- XRP enthusiasts are calling upon Judge Torres to rule in favor of Ripple in the lawsuit.
- Congressman Davidson proposed legislation to dismiss Chair Gary Gensler from the Securities and Exchange Commission (SEC).
The long-running lawsuit between Ripple and the Securities and Exchange Commission (SEC) is about to come to a conclusion. Recently, the SEC Chair, Gary Gensler, testified in Congress, and his responses left the crypto community with more questions than answers.
Good morning #Ethereum community! Why is Gary Gensler unable to provide a straightforward response regarding whether #Ether qualifies as a security or not? #ETH
As the head of SEC, he is expected to give a definitive answer. Is he evasive during interviews (Shaking hands)? pic.twitter.com/seFCQ53Kjz
— ETHNews (@ETHNews_com) April 19, 2023
XRP enthusiasts are calling upon Judge Torres to rule in favor of Ripple in the lawsuit, while Congressman Davidson proposed legislation to dismiss Chair Gary Gensler from the SEC. This article examines the potential implications of Gensler’s exit from the SEC and a ruling in favor of Ripple.
Gensler’s Exit and Regulatory Clarity
If Gary Gensler is dismissed from the SEC, it could be bullish for the entire crypto market. The SEC’s “regulation by enforcement” tactic has been criticized for a long time, and its methods are being scrutinized. Gensler’s departure could end this tactic and result in crypto companies that exited or are considering exiting the United States to stay or return.
Over the last couple of months, NEXO, a crypto lending platform, moved its operations out of the US to the Middle East even before receiving a cease and desist letter from the authorities. Coinbase, the world’s second-largest and America’s biggest cryptocurrency exchange, also stated that it is considering moving away from the States.
A Ruling in Favor of Ripple
If Ripple wins the lawsuit, it would be proof that Gensler’s exit may be necessary. Ripple and XRP enthusiasts predict their win, and “Judge Torres” started trending on Twitter as users called on her to provide a ruling soon, preferably in favor of Ripple. The growing uncertainty of the case has put pressure on Ripple as well, given the company dropped XRP from its Liquidity Hub, citing lack of regulatory clarity as its reason.
Conclusion
A ruling in favor of Ripple and Gensler’s departure could lead to not only an increase in the value of XRP but also a bullish trend across the entire cryptocurrency market. However, nothing is certain at the moment, and it remains to be seen what the future holds for Ripple and the crypto market.
