New SEC Leadership: A Turning Point for Crypto?
- Barbara StreisandOriginal
- 2024-11-08 22:16:16155browse
It seems like SEC Commissioner Mark Uyeda is in the running to be appointed acting SEC chair during the transition period after Gary Gensler's departure. This is huge for the crypto space, especially since Uyeda is known for being more favorable towards the industry.
The final phase of the crypto bull market has begun, as the Bitcoin price reaches new highs and altcoins begin to rally. On the other hand, rumors are growing that the new chairman of the SEC may end the lawsuits against Ripple, Coinbase and others. Former SEC officials expect big changes in the coming period.
New SEC Leadership: A Turning Point for Crypto?
It looks like SEC Commissioner Mark Uyeda is being tapped to become SEC chairman during the transition period following the departure of Gary Gensler. This is of great importance for the crypto market, as Uyeda is known to have a more positive approach to the crypto industry. There is also a possibility that Hester Peirce, another crypto-friendly commissioner, will be appointed president.
Crypto lawyer Jeremy Hogan also shared his views that Gensler will resign before January 20 and that new leadership will quickly eliminate non-fraud crypto cases, including the Ripple and Coinbase cases. This could lead to the dismissal of many ongoing lawsuits and the Ripple case ending with $125 million in damages previously awarded by the court.
Result of the Ripple Case: What's Next?
Amid uncertainty with the current administration, one user asked if a new crypto-friendly government would direct the SEC to drop its appeal in the Ripple case. Marc Fagel, a former SEC attorney, said enforcement actions are generally based on law rather than political influence, and it would be highly unusual for the SEC to make such a policy change. But with the current administration challenging traditional norms, it's hard to predict what's next.
When asked whether Ripple executives Brad Garlinghouse, David Schwartz and Chris Larsen could face prison time for the alleged fraud, the lawyer declined to comment. While the user accused the administrators of "defrauding people for over 10 years" and making hundreds of millions of dollars, there was no direct response to these allegations.
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