The post Ripple Vs SEC News: Is Gary Gensler On The Verge of Getting Fired? appeared first on Coinpedia Fintech News
The SEC recently filed an appeal in the ongoing SEC vs. Ripple case, challenging Judge Torresâ ruling. Many analysts have already discussed reasons why this appeal likely wonât succeed, given the low odds of overturning the original decision. Rippleâs Chief Legal Officer, Stuart Alderoty, had previously pointed out that the success rate for appeals in similar cases is around 10%, making the SECâs current appeal an uphill battle.
The ongoing appeal in the XRP lawsuit has had an impact on the market, with XRPâs price dropping significantly following the SECâs announcement to appeal. Critics, including Ripple CEO Brad Garlinghouse, argue that the SECâs regulatory approach is harming the industry rather than protecting investors.
Recent meetings within the SEC have revealed increasing dissatisfaction among former and current commissioners regarding the agencyâs direction, with calls for a reevaluation of its regulatory strategy. Many are expressing concerns over the SECâs overreach and the unintended consequences of its enforcement actions, particularly in the case of XRP.
Robert B. Stebbins, General Counsel of the Securities and Exchange Commission, said in a meeting, âI donât think that the current structure is working very well. I donât like the idea that, from a big picture, the SEC has someone in corporate finance determining whether something is an important social goodâand youâre not, and youâre paying for it. I think thatâs a very ugly argument to make in the fifth circuit when you just look at the last 25 years. Right now, weâre going to have a whole new structure. So, I think the SEC has to be very careful about where theyâre going.â
Recent turmoil within the SEC, including the resignation of two lawyers due to misconduct, has intensified scrutiny on Genslerâs leadership. With calls for greater awareness around his actions, some analysts suggest that raising public consciousness about the SECâs overreach could lead to accountability.