A New Crypto-Friendly SEC Chair Could Flip The Script For XRP

Stuart Alderoty thinks restoring trust would help fix the damage in the SEC.
Alderoty thinks the SEC needs to discard Hinman’s legacy.
A new crypto-friendly SEC chair could be positive for XRP.

Ripple’s Chief Legal Officer (CLO) Stuart Alderoty thinks restoring trust in the SEC would be the first step toward repairing the damage caused by the commission’s current leaders. Alderoty made the statement in an X post a few days ago to mark the fourth anniversary of the SEC Vs Ripple case.

On this 4th anniversary of the SEC’s lawless lawsuit against Ripple, Brad, & Chris, we urge the incoming administration to cleanse the lingering stain of Hinman from the agency. There’s much more to do to repair the damage, but let’s start by restoring trust.

— Stuart Alderoty (@s_alderoty) December 22, 2024

Bipartisan Efforts for Crypto Regulation

In December 2020, the SEC initiated a “lawless lawsuit” against Ripple and its executives, citing regulatory breaches and discrepancies in the company’s sale of XRP tokens. The case has lingered and taken several dimensions, leading to a significant loss of trust in the SEC’s operations by a notable sector of the crypto community.

Alderoty marked former SEC Director William Hinman as the architect of the attack on Ripple and the crypto industry, describing his actions as a lingering stain on the commission. In his post, the Ripple CLO urged the incoming administration to cleanse such stains by repairing the damage they had caused.

The SEC has announced that its chair, Gary Gensler, will step down from the commission on January 20, 2025. The announcement followed Donald Trump’s victory in the U.S. presidential election and his promise to fire Gensler on his first day in office. Such developments raised Ripple’s and the crypto community’s optimism toward an overhaul in the crypto regulatory ecosystem.

Impact on XRP and Market Sentiment

Notably, the protracted litigation affected XRP’s price development, with the crypto asset falling behind Bitcoin, Ethereum, and other top cryptocurrencies after an impressive beginning. Most crypto users believe appointing a new chair for the SEC would flip the script for XRP and the entire crypto industry.

Early developments following Trump’s victory signaled bullish sentiments, with XRP rallying nearly 500% in November. Analysts believe a substantive appointment of a crypto-friendly SEC chair will boost investors’ confidence and trigger a resurgence in the crypto market’s bullish sentiment.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.