- Former CFTC Chair Chris Giancarlo, known as ‘Crypto Dad,’ suggests regulatory agencies drop cases they’ve lost, including Ripple’s lawsuit with the SEC.
- Ripple’s legal battle with the SEC may end sooner than expected, boosting XRP’s market performance.
- Investors are optimistic about the future of cryptocurrencies under the new administration, with potential changes in regulatory approaches.
Former CFTC Chair and speculated to be the Trump administration’s “Crypto Czar”, Chris Giancarlo, a.k.a. ‘Crypto Dad’, recently had an appearance on Fox News to share a glimpse of what to expect of the future Presidency in regards to cryptocurrencies.
With Gensler’s resignation from the SEC in January all but confirmed — the crypto market is looking forward to its replacement. With several indications that the next administration could be a huge helping hand to the digital assets sector, many expect the next SEC chair to be a lot more clear when it comes to regulating cryptocurrencies.
This come-together between the crypto sector and the future government can be embodied by the front runner for a new “Crypto Czar” position under Trump’s administration. Chris Giancarlo, a long-running supporter of digital assets, recently appeared on Fox Business to talk about the future of the crypto market relationship with federal regulating bodies.
“I recommend that regulatory agencies drop the cases they lost at the trial court,” Giancarlo said. When asked specifically if the SEC should drop the Ripple lawsuit, the Crypto Dad replied: “I think they should.”
Earlier today reports arose that the long-lasting legal scuffle between the SEC and Ripple Labs could conclude earlier than expected. If the next SEC chair follows Chris Giancarlo’s recommendations, investors expect a completely different performance from XRP, compared to how the currency behaved over the last years.
In fact, today’s news speculating a potential Ripple Labs victory over the SEC has made XRP the best-performing asset among all top 30 cryptocurrencies by market capitalization. In the last 24-hour period, XRP gained around 5.16% in value, currently trading at $1.54.
This is the second time the currency has tried to keep above the dollar-and-fifty level, the highest it has ever been since March of 2021. XRP’s market behavior differs from other currencies as many speculate that it had been trading ‘undervalued’ given the regulatory pressures that turned the asset too volatile and risky to hold long-term.
If the next administration follows through with its plan of presenting a more transparent and less strict regulating body, XRP could definitely be among the next year’s top earners. But of course, this would depend on how the next government balances its plans of cutting tariffs and increasing export taxes — measuring by how the U.S. economy would handle these actions without forgetting inflation rates.
