The revelation of the SEC chairman candidate created a lot of hype in the crypto community. Gary Gensler could fill the post under the administration of President-elect Joe Biden.
Jake Chervinsky believes that the addition of Gensler to the regulator could have positive implications for the approval of a Bitcoin ETF. The regulator has rejected a cryptocurrency-based ETF for years. This stems from the handling and the low safety for consumers.
However, Chervinsky argues that Gensler has a career that has allowed him to gain in-depth knowledge of the market.
Chervinsky’s comments have been the subject of much debate in the crypto community. One user said the approval of a Bitcoin ETF will not change with a new president. This is due to the aforementioned concerns that the regulator still has in the crypto market. However, Compound’s GC believes that “the tone” Gensler sets will make a positive difference.
Will this influence the case against Ripple and XRP?
On the other hand, the legal expert also believes that the new president of the SEC will have a vision. This will not promote the progress of the lawsuit against Ripple Labs. In the past, Gensler has said there is a “strong case” for asserting that XRP is a security under US law.
Chervinsky replied that Gensler later explained that the development of Ethereum had been more decentralized. Therefore, he might “get away with it”. Regarding the referenced video dealing with the XRP case. Chervinsky thinks Gensler only uses the word money “informally”. Therefore, it cannot be concluded that “there is an exception in securities law”.
It remains to judge Gensler’s position on these important issues based on his actions.
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