Gary Genslerโs Response to XRPย Rippleย (XRP) Lawsuit Rulings
During an interview, Unitedย States Securities and Exchange Commission (SEC) Chair Gary Gensler was questioned about the recent court losses in cryptocurrency lawsuits, including the Ripple XRPย Rippleย (XRP) lawsuit. Gensler, known for his anti- cryptocurrency stance, atย theย beginning stated that the cryptocurrency industry often operates outside the law. Nonetheless, when confronted with the fact that Ripple and Grayscale had received favorable rulings from sympathetic judges, Gensler remained silent, acknowledging the setbacks.
Probable Impact on Spot Bitcoinย (BTC) ETFs
The recent ruling in the Grayscale lawsuit could expedite decisions regarding spot Bitcoinย (BTC) ETF applications from corporations 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 impliesย that a resolution may come sooner than expected.
SECโs Collective Decision-Making Process
Gensler has been deflecting questions about cryptocurrency lawsuits by emphasizing that decisions are made collectively by all SEC Commissioners rather than unilaterally. This marks a departure from his previous aggressive anti- cryptocurrency statements. During a Congressional hearing, Gensler madeย itย clearย that the determination regarding multiple spot Bitcoinย (BTC) ETFs would involve input from all SEC Commissioners.
Hot Take: Genslerโs Evolving Stance on Cryptocurrency Lawsuits
Chair Gary Genslerโs recent silence on the Ripple XRPย Rippleย (XRP) lawsuit and acknowledgment of setbacks indicate a shift in his approach to cryptocurrency lawsuits. Althoughย while he has maintained an overall anti- cryptocurrency 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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