According to CryptoPotato, David Hirsh, the Chief of the Crypto Asset and Cyber Unit at the United States Securities and Exchange Commission (SEC), has recently resigned. Hirsh, who has been with the SEC for nine years, announced his departure on LinkedIn, expressing gratitude to his colleagues, mentors, and friends for their support throughout his tenure. He emphasized the collaborative nature of his work, attributing his successes to team efforts. Although he hinted at a new chapter in his career, he denied rumors of joining a Solana-based marketplace, pump.fun.
Hirsh's resignation comes at a critical time as the SEC's lawsuit against Ripple, a blockchain-based digital payment protocol, reaches its trial stage. The SEC has accused Ripple and some of its executives of conducting an unregistered securities offering by selling its XRP token since December 2020. The dispute over Ripple's potential penalty has been a point of contention between the two parties. Initially, the SEC proposed a $2 billion fine, which Ripple argued should not exceed $10 million. Recently, the SEC reduced its proposed penalty to $102.6 million.
The ongoing lawsuit has had a significant impact on the price of Ripple's XRP token. The token's price has reacted positively to each of Ripple's three partial court victories in 2023, suggesting that a decisive victory for Ripple could trigger substantial volatility again. However, further details about the lawsuit and its potential impact on Ripple's native token were not provided.