US Securities and Exchange Commission (SEC), Ripple $3 Appointed lead attorney in the case, Jorge G. Tenreiro, as Chief Litigation Counsel. This appointment sparked several controversies in the crypto market. This decision by the SEC shows that the agency continues its hardline stance towards the digital asset space, despite the expectation of crypto-friendly regulations after Donald Trump’s election victory.
Impact of the Appointment on the Crypto Market
Tenreiro’s joining the SEC increased speculation in the market, especially contrary to expectations that the agency would take a lax stance. Tenreiro had been criticized by the crypto community for his aggressive stance towards the crypto asset space.
XRP-friendly Lawyer Bill Morgan criticized this appointment and stated that the agency will maintain its strict oversight path towards crypto. Ripple CLO Stuart Alderoty advised market participants “not to hire a lawyer who sues any crypto company or project.”
SEC’s Future Steps
Tenreiro’s appointment reveals the SEC’s intention to maintain strict oversight of the crypto market. In previous roles, Tenreiro led some of the SEC’s most significant cases.
Investors are concerned that this development will have negative effects on the crypto market. Tenreiro’s new role within the agency could be a key factor in determining the course of future SEC cases.
The crypto community is re-evaluating its regulatory expectations after this decision by the SEC. Tenreiro’s leadership will play a critical role in shaping the SEC’s strategy regarding digital assets. On the other hand, the new SEC Chairman will take office after January 20 and the commission members will change significantly. This shows that the impact of the SEC’s latest step will not be felt for that long because the current administration’s life is almost over.
In light of these developments in the crypto market, investors and companies are closely monitoring the future steps of the SEC.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
