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Ripple v. SEC Yearly Recap: Was 2024 the Most Important Year?
In a year filled with uncertainty and anticipation, 2024 has been pivotal for the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC). As we delve into the recap of this tumultuous year, it’s essential to understand the events that unfolded.
From the outset, the drama began in late 2023 when the same court found that Ripple’s programmatic sales of XRP to retail clients via centralized exchanges did not violate federal securities laws. The decision was a significant win for the company and sent a ripple effect through the cryptocurrency market.
However, this optimism was short-lived as the SEC appealed against the ruling in October 2024, sparking concerns among Ripple enthusiasts. The appeal’s implications are far-reaching; it now puts Ripple at risk of facing a larger fine or even a different outcome altogether.
One significant development came when Donald Trump won the US presidential election on November 5. This event sent shockwaves throughout the crypto community as many in favor of Ripple and its native token XRP rejoiced. The Republican’s promise to fire SEC Chairman Gary Gensler, who has been leading the agency for over three years, resonated with those backing the company.
The news brought a glimmer of hope that the Commission would soften its stance on cryptocurrency and push the lawsuit against Ripple towards a favorable resolution. Although some questioned Trump’s ability to remove the Chairman since the SEC operates independently, Gensler did announce his resignation in January 2023. Furthermore, President-elect Trump selected pro-crypto advocate Paul Atkins as his successor.
The ripple effects of these events are yet to be fully realized, and we will have to wait for the outcome of this ongoing case.
Source: cryptopotato.com
