Giancarlo urges SEC to dismiss crypto lawsuits: Impact on XRP Market?

Former CFTC Chair Chris Giancarlo, also known as ‘Crypto Dad,’ recently appeared on Fox News to provide insight into the future of cryptocurrencies under the new administration. Speculated to be the potential “Crypto Czar” in the Trump administration, Giancarlo shared his views on how regulatory agencies should handle cases they have lost, including Ripple’s ongoing lawsuit with the SEC.

With Gary Gensler’s expected departure from the SEC, the crypto market is anticipating a new chair who may take a more favorable approach to digital assets. Many believe that the next SEC chair will bring more clarity to cryptocurrency regulations, signaling a positive shift for the industry.

Giancarlo suggested that regulatory agencies should drop cases they have not won, including recommending that the SEC dismiss the lawsuit against Ripple. His comments have sparked hope among investors that the legal battle between Ripple Labs and the SEC may come to a swifter resolution, potentially boosting XRP’s market performance in the process.

Following this speculation, XRP has emerged as the best-performing asset among the top 30 cryptocurrencies by market capitalization. In the past 24 hours, XRP has seen a 5.16% increase in value, reaching a trading price of $1.54. This positive movement has positioned XRP above the $1.50 mark, its highest value since March 2021.

As the market continues to react to the possibility of a favorable outcome for Ripple in its lawsuit with the SEC, XRP’s behavior stands out among other digital assets. Investors are closely monitoring the situation, hopeful for a significant shift in XRP’s performance based on the potential changes in regulatory approaches under the new administration.