Gary Gensler, the Chair of the US Securities and Exchange Commission, has recently refused to comment on questions pertaining to the XRP lawsuit. He has said that while he would be happy to talk about the work done by the SEC, he would restrain from talking about any matter that is still in the Court. Simply put, he has no intention of answering questions that are about XRP lawsuits.
Gensler was last seen standing firm on his statement about major cryptocurrencies, which he believes should be subjected to the securities laws. His stance has been met with a lot of criticism, but he has remained undeterred so far. As a matter of fact, Gary once also said that the crypto industry is filled with activities like abuse, fraud, and misconduct.
His hearing will be live-streamed at 10 a.m. Eastern Standard Time on September 27, 2023. It has been titled Oversight of the Securities and Exchange Commission. Many experts predict that he will be grilled by the panel.
Questions about defining crypto products and services are likely to come up. What could make the situation worse is the fact that he approved Prometheum’s application, allowing the firm to offer custody of digital assets under FINRA approval.
A coalition of lawmakers has urged him to speed up the process of spot ETF approval following the verdict in Grayscale, where the motion was granted to convert Bitcoin Trust into spot Bitcoin ETF.
Gary’s avoiding questions about XRP has not done a great deal for the native token. XRP is driving pretty flat at $0.50. However, it has declined 2.05% in the last 5 days.
Things are not ending anytime soon for Gary. BinanceUS and CEO Changpeng Zhao recently filed a motion to dismiss the lawsuit brought by the SEC. BinanceUS has claimed that the allegations put forward by the SEC are not plausible. They have further explained that the allegations that the Commission does not have enough authority, plus its arguments in the section, are unclear.
One part of the legal battle against BinanceUS and Zhao is the venture’s failure to cooperate with the SEC. BinanceUS has responded to this allegation by stating that requests are unduly burdensome and overboard. No matter the final verdict, BinanceUS is now seeing a fall in its trading volume, with the number going as low as $40 million from the peak of $5 billion, as the pressure from US regulators continues to mount.
Gary vs. Ripple also entails the aspect of John E. Deaton accusing Gary of manipulation and fraud. John is the advocate for XRP, and their note comes in response to Gary’s comments against the crypto community.
Oversight of the SEC will be available for public viewing at 10 a.m. Eastern Standard Time. Gary has, so far, remained stagnant in his stand against the crypto community. It remains to be seen how he tackles that aspect, along with questions pertaining to XRP and important definitions.