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Last Minute Opening Brief By Outgoing Gary Gensler
The Ripple vs SEC lawsuit is in focus again as deliberations began on filing an opening brief before the January 15 deadline. Latest developments indicate that outgoing SEC Chair Gary Gensler is preparing for last-minute filing related to appeals before pro-crypto Paul Atkins takes over.
Some believe Gensler with SEC’s chief litigation counsel Jorge Tenreiro may create headwinds for Ripple, similar to former SEC Chairman Jay Clayton.
Last Minute Appeal in Ripple Vs SEC Lawsuit
The U.S. Securities and Exchange Commission (SEC) under Gary Gensler is likely deliberating to file its principal brief in the Ripple lawsuit. The 2nd Circuit Court of Appeals earlier extended the deadline to January 15 after a request by the securities agency.
Former SEC lawyers Marc Fagel and James Farrell cleared that the agency will continue its fight after an appeals-related opening brief in January. While the shift in the agency’s leadership may impact progress, but a decision to dismiss or withdraw the appeals in the lawsuit to affect the SEC more.
Besides, SEC’s chief litigation counsel Jorge Tenreiro, who has been deeply involved in Ripple lawsuit, to continue handling the case. It indicates that the legal battle may not shift drastically with a new SEC chair.
The regulator is set to present its arguments on secondary sales as Judge Analisa Torres’s ruling in Ripple Vs SEC lawsuit set didn’t exactly cleared the industry whether XRP is a security or commodity. This has further implications for Ripple and the crypto industry.
Notably, XRP was earlier referred to as “currency” by the U.S. DOJ and Treasury Dept’s FinCEN. And now, the SEC appealed the summary judgment on Ripple’s XRP sales through crypto exchanges, distribution to employees and others by the firm, and XRP sales by CEO Brad Garlinghouse and Executive Chairman Chris Larsen.
Pro-XRP Lawyers Expect End of Lawsuit Under Paul Atkins
Gensler to depart on Donald Trump’s inauguration day on January 20, setting the stage for Paul Atkins to take over SEC Chairman responsibilities. Pro-XRP lawyers Jeremy Hogan, Fred Rispoli, and Bill Morgan indicate high odds of resolution of the Ripple vs SEC lawsuit under pro-crypto Atkins.
Moreover, lawyers claimed Paul Atkins to work on providing clarity on crypto regulations, which remained unclear under Gensler. This could potentially lead to the end of Ripple lawsuit not otherwise. Ripple CLO Stuart Alderoty urged to “cleanse the lingering stain of Hinman from the agency” and restore trust in the agency.
Odds of XRP ETF and Price Rally Ahead
Ripple executives have earlier said that SEC continued its “failed arguments” in crypto cases as Gensler reaffirmed that crypto has no intrinsic value. Moreover, XRP ETF launch is more likely under Paul Atkins as the Trump administration is set to push for crypto regulations.
Attorney Jeremy Hogan predicts April or May as a likely timeline for the Ripple vs SEC lawsuit’s end. Moreover, he expects dismissal early, but “I’d say it’s possible but maybe unlikely.”
Analysts have been overall bullish on XRP price rally amid several developments including RLUSD launch. As per popular analyst Ali Martinez, XRP price is currently consolidating within massive massive bull pennant pattern. A pullback to $2.05 is possible unless the $2.73 resistance is broken. This could lead to a massive rally to $11.
XRP price is currently trading at $2.44, up 1% in the last 24 hours. However, trading volume remains low. Coinglass data indicates futures open interests climbed 7% over the last 24 hours.
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Matt Hougan, the Chief Investment Officer (CIO) of American asset management firm Bitwise, has reacted to the news of the Czech Republic’s strategic Bitcoin reserve plans. Having predicted earlier that nation states adoption of Bitcoin will soar this year, Hougan noted that “the dominos start to fall.”
Czech Republic Bitcoin Plans
In a CNN Prima News interview, Aleš Michl, the Governor of the Czech National Bank, revealed they are weighing how to diversify the country’s reserves with Bitcoin. However, he added that there are no active strategies in place to make this move yet.
While Michl said he favors the onboarding of Bitcoin as an asset diversifier for the Czech Republic, he said this decision is not solely his to make. He said there are seven members on the board whose say might also sway the ongoing discussion. Despite the lack of concrete plans, the Governor acknowledged that;
“Bitcoin is an interesting option for diversification against other assets.”
On his part, the Czech Republic National Bank executive said he plans to add just a few Bitcoin units with no plans to make a significant investment. This plan to make Bitcoin a strategic reserve asset aligns with the growing conversations in different nations. While Japan rejected the BTC reserve idea, different states in Switzerland continued to explore the plans.
MicroStrategy bought 258,320 BTC in 2024, and with this, the focus on the top coin has grown over the past few months. While corporate firms are looking to borrow the MicroStrategy playbook, Matt Hougan predicted that governments will firm one of the three insatiable demand sources for Bitcoin this year.
The three sources of insatiable demand in 2025: Companies, ETFs, and Governments. https://t.co/vatSG6wxgF
— Matt Hougan (@Matt_Hougan) January 6, 2025
The Wait on Donald Trump Administration
The Czech Republic is considering adopting Bitcoin as a strategic asset, marking a major advancement in the idea that started with Donald Trump. During his Presidential election campaign, Trump promised to establish a strategic Bitcoin reserve in the United States. The crypto community is now very expectant following his victory.
On his part, the President-elect is convening a crypto advisory council that will help look into the BTC strategy. Many industry leaders are in support of the plan, highlighting how it can help the country solve its growing debt challenge.
However, the economic viability and longer-term impact on the US Dollar remain a concern that might derail the plans overall. In light of this, Peter Schiff proposed USACoin as an alternative to the BTC reserve plans, as reported earlier by Coingape.
Bitcoin As Biggest Beneficiary
Amid the growing conversations around the adoption of Bitcoin, the coin has a major prospect of continuing to grow. Notably, the top five Bitcoin price predictions for 2025 peg the coin at a range of $200,000 to $500,000, hingeing on its status as a reserve in most nations’ portfolios.
Currently, the coin is down by 4.45% in 24 hours to $97,173.39. The coin dropped from a high of $102,712.48 as investors cooled off from the latest rally.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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Bitcoin’s exponential growth in 2024 brought all the attention to this digital asset. Interestingly, BTC’s achievement led Tim Draper to compare it to the popular streaming site Netflix, a pioneer in the multi-media industry. He presented a metaphorical connection between the two, depicting why Bitcoin is the next Netflix. Let’s explore Draper’s reasoning behind the comparison between the two and what it means for the potential of the crypto industry.
The Netflix Disruption
Netflix has become the mainstream media platform, beating its competitors by a large margin and attaining a $380 billion valuation. Interestingly, the same company was on the brink of bankruptcy in 2010 and was just a CD rental business before. However, it rose and developed from a movie retail business to an online blockbuster media and entertainment platform. Some even call it a real-life example of technological disruption or Netflix disruption, as it changed how people consume media.
Somewhere, there is a big similarity between the rental industry and the TradeFi industry, which is also getting left behind with digital assets, especially Bitcoin, the new mode of payments based on decentralization. The way Netflix left behind its competitors, which failed to rise with new technology and trends, BTC is likely to do the same with third-party controlled, slow, and expensive traditional transactions.
Its growth, where one Bitcoin is priced at $101.5k per coin with a market cap of nearly $2 T, reveals its high adoption rate. This is especially true as the soon-to-be 47th US president, Donald Trump, promised to make the US the crypto capital involving BTC. Based on this, the famous venture capitalist Tim Draper presented a Bitcoin vs. Netflix analysis, drawing a parallelism between Netflix and Bitcoin’s growth.
Tim Draper Bitcoin Prediction on Why BTC Could Be the ‘Next Netflix’
Tim Draper presents a very interesting key point, hinting at Bitcoin’s dominance among traditional financial systems like Netflix in the media. With the growing adoption of this digital asset and tech giants like Elon Musk, Michael Saylor, Robert Kiyosaki, and many others seeing Bitcoin as the future, much more dominance could be seen.
“Next Netflix vs. blockbuster moments to come is the Bitcoin vs Banks,” outlines Draper, boldly asserting that Bitcoin’s trajectory mirrors Netflix’s disruption.
Although Tim Draper’s Bitcoin Vs. Netflix post did not clearly explain, but his few words were enough to conclude the parallelism between these two. Both, Netflix and Bitcoin are disruptive technologies, grabbing global adoption and mainstream acceptance. More importantly, BTC has already set its foot strong in the financial market, but there is much more to come. Analysts’ Bitcoin price prediction sees it achieving $225k in 2025 alone and much more in the upcoming years.
Michael Saylor and many other industry leaders believe that Bitcoin is the US debt’s solution and that this digital asset would disrupt traditional banking institutions. This belief could become more prominent with Donald Trump’s presidency.
Eventually, all this would make Bitcoin the pioneer of the financial industry. More importantly, as Tim Draper sees, BTC is the next Netflix for the TradeFi and banking sectors. However, this is not new Bitcoin news. Draper’s months-old Bitcoin price prediction that this asset per token will hit $3M evaluations describes his ideology, as he believes BTC is the currency of the future.
Conclusion
Tim Draper provided more than just a catchy analogy by calling Bitcoin the next Netflix of the financial sector. Netflix shaped the future of the media and entertainment industry, and BTC would shape the future of the financial industry with its exponential growth, global adoption, and overcoming the TradeFI, which is slow, complicated, and controlled by institutions and government. Draper’s analysis of Bitcoin Vs. Netflix depicts the future of financial freedom and a tech-driven financial system, where one token could grab a price of $3M, far away from any asset’s value.
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Rostin Behnam, the Chair of the US CFTC, has announced to step down from his post effective January 20, 2025. Interestingly, that is when Donald Trump is scheduled to take over the US Presidential office once his inauguration concludes. While Rostin has not mentioned any specific reason behind stepping down from the post, speculations soar over a change in the horizon.
US CFTC Chair Rostin Behnam To Step Down On January 20
The US CFTC Chair Rostin Behnam is reportedly stepping down from his position on January 20. According to a Reuters report, Behnam is scheduled to exit on the same date as Trump’s inauguration. Interestingly, the US SEC Chair Gary Gensler has also announced his departure on the same date.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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