- XRP, despite a weekly surge of 57%, is down 3.4% today, buoyed by Societe Generale’s announcement of a MiCA compliant stablecoin on XRPL and potential Ripple and Cardano collaborations.
- Speculation about SEC Chair Gary Gensler resigning has positively influenced XRP amidst election results.
- Ripple CEO Brad Garlinghouse criticises potential SEC Chair candidate Robert Stebbins for past regulatory actions.
- The choice of the next SEC Chair is crucial for cryptocurrency’s future, with hopes for a leader to end the war on crypto.
Most cryptocurrencies are slowing down for the moment, following the recent rally which has seen fresh new all-time highs for Bitcoin. While BTC is still up on the daily timeframe, others like Ethereum and XRP are down.
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XRP specifically has had an impressive run-up of 57% in the past week, now down 3.4% in the past 24 hours. At the time of writing XRP trades for US$1.09 (AU$1.66), as per data from CMC.
Some of the bullish news is that French banking heavy-weight Societe Generale-FORGE announced it will bring its MiCA compliant EURCV stablecoin to the XRP Ledger (XRPL).
There has also been positive development between Ripple and Cardano, with Ripple’s chief technology officer, David Schwartz, and Cardano founder Charles Hoskinson starting talks on stablecoins, DeFi, bridges and Midnight.
SEC Chair Rumours Continue
Another boost came when rumours around Gary Gensler’s departure started intensifying; Donald Trump has vowed to fire the chair of the US Securities and Exchange Commission (SEC) on day one. Following Trump’s election, speculations are that Gensler might even resign himself.
That naturally gave XRP a boost due to the potential that the lawsuit between the SEC and Ripple could finally end.
But it looks like some of the potential candidates for SEC Chair are less than ideal, at least that’s what Ripple CEO Brad Garlinghouse believes.
Commenting on Crypto Twitter to a post by user Anders, who questioned the potential pick of Robert Stebbins, Garlinghouse said that Stebbins would be a bad choice indeed and a setback for the sector.
Robert B. Stebbins was the General Counsel for the SEC under Chair Jay Clayton from 2017 to 2021, overseeing litigation, rulemaking, and enforcement, while managing a team of 150.
Choosing Stebbins would be akin to bringing us back to the start of the regulation by enforcement era.
Brad Garlinghouse, Ripple CEOStebbins Likely Would Not Bring Change to Crypto Approach
According to Crypto Law’s John E. Deaton, Stebbins also signed off on over 80 crypto enforcement actions. In an episode of Crypto Law, which outlined the profiles of major candidates for SEC Chair, Deaton said Stebbins was “part of the crypto regulation by enforcement agenda”.
Deaton also highlighted concerns around Stebbins’ involvement in the controversy around the Hinman emails and the ETHgate topic.
Whoever will ultimately be Trump’s pick for SEC Chair, the position is quite critical for crypto as the right person could certainly end the war on crypto, the slate of lawsuits and regulatory uncertainty in the United States.
Related: Trump Media Eyes Crypto Sphere, Set to Acquire Platform Bakkt
As Blockchain Association CEO Kristin Smith wrote on X, the pick of SEC chair is one of the “most critical positions for crypto”.
The chair must be a known quantity committed to undoing the damage of the last 4 years, have expertise on crypto–and share Trump’s vision of making the US the crypto capital of the world.
Kristin Smith, Blockchain Association CEOCredit: Source link
