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The SEC chairman has resigned following the Ripple (XRP) lawsuit. And its successor is called Probitcoin
The president of the Securities and Exchange Commission of the United States (SEC), Jay Clayton, resigned from the position he had held for 3 years. The resignation came just hours after he signed the decision to file a lawsuit against Ripple Labs, Inc and its co-founders, Christian Larsen and Bradley Garlinghouse. The legal action produced a strong impact on the price of XRP that lost several supports and led to a deterioration of more than 50% of its value so far this week.
Clayton will be replaced by Elad Roisman, who was appointed by the Donald Trump administration to chair the SEC on an interim basis, as revealed by a tweet in which Commissioner Hester Peirce congratulates the new president. Now Roisman will lead the legal battle with Ripple, but he only has until January 20, when President-elect Joe Biden is inaugurated, to stamp his mark. Surely the appointment of new authorities would remove him from the position.
Roisman is known as a friend to the cryptocurrency ecosystem. He left evidence of this two years ago when he said the SEC should "address these new (cryptocurrency) challenges fairly and transparently." At the time, he added the need to "examine and reexamine its rules, regulations and guidelines" to adapt to a new and evolving market.
Roisman joined the SEC in 2018 from the US Senate Committee on Banking, Housing, and Urban Affairs.In this role, he advised committee chairs on issues related to securities, financial regulation, and international financial affairs. . He has also played a role in drafting laws related to economic growth and consumer protection.
Clayton's resignation was something that was known since the end of November and since then the community that grows around cryptocurrencies has mentioned the possibility that the regulator will change its perception of crypto assets. Although Clayton never openly declared himself an enemy of bitcoin, on several occasions he did not refer to the pioneering cryptocurrency as a security per se, but rather as a payment mechanism. In an interview with CNBC two years ago, he said: “We determined that bitcoin is not a security, but rather a payment mechanism and stored value. There are inefficiencies in our current payment mechanisms, these inefficiencies are the things that make bitcoin go up. " With his latest action as the SEC chair, he made it clear that he was rejecting the option of recognizing cryptocurrencies as a security.
Now, will the SEC become friends with cryptocurrencies? Both may be interested in this option, since the debt that exists right now in all world economies is gigantic, and they have been talking about the possible "global economic reset" for some time. This could lead to a new world for the economy, and the state could turn to these for it. Also with the new president considered "ProBitcoin", it may be the case that bitcoin has a good path ahead.
