TL;DR
- Gary Gensler is out, replaced by pro-crypto advocate Mark Uyeda.
- Ripple vs. SEC lawsuit continues, with XRP army hoping for a favorable resolution.
Gensler’s Gone, Uyeda’s In
Gary Gensler, the SEC chairman who loved filing lawsuits against crypto businesses, is finally out. He spent years at the helm, but his resignation coincides with Donald Trump’s return to the White House. Trump has enforced several amendments, one of which designated Mark Uyeda as Gensler’s successor.
Uyeda is a proponent of balanced regulation and an advocate for the crypto industry. He’s criticized the SEC’s previous leadership for their negative stance on crypto. But don’t get too excited, XRP army – the Ripple vs. SEC lawsuit isn’t over yet. It’s a complex process that might take some time.
“The Commission’s war on crypto must end,” Uyeda said in November.
The crypto community has been waiting for Gensler’s resignation and Uyeda’s appointment. However, the XRP army should be prepared for a prolonged legal process. The recent XRP rally might be due to hopes for a more favorable regulatory landscape, but Gensler’s departure doesn’t mean the case is over.
Ripple v. SEC: What’s the Deal?
The Ripple vs. SEC lawsuit has seen many developments. Most recently, the SEC filed an opening brief requesting the US Court of Appeals to overturn Judge Torres’ decision from 2023. Back then, the magistrate ruled that XRP sales on public exchanges to retail investors did not constitute securities transactions.
Ripple’s executives were not pleased with the regulator’s latest actions. CEO Brad Garlinghouse described the filing as “insanity,” while CLO Stuart Alderoty called it “a rehash of already failed arguments” likely to be abandoned by the next administration.
“The SEC’s lawsuit is just noise. A new era of pro-innovation regulation is coming, and Ripple is thriving,” Alderoty added.
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2025-01-21 20:30