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What’s next for cryptos Gary Gensler’s SEC targeted?

Author: Content Editor
In 2024, Gary Gensler, who had regulated crypto firms like Binance and tokens like XRP, announced his plans to step down from his position as the head of the SEC. This was met with positive reactions from the markets, especially for tokens like XRP, which had faced regulatory pressure. The SEC's case against Ripple, alleging that they raised $1.3 billion through the sale of unregistered XRP securities, continued with a pretrial conference scheduled for December 19, 2024. XRP's value surged past $1 after being stagnant for a long time, and Ripple focused on its vision to become a leading digital asset provider for financial institutions. Coinbase and Binance also faced lawsuits and investigations from the SEC, but with new leadership, they have the opportunity to start anew. The SEC was also reportedly looking into whether Ethereum should be classified as a security. Robinhood's chief legal officer removed himself from consideration to lead the SEC, and crypto companies like Ripple, Circle, and Kraken lobbied for a seat on Trump's cryptocurrency advisory council. The council would advise the POTUS on digital asset policy, work on crypto legislation, and coordinate between relevant agencies. The appointment of a more crypto-tolerant SEC Chair may lead to a more supportive regulatory stance for the industry.

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