Ripple Cheers As Gary Gensler Exits SEC Leadership

Source Bitcoinist

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.

A New Chapter In Ripple’s Legal Dispute

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.

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.

SEC’s Contentious Strategy Under Gensler

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.

Deaton On SEC’s Future

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.

What Lies Ahead For Ripple?

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

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Ark Invest’s Cathie Wood Predicts Bitcoin To Hit $1.5 Million By 2030 — Here’s WhyCathie Wood, the CEO of asset management firm Ark Invest, has backed Bitcoin (BTC) to achieve a $1.5 million price point by 2030.
Author  Bitcoinist
May 19, Mon
Cathie Wood, the CEO of asset management firm Ark Invest, has backed Bitcoin (BTC) to achieve a $1.5 million price point by 2030.
placeholder
Gold price struggles to lure buyers as easing Middle East tensions offsets weaker USDGold price (XAU/USD) is trading higher during the Asian session on Wednesday and looking to build on the previous day's modest bounce from sub-$3,300 levels, or over a two-week low.
Author  FXStreet
Jun 25, Wed
Gold price (XAU/USD) is trading higher during the Asian session on Wednesday and looking to build on the previous day's modest bounce from sub-$3,300 levels, or over a two-week low.
placeholder
Solana (SOL) Breakout Watch: Price Could Rally Hard Above $150 Level?Solana started a fresh increase from the $125 zone. SOL price is now consolidating gains and aims for more gains above the $150 level.
Author  NewsBTC
Jun 25, Wed
Solana started a fresh increase from the $125 zone. SOL price is now consolidating gains and aims for more gains above the $150 level.
placeholder
Coinbase Hits New All-Time High — Outpaces Bitcoin with 38% Monthly SurgeCoinbase (COIN), the largest U.S.-based crypto exchange, has soared more than 38% over the past month, breaking its previous all-time high set in November 2021.
Author  TradingKey
Jun 27, Fri
Coinbase (COIN), the largest U.S.-based crypto exchange, has soared more than 38% over the past month, breaking its previous all-time high set in November 2021.
placeholder
Gold price declines to fresh two-week low, further below $3,300 ahead of US PCE dataGold price (XAU/USD) attracts fresh sellers following the previous day's directionless price move and slides back below the $3,300 mark during the Asian session on Friday.
Author  FXStreet
Jun 27, Fri
Gold price (XAU/USD) attracts fresh sellers following the previous day's directionless price move and slides back below the $3,300 mark during the Asian session on Friday.
goTop
quote