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- Gary Gensler will state at his confirmation hearing as new presidentof the SEC that financial markets can benefit from "new financial institutions truments.
- For Ripple and XRP investors, the speech seems to be a beacon of hope as Gensler wants to quickly remove legal uncertainties.
After a long wait, the time has finally come. Gary Gensler is due to appear for his long-awaited nomination hearing today, March 2, to confirm his appointment as the next chairman of the United States Securities and Exchange Commission (SEC) before the United States Senate Banking Committee. For Ripple, this comes at a time when the company is faced with a SEC lawsuit .
In a recent joint action declaration With the SEC, Ripple said he was unable to reach a settlement agreement with the previous SEC administration headed by Jay Clayton. At the same time, however, Ripple Labs has given XRP investors hope for a quick settlement with the SEC by opening the prospect of further talks with Gary Gensler once he takes the reins of the business. 'agency.
Gensler 's speech sparks hope for Ripple
Audience document , which was pre-released yesterday, could be another silver lining for Gensler is receptive to a speedy resolution of the Ripple litigation and associated legal uncertainty for cryptocurrencies in the U.S. Although Gensler does not directly mention cryptocurrencies, let alone XRP and Ripple, in its statement 'opening, he alludes to it.
Gensler will explain todaysince financial markets are transforming and can benefit from emerging technologies:
Gensler will too. stress that “Congress created the SEC to protect investors, to maintain fair, orderly and efficient markets; and to facilitate capital formation. This, however, requires "clear rules" for "new financial instruments." Otherwise, people will suffer damage, as the new SEC chairman will explain. No one can guess if he is. 'This is an allusion to the massive losses for XRP investors after filing the complaint with the SEC. Gensler will say: