Ripple finds itself with plenty to celebrate after the announcement of Gary Gensler’s resignation as Chair of the US Securities and Exchange Commission.
This recent shakeup at the SEC could signal a potential turning point in the ongoing feud between Ripple Labs and the SEC concerning XRP’s classification.
Ripple’s legal team is expressing optimism about possible changes in the SEC’s stance, especially with the possibility of a more crypto-friendly leader stepping in.
A New Chapter in Ripple’s Legal Saga
The news of Gensler’s departure came out of the blue, yet for Ripple, it represents a promising opening. Ripple’s legal counsel has routinely criticized Gensler for his aggressive approach to cryptocurrency regulation, focusing heavily on XRP’s status as a security.
Gary Gensler’s contentious tenure as the head of the U.S. Securities and Exchange Commission (SEC) concluded this past Friday with his official resignation.
Stuart Alderoty, Ripple’s Chief Legal Officer, poked fun at Gensler’s exit on the social media platform X, suggesting the crypto community would soon forget him.
Stuart Alderoty (@s_alderoty):
Today marks Gensler’s last full day. Starting tomorrow, ‘Gary who?’ will be the only appropriate response if someone mentions his name. Onward.
Many within the crypto sphere are anticipating a shift in regulatory approach as Paul Atkins is tipped as a potential successor.
Ripple’s legal counsel views this transition as a chance to alleviate tensions and diminish regulatory risks associated with digital assets, hoping for more favorable conditions.
SEC’s Contentious Path Under Gensler
Under Gensler’s guidance, the SEC developed a reputation for being quite harsh towards cryptocurrencies. Many critics have pointed out that this mirrored the inconsistencies in his leadership, characterizing the agency’s strategy as disadvantageous to a rapidly growing industry.
Ripple and other crypto advocates have voiced their irritation over the SEC’s tendency towards litigation and its perceived vagueness in crypto regulation. With Gensler’s departure, discussions are increasingly focusing on how a change in leadership could alter the regulatory landscape.
John E Deaton (@JohnEDeaton1):
Another example of how @GaryGensler is leaving the @SECGov in disgrace. The reputation of the SEC, both inside and outside the courtroom, is in complete shambles. Paul Atkins has his work cut out for him.
It would be nice to witness real reform at the SEC. Also, we need to…
Deaton’s Insight on the SEC’s Future
John Deaton, a prominent attorney within the XRP community, has also weighed in. He remarked that the SEC was a mess under Gensler and considers his exit a significant opportunity for meaningful change.
Deaton asserts that the SEC’s heavy-handed regulation of cryptocurrencies has stirred significant concern within the industry. Now, all eyes are on whether the new SEC leadership will usher in an era of fairness and transparency.
Looking Ahead for Ripple
Although Ripple remains hopeful that the SEC’s future actions will diverge from past trends, the path forward is uncertain. Despite XRP being under continuous legal scrutiny, Ripple is optimistic that new leadership might steer the company toward innovation and growth in the digital currency landscape.
As news of Gensler’s resignation spread, XRP, Ripple’s native token, rose to $3.13 on Friday, marking a 30% increase over the past week.
Featured image from Vox, chart from TradingView
