The Senate confirmed Gensler’s appointment in a poll of 53 votes in favor and 43 against. Users request the new administration to reverse the declaration of XRP as a security.
Several users request the US Securities and Exchange Commission (SEC) to withdraw the lawsuit against Ripple Labs. This occurs at the same time as the Senate confirms Gary Gensler as the new chairman of the agency.
The executive recently received the ratification as head of the official entity, in a poll of 53 votes in favor and 43 votes against. The new 63-year-old chairman has also been a Senior Lecturer in Bitcoin at MIT (Massachusetts Institute of Technology).
The former Goldman Sachs banker was also chairman of the Commodity Futures Trading Commission (CFTC) during the Barack Obama administration. That fact contributed to his current chairmanship of the SEC.
Until now, Gensler has committed himself to increasing transparency and reducing risk in the marketplace. He succeeds Jay Clayton, an attorney that former President Donald Trump appointed to undo existing financial regulations.
The lawyer must lay the groundwork for a sweeping overhaul of this agency while there is unprecedented volatility in the stock market. Additionally, institutional adoption is booming in the nascent cryptocurrency ecosystem.
Gensler is well-versed in blockchain technologies and is aware of the benefits that cryptocurrencies offer. The new chairman has also previously called Bitcoin “the modern form of gold.”
Given that he has taught on those topics at MIT, Gensler seems to be a key figure for the industry. Among the issues that he must face is the SEC’s lawsuit against Ripple and blockchain companies like LBRY, for allegedly selling unregistered securities.
Users Request Gensler to “End the War on XRP”
The SEC staff welcomed Gensler in a public statement that is on the agency’s website.
They congratulated Gary Gensler on his confirmation by the Senate to become SEC Chairman. They told him that the SEC staff work tirelessly on behalf of investors and markets.
However, on the official Twitter account, @Sec_News, the followers also posted their requests. For example, @Marconicrypto congratulated Gensler on his confirmation in office and took the opportunity to request his intercession in favor of cryptocurrencies, particularly XRP. “Investors and citizens respectfully demand/request that you withdraw the lawsuit,” said the Twitter user.
Another follower, identified as @MSWannTx, complains to Gensler about the legal dispute between the SEC and Ripple. “The SEC’s lawsuit against Ripple, BG, and CL did not protect anyone affiliated with the XRP digital asset. [On the contrary], it harmed thousands whom the SEC should protect.”
In addition to these demands, Thomas Hodge asks Gensler via Facebook to end “the SEC’s war on XRP.” Through this request, he notes that there are serious doubts about the reasons why the SEC went against Ripple Labs.
At the time of writing this article, the price of XRP is around USD 1.70. The trading volume in the last 24 hours is above USD 19 billion, according to data from CoinGecko.
By Alexander Salazar