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Gensler to Make Final Strike Against Ripple Before Resigning
Outgoing SEC Chairman Gary Gensler is reportedly planning to take a final stand against Ripple Labs before leaving his position at the Securities and Exchange Commission (SEC). According to sources, Gensler has been urging his team to finalize the ongoing lawsuit with Ripple by handing down a judgment.
The SEC initially filed suit against Ripple in December 2020, alleging that the company’s token, XRP, was an unregistered security. The case is still pending in court.
Gensler has been a vocal critic of cryptocurrencies and blockchain companies, often emphasizing the need for stricter regulations to protect investors. His stance has drawn criticism from many in the crypto community, who accuse him of being overly aggressive and biased against the industry.
In a statement released earlier today, Ripple’s CEO Brad Garlinghouse expressed concern over Gensler’s alleged plans to intervene in the case before his departure. “Gensler’s sudden interest in this matter is concerning,” he said. “We will continue to fight for our rights as a company and protect the interests of our stakeholders.”
Ripple has been adamant that XRP is not a security, and any judgment against them would have far-reaching implications for the entire cryptocurrency market.
The new SEC Chairman, Atkins, was urged by James Alderoty, Ripple’s lawyer, to put an end to all non-fraud cases against the cryptocurrency industry. However, it remains unclear whether Atkins will grant the industry a free pass or continue the fight against Ripple and other companies like them.
Gensler is set to leave his post at the SEC in less than a week.
Source: u.today
