Ripple CLO slams SEC Chair over his plans to stay - CryptoCrazeNews

Ripple CLO slams SEC Chair over his plans to stay

Ripple CLO slams SEC Chair over his plans to stay

Ripple CLO slams SEC Chair over his plans to stay

The legal fight between Ripple and the US Securities and Exchange Commission (SEC) is set to continue in 2024 despite getting a summary judgment. The recent SEC’s action against the top crypto companies has left the market fuming. However, in a recent interview SEC chair expressed his unwavering commitment to his role.

SEC chair’s take on market ahead

Fox Business Journalist, Eleanor Terrett, reported that SEC Chair Gary Gensler stated that he “absolutely” plans to continue serving as Wall Street’s top regulator. He suggests that President Joe Biden secure a second term in November. In a sense, he conveyed his passion for the position during the interview. He ruled out any speculation about his potential departure.

Eleanor Terrett wrote that a good question here would be if Gary Gensler will sit down if Donald Trump wins the election. She added chairs often step down when a new president from the opposite party assumes office.

The journalist added that Trump could take his Chairmanship away which would make him just a Commissioner until his term ends in June 2026. This will be something Gensler probably wouldn’t want as he reportedly has higher aspirations.

Stuart Alderoty, Chief Legal Officer at Ripple, weighed in on the matter by offering a candid perspective. Alderoty highlighted Gensler’s perceived challenges and described him as “politically toxic”. He cited various controversies, including legal setbacks, and issues with the staff integrity of the SEC chair. The recent hacking incident involving the SEC’s Twitter account cannot escape the list.

Q4 report reveals interest XRP data

Despite the courtroom drama surrounding Ripple’s ongoing legal battle with the SEC, the company’s Q4 report paints a positive narrative. 

The report mentioned that the legal victories against the SEC confirmed that XRP is not considered a security under federal law. This made a historic triumph for the entire crypto industry. Ripple’s proactive response to court decisions, including adjustments to XRP sales practices, showcases a commitment to compliance and transparency.

During Q4, Ripple recorded a strategic shift in XRP sales and it was coupled with a surge in global compliance efforts. Daily trading volumes for XRP rebounded strongly as it reached $600 million, a notable increase from the lows of Q3. Looking ahead to 2024, Ripple anticipates potential shifts in market structure. Particularly with the development of approved ETFs signaling increased in institutional interest.

As the legal battle continues, Ripple and the SEC will enter the “remedies” phase focused on Institutional Sales. The company remains committed to compliance and transparency, aligning its sales practices with legal standards articulated by the court.

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