The US presidential election is of great importance for the crypto industry. Donald Trump now seems to be fully behind crypto. The former president has even stated that he will fire Gary Gensler, the current chairman of the US Securities and Exchange Commission (SEC), if he is re-elected.
What Kamala Harris will do as president is still unclear, and opinions are divided. Interestingly, Ripple CEO Brad Garlinghouse expects Gensler to also lose his position if Harris takes office.
‘Gensler will be fired anyway’
Garlinghouse made his statement during a recent press conference in Seoul. According to the Ripple CEO, both Democrats and Republicans are unhappy with Gensler’s tough approach to the crypto market.
Garlinghouse also emphasizes that the discontent is not just political, but also lives within the legal system. Gensler has received a lot of criticism for his use of the term “digital asset securities.”
The term lacks a clear definition within the current legal framework, which has led to uncertainty about which digital assets fall under SEC regulation. To many market participants and judges, it appeared as if Gensler was attempting to label an entire class of digital assets as “securities” without clear guidance or law.
Ripple Prepares for SEC Fine
The SEC’s tough stance was evident in the four-year-long lawsuit against Ripple. The case came to an end in early August, when Judge Analisa Torres fined Ripple $125 million.
Ripple now appears to be preparing to pay the fine, for which it has until September 6. On September 1, Ripple released 1 billion XRP tokens from escrow across three transactions. Of the released tokens, the company reserved 200 million XRP, while the remaining 800 million XRP were placed back into escrow.
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Source: https://newsbit.nl/ripple-ceo-gary-genslers-dagen-zijn-geteld-ongeacht-wie-de-nieuwe-president-wordt/
