{"id":37814,"date":"2025-01-21T17:22:50","date_gmt":"2025-01-21T17:22:50","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=37814"},"modified":"2025-01-21T17:22:50","modified_gmt":"2025-01-21T17:22:50","slug":"gary-gensler-officially-out-what-does-it-mean-for-ripple-xrp","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=37814","title":{"rendered":"Gary Gensler Officially Out: What Does It Mean for Ripple (XRP)?"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Gary Gensler was replaced with pro-crypto advocate Mark Uyeda.
\nThe lawsuit between Ripple and the securities regulator continues, with the XRP army expecting a favorable resolution after the changes at the agency\u2019s helm.<\/p>\n

<\/a><\/span><\/h2>\n

Gensler\u2019s Tenure is Over<\/h2>\n

Gary Gensler<\/span> \u2013 <\/span>the former Chairman of the US Securities and Exchange Commission (SEC)<\/span> \u2013 <\/span>officially stepped down on January 20. He spent almost four years at the helm, during which the regulator filed countless lawsuits against crypto businesses.<\/span><\/p>\n

Perhaps the most popular is the legal tussle versus Ripple Labs (the company behind the cryptocurrency XRP). The entities have been at war since December 2020, and despite the numerous developments and court rulings, the case remains ongoing.<\/span><\/p>\n

Gensler\u2019s resignation coincided with<\/span> Donald Trump\u2019s return to the White House<\/span><\/a> as America\u2019s 47th President. <\/span>Upon assuming power, the Republican enforced multiple amendments<\/span>. Among those<\/span> was the designation of Mark Uyeda as Gensler\u2019s successor.<\/span>\u00a0<\/span><\/p>\n

Uyeda is <\/span>known as<\/span> a proponent of balanced regulation that ensures investor protection while avoiding regulatory overreach. He has also presented himself as an advocate of the crypto industry, criticizing the SEC\u2019s previous leadership for its negative stance on the matter.\u00a0<\/span><\/p>\n

\u201cThe Commission\u2019s\u00a0war on crypto must end, including crypto enforcement actions solely based on a failure to register with no allegation of fraud or harm,\u201d Uyeda <\/span>said<\/span><\/a> in November last year.<\/span><\/p>\n

The crypto community has long desired Gensler\u2019s resignation <\/span>and his replacement with someone <\/span>more open<\/span> toward the industry. Uyeda\u2019s appointment might sound like great news, but the XRP army should keep in mind that the final resolution of the lawsuit between Ripple and the SEC is no easy task and could be prolonged <\/span>in time<\/span> due to the complexity of the legal process.<\/span><\/p>\n

Perhaps XRP\u2019s recent rally that started after the US elections could be attributed to a large extent to the hopes of a more favorable regulatory landscape in the country during the Trump administration. However, those who have pushed for a quick resolution could be disappointed as Gensler\u2019s departure doesn\u2019t necessarily mean the case is done. As such, the company\u2019s native token might correct hard if it turns out that there\u2019s a classic \u2018sell-the-news\u2019 event unfolding.<\/p>\n

Meanwhile, the American attorney Jeremy Hogan <\/span>noted<\/span><\/a> that Uyeda will serve as acting Chairman of the securities regulator until the permanent one is confirmed. He expects this to happen in March or April this year.<\/span><\/p>\n

Not long ago, Trump <\/span>nominated<\/span><\/a> Paul Atkins to lead the agency. The latter is also considered a proponent of cryptocurrencies but we have yet to see whether the Commission will change its approach once he steps in charge.<\/span><\/p>\n

Ripple v. SEC:<\/span> What\u2019s New?<\/span><\/h2>\n

As mentioned above, the lawsuit between the entities has witnessed many developments in the past few months. Most recently, the SEC <\/span>filed<\/span><\/a> an opening brief requesting the US Court of Appeals to overturn Judge Torres\u2019 decision from 2023. <\/span>Back then, the magistrate<\/span> ruled that XRP sales on public exchanges to retail investors did not constitute securities transactions.<\/span><\/p>\n

Some of Ripple\u2019s executives were <\/span>not pleased<\/span> with the regulator\u2019s latest actions. CEO Brad Garlinghouse <\/span>described<\/span><\/a> the filing as \u201cinsanity<\/span>,\u201d whereas CLO<\/span> Stuart Alderoty <\/span>called<\/span><\/a> it \u201ca rehash of already failed arguments\u201d <\/span>that are<\/span> likely to be abandoned by the next administration.\u00a0<\/span><\/p>\n

\u201cWe\u2019ll respond formally in due time. For now, know this: the SEC\u2019s lawsuit is just noise. A new era of pro-innovation regulation is coming, and Ripple is thriving,\u201d the latter added.<\/span><\/p>\n

The post Gary Gensler Officially Out: What Does It Mean for Ripple (XRP)?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Gary Gensler was replaced with pro-crypto advocate Mark Uyeda. The lawsuit between Ripple and the securities regulator continues, with the XRP army expecting a favorable resolution after the changes at the agency\u2019s helm. Gensler\u2019s Tenure is Over Gary Gensler \u2013 the former Chairman of the US Securities and Exchange Commission (SEC) \u2013 officially stepped […]<\/p>\n","protected":false},"author":0,"featured_media":37815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-37814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/37814"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37814"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/37814\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/37815"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}