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Date:
15th Jan 2021
Author:
CryptoAltum Research Team

Gary Gensler will Head the US SEC as Berger Exits, Reprieve for Ripple?

There are changes in the United States Securities and Exchange Commission (SEC). Gary Gensler, the former CFTC chair, will now lead as Jay Clayton's term ends. Meanwhile, Marc Berger, the Deputy Director at the head of Enforcement, is resigning just two months after taking charge. It is worthy to state that during this time, Berger sued Telegram, forcing the firm to reimburse the $1.2 billion, effectively ensuring that TON never saw the light of day. He was also in control when the agency sued Ripple for $1.3 billion, claiming XRP is an unregistered security. With Gary set to look, there could be a reprieve for Ripple and its executive as he has a soft spot for blockchain and innovation.


Details: 

XRP prices are pummeled, more than halving after peaking at $0.78. After sinking to $0.20 in late December, the coin has bounced back as supporters remain confident that they might win against the agency under the new administration. For instance, Gary Gensler has been taped talking positively about Ripple and the benefits of the On-Demand Liquidity (ODL), a solution that uses XRP. Also, there might be help with Berger stepping back. Several blockchain companies like TON, Ripple, and Robinhood were slapped with damaging suits during his tenure. 


Impact on the XRP Price: 

Bullish. Brad Garlinghouse has, in previous statements, said he looks forward to engaging the new SEC leadership, confident that they will win in a landmark case that will once and for all provide clarity on what exactly XRP is. 


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