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Why Ripple (XRP) Case Could Define Gary Gensler’s Career

Press Releases Crypto News BeInCrypto Why Ripple (XRP) Case Could Define Gary Gensler’s Career

The US Securities Exchange Commission (SEC) chairman, Gary Gensler, has attracted political opposition for his approach to crypto. Judges in the Ripple and Coinbase lawsuits have rebuked the agency for its lack of consistency in applying laws.

In the Ripple case, the court found the SEC guilty of “hypocrisy” by arguing its case without remaining faithful to the law. The agency also failed to respond in “good faith” to a request for clarity about crypto rules submitted by US exchange Coinbase.

Gensler Could Lose SEC War on Crypto

Moreover, a recent op-ed describes Gensler’s drive to rein in crypto and other industries as ideological rather than practical. Congressman Ritchie Torres, a vocal Gensler critic, said the former Goldman Sachs partner “is a politician masquerading as a regulator.”

Gensler’s crypto crackdowns have even faced resistance from his own political party. The US Supreme Court has also grown hostile against agencies that regulate industries at their discretion.

Coinbase cited the so-called major questions doctrine in its defense against SEC charges it ran an unregistered brokerage. Coinbase argued that Congress will not allow agencies to expand their jurisdiction on important economic or political matters.

Ripple Labs successfully contested SEC accusations that its sales of XRP to retail buyers were unregistered securities. If the court rules that the sales to institutional investors were unregistered securities, then Ripple could bring out documents where a former SEC official said that Bitcoin (BTC) and Ethereum were not securities.

If it loses the Coinbase and Ripple cases, the SEC could be barred from exercising rights that Congress didn’t gr

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Author: David Thomas

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