Gary Gensler’s Response to XRP Lawsuit Rulings
During an interview, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler was questioned about the recent court losses in crypto lawsuits, including the Ripple XRP lawsuit. Gensler, known for his anti-crypto stance, initially stated that the crypto industry often operates outside the law. However, when confronted with the fact that Ripple and Grayscale had received favorable rulings from sympathetic judges, Gensler remained silent, acknowledging the setbacks.
Potential Impact on Spot Bitcoin ETFs
The recent ruling in the Grayscale lawsuit could expedite decisions regarding spot Bitcoin ETF applications from companies like Blackrock, Fidelity, and Bitwise. The SEC Chair previously mentioned that a decision on the court order related to Grayscale had not been made yet. This development suggests that a resolution may come sooner than expected.
SEC’s Collective Decision-Making Process
Gensler has been deflecting questions about crypto lawsuits by emphasizing that decisions are made collectively by all SEC Commissioners rather than unilaterally. This marks a departure from his previous aggressive anti-crypto statements. During a Congressional hearing, Gensler clarified that the determination regarding multiple spot Bitcoin ETFs would involve input from all SEC Commissioners.
Hot Take: Gensler’s Evolving Stance on Crypto Lawsuits
Chair Gary Gensler’s recent silence on the Ripple XRP lawsuit and acknowledgment of setbacks indicate a shift in his approach to crypto lawsuits. While he has maintained an overall anti-crypto position, he now emphasizes collective decision-making within the SEC. This change could have implications for future rulings and regulatory actions related to cryptocurrencies.
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