Media personality and FOX Business Senior Correspondent Charles Gasparino has issued a warning to XRP investors. Taking to X, Gasparino cautioned XRP holders about the financial risks of the token amidst the ongoing legal brawl between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
Gary Gensler ‘Will Stop At Nothing’ To Appeal XRP Ruling
FOX Business’ Charles Gasparino has analyzed the current legal standing of Ripple and XRP in the United States. In his X post, Gasparino suggested that the Securities and Exchange Commission could move to appeal Judge Analisa Torres’ July ruling that Ripple broke federal securities law in how it sold XRP to institutional investors but that it had not done so with retail investors.
The pundit claims that if SEC chairman Gary Gensler labels Ethereum, the second most valuable crypto in the market, as a security, then the agency will be relentless in trying to appeal its ground-shaking loss against Ripple.
If this happens, according to Gasparino, then XRP holders will “probably not get rich on XRP.” He anticipates investors to get even poorer depending on how the legal conundrum unfolds. Based on this premise, the price of XRP could experience a death spiral if the SEC succeeds in reversing the ruling.
Though Gasparino seems convinced that the SEC has a great chance of overturning the historic XRP ruling, Torres previously denied the regulator’s bid to appeal. The SEC may still try to challenge the overall case after the April trial.
BlackRock Steers Clear Of XRP ETF Listing
Charles Gasparino also highlighted in a different post that BlackRock, the world’s largest asset manager, is highly unlikely to introduce a spot XRP exchange-traded fund (XRP) anytime soon. Gasparino previously said the current regulatory ambiguity surrounding the sixth-largest token on the crypto rankings is a significant hurdle for BlackRock — a Wall Street firm known for being conservative.
The Fox Business journalist described the global investment giant’s decision not to launch an XRP-based product as “sad”.
BlackRock’s head of digital assets, Robert Mitchnick, recently made it clear Bitcoin is “overwhelmingly the number one priority” for the company.
