Ripple eyes Gary Gensler’s confirmation as new SEC Chair

Rick Steves

Described as “one of the leading reformers after the financial crisis”, Gary Gensler will now lead the SEC in a time of crisis. The financial watchdog has been under fire for not providing clarity regarding its authority over the cryptocurrency ecosystem, with the most recent scandal being the SEC v Ripple lawsuit.

Gary Gensler, a former investment banker who leads the Biden–Harris transition’s Federal Reserve, Banking and Securities Regulators agency review team, has been confirmed by the U.S. Senate as the new Chairman of the Securities and Exchange Commission.

The new SEC Chair was once the 11th chairman of the CFTC, having been nominated by Barack Obama and confirmed by the Senate in 2009. Then, he pledged to work to “urgently close the gaps in our laws to bring much-needed transparency and regulation to the over-the-counter derivatives market to lower risks, strengthen market integrity and protect investors.”

Described as “one of the leading reformers after the financial crisis”, Gary Gensler will now lead the SEC in a time of crisis. The financial watchdog has been under fire for not providing clarity regarding its authority over the cryptocurrency ecosystem, with the most recent scandal being the SEC v Ripple lawsuit.

Not only the regulator is being attacked for having filed the complaint the day before Chairman Jay Clayton left his position, but for accusing Ripple’s co-founders of bad faith while also being unclear about the security status of XRP, in what Brad Garlinghouse called “ironic”.

Mr. Garlinghouse has stated that he’s hopeful that the case against them could be reviewed once Gary Gensler steps in to take charge of the SEC.

“I’m hopeful with Gary Gensler and the new chair likely to be confirmed in a couple of weeks. There’s an opportunity to have a conversation with that new leadership as he brings his team in”. Gary Gensler is said to be more open-minded towards cryptocurrency and he did make positive comments about Bitcoin in the past.

The SEC staff, led by Acting Chair Allison Herren Lee, welcomed the news: “A warm congratulations to Gary Gensler on his Senate confirmation to become Chair of the SEC. He will be joining a dedicated staff that works tirelessly day in and day out on behalf of investors and our markets. We welcome him back to public service and look forward to working together to execute our vital mission.”

Brad Garlinghouse and Chris Larsen, Ripple’s co-founders, have filed twin motions to dismiss the case against them.

The motion to dismiss the complaint against the co-founders of Ripple Labs follows a string of wins for the defendants, the most recent being Judge Sarah Netburn granting the defendants’ motion to reject the SEC’s access to eight years of co-founders Garlinghouse and Larsen’s personal information.

A significant win for the cryptocurrency firm was determined in April 6. U.S. Magistrate Judge Sarah Netburn ruled in favor of granting Ripple Labs access to the SEC internal discussions over cryptocurrencies.

In March, Judge Torres dropped a ‘bombshell: “My understanding about XRP is that not only does it have a currency value but it has a Utility and that utility distinguishes it from Bitcoin and Ether.” The statement admits to XRP’s utility and currency value.

 

Read this next

Industry News

Robinhood posts strong numbers amid growth in funded accounts

Robinhood, one of the largest trading platforms in the US, has announced the results of the third quarter which shows some robust growth even though the company did not push ahead with any major plans related to crypto.

Inside View

MetaTrader 4 – What Is It?

MetaTrader 4 is the most widely used Forex platform among brokers. What are the platform’s primary features?

Digital Assets

BlockBank launches DeFi application with Robo Advisor

BlockBank, a large mobile banking platform, has announced the launch of its DeFi application which will combine decentralized finance with AI-powered technology to help traders and investors make better trading decisions in the crypto market.

Digital Assets

eToro announces crypto staking and underlying assets for Australians

Australian users opening cryptoasset positions on eToro can now purchase the underlying asset. Soon eToro will enable coin transfers from the eToro platform to the eToro Wallet.

Digital Assets

EQONEX announces international sales team to show off digital asset offering

“It is time to show the world the quality of the EQONEX group offering, and I am excited to welcome such a high caliber group of salespeople to the organization”.

Retail FX

Webull donates 8,000 Brooklyn Nets tickets to New Yorkers

“The entire Webull team is thrilled that our first-ever sports partnership is with the Brooklyn Nets, who are only five subway stops from our headquarters in New York.”

Digital Assets

AEX integrates with fiat and crypto custodians Banxa and Xanpool

Spot trading, flexible savings, DeFi mining, are several ways AEX Global allows users to participate in the wider crypto space.

Technology

Barchart launches Microsoft Excell add-in

“Whether looking to perform their own analysis, add other data sources, build macros or anything else leveraging the powerful features of Excel, we now provide that ability.”

Retail FX

Inceptial expands Belarussian FX broker into China and Japan

“We are fully aware of the needs, customs, aspirations and limitations of the different markets of Asia, after careful research. We look forward to sharing our success with our new Asian partners on this journey.”

<