidst the currently ongoing political shifts in America. The broader political sphere and upcoming elections could bring about major changes with SEC Gensler Gary Gensler’s strong advocacy of crypto regulation.

Potential Shifts in SEC Leadership

Murphy also cautioned about settling with the SEC, considering its present trajectory. He mentioned that Ripple might be subject to benefit from waiting to see the election results, pointing towards a possible change in leadership in the SEC.

He advised on X, “I wouldn’t settle any crypto case with the current SEC before seeing how the election turns out.”

In addition, Murphy highlighted the potential for a more open-minded leadership, like the one followed by Hester Peirce, noting that a new regime could also dismiss many crypto cases initiated under the strict policies of Gebsler, specifically the ones that lacked evidence of fraud or victims.

Related: U.S. Biden Administration Seeks Revisions to FIT 21 Bill for Better Consumer Protection, Says It Won’t Veto

Biden’s Softer Crypto Stance

President Joe Biden’s administration recently approved a spot Ethereum ETF, hinting at a more inclusive approach to crypto, which contrasts with former President Donald Trump’s pro-crypto stance. 

Biden’s policies were influenced by Trump’s declaration to safeguard crypto interests and advocate for self-custody among American crypto holders, highlighting a strategic response amidst the political battle. Therefore, this shift towards a more crypto-friendly system under Biden could significantly impact the regulatory framework, but it has no direct influence on judicial decisions.

Murphy pointed out that the independence of the judiciary ensures that Biden’s softened stance on crypto would not really affect Judge Torres’s ruling in the SEC vs. Ripple lawsuit. However, it might influence the SEC’s approach in the discussions related to potential settlement. Moreover, he suggested that Buden’s softened stance on crypto could also alter the SEC’s negotiation position.

Therefore, these discussions on X clearly highlight Ripple’s strategic dilemma, as some users advocate for settlement to avoid uncertainties of future administrations. In addition, though Murphy acknowledged these viewpoints, he refrained from advising on Ripple’s specific course of action.

Also, check out: USA Elections: A Detailed Look at Biden’s Crypto Policies in 2024

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