New SEC Leadership Could Pave the Way for Ripple's Resolution and a Clearer Crypto Future
by aria-crypto.com
November 23, 2024 at 11:00
New SEC Leadership Could Pave the Way for Ripple's Resolution and a Clearer Crypto Future
Stuart Alderoty, Ripple's Chief Legal Officer, has crafted an art piece satirically targeting the SEC and its chair, Gary Gensler, titled "Not a Security," with a starting bid of $5 million. This artwork, an orange taped to a canvas, mocks the SEC's stance on cryptocurrencies as securities, contrasting sharply with Ethereum, which the SEC does not classify as such. Alderoty's gesture comes amid broader community frustration over the SEC's aggressive regulatory actions against Ripple, which previously led to a significant legal battle where Ripple ended up paying $125 million in fines rather than the $2 billion the SEC initially sought. The ongoing legal challenges continue to stir discussions, especially with recent news of Gensler's resignation, set for January 20, 2025, which has reignited speculation about potential outcomes of the SEC's lawsuits against crypto organizations, including Ripple. Ripple's CEO, Brad Garlinghouse, has expressed optimism with Gensler stepping down, alongside support from the crypto community as they anticipate less stringent regulations. This shift in leadership is watched closely, with hopes that the new chair might foster a more favorable environment for cryptocurrencies, potentially concluding the SEC's long-standing lawsuit with Ripple.
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