XRP News Today: Ripple Faces Uncertain Future Amid SEC Appeal Speculations

In September 2023, lawyer and contender for the Massachusetts seat, John E. Deaton, believed the SEC would settle the Ripple case if the court granted the Coinbase MTD. While there are slim chances of a settlement, the SEC could face pressure to end its plans to contest rulings from the Ripple case.

The US Presidential Election and Political Pressures

In September 2023, John E. Deaton gave good reasons for the likely SEC reaction to a Coinbase win, saying,

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“I doubt the Solicitor General would allow an appeal in that scenario, one that could reach the Supreme Court, allowing for the High Court to strip away, not only the SEC’s power, but all other federal agencies as well.”

The SEC could also face pressure from Capitol Hill. If Republican Party front-runner Donald Trump takes the lead in the polls, President Joe Biden could try to woo crypto voters. An SEC appeal against the Programmatic Sales of XRP ruling may be unwanted news, especially if Coinbase wins its case.

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Ripple Chief Legal Officer Stuart Alderoty had this to say about the US Presidential Election and the crypto vote,

“It’s great when crypto uses its collective voice through calls, letters, emails to Congress, but if crypto doesn’t VOTE it all just becomes noise. Politicians on both sides of the aisle must understand that votes are on the line.”

John E. Deaton is contesting Senator Elizabeth Warren for the Massachusetts seat. While Deaton is fighting for more than crypto, ousting Senator Warren would be a boon for the US digital asset space.

In 2023, Senator Elizabeth Warren introduced the Digital Asset Anti-Money Laundering Act. The bill would impose banking-style anti-money laundering (AML) and countering the financing of terrorism (CFT) frameworks on crypto firms.

In December 2023, Senator Roger Marshall admitted to drafting the bill with Senator Warren and the help of the American Bankers Association.

The focus on Senator Warren intensified in 2023 after she paraded US bank CEOs in a Banking Committee hearing on Capitol Hill. On Cue, JPMorgan Chase CEO Jamie Dimon famously said,

“If I was the government, I would close it down.”

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