Ripple and XRP have been in the spotlight these days, and it was not good news.
As you probably know by now, Ripple is about to face a massive SEC lawsuit.
Ripple said that it would defend itself against a lawsuit from the SEC that is claiming the company violated investor protection laws when they sold XRP.
This whole fuss had the coin fall in price significantly.
But, now it seems that the digital asset is trying to get back up.
Elad Roisman to take over as Chairman of the SEC
The price of XRP started to surge again following the news that Elad Roisman will be taking over as the Chairman of the US SEC.
Commissioner Hester Peirce broke the announcement on Christmas Eve on Twitter:
Congratulations, Chairman Roisman! I look forward to your leadership of the SEC.
— Hester Peirce (@HesterPeirce) December 24, 2020
It’s also important to note the fact that Roisman is seen as a potential ally of cryptos due to the remains that he made back in July 2018. Then, he called on the Commission to examine the rules amidst the emergence of cryptos and the blockchain.
“SEC must examine and re-examine its rules, regulations and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission,” he was saying back then.
He also pointed you that “This is most recently manifested in areas such as data protection and cybersecurity, as well as the emergence of new investments and technologies such as initial coin offerings and blockchain.”
Just a few days before the outgoing Chairman Jay Clayton stepped down, the SEC sued Ripple as we already pointed out.
Someone said this following Peirce’s tweet: “Because of Jay Clayton I lost $150,000 overnight which is most of my life’s savings, it will take me 4.5 years to get this back if I saved 100% of my salary. I have an 11-month-old baby to feed. Please fix this. XRP is a Digital Currency.”
Another commenter posted this: “I just want it explained to me if SEC felt for 7 years XRP was a security and was duping investor’s or misleading them, how the hell does it take 7 years to call a timeout? That’s like saying you know someone is slowly being poisoned and you now you decide to investigate.”
Brad Garlinghouse also made an important note:
A very important reminder!
Thus far the world has heard the SEC’s version of reality. The legal process will unfold from here and the world will have a much more robust and complete picture of the facts soon. https://t.co/dcXQkNHZnK
— Brad Garlinghouse (@bgarlinghouse) December 24, 2020
At the moment of writing this article, XRP is trading in the green, and the coin is priced at $0.353544.