Rumors suggest that the next potential chairman of the regulator will be Pro-Crypto

TL;DR

Trump’s promise to replace SEC Chairman Gensler with a pro-crypto leader has excited the entire community. Legal experts believe these changes could lead to a faster resolution of the Ripple v. SEC case. Gensler’s possible successor

Donald Trump’s victory in the US presidential election triggered a major bull run for the cryptocurrency sector due to his shift from a previously skeptical view to a supportive stance on the asset class. During his campaign, the Republican pledged to make America “the crypto capital of the planet” and proposed creating a strategic reserve of BTC.

He also expressed an intention to fire SEC Chairman Gary Gensler on the 1st, a promise that caused great excitement among the XRP army. For the uninitiated, the Commission and its boss have been at war with numerous crypto companies, including Ripple.

Crypto X has been speculating whether the newly elected president will follow through on his promise and wondering who might replace Gensler at the helm of the securities regulator. Eleanor Terrett (a popular Fox Business reporter) recently claimed that she discussed the matter with “someone close to Trump’s transition team,” who assured her that the successor “will be someone pro-crypto.”

UPDATE: I asked a person close to Trump’s transition team about some of the names that have been floated @SECGov chair and if seen #crypto would consider the decision.

The answer: “I promise it will be someone pro-crypto.”

— Eleanor Terrett (@EleanorTerrett) November 8, 2024

A new SEC chairman who is more open to innovation and less likely to hinder the progress of the crypto industry through constant legal battles is considered good news not only for those who invest in XRP, but for the entire crypto market digital assets.

The potential effect on the case

Last week, Fred Rispoli (a US attorney who has been following the updates surrounding the Ripple lawsuit against the SEC) argued that Trump’s election could lead to “extreme changes” at the watchdog.

He claimed that the $125 million penalty, which federal judge Torres ordered Ripple to pay for violating certain securities laws, is the biggest win the agency can get. Rispoli also believes that potential new SEC leadership “will recognize that this whole case was dumb and it will be resolved at that time.”

“This could include a reduction in the fine and an agreement that Ripple’s current sales of XRP are structured enough not to be investment contracts,” he added.

US Attorney Jeremy Hogan also weighed in. He went even further, predicting that the new leader of the SEC could dismiss all non-fraudulent crypto lawsuits filed over the years. Similar to Rispoli, Hogan believes the case could officially be settled for $125 million:

“It would be…inconvenient to settle for less than a court has already awarded! The Coinbase and other litigious cases will simply be dismissed. That will take some time. Not January, but maybe before the summer. This is my call, and I’m bound.”

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