Ripple has much to have fun following the announcement of resignation of Gary Gensler as Chair of the US Securities and Exchange Commission.
The recent upheaval on the SEC may indicate a shift within the protracted dispute between Ripple Labs and the SEC in regards to the classification of XRP.
Ripple’s legal team has conveyed confidence regarding prospective alterations within the SEC’s position, particularly with the prospect of a more cryptocurrency-friendly CEO on the helm.
A Recent 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 constantly 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) got here 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.
Today marks Gensler’s last full day. Starting tomorrow, ‘Gary who?’ can be the one appropriate response if someone mentions his name. Onward.
— Stuart Alderoty (@s_alderoty) January 17, 2025
Many contained in the cryptocurrency community expect a shift in regulatory stance as Paul Atkins emerges as a possible alternative.
Since they argue that a recent SEC chair might ease tensions and reduce regulatory risks related to digital assets, Ripple’s lawyers see this as a possible opportunity for more favorable treatment.
SEC’s Contentious Strategy Under Gensler
Under Gensler, the SEC gained a nasty fame for treating cryptocurrencies negatively. Many objected that the current state of affairs just reflected the inconsistency defining his leadership because 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 recent SEC chair could change the landscape.
One other example of how @GaryGensler is leaving the @SECGov in disgrace. The fame of the SEC, each inside and out of doors the courtroom, is in complete shambles.Paul Atkins has his work cut out for him.
It will be nice to witness real reform on the SEC. Also, we’d like to… https://t.co/ZnaSdbJbrc
— John E Deaton (@JohnEDeaton1) January 14, 2025
Deaton On SEC’s Future
One well-known lawyer within the XRP group, John Deaton, has also said something about it. He said that the SEC was a multitude when Gensler was in charge and that the exit is an enormous probability for things to get well.
Deaton says that the SEC has been going too far in its efforts to control cryptocurrencies, and plenty of people within the business are questioning its methods. At this point, everyone seems to be wondering if the brand new SEC leaders will make things more fair and open.
What Lies Ahead For Ripple?
The longer term is unknown even when 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 recent leadership will guide the business right into a route fitter for development and innovation within 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% within the last seven days.
Featured image from Vox, chart from TradingView