Ripple, the well-known cryptocurrency company from San Francisco, is actively celebrating Gary Gensler's departure as the head of the U.S. Securities and Exchange Commission (SEC). The industry is hopeful for positive changes following his resignation.
Ripple and Gensler: End of an Era
Stuart Alderoty, Ripple's Chief Legal Officer, expressed joy over Gensler's departure, claiming that his name will soon be forgotten. Gensler's exit comes amidst ongoing legal battles between the SEC and Ripple, which the new administration might reconsider.
New Horizons: Expectations from SEC's New Leadership
According to Reuters, the new SEC leadership might review its approach to cryptocurrency cases that don't involve fraud, offering hope for a more favorable regulatory environment for crypto companies. Ripple anticipates a possible end to its lawsuit.
Gensler: Review of His Tenure as SEC Head
Gensler characterized his role as SEC head as 'the privilege of a lifetime.' During his tenure, numerous regulations were updated, and over $2.7 billion was returned to harmed investors. However, his stringent approach to the crypto industry sparked opposition from many market players.
Gary Gensler's departure from the SEC opens new opportunities for the cryptocurrency industry. Many market participants are curious about how the new leadership will impact the development and regulation of cryptocurrencies in the U.S.
