With Trump set to be inaugurated as president less than a week from now, positive sentiment in the crypto space has been gaining momentum.
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That has mostly been the case since Trump’s November election win, as in a break from the past, the new administration will be full of crypto enthusiasts. Trump has even touted himself as the first “crypto president,” and while it would be wise to take such a statement with a grain of salt, it does look like crypto is going to get a lot more love from this administration compared to previous ones.
One thing the crypto industry is definitely looking forward to is the changing of the guard about to take place at the U.S. Securities and Exchange Commission (SEC). Crypto’s sworn foe SEC chair Gary Gensler is set to leave on January 20 when Trump is sworn in and Trump’s nominee to replace him is crypto fan and former agency commissioner Paul Atkins.
So, crypto tokens have been gaining ground since Trump’s election win, and none more so than Ripple (XRP), the 3rd most valuable coin. XRP has surged by a huge 478% since early November.
Meanwhile, the agency is preparing to submit its opening brief in its appeal against Ripple, which it filed in October 2024, following a July 2023 ruling that partially sided with Ripple. The court determined that the company’s XRP sales to retail investors through exchanges did not breach U.S. securities laws. But while the SEC has refused Ripple’s request to delay the submission of its opening brief, the signs are that big changes will be taking place immediately after Trump takes hold of the reins.
According to a recent Reuters report, the SEC may be preparing to suspend non-fraud cryptocurrency cases currently pending in court. Some of these cases could potentially be dismissed, as suggested by unnamed sources cited in the report. And that could obviously have positive implications for Ripple.
The report also indicates that the agency plans to begin revising its cryptocurrency policies as early as next week, once Gensler is out of the picture. The Republican majority, comprising commissioners Mark Uyeda and Hester Peirce, is expected to focus on establishing clearer guidelines to determine whether specific tokens qualify as securities.
It looks like XRP investors are taking a positive stance on these developments, propelling the token up by ~9% today as it edges closer to the highly anticipated $3 milestone.
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