Important Ripple v. SEC Update June 18th: Commission Takes a Hit

As a seasoned financial analyst with a background in securities regulation and crypto markets, I find Hirsh’s resignation from the SEC intriguing. His departure comes at a critical juncture in the ongoing legal battle between Ripple and the SEC.

TL;DR

David Hirsh, Chief of the Crypto Asset and Cyber Unit at the SEC, recently resigned, denying rumors of joining a Solana-based marketplace.
His departure comes as the SEC’s lawsuit against Ripple progresses, with the regulator recently lowering its proposed penalty to $102.6 million.

The Crypto Expert Resigns

As a researcher studying regulatory developments in the financial sector, I’ve come across an interesting announcement. David Hirsh, a seasoned member of the Securities and Exchange Commission (SEC) for nearly a decade, recently shared on LinkedIn that he has decided to part ways with the agency. During his tenure, he held the esteemed role of Chief in the Crypto Asset and Cyber Unit within the Division of Enforcement.

I’d like to express my heartfelt gratitude to each of you – my esteemed colleagues, enlightening mentors, and cherished friends. Your unwavering support throughout the years has significantly contributed to my achievements. Let me not overlook the remarkable accomplishments we have collectively achieved together.

As a researcher in the field of securities enforcement, I frequently emphasize that this line of work is a collaborative endeavor. During my time in this role, every accomplishment I was privileged to be a part of was the culmination of teamwork and collective effort towards achieving a shared objective. I am deeply grateful for your contributions to these achievements.

As a researcher, I’ve uncovered some intriguing information about the career transitions of an individual named Hirsh. He has announced that a new phase in his professional journey is approaching, but prior to that, he intends to focus on his family and travel. There have been whispers in certain reports suggesting Hirsh has parted ways with the Securities and Exchange Commission (SEC) to join pump.fun, a Solana-based platform where users can develop and circulate their personal tokens. However, Hirsh himself has refuted these allegations, branding them as unfounded.

Good News for Ripple?

The Decision to resign by Hirsh arrives at a crucial juncture in the legal battle between the SEC and Ripple. This dispute, which began in December 2020 when the regulatory body accused the company and some of its executives of selling unregistered securities through the XRP token, is now approaching trial stage.

Lately, there has been disagreement between the two sides regarding the possible penalty for Ripple. At first, the SEC demanded a fine of $2 billion from the company, but Ripple contended that it should not exceed $10 million. More recently, the SEC has suggested a penalty of $102.6 million.

“Ripple differentiates between the Terraform penalty and its gross profits, with the former representing only 11.7% of the latter ($420 million/$3.587 billion). The SEC proposes that this ratio be applied to Ripple’s $876.3 million in gross profits, leading to a requested penalty of $102.6 million – significantly higher than the $10 million limit advocated by Ripple.”

Some people might consider the SEC as the underdog in the ongoing case, given that Ripple managed to secure three partial court victories throughout 2023. Each victory led to a positive reaction from XRP‘s price, implying that a definitive win for Ripple could cause significant volatility once again. For those interested in learning more about this lawsuit and its influence on XRP’s native token, feel free to watch the video below:

2024-06-18 17:28

Important Ripple v. SEC Update June 18th: Commission Takes a Hit

The Crypto Expert Resigns

Good News for Ripple?

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