#AlarmingNews in #Cryptocurrency
David Hirsh, the Chief of the Crypto Asset and Cyber Unit at the United States Securities and Exchange Commission (SEC), has recently stepped down after nine years with the organization, as reported by CryptoPotato. Hirsh announced his resignation on LinkedIn, expressing his appreciation for the support from his colleagues, mentors, and friends, and highlighting the collaborative nature of his work, attributing his achievements to team efforts. While he hinted at embarking on a new career phase, he dismissed rumors about joining a Solana-based marketplace, pump.fun. His departure occurs at a pivotal moment as the SEC's lawsuit against Ripple, a blockchain-based digital payment protocol, progresses to its trial stage. The SEC has accused Ripple and its executives of conducting an unregistered securities offering through the sale of its XRP token since December 2020. Initially, the SEC proposed a $2 billion penalty, which Ripple contended should be capped at $10 million. Recently, the SEC revised its proposed fine to $102.6 million. The ongoing lawsuit has significantly influenced XRP's price, with the token reacting positively to each of Ripple's three partial court victories in 2023, indicating that a final win for Ripple could result in considerable market volatility. Further details about the lawsuit's potential implications for XRP were not disclosed.