Ripple has much to celebrate following the announcement of 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.
Gary Gensler’s controversial time as Chairman of the U.S. Securities and Exchange Commission (SEC) came to an end on Friday when he formally resigned.
Stuart Alderoty, the Chief Legal Officer at Ripple, made fun of Gensler’s departure on social media site X, claiming that the cryptocurrency community would quickly forget him.
https://twitter.com/s_alderoty/status/1880307334121160729?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank
Many inside the cryptocurrency community expect a shift in regulatory stance as Paul Atkins emerges as a potential replacement.
Since they argue that a new SEC chair might ease tensions and reduce regulatory risks related to digital assets, Ripple’s lawyers see this as a potential opportunity for more favorable treatment.
Under Gensler, the SEC gained a bad reputation for treating cryptocurrencies negatively. Many objected that the present state of affairs just reflected the inconsistency defining his leadership since the agency’s strategy seems unfavorable for the developing industry.
Ripple and other crypto advocates have expressed frustration with the SEC’s litigation and perceived ambiguity in cryptocurrency regulation. With Gensler set to retire, the discussion has increasingly turned to how a new SEC chair could change the landscape.
https://twitter.com/JohnEDeaton1/status/1878968763640619175?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank
One well-known lawyer in the XRP group, John Deaton, has also said something about it. He said that the SEC was a mess when Gensler was in charge and that the exit is a big chance for things to get better.
Deaton says that the SEC has been going too far in its efforts to regulate cryptocurrencies, and many people in the business are questioning its methods. At this point, everyone is wondering if the new SEC leaders will make things more fair and open.
The future is unknown even if Ripple’s team is hoping that the SEC’s next steps would deviate from historical outcomes. Although XRP is under constant legal discussion, Ripple is hopeful that new leadership will guide the business into a route more fit for development and innovation in the digital currency sector.
XRP, the native coin of Ripple, jumped to $3.13 on Friday as word got out about Gensler’s resignation. The coin is up over 30% in the last seven days.
Featured image from Vox, chart from TradingView
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