Former CFTC Chairman Chris Giancarlo has given a potential hint that the SEC might drop its high-profile legal battle against Ripple over XRP. In a Fox Business interview on Wednesday, Giancarlo suggested that the SEC might abandon its appeal against Ripple after a series of courtroom losses.
Crypto Dad Claims SEC Will Drop The XRP Case
On being asked whether the SEC would drop the XRP case, the ‘Crypto Dad’ responded saying “I think they should, I bet they would. I would recommend, it’s time for regulatory agencies to drop a lot of these cases which they have lost at the trial court,” he noted.
Giancarlo’s remarks come amidst waves of optimism in the crypto industry following a Trump victory, in expectations of more crypto-friendly regulations. Particularly in the backdrop of Gensler’s exit and Trump taking office the same day, this matter has gained widespread traction as there is renewed confidence in the community after years of backlash against the “regulation by enforcement” approach backed by SEC Chair Gary Gensler.
‘The Crypto Czar’
Notably, Trump’s team has revealed plans to decentralize crypto oversight, potentially shifting some responsibilities to the CFTC and appointing a dedicated ‘Crypto Czar’. Trump’s former CFTC Chairman Chris Giancarlo is a lead contender for the role of White Crypto Czar. This new position could usher in a new era of pro-crypto policy in Washington, noted Fox Business.
Previously, the former CFTC Chair had shared that he does not wish to clean up the mess that former SEC Chair Gary Gensler created when there were rumors that he was being considered for the position.
On asking his views on who will be the next SEC Chair, Giancarlo hopes that it is someone who has both the institutional knowledge of the building and a deep commitment to innovation and crypto agenda. He suggested that Paul Atkins, who is among the top names in consideration, could be the next SEC Chair. Atkins is widely respected for his deep understanding of cryptocurrencies and the SEC’s operations, making him a likely ally for the crypto industry.
Will Trump Accomplish His Promises?
On asking if Trump will deliver his promises of making the US the crypto capital of the world and creating a strategic Bitcoin reserve, Giancarlo emphasized that this is the reason why he believes a Crypto Czar is critically important to materialize all the promises. He believes that Trump is committed to all this and aims to create ‘the second industrial revolution in America’.
“If we can go from where we’ve been in the last few years, which was resistance to innovation, to really furthering innovation, we might be able to get to that 4.5% growth rate and get us out of our debt problems,” underscored the former CFTC Chair.
With the incoming Trump administration that prioritizes innovation and clarity, the crypto industry may see a significant turnaround in its U.S. prospects, paving the way for growth and investment.
