Transition at the SEC: Gary Gensler Steps Down, Teresa Goody Guillén Might Take Charge
In a significant shift for the U.S. Securities and Exchange Commission (SEC), Chair Gary Gensler announced he will step down effective January 20, 2025, at noon. Gensler’s tenure, which began on April 17, 2021, is notable for its focus on enhancing the integrity and resilience of the capital markets in the wake of the GameStop trading frenzy. Under his leadership, the SEC enacted a comprehensive rulemaking agenda to strengthen market efficiency and oversee pivotal enforcement actions that returned billions to investors harmed by misconduct.
Stepping into Gensler's shoes might be Teresa Goody Guillén, who expressed her vision for the SEC via a post on X.com (formerly Twitter). She advocates for restoring trust within the agency, improving engagement with the industry, and reforming regulatory frameworks, particularly concerning cryptocurrencies. Her call to “Make the SEC Great Again” emphasizes a shift towards fostering innovation and removing regulatory barriers.
Source: X.com
The implications of this leadership change could resonate deeply within the XRP community and the broader crypto industry. As the SEC might pivot under Guillén’s leadership, there is potential for new dialogues around regulation that may clarify crypto rules and promote a healthier environment for innovation in the U.S. financial landscape.
Significant Boost for Ripple: New Support and Integration
Elon Musk's endorsement of John Deaton's Senate bid adds momentum to the crypto community's push against regulatory overreach. By typing "YES" to Coinbase CEO Brian Armstrong's support post for Deaton, Musk aligns himself with a movement advocating for more favorable crypto policies, especially vital in Massachusetts, where residents must consider the implications of Senator Elizabeth Warren's stance on cryptocurrency.
Source: X.com
Amidst this political backdrop, the announcement of the XRP ledger snap for MetaMask marks a pivotal moment for Ripple and the broader XRP community. With 30 million active MetaMask users gaining seamless access to the XRP Ledger, this integration could significantly amplify user engagement and asset management within the XRPL ecosystem. The Snap incorporates all key features from the XRPL Mainnet and Testnet, empowering developers to easily connect and sign transactions.
This synergy between Musk's political support and MetaMask's technical advancements positions Ripple for enhanced adoption and opens new pathways for innovation and interaction in the crypto landscape. As the community rallies around Deaton, the fight for crypto freedom gains a powerful ally, while the new tools help catalyse growth in XRP transactions and utilisations.
Ripple and XRP Community March Forward Despite SEC's Appeal Notice to Judge Torres
Despite the SEC's recent notice of appeal to Judge Torres's ruling, the Ripple and XRP community remain resilient and focused on advancing the use of XRP in the digital asset space.
Source: https://x.com/FilanLaw
Bitwise, a prominent crypto asset manager, made a significant announcement on October 2nd, 2024, signalling its intent to launch an XRP exchange-traded fund (ETF). This move demonstrates Bitwise's confidence in the potential of XRP and commitment to providing investors with access to opportunities in the digital asset market.
Bitwise CEO Hunter Horsley expressed optimism about the future of blockchain technology, stating, "We believe blockchains will usher in new apolitical monetary assets and permissionless applications for the 21st century." The filing for a Bitwise XRP ETF reflects the company's determination to facilitate investment in the evolving crypto landscape.
Source: https://x.com/BitwiseInvest
The news of Bitwise's filing for an XRP ETF is a testament to the ongoing support and development within the XRP community, despite the legal challenges faced by Ripple. The community's perseverance and dedication to the advancement of XRP highlight the continued momentum behind the digital asset. As the SEC's appeal unfolds, the Ripple and XRP communities remain steadfast in their commitment to driving innovation and adoption in the digital asset space.
Ripple Seeks Stay of Monetary Judgement After SEC Consent
Ripple, the blockchain technology company, has recently made a significant legal move in its ongoing battle with the U.S. Securities and Exchange Commission (SEC). In a letter filed with the court, Ripple requested a stay of the monetary portion of the judgment entered on August 7, 2024. This latest development comes as the company navigates the complexities of the legal dispute with the SEC.
James K. Filan, a well-known figure in the cryptocurrency community, shared this update on his X account (formerly known as Twitter), shedding light on Ripple's legal manoeuvre. According to Filan, the SEC has consented to Ripple's request for a stay, marking a notable development in the case.
The decision to seek a stay of the monetary judgement indicates Ripple's efforts to manage its legal obligations while the broader legal proceedings unfold. Ripple's actions and the SEC's response will be closely watched considering evolving cryptocurrency regulations.
As the legal saga between Ripple and the SEC continues to unfold, stakeholders eagerly await further developments that will shape the future of Ripple and potentially influence the broader cryptocurrency regulatory environment. "Ripple Requests Stay of Monetary Judgement Following SEC Consent"
Victory for Ripple: Reflecting on the Landmark Decision of July 13, 2023
On July 13, 2023, Judge Torres made a historic ruling in the case of XRP, declaring that XRP, in and of itself, is not a security. This pronouncement by the judge marked a significant moment for Ripple and the entire cryptocurrency industry. Brad Garlinghouse, CEO of Ripple, expressed his joy on social media, emphasizing the impact of this ruling on Ripple and the industry.
The decision was a testament to Ripple's unwavering determination to stand up against unwarranted challenges. The victory reminded them that they were on the right side of the law and history. This triumph also resonated with Stuart Alderoty, who shared his reflections on the monumental verdict. He highlighted the significance of the judgment, stating that it was a watershed moment for the recognition of XRP as a non-security token.
This ruling occurred when the SEC, under Gensler's leadership, had intensified its regulatory scrutiny of the crypto space. Ripple's victory stood as a firm rebuttal to the SEC's aggressive stance, reaffirming the strength of the XRP community and its commitment to the industry's advancement.
Developments in the Ripple Case: What’s Happening?
On July 2, 2024, James K. Filan made an important announcement to the XRP community on X (formerly known as Twitter). He revealed that Ripple had filed a Notice of Supplemental Authority concerning the recent Binance decision.
This was followed by another update on July 3, 2024, where he mentioned that the SEC had responded to Ripple's Notice of Supplemental Authority regarding the Binance decision.
These developments may indicate that the case is nearing its conclusion. The back-and-forth filings and responses suggest that considerable progress is being made towards resolving the matter.
It is an important moment for the XRP community and worth paying close attention to future updates.
Ripple vs SEC Legal Battle: SEC Lowers Demand from Billion to Million
The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) seems to be taking a new turn as the SEC has significantly reduced its demand from $2 billion to $ 102.6 million. This drastic reduction in the SEC's claim raises questions about the future of the case and the possible implications for both parties involved.
Recent updates from James K. Filan on X (formerly known as Twitter) revealed significant developments in the case. Ripple filed a Notice of Supplemental Authority regarding Terraform Labs Consent Judgment on June 13, 2024. Additionally, on June 15, 2024, James K. Filan shared that the SEC responded to Ripple’s letter concerning the Terraform Labs Consent Judgment, indicating an escalation in the legal proceedings.
Stuart Alderoty also shared updates on the matter, stating that Ripple defended itself by "agreeing to nothing" and emphasizing that the court ruled that XRP is not a security. Furthermore, it was highlighted that there are no "victims" to compensate, and Ripple continues to thrive despite the legal challenges. The revelation that the SEC has abandoned its initial demand for $2 billion further adds to the case's complexity.
As the saga unfolds, the drastic shift in the SEC's claim and the recent court rulings indicate a potential shift in the dynamics of the legal battle. The implications of these developments and their impact on the future of Ripple and the broader cryptocurrency industry remain to be seen.
Ripple Announced to Celebrate Victory Against Sec in New York City
Introduction:
On July 13, 2023, Ripple, the blockchain-based payment company, achieved a significant legal victory against the U.S. Securities and Exchange Commission (SEC). This triumph marked a turning point in the company's journey, and Ripple's CEO, Brad Garlinghouse, took to Twitter on August 28, 2023, to invite the community to join him in celebrating this remarkable achievement. In this blog post, we delve into the details of Ripple's win and explore the anticipation surrounding the upcoming victory party.
The Road to Victory:
For the past few years, Ripple has been embroiled in a legal battle with the SEC over the classification of its cryptocurrency, XRP. The SEC alleged that Ripple had conducted an unregistered securities offering, posing a significant threat to the company's operations. However, on July 13, 2023, Ripple emerged victorious when a federal judge ruled in its favor, dismissing the SEC's claims. This decision not only vindicated Ripple but also set a precedent for the broader cryptocurrency industry.
Brad Garlinghouse's Tweet:
Following the court ruling, Brad Garlinghouse, the CEO of Ripple, took to Twitter to express his joy and gratitude. In his tweet on August 28, 2023, Garlinghouse declared, "As promised – it's time for that proper victory party." The tweet was accompanied by an invitation to the Ripple community to join him in celebrating this momentous occasion on September 29 in New York City.
Celebrating Success:
The invitation from Garlinghouse sparked a wave of excitement among Ripple enthusiasts and the broader cryptocurrency community. The victory party signifies not only Ripple's legal triumph but also the resilience and progress of the entire cryptocurrency ecosystem. It serves as a moment to reflect on the challenges faced by industry and the milestones achieved along the way.
The celebration on September 29 in NYC promises to be an event filled with jubilation and camaraderie. It will be an opportunity for Ripple supporters, industry leaders, and enthusiasts to come together and toast to the company's success. Moreover, the event will serve as a platform for discussions on the prospects of the cryptocurrency industry and Ripple's role in shaping it.
Conclusion:
Ripple's victory against the SEC on July 13, 2023, was a monumental achievement for the company and the broader cryptocurrency industry. Brad Garlinghouse's tweet inviting the community to a victory party in New York City on September 29 has generated excitement and anticipation. This celebration not only marks Ripple's legal vindication but also symbolizes the resilience and progress of the cryptocurrency ecosystem. As we raise our glasses in celebration, let us recognize the importance of this victory and the potential it holds for the future of blockchain technology and digital currencies.
The SEC and XRP: Is There a Hidden Agenda?
The recent ruling by Judge Analisa Torres on the SEC vs Ripple (XRP) case has been met with mixed reactions from the cryptocurrency community. Some believe that the Securities and Exchange Commission (SEC) is trying to delay progress on clarity for the crypto industry by pursuing this case against Ripple.
The SEC is playing up the XRP ruling to slow down Congress, while they seek clarity for the industry. It seems like they are acting on pretenses, making it look as if the Financial Service Committee (FSC) has not stepped in to pursue this goal. The truth is, the FSC is now in control, not the SEC.
There could be several reasons why the SEC is pursuing this case against Ripple. It is possible that they genuinely believe that XRP is a security and should be regulated accordingly. However, there are many other cryptocurrencies that operate in similar ways to XRP that the SEC has not targeted, so this does not seem to be the whole story.
Another possibility is that the SEC has a hidden agenda. It is no secret that many government agencies are often influenced by big corporations or other interest groups. It is possible that the SEC is acting at the behest of a group that does not want to see cryptocurrencies gain more mainstream adoption.
It is worth noting that the FSC recently announced that it would be forming a working group on digital assets to provide clarity and regulatory oversight for the industry. This is a positive development, and it suggests that Congress is finally taking crypto seriously.
However, the SEC's pursuit of XRP could be seen as an attempt to undermine this progress. If they are successful in their case against Ripple, it could set a precedent that other cryptocurrencies will be deemed securities and subject to regulation. This could stifle innovation and limit the growth of the industry.
In conclusion, while it is unclear why the SEC is pursuing this case against Ripple, the industry needs clarity and regulatory oversight. The FSC is taking steps to provide this oversight, and we should be cautiously optimistic about the future of crypto. However, we should also be vigilant about attempts by government agencies to stifle innovation and limit the potential of this exciting new industry.
Triumphant Tweet from Ripple and the XRP Community
Ripple wins : SEC losing its lawsuit against Ripple.
On July 13, 2023, Ripple, led by its CEO, emerged victorious in a legal battle. The Ripple lawyer successfully defended their case, resulting in a significant win for the company. The XRP community took to Twitter, celebrating this momentous achievement with quotes of triumph and optimism.
Observe the chosen excerpt of quotes, statements, and responses originating from the Ripple XRP community, Congress and various exchanges concerning Judge Torres' decisive ruling, wherein XRP is declared not to be classified as a security.
"XRP, as a digital token, is not in and of itself a 'contract, transaction, or scheme' that embodies the Howey requirements of an investment contract." -Judge Torres
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Judge Torres has issued her Ruling on the Parties Motions for Summary Judgment.
- James K. Filan
One of many. Make no mistake: every exchange in the United States should relist XRP IN SOLIDARITY with today’s decision: @coinbase @krakenfx #Crypto.com, @Gemini etc.
Would not be a proper victory without my friend @attorneyjeremy1 doing a video breaking down what the ruling means to you and me. In the last 2.5 years I have met amazing people. Jeremy and Thien-Vu Hogan are two of those amazing people who also happen to fantastic lawyers.
- John Deaton
Has the verdict come in??? Molly Elmore
The price of #XRP is up close to 30% on the Summary Judgment motion. - Eleanor Terrett
The most important part of this ruling:“XRP, as a digital token, is not in and of itself a “contract, transaction[,] or scheme” that embodies the Howey requirements of an investment contract.” This is a now a matter of law (not up for trial.) We said in Dec 2020 that we were on the right side of the law, and will be on the right side of history. Thankful to everyone who helped us get to today’s decision – one that is for all crypto innovation in the US. More to come.
- Brad Garlinghouse
Hoping yesterday’s decision is the wake-up call that Congress needs. This ruling directly undercuts the SEC’s claims that nearly all tokens are inherently securities – likely to set a positive precedent for other digital tokens in the US.- Brad Garlinghouse
A huge win today – as a matter of law - XRP is not a security. Also, a matter of law - sales on exchanges are not securities. Sales by executives are not securities. Other XRP distributions – to developers, to charities, to employees are not securities.- Stuart Alderoty
I hereby declare July 13th victory day.
- David Schawarz
A lot of scammers are taking advantage of the recent good news to try to cheat and steal. There are no airdrops, giveaways, or special offers associated with this ruling.
“The first thing I should have done when I heard about the ruling was buy Coinbase stock”
- David Schawarz
The recent court ruling has sparked a surge in excitement around Ripple. Beware of scam Ripple accounts or fake executive accounts promoting "XRP Giveaways" or "XRP Airdrops". Remember, Ripple and its executives will NEVER ask you to send funds anywhere.
- Ripple
XRP is not a security.
This victory for @Ripple is a win for the entire industry and a step toward regulatory clarity in the U.S. A huge thank you to @bgarlinghouse, @chrislarsensf, and @s_alderoty for their leadership and the #XRPCommunity for their continued support.
- Ripple
I haven’t been as vocal on the lawsuit as @bgarlinghouse and @s_alderoty, but today is a huge win for crypto in the US – big thanks to all who supported us along the way .
- Chris Larsen
On a personal note, I am so happy to see the excitement on XRP-Twitter after the last couple years of frustration.
Breathe it in - that's Justice. That's what lawyers live for. I am so happy for YOU!”
- Jeremy Hogan
I always thought my initial reaction would be jumping up and down. I actually want to cry. We left it all on the field.
You should all be proud! We are the good guys. - Digital asset Investor
This is such a great win, not only for #Ripple, Brad, Chris & the company, but also 4 the extended #XRP Community. The #XRPArmy hung in there through thick & thin, rumors and lies, hecklers and FUD. We look forward to the future & the important place Ripple will play in history!
- Linda P. Jones
Ripple's XRP Rulling
A Milestone Win For Crypto Industry As Expected in 2023.
- Brian Rose
We've read Judge Torres' thoughtful decision. We've carefully reviewed our analysis. It's time to relist.
- Paulrewal.Eth
All secondary crypto sales are not securities offerings! EVERYONE owes Ripple for this win that they generated for the entire industry. Thank you for patching the boat @bgarlinghouse @chrislarsensf @s_alderoty @johnedeaton1
- LBRY
The sale of XRP on exchanges is NOT a security. Which means the sales of all cryptos on exchanges are NOT securities and @SECGov and @GaryGensler have NO jurisdiction over them. This is a watershed moment that relegates the SEC to TradFi and makes it a dinosaur regulator. Buh-bye
- Cameron Winklevoss
The Ripple case is a monumental development in establishing that a token is separate and distinct from an investment contract it may or may not be part of. Now, let’s make it law.
- Tom Emma
Given today's ruling that the sale of XRP on exchanges is not a security, @Gemini is exploring the listing of XRP for both spot and derivatives trading.
- Gemini
XRP family, today we celebrate!!! After 2 & 1/2 years it's OVER, and we got what we wanted. XRP IS NOT A SECURITY.
Judge Torres took the SEC's "embodiment theory" and placed it in the paper shredder WHERE IT BELONGS. I just love this community. And we made it! $XRP
- Moon Lambo
Breaking news XRP not a security #xrp #Crypto.
- Coach, JV
The #XRP pump we're witnessing is just a glimpse of what's to come. Momentum has been building, and #institutional adoption is on the horizon. Stay vigilant, stay focused. The real game is about to begin.
- Black Swan Capitalist
July 13th 2023 New York City Ripple office, No words necessary. I changed my career to “Blockchain” in 2016 and many of my friends doubted my decision. What an amazing day to be part of Ripple and part of the Crypto world.
- Antony Welfare
#XRPCommunity #XRP This is to me the most important part of the decision. Programmatic Sales are not securities, and because a Programmatic Buyer “stood in the same shoes as a secondary market purchaser,” secondary market sales are not investment contracts — NOT SECURITIES.-James K Filan
The #Ripple and #XRP decision, in short:
Judge Torres’ ruling is a victory for the digital assets space as it sets a precedent in saying that the sale of $XRP to the public is not to be considered a security. The SEC will most likely appeal the decision, meaning that the final ruling is yet to be presented, but the judge’s decision certainly carries weight.
-Nexo
Who is on the train now?? Incredible work by the entire Ripple Team!
-Rosie Rio’s
Needless to say, regulating digital assets through enforcement only had a dreadful day in court last week. In the wake of the resounding decision out of the SDNY Ripple case, must reassess its continued assault on the crypto industry. My letter to Chair Gensler:
- Rep. Ritchie Torres
After the Ripple decision, its critical that @GaryGensler engage with Congress to ensure everyday digital asset users are protected.
"Legislation would do far more to prevent the future collapses of digital asset firms than enforcement actions."
- Financial Services GOP
I join my colleague in calling for Gary Gensler to embrace a different approach.The Ripple case should make clear that Congress needs to provide clarity that is lacking for investors, innovators, regulators, and even the courts. I remain hopeful that we can agree on a digital asset market structure bill that will do this appropriately and swiftly.
- Warren Davidson
"It was a big big win for Ripple and a big big win for the #crypto community," says @novogratz after a judge ruled $XRP is not a security. "Let's not let Gary Gensler put lipstick on a pig. They lost and they know it."
- Squawk Box @SquawkCNBC