XRP News: Ripple Optimistic About Regulatory Shift as SEC Chair Gary Gensler Departs

Ripple's chief legal officer, Stuart Alderoty, has expressed Optimism regarding the potential for a more favorable regulatory environment following the departure of Gary Gensler as SEC Chair. This development comes amidst the SEC's ongoing lawsuit against Ripple, which questions whether XRP should be classified as a security. Alderoty downplayed the significance of the SEC's recent legal actions, suggesting that the case might be deferred, especially with the anticipated changes in regulatory leadership.

Ripple Celebrates Gary Gensler’s SEC Departure

Ripple's chief legal officer, Stuart Alderoty, expressed relief over Gary Gensler's departure from the SEC, suggesting a potential shift in the regulatory approach towards cryptocurrency. The SEC had recently filed an opening brief in its ongoing lawsuit against Ripple, which centers on whether XRP should be classified as a security. Alderoty dismissed the latest legal action as 'noise' and hinted that the case might be deferred, especially with reports of the SEC possibly suspending certain cryptocurrency-related enforcement actions that do not involve fraud claims.

ProShares Files for Leveraged and Inverse XRP ETFs

ProShares has filed for several XRP-related ETFs, including Short XRP ETF, Ultra XRP ETF, and UltraShort XRP ETF, as per the January 17 filing. This move comes just before SEC Chair Gary Gensler's departure, with industry stakeholders optimistic about the approval of more ETFs under the new chair, Paul Atkins, who is supported by Donald Trump's pro-crypto policies. Additionally, several other companies, including VanEck, Canary, CoinShares, Oasis, and ProShares, have filed for crypto ETFs in the last 48 hours, with ProShares applying for four investment vehicles, three of which are tied to Ripple's XRP.

Crypto Companies Donate $10 Million to President Trump’s Inauguration

According to a January 18 report from Politico, several prominent cryptocurrency companies, including Ripple, Coinbase, Kraken, Circle, and Robinhood, have collectively donated over $10 million to President Donald Trump’s inauguration fund. This significant contribution underscores the crypto industry's strong support for Trump, who is seen as favorable to the sector. The funds are expected to cover the costs of elaborate inaugural events in Washington, D.C. The crypto community is eagerly anticipating Trump's upcoming speech, with some speculating that he might mention Bitcoin, although this remains uncertain. The industry has already invested heavily in Trump’s campaign, hoping for a crypto-friendly administration.

Ripple Cheers As Gary Gensler Exits SEC Leadership

Ripple has much to celebrate following the announcement of the resignation of Gary Gensler as Chair of the US Securities and Exchange Commission. The recent upheaval at the SEC may indicate a shift in the protracted dispute between Ripple Labs and the SEC about the classification of XRP. Ripple’s legal team has conveyed confidence regarding prospective alterations in the SEC’s position, particularly with the prospect of a more cryptocurrency-friendly CEO at the helm. The news that Gensler was leaving was a surprise, but for Ripple, it marks a positive opportunity. Legal counsel for Ripple has continuously criticized Gensler’s forceful stance on cryptocurrency regulation, particularly with regard to XRP’s designation as a security.