Ripple has a lot to celebrate after announcing Gary Gensler’s resignation as Chairman of the US Securities and Exchange Commission.
The recent turmoil at the SEC may signal a shift in the protracted dispute between Ripple Labs and the SEC over the classification of digital currencies. XRP.
Ripple’s legal team has expressed confidence regarding potential adjustments in the SEC’s position, especially with the possibility of a more crypto-friendly CEO at the helm.
A new chapter in the legal dispute for Ripple
The news that Gensler is leaving was a surprise, but for Ripple, it represents a positive opportunity. Ripple’s legal counsel has consistently criticized Gensler’s strong stance on cryptocurrency regulation, particularly regarding the designation of XRP as a digital currency. protection.
Gary Gensler’s controversial tenure as head of the U.S. Securities and Exchange Commission (SEC) ended on Friday when he officially resigned.
Stuart AlderottiRipple’s chief legal officer mocked Gensler’s departure on social media site X, claiming that the cryptocurrency community would quickly forget him.
Today marks Gensler’s last full day. Starting tomorrow, “Gary who?” The only appropriate response would be if someone mentioned his name. Onwards.
– Stuart Alderoty (@s_alderoty) January 17, 2025
Many within the cryptocurrency community are anticipating a shift in regulatory stance with Paul Atkins emerging as a potential replacement.
As they argue that a new SEC head might ease tensions and reduce regulatory risks related to digital assets, Ripple’s lawyers see this as a potential opportunity for more favorable treatment.
Controversial SEC strategy under Gensler
Under Gensler, the SEC has gained a reputation for treating cryptocurrencies negatively. Many have objected that the current situation merely reflects the inconsistency of his leadership given that the agency’s strategy appears unfavorable to the growing industry.
Ripple and other cryptocurrency advocates have expressed frustration with the SEC’s lawsuits and perceived ambiguity in cryptocurrency regulation. As Gensler’s retirement approaches, the discussion has increasingly turned to how a new SEC chief could change the landscape.
Another example of how @Gary Gensler He leaves @SECGov In shame. The SEC’s reputation, both in and out of the courtroom, is in complete disarray. Paul Atkins has set himself a difficult task.
It would be nice to see real reform at the SEC. We also need… https://t.co/ZnaSdbJbrc
– John E. Deaton (@JohnEDeaton1) January 14, 2025
Deaton talks about the future of the SEC
One of the well-known lawyers in the XRP group, John Deaton, said something about this. He said the SEC was a mess when Gensler was in charge and that the exit represented a great opportunity for things to improve.
Deaton says the SEC has gone too far in its efforts to regulate cryptocurrencies, and many people in the field are skeptical of its methods. At this point, everyone is wondering whether the new SEC leaders will make things fairer and more open.
What lies ahead for Ripple?
The future is unknown even if the Ripple team hopes the SEC’s next steps will deviate from historical results. Although XRP is subject to ongoing legal debate, Ripple hopes that the new leadership will direct the business to a more favorable path for development and innovation in the cryptocurrency sector.
XRP, Ripple’s native currency, It jumped to $3.13 on Friday as news spread of Gensler’s resignation. The coin has risen more than 30% in the past seven days.
Featured image from Vox, chart from TradingView
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